Too good to be true?! | Bitcointalksearch.org

jillscarbrough

sr. member

Activity: 588

Merit: 335

Steady State Finance

I turn my ANTMiner S3 to be a monitor holder a few years back. I still use it until I post this. I'm lucky with ANTminer S1, which sold around 3-5% of my buying price.

ASICs tend to have no economic value after their productive time's over, and the lifetime is also short - Based on my experience with ANTMiner S1, S2, and S3.

As others mentioned, mining calculation depend on many factors, Nethash, Diff, Electricity Cost, and so on. When one of the dynamic factors changes, say Nethash which may change in a day or even a minute, it'll also change the calculation result.

fmz89

legendary

Activity: 1764

Merit: 1002

Quote from: wahid.92000 on October 15, 2021, 12:48:44 PM

Hello, I have a question, I asked about this ASIC the Bitmain Antminer E9, a hell of an ASIC that costs about 30000$ (well if we find it) and I looked on the site whattomine the profits I can make with this machine and I saw for more than a week a figure that turns around 230$ of profit per day which is just HUGE !

and i did a little calculation 230 x 365 = 83950 !! 83950 (profit per year) - 30000 (price of the asic) = 53950

it's just monstrous in less than a year without counting the electricity (0.06€ per kWh) I'm in the profit in less than a year!! how to explain that?

Can someone please enlighten me, tell me if there are hidden costs that I don't take into account except for taxes, there are no additional things to take into account in there because it just seems huge

how do I justify this please?

if you seeing the profit from asic in calculator its mean that profit for current day, and getting less profit in the future cause many people buy the same thing everyday and joined the network

the difficulties began to rise exponential, and yeah if you can get that asic for same price as listed, then you got lucky if got that one Grin

there is no such thing to good to be true in asic mining, its real if you can get those asic lol, good luck with that.

if you're living in china, sure you will get one but this time is ilegal things

FP91G

legendary

Activity: 1834

Merit: 1136

Quote from: wahid.92000 on October 20, 2021, 11:17:21 AM

of course if I understand that ... what I mean is that the profits are huge and even if there is a drop of say 50%, the profits are still huge !

I don't know much about mining, I'm a "beginner" as you say but it seems impossible to me that in less than 2 years the profits drop by 50% on an ASIC...

after if I'm wrong tell me ^^

We do not know how long the bull market will spill.
We do not know how long Ethereum mining will be relevant.
We do not know how many ASICs will be produced and sold.
After the end of Ethereum mining, this ASIC will be useless.
There are a lot of investment risks.

badbart

member

Activity: 449

Merit: 24

Quote from: deadsix on October 20, 2021, 02:16:14 PM

Quote from: wahid.92000 on October 20, 2021, 11:17:21 AM

I don't know much about mining, I'm a "beginner" as you say but it seems impossible to me that in less than 2 years the profits drop by 50% on an ASIC...

after if I'm wrong tell me ^^

Buy 30k in video cards that way to can sell them when you can't mine eth. Once eth can't be mined your ASICS will be worthless and I've had ASICs lose 90% of their mining revenue in less then a year.

deadsix

hero member

Activity: 751

Merit: 517

Fail to plan, and you plan to fail.

Quote from: wahid.92000 on October 20, 2021, 11:17:21 AM

I don't know much about mining, I'm a "beginner" as you say but it seems impossible to me that in less than 2 years the profits drop by 50% on an ASIC...

after if I'm wrong tell me ^^

And this is precisely why everyone on this thread is telling you that you know NOTHING, John Snow. Go do some homework.

wahid.92000

jr. member

Activity: 39

Merit: 1

Quote from: Bitcoin_Arena on October 19, 2021, 05:48:39 PM

Quote from: wahid.92000 on October 19, 2021, 09:34:15 AM

I understand that, but if I find a physical person from whom to buy it in this case there will be no delay

What makes you think that that physical person would be willing to sell you the same miner at the same price, even with such "insane" daily profits that they could make themselves?

Obviously, but they time they decide to sell it to you, it won't be that profitable anymore.

