Why mining is not wort the time? - page 2.

po1992one

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Quote from: niothor on November 20, 2013, 11:51:17 AM

Quote from: Wendigo on November 20, 2013, 11:27:28 AM

I wonder what is stopping the US government to buyout all the asics from the american manufacturers and mine the shit out of bitcoin. They could pull this off in a heartbeat if they would like to. Grin

Have you seen elephants killing ants?
Currently they don't care about it. And until the network is strong enough , god help them not to change their mind.

With Bitcoin hashrate (and still growing), it would be hard to get 51%. They could test at altcoins though to get 51% there easily

odolvlobo

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If you are mining for fun and education, then go for it.

If you are mining for a profit, then you really need to do your research. Because of the expected rapid rise of the difficulty, the rate at which a device will mine bitcoins will drop very quickly. At some point, the amount of bitcoins that it mines each day will become negligible. My estimate is that each 1 GH/s will mine about 0.05 BTC over the next year. If you want to break even with a USB block erupter, you will have to pay less than 0.017 BTC for it.

Quote from: vm1990 on November 20, 2013, 08:41:08 AM

yes but at the same time its the cheapest device out there and aslong as your willing to wait then you will make a ROI eventually

vm1990, you haven't done the math. I suggest that you sit down and figure out how long it will take. Depending on how much you pay for the mining equipment, "eventually" could means decades or centuries, or longer.

niothor

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Quote from: Wendigo on November 20, 2013, 11:27:28 AM

I wonder what is stopping the US government to buyout all the asics from the american manufacturers and mine the shit out of bitcoin. They could pull this off in a heartbeat if they would like to. Grin

Have you seen elephants killing ants?
Currently they don't care about it. And until the network is strong enough , god help them not to change their mind.

Wendigo

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I wonder what is stopping the US government to buyout all the asics from the american manufacturers and mine the shit out of bitcoin. They could pull this off in a heartbeat if they would like to. Grin

Jeremiah2911

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You make a good point Tinus42

tinus42

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Quote from: Jeremiah2911 on November 20, 2013, 11:09:52 AM

Mining bitcoins has definitely been profitable for a company called KnCMiner.

They are a Swedish manufacturer of Bitcoin mining rigs, and recently made $3 million dollars worth of sales in just four days.

As has been mentioned many times before, in a gold rush the sellers of shovels will make the most money. Which includes ASICS. KnC were there at the right time. Just like ASICMINER was in the earlier months of 2013 (not now anymore).

Jeremiah2911

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Mining bitcoins has definitely been profitable for a company called KnCMiner.

They are a Swedish manufacturer of Bitcoin mining rigs, and recently made $3 million dollars worth of sales in just four days.

niothor

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Quote from: FlevasGR on November 20, 2013, 09:37:13 AM

Quote from: niothor on November 20, 2013, 09:32:17 AM

Quote from: FlevasGR on November 20, 2013, 09:30:25 AM

Quote from: niothor on November 20, 2013, 09:14:19 AM

Quote from: FlevasGR on November 20, 2013, 07:46:44 AM

Everyone says that isnt worth the time to mine but why? I love this idea of mining and i want to get my hands on 3-4 USB Miners and start mining and selling contracs on ebay

Good luck finding the ~~buyers~~ fools.

https://localbitcoins.com

What part of "mining contracts on ebay =/= selling bitcoins on localbticoins" aren't you getting?

You should know how to use "quote" correctly

Ok , I'm sorry for my mistake (?) , to make it up to you I'm gonna buy your mining contracts , do you have a price for your 3-4 x 300MH contract in mind?

FlevasGR

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Quote from: niothor on November 20, 2013, 09:32:17 AM

Quote from: FlevasGR on November 20, 2013, 09:30:25 AM

Quote from: niothor on November 20, 2013, 09:14:19 AM

Quote from: FlevasGR on November 20, 2013, 07:46:44 AM

Everyone says that isnt worth the time to mine but why? I love this idea of mining and i want to get my hands on 3-4 USB Miners and start mining and selling contracs on ebay

Good luck finding the ~~buyers~~ fools.

https://localbitcoins.com

What part of "mining contracts on ebay =/= selling bitcoins on localbticoins" aren't you getting?

