Topic: Starting up with mining (Read 478 times)

I agree with the too good to be true idea, I can however say that, at least with the math I've done here and the calculations, a 1.2TH/s would produce that much income, it's just if this thing really does that. And to be honest with you I could see a system like that costing around 6k (being a computer systems admin myself), I just don't have anyone who can validate this information for me so I don't want to take the risk quite yet.

Thanks for your input

You know how they say if something is too good to be true...

Who is going to sell you $200k return for $6k?  The thing that stands out on the site for me is the power consumption claim 300-600W, thats too large a range an means they don't have them to test yet.  high risk.

Hey guys,

I've been doing a lot of reseach lately (holy CRAP I wish I had found out about this three years ago!) and I'm just trying to see how much I should invest in something like this. I'm not wanting to make a WHOLE LOT of money, but looking at a few systems and not having much info, I don't want to invest in something and it not give me what I'm thinking it will.

Here's what I'm looking at:

http://advancedminers.com/bitcoin-mining-hardware/1-2ths-bitcoin-miner/
AMT's 1.2TH/s Bitcoin Miner sits at about 1,200 GHz/s and has about a 600 watt power consumption.

Over at: http://www.bitcoinx.com/profit/
It shows the curent difficulty at 707,408,283
Over at preev.com it shows the current exchange rate to be between 830-900.

I'm not sure what my electricity rate is so I left that the same. Power consumption at 600w. Time frame about 12 months. Cost of mining hardware about $6k. And I have no idea what the profitability decline per year thing is about. Anyways, when I shove those in there, this is the result I get:

Difficulty                                                          707,408,283.00
Mining Factor 100                                                  0.06 USD/24h@100MHash/s
Average generation time for a block (solo)          29 days, 7 hours (can vary greatly depending on your luck)
Hardware break even                                          9 days
Net profit first time frame                                  197,267.61 USD
Coins per 24h at these conditions                          0.8531 BTC
Power cost per 24h                                          2.16 USD
Revenue per day                                                  708.08 USD
Less power costs                                                  705.92 USD
System efficiency                                                  2,000.00 MH/s/W
Mining Factor 100 at the end of the time frame          0.04 USD/24h@100MHash/s
Average Mining Factor 100                                  0.05 USD/24h@100MHash/s
Power cost per time frame                                  788.94 USD
Revenue per time frame                                          204,056.55 USD
Less power costs                                                  203,267.61 USD

Now, I realize that this is just a rough guestimate and things can change greatly over a very short period of time. Honestly, if I make my money back in less than two weeks, I could care less after that it's nothing but profit, and if things get really bad I can just turn it off so no worries. But here's what I need to know.

1. Is this hardware legit? I've seen an "official thread' by AMT on this site and I have to say the thread is ridiculously written up, commented on, and unfortunately there's not any real information there that helps me make my decision. I can't afford $6,000 right now, but if I could make $6,000 in nine days, I'd take out a freaking loan for this bad boy.
2. If someone is using this hardware, can you PLEASE show me (and fellow users) legitimate pictures, videos, etc. etc. of the progress being made on that hardware?
3. Someone correct me on my numbers, as I know I probably messed up somewhere, I need someone to either correct me or just validate that what I'm showing is legitimate (because I don't have to win over my bank...I have to win over my wife who doesn't even understand bitcoin, but if I can show her this is legit then it's good to go).

Why am I doing this? Most people don't ever say why they're doing bitcoin. Yeah, I get it, everyone's like "money man...duh!", and yeah it's money for me too, but I have a bigger reason for this. Even just this one machine, even if the exchange rate drops to 215 I'm still good if this system is legit and I can quit my job and work full time in my business I have running on the side. But right now my biggest problem has been trying to get out of debt. I was active duty US Navy for five years and was booted out real quick because of a dick commander. I ended up being unemployed for six months and in that time just trying to survive and care for my family, I ended up $30,000.00 in debt. When I did get a job, I was making good money, but because I work in DC and live in northern virginia, cost of living is so high I can barely stay on top right now. Getting rid of my debt will give me the breathing room to actually start saving money in case I ever get unemployed again and it'll also make it so that I'm not just living paycheck to paycheck.

So, if someone can, please validate, verify, and show me whether this is a good investment or not, and if it isn't, please show me some hardware that actually is that isn't going to cost me an arm and a leg up front (honestly $6,000 is REALLY pushing it too to be straight with you, $6k is pretty much the max I'll spend for this kind of thing). Anyways, that's enough writing, I hope someone can help out. And just a side note as well, if you feel the need to want to toss some BTC my way and help me out that way, that's perfectly fine. Inbox me a message or something and I'll give you the bitcoin address. I'm not asking for anything though but I did want to put it out there if anyone wanted to do anything nice.

Thanks folks! I look forward to your responses!