Bitcoin Forum

Hi guys,

My name is A.J. and I am new to the whole bit coins thing. I am a college student looking to basically invest in a miner. From the online calculators it looks profitable but from what I see on here everyone says you will never break even. The electricity is free to use here and the internet is the second fastest college campus in the country. I either want the butterfly labs 25 GH/S or the 50 GH/z miner. Is it worth it and why will it not be profitable. I understand the difficulty goes up but according to the calculators at this rate I will break even at about 94 days. Is it really that hard to make profit through mining and how do other people do it if the newbies can't? I have a lot of money to put down so I am open to different suggestions.

Thank you guys for the help.

Well, if you are getting the miners at a good price, buy them.

If not, don't.

What calculator did you use?

With what you are telling me, I don't think you are calculating the increase in difficulty, but rather a 3 months period with the same difficulty.

Using this calculator at the same difficulty. http://www.bitcoinx.com/profit/  the prices of the machines are $1250 and $2500 respectively.

Everything depends on how much you 'll pay for the miner. Just keep in mind that there are companies that has announced miner in the range of TH/s. So first of all understand how the difficulty scales and try to estimate the future difficulty.

Btw internet connection don't add anything at all to mining. A 56k modem is more than enough  :P

You may want to wait a day or two.  The price is dropping quite a bit today....

But if you're in it for the long haul, then go ahead and start mining. 

Just keep in ming that difficulty is going to be sky high very soon....

The sooner you can get mining the better off you will be.  Just make sure to account for difficulty increase. 

Anyway, good luck to you!  I hope you can make some coin!

Well my main piece of advice that I am looking for is if I put down 2,500 for a bit coin miner at 50 GH/S will it be profitable at all in the next 3 or 4 months? Then I could just buy a bigger miner.

If you had it "in hand" and mining right now, then maybe that would be possible.  However, the difficulty increases make it hard to do an exact calculation.  

In my opinion, yes, you could make money, albeit not very much.  

Have you considered preordering some hardware that is due early next year?  

For the same   3527$ you could have 1Th/s.  

http://www.blackarrowsoftware.com/store/prospero-x-1.html?sl=en

Is there an expected difficulty chart because I can't seem to figure out my projected profits without the future difficulty.

At the current difficulty the revenue are expected to be 16k per month but obviously that won't be true next year.

Check that calculator here http://mining.thegenesisblock.com/
Also you should compare your profit with the amount of bitcoins that you can buy right now instead of the miner. Thats how you decide if a miner worths its money. And usually it doesn't.

If you're going to pay 50usd/GH , I suggest you think twice about it.

After seeing the one malumeze86 referred. 1TH/s for $3527 I am definitely interested in buying that but I want to be sure it will make profit because the bit coin value does look like it is declining.

If you think that the value is dropping why even bothering investing in bitcoin ?
Can you call for sure that it will drop tomorrow also , and until what point , and how fast and much it will rise?

Getting into mining it's a bit of a gamble , and you have to pick the horse that will finish the race without running with your pre-order money.