Bitcoin Forum

I bought some minining USB's and raspberry pi etc for 1500 GBP
So far I have earned 1 BTC. I know I will never get my ROI but I can sell it now for 750 pounds
It is a raspberry pi with 12 block erupters 4000Mhash/s
Should I keep it and keep mining or sell it and count my lossess?

How did you manage to spend so much? Even at top whack 12 erupters should only have cost absolute max 500GBP. RPi is cheap as chips.

 :o
you where ripped ....

when they first came out they were 200 Each on Ebay. I bought 2 for 200 and then 10 for 900. Plus all the hubs etc it worked out at 1500GBP.
RaTTus I wasn't ripped off I bought them at the current market vlaue on ebay I just did not do enough research to realise I was practically flushing my money toilet and could buy else where. But thanks for the comment.

So the question remains. If I keep mining will I eventually raise more than 750GBP? Or should I sell now?

Ok, I would probably if I were you.
Have you been offered £750? If so get rid :P

OK well thanks for the tip

if you can get 750 then go for it .

I love these people that drop thousands on hardware and then do the profitability calcs.

So do the resellers and manufacture's

total noob mistake. this should be a sticky in noob sub-forum as a cautionary tale.

Very big noob mistake I could have bought a new mac book pro for that lol and its 3 days salary too! But anyway it was fun and I did learn quite a bit doing the set up

What do you want more: 1 BTC or $120? I'd go with 1 BTC, but whatever makes you happier.

Yeah well I have sold it for 750. Also I have spent that on 10 bitcoins and I am going to continue buying 10 bitcoins a week for the next year. That is a lot of money :)

Mining and selling as you make them has never been profitable. If you keep your coins and sell later. you probably will.

I bought second hand GPU's, mined for a year and a half, and by then, my first coins have given a 10 fold return on their production costs, but I paid my electricity bill with real money and not by selling my home made coins right away.

So yes you might get in the red while mining, especially if you expect to recoup your hardware costs the first year.

But you are also right, if I had never bought any mining hardware and put my investment directly into coins, at the time I bought my GPU's, I would have had a greater return, but less nerdy fun!

The miner in me says you should destroy them, as they are a curse on your soul and every bitcent you make, takes a fraction away from me. 

But in reality, just keep it and mine.  Is it really that big of a loss?  You spend a dollar in power a month to do something pretty cool that very few on the planet are even aware of or can even understand.  You're a part of something great even if it might not be profitable.... and stuff.

Famous last words. ;)

I like your style though. Keep it up, and the chances are that £750 worth of bitcoin won't amount to BTC10 for very long...

Chances are.... yes very good point. I remember a year or so ago I bought some shares in an oil and gas exploration company for 3k. they were set to more than quadruple. Alas literally 2 days after I bought they came plummeting down to the value of 1k and never recovered. Its typical for me this kind of investment. But I am firmly believing I have taken enough hits now that surely one will pay off :)
Come on Bitcoin PLEEEEEEEAAAAAAASSSSSE

But always never invest in ANYTHING unless you can afford to lose it.

Definitely. Of course that includes cash or bank deposits, which themselves aren't risk free.

rotfl just buy BTC directly next time, i know mining is fun and all, but honestly this is atrociously dumb

Mine the currently most profitable SHA 256 altcoin and sell for BTC.

http://www.coinwarz.com/cryptocurrency/?sha256HashRate=333.00&sha256Power=2.50&sha256PowerCost=0.1000&scryptHashRate=40&scryptPower=20.00&scryptPowerCost=0.1000

CDIC insurance says otherwise...

wau chinavasion - awesomez  8)

Hi it's rofl not rotfl. Anyway ost here any need to go around calling people dumb? I must admit after reading your reply I could tell that you have a far superior iq. I think you are the most intelligent person I have ever encountered actually.


For the alt coins that's a good idea! Can I mine them through cgminer?

eh i haven't called you dumb, just what you have doing is dumb, but it's ok people make mistake, don't take it  like an offensive post...