Bitcoin Forum

Hi! I have opportunity to buy Bitcoin miner Butterfly Labs SC 60GH for about 2000$, do you guys think this is good investment right now?
It's better to mine before march 2014 or wait til new stuff will be available to buy? OR just buy BTC? I am little fresh for this topic but digging knowledge right now?
What is your opinion?

1

I have heard buying rather than mining is the way to go
But lots more knledgeable people on dis forum who can help

Any current mining gear really isn't a good investment.

A 60GH miner might, possibly, be able to generate you somewhere in the region of 0.05BTCs per day, but that is only at the current mining difficulty level.  However the difficulty level is rising at a rapid rate - it's generally over 20% more difficult to mine every two weeks, and of course this rise is exponential.

The raw maths says that even without an increase in difficulty it would take over two months for you to earn your money back at the current exchange rate.  Factor in the difficulty rising and that gets pushed out much longer.  Plus when the next generation of ASIC miners come along the difficulty rate will likely take a big step up.

Unless you're getting a guaranteed instant delivery of this 60GH miner you will struggle to break even, let alone earn a profit.

Buying mining hardware is a fools game, sorry. The only guys who made real money on asics got in on day 1 and mined before the rest of the mugs were able to turn their units on. The rest that made money, only made it because they mined and stashed their coins whilst waiting for the uptick in price. In which case you are better off investing $2k directly into Bitcoin.

Some people who don't pay for their power might say otherwise, and yes if you have zero power charge mining may be profitable in the long term if it can sit there for 12+ months and not cost a penny to run but that is not the norm. Most people have to pay for their power.

Maybe you shuold inves that cash into dogecoin. Check the last stats. It has best growth in the last days. Since today it's on the vicurex :)

I would get it ready in a payment method from which an exchanger could change you the money instantly and wait for another crash.

I agree with the guys above that you have a better chance to make money in an investment then in a Bitcoin Miner..

Even mining LTC is starting to be a bad investment unless you want a gaming rig in a month or so..

Good Luck!

Hi,

check out -> http://minr.info
You will notice, that butterfly labs has the worst money/GH ration in the list.

Bye
Michael

I would invest in NXT instead of buying asics.

It is very high price. Butterfly Labs offered this SC 60GH for preorder for about this price one year ago when difficulty was 500x lower. You had to receive this months ago to profit a bit

Just buy Bitcoins directly.

Do not go with buterffly labs, use search function to find out more. If you want to mine, go for scrypt altcoins and mine the most profitable ones selling them right away for BTC http://www.coinwarz.com/cryptocurrency. Or the best solution is to buy either BTC, or LTC - this should be the safest bet or slightly more safe putting it into NMC, XPM, PPC or curecoin

+1

It's prolly better to wait intill a brand new stuff be available then buy it, Rglinvest.

Buy the bitcoins, forget about mining

Hello guys I am a newbie with this mining hardware.

I understand well and i have done some research about the actual mining. So the difficulity rate goes up.
Now I am looking to buy the new terraminer IV with its 2000 GH/s. I am thinking of buying 2 at once
that will be somewhere around 10k. Will it take long to get ur ROI? Can someone help me out because I
searched alot and made some calculations and with the current bitcoinrate I should be able to get my investment
back in somewhere around a month or maybe 2. Somebody have some decent advise for me?

I thank everybody sincerly for helping me out!

Use this calculator to see if it's worth it.

http://mining.thegenesisblock.com

Also take into account how long it'll take to get to you and setting it up to mine.

I dumped $7k into building my rigs. I would've made more if I just bought $7k worth of coins. Plus my electricity bills are $3k per quarter. So yeah, I'd buy coins instead.

Hope that helps. =)

1st It is preorder
2nd Mining difficulty increases over time

Do you factor both these things in your calculation ?

If I were you, I wouldn't mind bitcoin. I'd mine either dogecoin or worldcoin. Both of those are new and seem decently promising for price increase in the future.

Thanks everyone for reply every post is eye opening, for me electricity is included in rent so not the problem, but for simple calculation 60GH will mine from 650$ to 500$ monthly and I can have this from second hand like even today, but as most of You say, its not a good idea.
What I think is, now price of BTC is high, when those ASIC companies will start to sell they equipment, they will also starts to sell BTC and the price can drop, only after some time when they gonna sold some BTC and when Difficulty Factor will be high as hell, price of BTC can jump to sky, because of lack of miners. Think... now who have 300GH is making money, in 3 months most of those miners will have 3TH, so what about those people with 1-2GH? They will be like 337MH right now.
Somebody agree with those thoughts?

Yes, mining is crazy business, you need faster and faster miners to keep mining the same amount of Bitcoins as time goes on.

Nice site u have given me thanks alot! I will do some more research before buying it.