Quote from: wahid.92000 on October 19, 2021, 09:34:15 AM

no not at all I understood the risks linked to ASIC, ether, etc

I'm just asking a simple question, I know it's not that simple and about E9 if the mining profits stay like this or even decrease it will still be huge and yes E9 mining can make you rich (for those who can afford it) ^^

Look, I don't think anyone is trying to discourage you here. Most members are trying to advise you based on what they have seen in the past. They are simply trying to make you look at the bigger picture so that you are prepared in case things don't go as you expected.

yes probably someone who would sell it more expensive but I'm sure it exists

yes I understand that, but the problem is that these "advices" are only based on assumptions (just like me), I only get answers like "the PoW, PoS" "if the profits go down you do what" "the hashrate will increase...."

Quote from: FP91G on October 20, 2021, 07:10:15 AM

Quote from: wahid.92000 on October 19, 2021, 09:34:15 AM

Quote from: adaseb on October 18, 2021, 12:36:37 AM

Bitmain is very famous for mining with their ASICS for a few months and then later on selling it to their customers. Many people observed this when they would dust inside their miner which Bitmain claimed was simply “dust” season in the factory it was built.

Right now their issue is with the China crackdown. So most likely it will be a while until you will be able to order one and mine with it. Most likely by the time you pay and the time you receive it, the difficulty will grow a large bunch. Buy it if you wish but just know the risks.

I understand that, but if I find a physical person from whom to buy it in this case there will be no delay

Quote from: sxemini on October 18, 2021, 05:09:36 AM

You are absolutely blinded by the numbers. If mining so easy as you mentioned, so why we are go to work every day. Only multiply some numbers from internet and yes we are all rich Cheesy

Search an E9 Miner and we all get rich? Roll Eyes

I offered you an service for your mining journey, but all what you want is get rich in days with no work.

He ask the same question for weeks now here, every time the same, he learned no new stuff and just want to get rich quickly.

no not at all I understood the risks linked to ASIC, ether, etc

I'm just asking a simple question, I know it's not that simple and about E9 if the mining profits stay like this or even decrease it will still be huge and yes E9 mining can make you rich (for those who can afford it) ^^

You think like a beginner. Even if your calculations are correct, then you have not taken into account one very important point.
When these ASICs begin to be sold on the market, the network hashrate will grow dramatically and the profit will decrease for all miners.
If the price of the coin decreases, then your payback period can greatly increase.

of course if I understand that ... what I mean is that the profits are huge and even if there is a drop of say 50%, the profits are still huge !

I don't know much about mining, I'm a "beginner" as you say but it seems impossible to me that in less than 2 years the profits drop by 50% on an ASIC...

after if I'm wrong tell me ^^

FP91G

legendary

Activity: 1834

Merit: 1136

Quote from: wahid.92000 on October 19, 2021, 09:34:15 AM

Quote from: adaseb on October 18, 2021, 12:36:37 AM

Bitmain is very famous for mining with their ASICS for a few months and then later on selling it to their customers. Many people observed this when they would dust inside their miner which Bitmain claimed was simply “dust” season in the factory it was built.

Right now their issue is with the China crackdown. So most likely it will be a while until you will be able to order one and mine with it. Most likely by the time you pay and the time you receive it, the difficulty will grow a large bunch. Buy it if you wish but just know the risks.

I understand that, but if I find a physical person from whom to buy it in this case there will be no delay

Quote from: sxemini on October 18, 2021, 05:09:36 AM

You are absolutely blinded by the numbers. If mining so easy as you mentioned, so why we are go to work every day. Only multiply some numbers from internet and yes we are all rich Cheesy

Search an E9 Miner and we all get rich? Roll Eyes

I offered you an service for your mining journey, but all what you want is get rich in days with no work.

He ask the same question for weeks now here, every time the same, he learned no new stuff and just want to get rich quickly.

no not at all I understood the risks linked to ASIC, ether, etc

I'm just asking a simple question, I know it's not that simple and about E9 if the mining profits stay like this or even decrease it will still be huge and yes E9 mining can make you rich (for those who can afford it) ^^

You think like a beginner. Even if your calculations are correct, then you have not taken into account one very important point.
When these ASICs begin to be sold on the market, the network hashrate will grow dramatically and the profit will decrease for all miners.
If the price of the coin decreases, then your payback period can greatly increase.

