Bitcoin Forum

My thinking is that I’m too late to the mining party as everything points to an influx of “ASICS” onto the scene which is going to punt the already punted small miner into none-existence, don’t get me wrong, the BFL entry level 5GH/s is definitely within price range, but I’m sure within many people’s price range effectively negating any performance increase that people would get from it.

So my question is this, is there any point in beginning mining in a pool where there are already a number of very well established miners that are only going to become more powerful with advances in technology?

Perhaps my understanding is skewed and downright wrong and I’d be happy to be corrected, but the communities seem far too established for anyone to begin mining.

It is exactly how mining works  ;) It always worked like that. Mining is not a get rich quick scheme. Mining is profitable? Everyone start mining until it reach a neutral level.

Note that this apply to the established miners too. You can buy an ASIC exactly like they can. If it is not profitable for you, then it isn't for them too, unless they have cheaper electricity

Well, see this is what has been bothering me quite a bit. Everyone keeps talking about the all mighty and powerful ASICS coming onto the scene and that will wipe everyone out as it will make it impossible to make a profit so give up. Oh and see you can get the entry level BFL thing... Umm.. BFL isn't shipping anything to any end user except air, and they don't know when they will (2 weeks, 2 weeks, it's sounding like that movie the money pit!) The avalon 'batch' is sold out, dunno when 'batch 3' will open. FGPA, well good luck finding one. So.... I just ignore all that, and use the machines I have, which are already running 24/7 and let them churn out the meesly 1Gh/s that they manage. It almost seems like, shoo go away, this is MINE and I don't want to share!!

Yeah you're right, but whilst i can afford a couple of entry level ASIC, the established miner can buy multiple top end ASIC's which widens the gap between them and me, as it stands i'm in the ozco pool, the top three miners have a combined total of 1.216GH/s and 3.7million shares (about 1/3 the GH/s and 1/3 the current share pool)

It's like the 1% compared to the 99% there's no way to close that gap.

this is a good point too by centlove, those top 3 in the pool can't possibly have BFL and yet they're still already that powerful, the Avalon batch can only be bought for 64(ish)btc / $8768 given the current exchange and as the top three are earning multiple btc per block already is there any possible way to turn a profit in the market?