Topic: Not worth mining any longer for anyone not already in. Am I wrong? - page 3. (Read 4511 times)
July 25, 2013, 05:56:29 PM
What are your thoughts on KnC?
July 25, 2013, 05:33:28 PM
I'm pretty green to Bitcoins and mining but I think we had a window of opportunity that is now closed for mining for profit. Or better said, mining for profit much over the break even cost of the hardware.
For example, I don't believe there will ever be a day you will be able to buy from BFL (or any other vendor) a machine such as the Jalapeno for $249, that will generate $400 in BTC in a month. That's a 61% rate of return on your investment in 1 month! When banks at paying 1% on a CD, that makes zero sense. It would be same as Amazon selling $20 bills for $10 with free shipping. Basic supply and demand principle would kick in and drive up the price of the hardware to the point where you would have to pay an amount that would result in you only being able to make something close to a normal rate of return on your money. You are going to have a shortage, as in more people ordering than the company can ever supply, and a few lucky people reselling the products at a price so high that your rate of return will much lower and closer to what other traditional investments pay.
So none of this is making any sense at all to me. It makes zero sense that someone like BFL would sell any of their products at all. Anyone with capacity to build powerful miners should be mining with them, not selling them. Something fishy is going on.
I basically turned $100 into $3,000 over 10 months mining but it was pure luck. My used GPU that cost $100 mined 8 coins. Ordered a Jalapeno last year that cost me $249. It arrived and I sold it for over $2K. Now I can't find anything in stock that can be purchased that has even a remote chance to pay itself off, much less make a profit. I'd like to mine again but everything I explore seems like a loser to buy now.
For example, I don't believe there will ever be a day you will be able to buy from BFL (or any other vendor) a machine such as the Jalapeno for $249, that will generate $400 in BTC in a month. That's a 61% rate of return on your investment in 1 month! When banks at paying 1% on a CD, that makes zero sense. It would be same as Amazon selling $20 bills for $10 with free shipping. Basic supply and demand principle would kick in and drive up the price of the hardware to the point where you would have to pay an amount that would result in you only being able to make something close to a normal rate of return on your money. You are going to have a shortage, as in more people ordering than the company can ever supply, and a few lucky people reselling the products at a price so high that your rate of return will much lower and closer to what other traditional investments pay.
So none of this is making any sense at all to me. It makes zero sense that someone like BFL would sell any of their products at all. Anyone with capacity to build powerful miners should be mining with them, not selling them. Something fishy is going on.
I basically turned $100 into $3,000 over 10 months mining but it was pure luck. My used GPU that cost $100 mined 8 coins. Ordered a Jalapeno last year that cost me $249. It arrived and I sold it for over $2K. Now I can't find anything in stock that can be purchased that has even a remote chance to pay itself off, much less make a profit. I'd like to mine again but everything I explore seems like a loser to buy now.
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