Bitcoin_Arena

copper member

Activity: 2114

Merit: 1814

฿itcoin for all, All for ฿itcoin.

Quote from: wahid.92000 on October 19, 2021, 09:34:15 AM

I understand that, but if I find a physical person from whom to buy it in this case there will be no delay

What makes you think that that physical person would be willing to sell you the same miner at the same price, even with such "insane" daily profits that they could make themselves?

Obviously, but they time they decide to sell it to you, it won't be that profitable anymore.

Quote from: wahid.92000 on October 19, 2021, 09:34:15 AM

no not at all I understood the risks linked to ASIC, ether, etc

I'm just asking a simple question, I know it's not that simple and about E9 if the mining profits stay like this or even decrease it will still be huge and yes E9 mining can make you rich (for those who can afford it) ^^

Look, I don't think anyone is trying to discourage you here. Most members are trying to advise you based on what they have seen in the past. They are simply trying to make you look at the bigger picture so that you are prepared in case things don't go as you expected.

wahid.92000

jr. member

Activity: 39

Merit: 1

Quote from: adaseb on October 18, 2021, 12:36:37 AM

Bitmain is very famous for mining with their ASICS for a few months and then later on selling it to their customers. Many people observed this when they would dust inside their miner which Bitmain claimed was simply “dust” season in the factory it was built.

Right now their issue is with the China crackdown. So most likely it will be a while until you will be able to order one and mine with it. Most likely by the time you pay and the time you receive it, the difficulty will grow a large bunch. Buy it if you wish but just know the risks.

I understand that, but if I find a physical person from whom to buy it in this case there will be no delay

Quote from: sxemini on October 18, 2021, 05:09:36 AM

You are absolutely blinded by the numbers. If mining so easy as you mentioned, so why we are go to work every day. Only multiply some numbers from internet and yes we are all rich Cheesy

Search an E9 Miner and we all get rich? Roll Eyes

I offered you an service for your mining journey, but all what you want is get rich in days with no work.

He ask the same question for weeks now here, every time the same, he learned no new stuff and just want to get rich quickly.

no not at all I understood the risks linked to ASIC, ether, etc

I'm just asking a simple question, I know it's not that simple and about E9 if the mining profits stay like this or even decrease it will still be huge and yes E9 mining can make you rich (for those who can afford it) ^^

sxemini

member

Activity: 1558

Merit: 69

You are absolutely blinded by the numbers. If mining so easy as you mentioned, so why we are go to work every day. Only multiply some numbers from internet and yes we are all rich Cheesy

Search an E9 Miner and we all get rich? Roll Eyes

I offered you an service for your mining journey, but all what you want is get rich in days with no work.

He ask the same question for weeks now here, every time the same, he learned no new stuff and just want to get rich quickly.

adaseb

legendary

Activity: 3808

Merit: 1723

Bitmain is very famous for mining with their ASICS for a few months and then later on selling it to their customers. Many people observed this when they would dust inside their miner which Bitmain claimed was simply “dust” season in the factory it was built.

Right now their issue is with the China crackdown. So most likely it will be a while until you will be able to order one and mine with it. Most likely by the time you pay and the time you receive it, the difficulty will grow a large bunch. Buy it if you wish but just know the risks.

wahid.92000

jr. member

Activity: 39

Merit: 1

Quote from: HardCore12V on October 15, 2021, 02:35:14 PM

Quote from: iRonNuke on October 15, 2021, 01:20:52 PM

Don't buy the Bitmain Antminer E9! It's mining Ethereum, and we all know that it will go Proof of Stake in early 2022, then you not able to mine Ethereum. The ASIC can't switch to other coins that GPUs can. Well, you actually can mine other Ethash coins. But they are very low cap and has low net hashrate compaired to Ethereum, so your profits will plumber!

