Bitcoin Forum

So i Just purchased 18 block erupters and After reading the threads here I am starting to feel a bit of Buyers remorse..
I bought them at $11.00 a piece so i don't think i did that bad....But at the current difficulty rate they are kinda worthless aren't they?

dont get buyers remorse. They will make you money. maybe not all your money back but very still a possibility. never know waht way bitcoin cost is going to go in the future. plus your helping out the network.

Not worthless better than nothing. Join a mining pool and let us know how it goes. Good luck

Guess i will just keep them see what happens over the next coming months :)

You can still profit now: http://www.ebay.com/sch/i.html?_trksid=p2050601.m570.l1313.TR10.TRC0.A0.Xblock+erupter&_nkw=block+erupter&_sacat=0&_from=R40

thats not that bad.

Hmm, that ebay link. Never thought of selling the crystals and resistors lol!

LMFAO i just noticed this in the link you gave !

https://i.imgur.com/oi5mvyL.png

the mining contracts for them are funnier :P

Just enjoy the lights.  :o

Yes, the ebay link is quite funny... Just in case you decide to sell the black erupters later, they should still hold some value, proportional to expected profit still available on them.

Hash, protect the network and enjoy earning some BTC :)

Nice, happy mining.

If all else fails, mine altcoins with them. Eventually you'll make the money back, given sheer luck.

Matthew:out

thats not bad at all, I bought three of them, with import taxes and shipping, I ended up spending about $150. Of course I didn't make my money back but for me the education and even fun involved in getting everything setup was well worth the money. Now they are mining alt coins which is fun and ifI'm super lucky maybe their value will rise enough for me to make my money back.

6Gh/s for $200 isn't terrible when compared with some deals I see being made, not even talking about pre-orders. You'll break even in a few months.

You can't mine alt-coins with block erupters, its only for Sha-256.

35$/GH is never going to break-even (taking into account 'running costs').

Yes you can.
http://ctompo.dyndns.org:8083/Tompool/index.jsp

Really no one said anything about the Giant Inflatable dildo link? I don't know whats worse more amusing; the dildo link or that fact your watching fox.

We all saw it, and the other stuff, let's try to act mature maybe?

Gee, not even Namecoin, Peercoin, Devcoin, Terracoin, Bytecoin, Ixcoin, I0coin, or Freicoin? Because they all use SHA-256.

-R8

Really? Didn't know it can't mine Sha-256 alt. I believe its because of the software problem?

I'm alt mining right now with Block Erupters...

 if he was running his gear anyway.. the running costs are less.  if he lives in a cold climate they also will give him some heat.   so the running cost may be close to zero.  


  to the op. the lowest price for new ones is about 10.50 usd with the  shipping included.  so 11 each and free shipping is not terrible.

You are right to have buyers remorse. Try to sell them to a bigger fool "protector of the network".

That guy Keldel looks like a good case.


Right Keldel? I mean you want to protect the network and enjoy right?

Not just links but bookmarks in top of list along with the adult webcams.

Omfg i didn't even think about that book mark showing up lmfao .... You got me on that one trollalalala.

Mine altcoins  ;D

You can mine at multipool with asic also. it will swap to what ever makes the most profit with out you having to do anything.

Joking aside the other bookmarks are probably for business props and tools. 

Ding ding ding ding, WINNER!  you are correct sir :)

Its abit pricey, the price should be close to 5USD.

Anyway, my advice is sell it on market before it has no value.

I bought 5 a little while ago and I'm just watching them slowly not reach positive ROI. (You can too!) http://mootinator.com/groupbuy-summary/

Are you sure you are mining scrypt and not sha-256?

there are SHA-256 alt coins....

Ha ok, well i'm actually referring to scrypt alt-coin but guess I didn't state it clear enough.

When are you people going to listen to me? 

STOP BUYING USB ERUPTORS!!!!!  They are useless at any price!!!!!

If you are so dead set on THROWING MONEY AWAY, I'l give you my PayPal address, PM me.

I don't find you nearly as entertaining. Since I'm doing this for fun sending you money is a bad idea.

also if you win a powerball lotto would you pay me back many times what I send you?

Fixed that for you.

