Topic: Newbies don't mine! - page 4. (Read 3296 times)

Always check the maths behind peoples' claims and if they refuse to give any or classically ignore you and keep peddling it's a scam, that goes for just about anything in life, scrypt mining could well be worth it if you're in it for the long run, especially if you're on a low difficult coin but you need to know whether the devs are actually committed to making the currency a success, so do your research.

Too many people just jump into this stuff without bothering to check anything properly and form their own opinions which is why you have so much stupid bullshit being posted even by mainstream news now.

I am with Bitpop. I was drooling over Ebay offers for ASIC miners and blades, especially checking the people that were selling their pre-ordered Tera-Hash/sec equipment, which is *always* a lower price per Gh/s than the USB or blade or other ASIC miners, so I was thinking to invest heavy in those, get a 2 or 3 Th/s rig and start making big bucks. Much better than buying any of the available 300 Gh/s rigs that are older technology and mine 10 times as slow. If calculated per hash speed, that really makes sense.
BUT - the faster rigs are shipping in March/April. Difficulty level of Bitcoin mining is going up around 26% every 2 weeks.
Doing the math for a rig, even if it would ship as early as mid March, means that it will never mine more than approx 8 bitcoins. Ever.
At today's price ($630 on MtGox) that means the rig will mine never more than approx $5,000 worth of coins.
Why would I pre-pay between $12k - $16,700 for a rig that will cost me a lot of electricity, maintenance and can never earn more than $5k in bitcoins for me, no matter how long I will run it (assuming that average difficulty increase will continue at around 26% each 2 weeks).
Now I suddenly understand why all those people start selling their pre-orders....
And if you are interested in the story about the currently available ~300Gh/s rigs that cost around $5,000 such as the Avalon that will ship next week?
Calculating the same difficulty increases and assuming you can start mining *right away*, you might be able to mine 4 bitcoin. Total. Ever.
This means you will earn about $2500 at the current Bitcoin value.
In other words: buying bitcoin *today* instead of a rig, will get you 2 times more bitcoin *today* than you can ever mine with even the cheapest rigs available...
Bitpop is absolutely right.
BTW, please do the math yourself and tell me if you find different results - I do not mind running a rig in my garage, but I hate to pay for electricity *and* lose half my money while running a miner....
OK, my first post is *not* an optimistic one, but I did the math just before considering maxing out my credit card on a TeraHash/s miner pre-order that I found out would never pay for itself unless I receive it *today*, not in March/April.

I wish I could invest in mining equipment -- those folks look like the ones getting rich right now. I was lucky enough to buy some BTC several months ago, but at some point I'll be saving up to invest in the shovels for this here gold-rush.

mining alt coin when he just start. After, pray.

but i need to feed my family.

or just get some free giveaways.

Earthcoin:

https://bitcointalk.org/index.php?topic=380010.0;all

bitcoin is profitable for people who don't give a crap about time.

Stop using bitcoin to get rich you damn scammers! It's people like you who make mining hard for everyone else. You play your little gambling games and screw up the goddamn economy just because you couldn't afford the BMW you wanted to buy with bitcoins. Get a life jerks.

I learned the hard way there is no way to make ROI on mining bitcoins.
Atleast I was able to sell my BFL on ebay and make + $ on it

If I don't mine I end up with a beefy rig and high electricity bill (work+gaming), if I do mine I end up with a beefy rig, high electricity bill and coins that could either be worthless or worth the rig and electricity bill. + it's interesting

If you have the right equipment power is not to much if you find the right datacenter. 

Mining is risky as well, ASIC mining obviously and with GPU mining difficulty increases as well so you better have cheap electricity to pay the GPU card in reasonable time

I'd disagree with this... you just have to do a little research before you jump in.  A lot like the stock market, if you just jump in and start doing things, you're not going to be very successful.  And if you simply buy coins, you'll probably lose as well without doing your research too.

Hmm, but I don't see that being a big problem, because everything is risky.. How then should newbs know where to invest the real money, since I've seen lots of them buying coins at high and then panic selling. Better to try investing into one card, earn something yourself and play risky.. ! You can always sell those 1-2 cards if they don't pay u everything back.

It's usually hard for newbs to keep track of profitability.

That's not true fellas

Example: DOGE ... I started making profit with one GPU faster than 1 week. Even 400 khash is enaugh to start with new coin. Just mine something that is profitable.

Agree!!!

its more risky buy & sell, mining isn't. Anyway i do the 2 things at the same time

it really depends on your rig, and what you consider fun. There are lot of new coins coming up that you can mine and turn a small profit on. I know to some people a couple bucks a day doesn't seem like much, but it all adds up

the return is so small its not tempting me.

Man I'm about to give in, I need a sponsor

Now i mine since 2 weeks and learned very much about cryptocurrencies. I think now it could be profitable by long-term. Do it, without thinking so much.