ETH PoS have been in work for years the truth is ETH Devs never make it happen till this day and there is already rumours of bugs affecting ETH 2.0 as we speak which makes me feel like ETH 2.0 isn't coming any time soon, I believe it's a good time to start mining still

perfect, so I just need to find this famous miner

Quote from: Bitcoin_Arena on October 15, 2021, 05:46:25 PM

So the miner hasn't been released yet, right?

At least that's what I see with several sites saying "coming soon"
The profits are just projections based on the current network status and market conditions. Imagine is that miner is released into the market, Those with money will obviously rush to buy it. The network hashrate could change, and the attractive daily profits you are looking at right now as awesome could change to much lower ones.

If you put into consideration where Ether's price could plummet by over 70% from the current price which is very possible. Then profit calculations in USD become a little meaningless right now.

yes I too can't figure out when the E9 will be released but even if the profits drop it's still a huge profit

Quote from: Metroid on October 15, 2021, 06:30:28 PM

Quote from: iRonNuke on October 15, 2021, 01:20:52 PM

Don't buy the Bitmain Antminer E9! It's mining Ethereum, and we all know that it will go Proof of Stake in early 2022, then you not able to mine Ethereum

Please stop the bs, eth going pos will happen in years, most likely 2025-2030 at best, not in 2022.

Also, asic market = scam market, you buy, you lose 99.9% times.

why is it a scam market?

Quote from: philipma1957 on October 15, 2021, 06:34:36 PM

Quote from: wahid.92000 on October 15, 2021, 12:48:44 PM

Hello, I have a question, I asked about this ASIC the Bitmain Antminer E9, a hell of an ASIC that costs about 30000$ (well if we find it) and I looked on the site whattomine the profits I can make with this machine and I saw for more than a week a figure that turns around 230$ of profit per day which is just HUGE !

and i did a little calculation 230 x 365 = 83950 !! 83950 (profit per year) - 30000 (price of the asic) = 53950

it's just monstrous in less than a year without counting the electricity (0.06€ per kWh) I'm in the profit in less than a year!! how to explain that?

Can someone please enlighten me, tell me if there are hidden costs that I don't take into account except for taxes, there are no additional things to take into account in there because it just seems huge

how do I justify this please?

1) You can't get it so who cares.
2) The risk to getting an asic that only mines eth is eth has tested the progpow algo and can switch to it if they want to turning that 30k unit into a brick.
3) Maybe they actually do go to POS in 2022 ( I doubt it)

These 3 answers cover it. no add # 4

4) bitmain is better off not selling them and just mine eth as much as they can.

why wouldn't Bitmain sell it? they announced its release...

Quote from: XUR_TIP on October 16, 2021, 12:33:42 AM

If you come across any online store displaying this E9 ASIC miner they are simply trying to scam you, the only ASIC miner you can really get your hands on is innosilicon A10 pro, those E9 shouldn't be available for the public

but if I find someone who agrees to sell it to me personally I can't get ripped off, I'll just have to do some tests to make sure everything is in order.

why wouldn't it be sold to the public?

XUR_TIP

member

Activity: 227

Merit: 24

If you come across any online store displaying this E9 ASIC miner they are simply trying to scam you, the only ASIC miner you can really get your hands on is innosilicon A10 pro, those E9 shouldn't be available for the public

philipma1957

legendary

Activity: 4326

Merit: 8914

'The right to privacy matters'

Quote from: wahid.92000 on October 15, 2021, 12:48:44 PM

Hello, I have a question, I asked about this ASIC the Bitmain Antminer E9, a hell of an ASIC that costs about 30000$ (well if we find it) and I looked on the site whattomine the profits I can make with this machine and I saw for more than a week a figure that turns around 230$ of profit per day which is just HUGE !

and i did a little calculation 230 x 365 = 83950 !! 83950 (profit per year) - 30000 (price of the asic) = 53950

it's just monstrous in less than a year without counting the electricity (0.06€ per kWh) I'm in the profit in less than a year!! how to explain that?

Can someone please enlighten me, tell me if there are hidden costs that I don't take into account except for taxes, there are no additional things to take into account in there because it just seems huge

how do I justify this please?

