Topic: Mining for the little guy isn't dead - page 2. (Read 6092 times)

This would take something catastrophic. Such as a virus, or a flaw in the code that locks everything up. Its not like a penny stock anymore, Chinas government is even talking about it so somethings brewing. If it does drop all the way txo $100, ill be cashing out my RRSPs and selling my toys to buy everything I can.

But when the price of BTC settles back down to ~$100, your theory is totally screwed, OP.

I totally agree, but having thousands and thousands of dollars probably will make the process faster and easier.

Litecoin mining is still great with GPUs.

minersource.net

Where did you get the 2 x-1's pre-orders? Black arrow minimum quantity is ten.

That's a perfect way to look at it.  It's a hobby, that spits money at you .  People spend thousands of dollars on other hobbys, so it can be OK to spend 1000's of dollars into mining, even if you don't make your money back.

Though, mining as an investment can work too.  You just have to be careful

I only mine, got 4 v2 blades going now, and 2 x-1 black arrows on order.

For me it is another hobby, another expensive hobby, I'm a ham so yeah either way I will spend money doing something.

So far the proceeds pays the electric bill, which is nice.

I agree with you. thats why I'm mining and buying BTC. 

I've been hearing talks about people saying "Oh, you need thousands and thousands of dollars to get into mining".

But that's not true, and I'll lay it out here.  I'm going on some assumptions, I'll explain why I made those, but here we go.

Say back in the graphics card days, you wanted to start Bitcoin mining.  Say you started from scratch, and wanted a decent miner.  Ok, you buy a computer for as cheap as possible, then throw in a really nice graphics card (say a 7970.)  That will run you about 1000$.  Say 300 for the comp, 700 for graphics card.  That will get you ~650 Mhash/sec.

Back when graphics cards were used, the difficulty was a million. (ish).  So, that gets you 0.23 BTC per day.  Back then, BTC was also less then 100$.

Now, we're having trouble getting hardware now, which is why it's hard for a little guy to get in.  So, let's fast forwards to April, that's when most companies should have shipped.  Difficulty is estimated to be ~3.5 billion then, based on hardware incoming, but let's overshoot and say 5 billion.

In April, say you have 1000$ again.  With that, you could buy 2 Black Black arrows miners, 100 gigahash each.  Maybe even 3, the price on them seems to be dropping.  So, 200-300 gigahash at 5 billion nets you 0.02-0.03 per day.  You get 10x less BTC (ish), but BTC is worth 10x more.  So you're still just as well off as you were back in graphics card days...

TL,DR  Mining isn't "dead", not even close.  We're just in a transition period to new technology.  Hold on to your pants, be careful with your money, wait for the market to stabilise before you invest too much into miners.

EDIT:: Fixed spelling