Let me put it this way.  With difficulty growth a rig with 10x the electrical efficiency (J/GH) and $10 per GH/s might not break even for months if not years.   $33 per GH/s?  Not a chance in hell.

mogrith - if you send me money and I win a powerball lottery jackpot with it, I will pay you back 100 times what you gave me.

Deal?  PM me for my paypal address.

I have 7 block erupters that I have been mining alt coins with for several months.

I did just find these on Amazon for 8.99 each + shipping of course. So debating purchasing some more to increase my hash rate.

These will take a long time to pay for themselves, so the primary reason for mining with these is to support the network.

Of course if you bank on the US Congress not working well together, it should increase the value of bitcoins, which will then drastically improve mining profitability. So I'm mining away with my little bit of hash power, and waiting to see what happens.

These are a much better deal than waiting for BFL, and I simply can't afford the other miners out there.

Pack of 50....
These things are being sold like Tampax...
However Tampax actually have a purpose

Hey she can use them as a prop on a webcam show then sell sell them as 'slightly used' to watchers

That gives a whole new meaning to the old "Intel inside" slogan. ;)

So is there anything out that can currently turn a profit? I hear people trashing the new  Bitfury miners also.... If there is no profit in mining bitcoin anymore why do people keep investing in these over priced asics blades and usb erupters ?  I sure is confused :(

People keep buying BitCoin mining equipment because they are stupid and can't do math.

I've made decent money off my LiteCoin mining.

Check my post in the marketplace, I am moving away soon and am taking down my LiteCoin mining PCs.  I have several high end 7900 series GPUs available and a 1200 watt power supply, everything works and has been used by me.  No BIOS mods.

https://bitcointalk.org/index.php?topic=312073.msg3351076#msg3351076

They will never be profitable as bitcoin miners, because the current generation miners are 3x-5x more powerful per dollar, so even when the difficulty will settle in the future, only the more powerful miners will maintain profitability. As for why people buy these, there are other non-technical reasons to consider (such as blinking lights), it's not always a decision of mining efficiency. You can of course sell them at any point at a lower price that varies depending on expected ROI.

They were profitable once, but these devices are pretty old technically. And you pay more per hashpower due to the extra components on the board compared to the cost of the chip. You may also notice that ASICminer has decreased the retail price artificially to match expected profitability and not because they are cheaper to make.

This is also my idea for running them. I'm not looking at it as an accountant reviewing an investment. :)

There is no profit in mining BTC. That being said there are several reasons for mining anyway, or at least two reasons.

One reason, it is like playing the lottery. You know that your chance of winning is almost nonexistent. Yet people buy those tickets anyway. People know that they won't hit it big mining, but there is still that one chance. BTC exchange rate could shoot through the roof. The pool you are in might get extremely lucky. etc...

Another reason, one i subscribe to is that mining is fun. Having a steady flow of BTCs coming in gives me a reason to hang in these forums, and watch what is going on.

A third reason may be that you believe in the BTC experiment and want to help make it succeed. With out BTC miners, there can be no transactions.

Another reason might be ego. the thought that everyone else may lose money but I won't because i'm smarter than everyone else and i know how to do this right.

There are a lot of reasons for mining and buying new equipment.

Ppl buy lottery tickers with 1$ with a chance to win 1.000.000$. They don't buy tickets with 5000$ with a chance to win 4000$.
Thats why the buy them "anyway"...
The BTC exchange rate is not an argument as well because you can buy bitcoins directly instead of miners.

Well, if they do solo mining then its like lottery :).

There are lotteries with less house edge ;)

Laso remember that it's not just 25BTC for getting a block but also a share of the TX fees. right now it's around .1xxxx BTC but One block I had a pool share in at cex.io had a 7BTC fee. The TX fee will grow as more bitcoins move.

TX fees are going up, even if block rewards may go down.

Once large datacenter ASIC mining becomes unprofitable, they will be shut down.  When this happens, your hashing share will go up again.  Whether you want to wait for this to happen or not is up to you.  You can look at my f/s thread for how you should setup the miners.  It's all about proper power delivery, which most USB hubs don't have.  NO NEED for expensive hubs.  A regulated power supply and a cheap hub will work fine, AND give you scalability in the future.

Anyways, I digress...

What you COULD do is to use the miners as a hobby, taking the proceeds to use for various purposes like... oh... high risk gambling, and hope that you hit the 100x multiplier or something of that sort.