1) You can't get it so who cares.
2) The risk to getting an asic that only mines eth is eth has tested the progpow algo and can switch to it if they want to turning that 30k unit into a brick.
3) Maybe they actually do go to POS in 2022 ( I doubt it)

These 3 answers cover it. no add # 4

4) bitmain is better off not selling them and just mine eth as much as they can.

Metroid

sr. member

Activity: 2142

Merit: 353

Xtreme Monster

Quote from: iRonNuke on October 15, 2021, 01:20:52 PM

Don't buy the Bitmain Antminer E9! It's mining Ethereum, and we all know that it will go Proof of Stake in early 2022, then you not able to mine Ethereum

Please stop the bs, eth going pos will happen in years, most likely 2025-2030 at best, not in 2022.

Also, asic market = scam market, you buy, you lose 99.9% times.

Bitcoin_Arena

copper member

Activity: 2114

Merit: 1814

฿itcoin for all, All for ฿itcoin.

So the miner hasn't been released yet, right?

At least that's what I see with several sites saying "coming soon"
The profits are just projections based on the current network status and market conditions. Imagine is that miner is released into the market, Those with money will obviously rush to buy it. The network hashrate could change, and the attractive daily profits you are looking at right now as awesome could change to much lower ones.

If you put into consideration where Ether's price could plummet by over 70% from the current price which is very possible. Then profit calculations in USD become a little meaningless right now.

HardCore12V

member

Activity: 223

Merit: 13

Quote from: iRonNuke on October 15, 2021, 01:20:52 PM

Don't buy the Bitmain Antminer E9! It's mining Ethereum, and we all know that it will go Proof of Stake in early 2022, then you not able to mine Ethereum. The ASIC can't switch to other coins that GPUs can. Well, you actually can mine other Ethash coins. But they are very low cap and has low net hashrate compaired to Ethereum, so your profits will plumber!

ETH PoS have been in work for years the truth is ETH Devs never make it happen till this day and there is already rumours of bugs affecting ETH 2.0 as we speak which makes me feel like ETH 2.0 isn't coming any time soon, I believe it's a good time to start mining still

wahid.92000

jr. member

Activity: 39

Merit: 1

Quote from: BitKongy on October 15, 2021, 01:13:49 PM

Antminer E9 is a powerful ETH miner and yes with 30,000+$ you can get one, ASIC miner E9 is capable of 3000MH on ETH and that's 287$ per day if you use flexpool which is currently the most profitable pool but the problem is buying this ASIC and not getting scammed in the process, mind you mining profits just increased too due to surge in BTC and ETH so the 287$ won't be permanent

yes I know that the profits are higher than usual but even if it is divided by two (which will not happen at once and is unlikely) it is still huge

Quote from: Looper_U on October 15, 2021, 01:15:55 PM

That's true if you want to buy this ASIC miner make sure you buy from official source or trusted sellers only, lately ASIC miner scams are growing up in numbers make sure you do good research first and if you are in the USA better use popular stores

I live in France and I plan to buy one in a serious place (as soon as I find one), I plan to go there myself and not order one on internet

Quote from: iRonNuke on October 15, 2021, 01:20:52 PM

Don't buy the Bitmain Antminer E9! It's mining Ethereum, and we all know that it will go Proof of Stake in early 2022, then you not able to mine Ethereum. The ASIC can't switch to other coins that GPUs can. Well, you actually can mine other Ethash coins. But they are very low cap and has low net hashrate compaired to Ethereum, so your profits will plumber!

I don't know much about it but we are not sure yet what will happen

iRonNuke

jr. member

Activity: 98

Merit: 6

Don't buy the Bitmain Antminer E9! It's mining Ethereum, and we all know that it will go Proof of Stake in early 2022, then you not able to mine Ethereum. The ASIC can't switch to other coins that GPUs can. Well, you actually can mine other Ethash coins. But they are very low cap and has low net hashrate compaired to Ethereum, so your profits will plumber!

Looper_U

member

Activity: 369

Merit: 16

$CYBERCASH METAVERSE

That's true if you want to buy this ASIC miner make sure you buy from official source or trusted sellers only, lately ASIC miner scams are growing up in numbers make sure you do good research first and if you are in the USA better use popular stores

Topic: Too good to be true?! (Read 452 times)