I have been mining on a low scale recently.
I am looking to purchase an Antminer S1 for BTC mining but I hear loads about it being non profitable.
Would my money be better spent on an ASIC scrypt miner, for me to mine Litecoins?
I am looking to purchase an Antminer S1 for BTC mining but I hear loads about it being non profitable.
Would my money be better spent on an ASIC scrypt miner, for me to mine Litecoins?
i say your money is better spent buying coins rather than mining gear. there are some really interesting altcoins out there that are/will be powerful platforms on which you can build an entire decentralized financial ecosystem. mining imo is a complete waste unless you have shit tons of money to put in. mining gear is going out of date much faster now. and will continue to go out of date faster as the race to have more powerful gear at a lower price than the next guy continues.
After a very short experiment with mining I am inclined to agree. With buying bit coin you don't have the race against rising difficulty and an ever increasing electricity bill.
Both BTC and scrypt based mining have their profitability (in terms of both fiat and BTC) decreasing rapidity over time.
I could have worded that part better for sure. A higher electricity bill was my meaning. A higher bill and less of a return every two weeks kinda puts you behind the 8 ball from the moment you place your order.
