Why is the old bitcoin mining hardware going up in price?

PenAndPaper

sr. member

Activity: 252

Merit: 250

Quote from: moonwinder on November 25, 2013, 05:48:49 PM

Hi PenAndPaper,

Thanks for the advice. Hopefully some future technology will be able to make bitcoin mining profitable again.. for now I'll stick to my Raspberry Pi with 2 block erupters and slowly hash towards my first payout Grin

Also if you find yourself in a position that your usb make no btc whatsoever you may turn to an alt coin. I see many people pointing their old asics towards ppc nowadays.

moonwinder

newbie

Activity: 7

Merit: 0

Hi PenAndPaper,

Thanks for the advice. Hopefully some future technology will be able to make bitcoin mining profitable again.. for now I'll stick to my Raspberry Pi with 2 block erupters and slowly hash towards my first payout Grin

PenAndPaper

sr. member

Activity: 252

Merit: 250

Quote from: moonwinder on November 25, 2013, 05:28:36 PM

Perhaps I should look into buying more serious bitcoin mining hardware instead? For instance the ButterflyLabs 7G/H jalapeño can be bought for around 300 pounds on ebay.

Do your math again for the jalapeno. Itsn't worth it.
Actually the asics market right now sucks because it is either overpriced products at hand or preorders...

moonwinder

newbie

Activity: 7

Merit: 0

I'm currently mining at 660Mhps and according to Eligius it would take me 2 weeks and 4 day to mine 0.01 bitcoin. At the current exchange rate that would be worth around 5 pounds. However the difficulty is expected to rise in December and then it will no longer be profitable to use any amount of these ASIC block erupters. I've done some calculations on The Genesis Block and found that I will only be able to break even (in March 2014) if the bitcoin price rises above 3000 dollars (provided I will ever reach the required payout amount of 0.01 bitcoin again

Perhaps I should look into buying more serious bitcoin mining hardware instead? For instance the ButterflyLabs 7G/H jalapeño can be bought for around 300 pounds on ebay.

deepceleron

legendary

Activity: 1512

Merit: 1036

A miner that originally cost 1 BTC may now only make 0.25 BTC ROI during its lifetime, due to increasing difficulty making it obsolete. However, that 0.25 BTC valued in government currency is worth more - the value of the miner is tied to the exchange rate.

Miners also are a way to obtain Bitcoin that doesn't have the hassle of exchanges, banks, transferring currency, dealing with third-parties, etc.

moonwinder

newbie

Activity: 7

Merit: 0

Hi,

I have a small question, why is the old mining hardware going up in price?

I recently bought 2 ASIC usb block erupters for less than 40 pounds on eBay and wanted to buy more to increase the Ghash mining power of my small mining rig. However instead of the prices going down I found that almost all listings have gone up in price to more than 30 pounds per block erupter? The same happened for old ButterflyLabs ASIC bitcoin miners?

Should the price not go down instead? Is it not true that the old mining hardware becomes less profitable (and therefore less valuable) over time due to the rising difficulty to find new bitcoins?

It just doesn't make sense to invest more money in old mining hardware that soon will become obsolete...

regards, Moonwinder

Topic: Why is the old bitcoin mining hardware going up in price? (Read 616 times)