Silk Road forums
Discussion => Off topic => Topic started by: fucknuts on July 12, 2013, 06:25 am
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The bitcoin mining industry is gaining traction, and the new machines (asic) can have a return of investment between 1-12 months (depending if you get the factory price or ebay/aftermarket price). My point is, if you're going to buy coins anyway (from sketchy sources/big commissions), is anyone considering the miner angle as a source of coins?
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I've thought about this, but got discouraged with the recent plunge in BTC value. Profitabilty is directly correlated to current bitcoin value, and bitcoin value fluctuates so wildly. I just couldn't bring myself to drop a huge sum on a mining rig. I decided to just buy BTC as needed for purchases instead and play it safe, dollar wise.
Interested in what others think too
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what kind of money are we talkin to invest? to get started complete?
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Sounds simple but don't forget you've got to offset your electric costs (I actually have free electric just no cash for a rig lol)
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Sounds simple but don't forget you've got to offset your electric costs (I actually have free electric just no cash for a rig lol)
This is true, but my thoughts are I'm not necessarily looking to make a profit, but to "buy" coins with the cost of the rig and electric. Since you are already losing at least a 10% commission when buying coins as it is, this seems like an attractive option to me *IF* the rig would at some point break even.
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I have heard others mention they use it as a source for nice clean coin. The ASIC's I don't think are even shipping yet. Some think the producers are actually using them to mine right now, and then will ship them when they are no longer profitable. It kind of makes sense. I mean if a $3000 miner can make $4000 per month, why they hell would you just sell the unit. You'd run it yourself. The difficulty will simply increase if there are too many miners finding blocks, so I think it's a tricky area to get into. The USB miners work but I don't know how long it takes to break even on those. You really have to join a pool because the reward is like 50 coin blocks so unless you have a really powerful miner it's not likely you'd ever get anything.
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I have heard others mention they use it as a source for nice clean coin. The ASIC's I don't think are even shipping yet. Some think the producers are actually using them to mine right now, and then will ship them when they are no longer profitable. It kind of makes sense. I mean if a $3000 miner can make $4000 per month, why they hell would you just sell the unit. You'd run it yourself. The difficulty will simply increase if there are too many miners finding blocks, so I think it's a tricky area to get into. The USB miners work but I don't know how long it takes to break even on those. You really have to join a pool because the reward is like 50 coin blocks so unless you have a really powerful miner it's not likely you'd ever get anything.
Butterfly Labs has begun shipping their asic units. Search Ebay for "butterfly labs" you won't believe the markup they are selling at. $274 Jalepenos are selling for $2000+ right now.
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I got 6 of the ASIC "block eruptor" miners from ebay. They are farmed together in a 10-port USB hub. The whole rig was about $1400, and makes me about 0.06 BTC a day. At this rate, it is going to take me like 6 months to pay my investment (unless BTC shoots up big time).
I wish I hadn't bought them on Ebay. BTCGuild is selling them for 1.05BTC.
It was fun getting set up, but I don't see how it could support my Road habit when it only generated $1 a day per block eruptor. Even if I buy more from BTC Guild it will still take 3 months to pay them off.
Also, as more of these ASIC devices are coming on, the difficulty in mining increases. My calculations on profitability might be all wrong. I don't have to worry about electricity since its included with my rent.
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I got 6 of the ASIC "block eruptor" miners from ebay. They are farmed together in a 10-port USB hub. The whole rig was about $1400, and makes me about 0.06 BTC a day. At this rate, it is going to take me like 6 months to pay my investment (unless BTC shoots up big time).
6 ASICs generate $6 a day. Amazing.
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By the time the ASIC setups are actually shipped they won't be profitable any more, the difficulty threshold for mining has been skyrocketing recently due to the new asic miners coming online. If you were to place an order for a new BFL miner you're looking at a 6 month wait. But if you can get your hands on a Jalepeno $249 (retail) today you could mine almost 3 bitcoins a month at the current difficulty level a bigger unit ($2500) you could net 30 err soo bitcoins a month. But with the way things are in the mining community by the time you recieved one from BFL the difficulty level is going to be so high you wouldn't make anywhere near that. The people who preordered early and received their product already are printing money right now...
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6 ASICs generate $6 a day. Amazing.
LOL.
And that's now. Wait another 6 months or so and those $6 will become $1.
What a great investment.
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Bitcoin mining is not worth trying if you haven't been in it for a while. I'd try mining Litecoins or another digital currency.
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Bitcoin mining is not worth trying if you haven't been in it for a while. I'd try mining Litecoins or another digital currency.
I agree. Would you consider feathercoin now dead?
I'm more curious about what comes next, rather than our current set of digital coins.