You should know how to use "quote" correctly

niothor

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Quote from: FlevasGR on November 20, 2013, 09:30:25 AM

Quote from: niothor on November 20, 2013, 09:14:19 AM

Quote from: FlevasGR on November 20, 2013, 07:46:44 AM

Everyone says that isnt worth the time to mine but why? I love this idea of mining and i want to get my hands on 3-4 USB Miners and start mining and selling contracs on ebay

Good luck finding the ~~buyers~~ fools.

https://localbitcoins.com

What part of "mining contracts on ebay =/= selling bitcoins on localbticoins" aren't you getting?

FlevasGR

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Quote from: niothor on November 20, 2013, 09:14:19 AM

Quote from: FlevasGR on November 20, 2013, 07:46:44 AM

Everyone says that isnt worth the time to mine but why? I love this idea of mining and i want to get my hands on 3-4 USB Miners and start mining and selling contracs on ebay

Good luck finding the ~~buyers~~ fools.

https://localbitcoins.com

hermann1983

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Quote from: PenAndPaper on November 20, 2013, 08:54:06 AM

Quote from: vm1990 on November 20, 2013, 08:41:08 AM

yes but at the same time its the cheapest device out there and aslong as your willing to wait then you will make a ROI eventually

The difficulty is going up constantly. Even if you mine 24/7 for the next thousand years you will barely make more than 0.01 BTC in total from each usb.

These miners will not last more than few years. You should estimate max 3 years of mining to be safe

tinus42

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Quote from: vm1990 on November 20, 2013, 08:27:39 AM

mining is worth the time. depending on how you value your time. its whether its worth the Electric to mine. and with ASICS it is but most people and miners cant predict the future so who knows.
the thing people most complain about is the return on investment so lets day you spend 0.01 on a block erupter will you ever make that back? i for one think you will in time aslong as the block erupter is maintained and cooled it should make double whay you spend on it. but that said it could take a very very very long time maybe even 3 or 4 years

In even a few months you won't get anything with a BlockErupter. Just like you don't get anything when you CPU mine now.

niothor

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Quote from: FlevasGR on November 20, 2013, 07:46:44 AM

Everyone says that isnt worth the time to mine but why? I love this idea of mining and i want to get my hands on 3-4 USB Miners and start mining and selling contracs on ebay

Good luck finding the ~~buyers~~ fools.

MicroGuy

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Quote from: milkthecow on November 20, 2013, 08:59:38 AM

Its too complicated for newbie choosing, buying hardware and running mining, isn't it?

No. I think it's not too difficult even for newbies.

milkthecow

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Its too complicated for newbie choosing, buying hardware and running mining, isn't it?

PenAndPaper

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Quote from: vm1990 on November 20, 2013, 08:41:08 AM

yes but at the same time its the cheapest device out there and aslong as your willing to wait then you will make a ROI eventually

The difficulty is going up constantly. Even if you mine 24/7 for the next thousand years you will barely make more than 0.01 BTC in total from each usb.

poelling92

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Quote from: FlevasGR on November 20, 2013, 07:46:44 AM

Everyone says that isnt worth the time to mine but why? I love this idea of mining and i want to get my hands on 3-4 USB Miners and start mining and selling contracs on ebay

If you mean USB Block errupters, these are more for fun than serious mining. Not power effecient + you need running comp or buy rPi.

MicroGuy

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Quote from: FlevasGR on November 20, 2013, 07:46:44 AM

Everyone says that isnt worth the time to mine but why? I love this idea of mining and i want to get my hands on 3-4 USB Miners and start mining and selling contracs on ebay

If you want to have a chance at positive ROI you need to look here: http://www.coinchoose.com

vm1990

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Quote from: PenAndPaper on November 20, 2013, 08:36:40 AM

Bitcoin mining isn't worth it because it's almost always better to buy btc instead of btc mining equipment.
Usb miners in particular is a very bad choice with one of the lowest ROI out there.

Just google for a bitcoin mining calculator and see what to expect from usb miners and other mining equipment.

yes but at the same time its the cheapest device out there and aslong as your willing to wait then you will make a ROI eventually

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