Topic: STOP!!! Do not buy that new ASIC ! And here's why... - page 6. (Read 15474 times)

Just like an empty gold mine didn't raise the price of gold during the gold rush.

Well, maybe you should also take into consideration that, after you returned your investment, you have a machine worth a few thousand dollar which you can sell afterwards...

If you find it profitable to mine, then mine.

If you don't find it profitable, then don't mine.

The "invisible hand of the market" will take care of everything else.

I can't wait for that day, because that means the Bitcoin will raise up again in worth. And more and more to come.

What a lovely world it is

at least you do something good 

If and when the hashrate levels off AND there are in-stock ASICs for reasonable prices, then the mining may make sense.

I don't know if this will ever happen though. Most ASIC producers have either been late and taken away mining profits, or been savvy and priced their equipment above possible mining profits. There have been a few that beat the rise in hash and delivered within a timeframe, but not many.
The ASIC producers can figure out what their chips hash and what to sell them for, or for how long to mine. Gone are the days of AMD cards made by a company that didn't really care about hashing and sold them in their performance tiers. Why would an ASIC manufacturer sell their chips for less than they can mine?

Ouch, you only made 200 LTC from your whole mining operation?

Okay, here's my full disclosure:

I don't mine BitCoin, I'm not an idiot throwing hashpower at a futile cause with no hope of profit.  I mine LiteCoin.  And I just sold off most of my GPUs and will probably stop mining altogether soon and sit on my 200 LTC and wait for the price to rise.

My GPUs were pimping 4500 Khash in LTC recently, now I have about 1200 Khash still online.

I used to mine BTC back when the difficulty was about 11 million to 20 million, then I finally got CGMiner working and switched over to LTC.

People who say don't mine should have to do full disclosure as to what their current hashrate is. Lots of miners may see discouraging others as a way to try and sustain the value of their mining endeavor.

No more mining means no more Bitcoin.

Why not ? If we have money to loose ?

I was just looking at the KNC site for their various miners, the high end Jupiter model hashes 550 Ghash for $4,995.00 .

I'm telling you, DO NOT BUY ONE OF ANY MODEL!

Why?  Simple economics.  Run the numbers with me:

At current BTC difficulty of 267 million, you'll get 1.03 BTC per day.  In a couple days when the difficulty jumps to ~400 million, you will only get 0.69 BTC per day.  And it'll only get worse as the difficulty continues to rise!

BTC is at $215.00 right now, and assuming it stays there (which it won't), and assuming you are mining 0.69 BTC per day (which will fall more and more), you'd have to mine for at least 34 days to break even, and if the BTC price drops, it'll be much longer.

If BTC dropped to $100, and assuming again that you were still somehow getting 0.69 BTC at the 400 million difficulty, which will rise, your break even time is now 72 days or longer.

And this does not take into account shipping costs or electricity costs.

And WHEN the difficulty rises, it'll be much longer.

Do you really want to be on pins and needles for 3 months or more, praying that your foolish purchase at least breaks even, much less makes a profit?

Save yourself the headache.

If you're that desperate to throw money away, PM me for my PayPal address.  

And I really had to LOL at how they list the Saturn version as the "more affordable" model.  50% of the hash rate for 60% of the price -- you're already losing money relative to buying the Jupiter version!

And this is not a rip on KNC specifically, this goes for any ASIC built by anyone.