Technically there is no long term profit, as it is a perfect market. I have most definitely made a short term profit with my BFL 5gh jally, but that is because I bought it in Jan, got it in end of August, and immediately boosted it from 4.5gh to 7.5gh with a $50 dragon. And I bought it before the price bump. So 291.73-210.00=$81 profit minus electrical cost (probably $10-$15)

However you *can* use erupters to generate heat. Now that it's winter run your erupters instead of an electric space heater. Come spring, they will be totally worthless.

C

I can always overclock 'em for you, if you want to squeeze a bit more juice out of them.  ;)

The "house edge" on solo mining is 0%.   If you know any lotteries with a negative house advantage let me know.

Highly unlikely for a single reason: the USB miners are inefficient in terms of Mhash/Watt. Unless you bought the USB erupters with USD because you couldn't buy Bitcoin directly, you will barely make a profit from mining + resale.

I disagree, only if the cost to mine and expected return is the same.

Do you have Unicorns where you live? If not, I bet you think you do, as you are clearly delusional.

Just like the OP clueless. Hardware manufactures should have IQ test before you can purchase...wait that would go against their business model.....they thrive on the clueless. I really should get into the Bridge selling business. ..ahh but thats right, I wouldn't be able to handle all the,  "...what you mean i have to maintain it?" questions. Bitcoin mining is really validating the saying "There's a sucker born every minute"

They're just selling the dream man, just like every other salesperson. They're not selling ASICs, they are selling the dream of the Rich Bitcoin Miner!

Make sure you have the receipts or records if you bought them with USD.

If you resell them later at a loss, you can write off that amount on your income tax as "capital loss". (Much like a stock transaction) This includes the USB block eruptors and ALL related accessories (the Anker hubs and the fan, for example). These are all considered "Capital assets".

http://www.irs.gov/uac/Ten-Important-Facts-About-Capital-Gains-and-Losses

These were profitable for those that got early .15 coupon pricing through previous group buys.

I mined a fifth of a Bitcoin now with these things which I bought for USD on eBay (the bulk with my original BE which I bought in June). Maybe this will be worth enough some day. But it will be a nice experience so I don't care. :)

not bad price. you can get back your money i believe. start mining asap.

They are still 18 USD on ebay...

They are going as low as $9 on Amazon....

So, as I said, if you sell your miners this year, you can write off your loss as capital loss on your taxes.

Is bitcoin even taxable in the first place?

Quickly refund it and yes its worthless. But you can still sell it easily for 5-10 USD depending on your luck...

It would be difficult to make an argument that bitcoin isn't capital. Capital gains are taxable.

It seems that most people consider it a capital gain when/if you change it into fiat. In the US the Tax is Capital Gains - Expenses - Capital Losses. Since no one will make back their expenses it can be considered a Hobby.

Notice that I am NOT talking about bitcoin being a form of capital. I am talking about the USB block eruptor themselves as a form of capital asset. A capital asset is any asset that is used to make money.  It is like holding a dividend-generating stock. The block eruptors are the stock, the dividend are the mined coins (Which is not taxable until you convert to fiat)

Sell it, unless you have free electricity....

Just mine for fun, or better still try solo for like a week.....

Or you could just whore yourself out of Bitcoins...

Wait...  :D

At least you'll actually receive something! That's more that bitcoin-24, Terrahash, or Cloudhashing ever gave me.

Yeah, it'd probably not be profitable to mine right now, but in the future you may. However, you are helping out with the processing of transactions :)

can be a souvenir

Use it to mine while putting up online looking for buyer is what most people do...

OK, so on Amazon the price of BE went from $9 to $30 in just one week. If BTC hits $1,000 you will get about $50 per BE which net you some nice capital gains and free BTC to boot.  Some analyst just put a long term price target of BTC equals 1E6 USD....

Yep, I noticed the Jally prices just went up on Ebay as well. Which means that people are completely insane.

Good time to sell mining equipment, too bad I'm amping mine up :-)

Mine with all you've got -help protecting the network! It's better than the 2.7 BTC I've spent on miners which were never built (trough steamboat group buy, 5 BTC order - 2.3 BTC refund = 2.7 BTC loss)

I certainly wouldn't have buyers remorse if i bought ANY mining equipment.  for the greater good pal.

Sell it and buy BTC instead.. the price is good now after the rise of Bitcoin price...