I would suggest to buy btc directly

+1, You won't regret it :)

When the comparison is between outdated hardware and buying at low, there is no question. Buy BTC or better yet, get into one of the alternate coins.

buy now instead of the mining !! u will get ur money back in fiat after mining but investing in bitcoin would make a lot bigger profits :)

I think the best advice is to buy bitcoin and hold - or if you feel you up to trading when its so volatile no reason not to try your luck... I am sure you can make money mining too but right now I am trying to hold bitcoin, trade where it makes sense and minimize my losses which is quite an effort considering how volatile/insane the markets are right now... :) Just my two cents worth :) I'm using two different bots - one on btc-e for btc trading (against the dollar) and one on cryptsy for trading all the crypto currencies there (to build my equity in BTC, LTC and XPM)...

I would stay away from mining preorders. Anyone who preordered mining gear actually LOST profit compared to if they had just bought bitcoins - they only made back 4x their money compared to say 10x.

Additionally, the difficult for bitcoins is going through the roof. Even if current mining gear is profitable now, a month later and you'll be earning half as much.

New mining gear poses an even worse problem, as not only will the difficulty rise exponentially by the time you get the preorder, but it will be further expounded by the influx of new ASIC miners that release around the same time.

Hi rglinvest,

Just buy the BTC, maybe even better: split the 2000$ and buy BTC / LTC (70% / 30%). Because LTC might be coming to MtGox and other exchanges soon (or someday), which will boost its value.

The ROI for your 2000$ Buttefly Labs SC 60GH is 13.17 weeks at the current difficulty and exchange rate (637.38$/BTC).
This is without any power cost, so just the miner. Besides that, butterfly labs doesn't seem to deliver fast... prepare to wait a month for your order to arive.

So my advice: invest wisely and split between BTC and LTC.

Kind regards,
Verduveltje

Most secure seems to buy Bitcoin as most recommending. Mining is very uncertain, a lot of new miners might start mining early next year

Thanks for advise, Now I can see that LTC topic is more fresh than BTC. It's looks like buying gpu's to mine LTC is better investment to mine, in worst case You will have nice gaming equipment, or just sell it with little lose(didn't see to much of ASIC for LTC).In my country mining is not so popular so graphic cards looks cheap. I will try to buy some coins, but mining looks like fun, a lot of people just mining for hobby, but in some days it can be very value.

If you were interested in mining as a hobby - not just a way to get coins - I would try mining some alt coins that can be converted to BTC. If you're purely in it for investment then just buy the coins.

From what I can see it DOES look like BUYING and trading is the way to go right now rather than mining - unless you want to spend a fortune on hardware and electricity...

I'm 24/7 trading btc on one exchange and cross-trading all cryptos on another - where I am building (hopefully) my holdings of btc/ltc/xpm - you can trade these three against all the others and increase your holdings of them...

The only one I am not sure on long term is xpm - its definitely more stable than btc and ltc but I don't know if it is going to ''sky rocket'' upwards either :)

I Recommend to invest in NXT this coin will have amazing features in the future, read more from https://nextcoin.org/index.php.

Here is a low risk solution: http://thecoinjournal.com/post/75266162567/how-to-make-more-money-with-bitcoin

I would also suggest NXT coin. And reserve your amount of NEM Coin.

IMHO, you should directly buy bitcoin :)

Just buy some btc. And some other coins such as litecoin.

Buy Infinitecoin today and sell them next week with at least 50% profit.

buy some btc through localbitcoins.

rglinvest take these 2k$ and invest a mining rig

VTC.

Look at a 24 hour graph on CoinedUp (it'll load in three hours). It'll dip soon on Cryptsy, but I'm guessing a bigger peak after that. I bought last night and tripled my BTC value. Not selling yet, I think VTC is bound for greatness.

I'd go $750 in BTC, $250 in LTC, $1,000 in VTC. Depends how risky you want to play it, though.

personally I would put it into Dogecoin. Its predicted to skyrocket due to it about to half

For sure, buy instead of mine. Even if you mine back the same USD over time, the Bitcoins themselves would likely be worth more. ie.

*You spend $2000 at $1000 per BTC, on a miner
*After it dies, you've mined back 1.2 BTC but they are now worth $10k each. You have $12k so you've earned 10k

Instead of this, though, you could have bought 2 BTC and you'd have $20k, or an increase of 18k.

Exactly.
If your mining profitability comes from the expected uprising bitcoin price, it would be better for you to just buy bitcoin directly.
Profit more, and work less. :)

And risk less... the more variables you bring into the picture (like hardware), the more risk you're adding.

Take these 2000$ and pay a developer to build a cloud mining.

And sell overpriced hashrate to newbies?

Sounds like a plan to get rich :D

That's the point ;D
I meant that's something common out there

Everybody try it.

a good choice...

BFL pre-orders can never be good IMHO  ;)

You probably make wrong choices in your life.

lol  :D
It is predicted to be a pump and dump.  ;)

It's much better to buy Btc. Any current mining gear really isn't a good investment.

Don't invest in bitcoin mining, you won't be able to have enough hashing powers. If you want invest in some Good GPU's and mine some other alt-coins. Buy Bitcoins if you want, next spike is in 4 months

Your best bet is investing in GPU. You can start mining scyrpt coins and exchange to btc.

imo just buy the btc, eschew mining if you can

you gave no consideration for any real potential loss of btc

for example if the money was in Mt Gox, or BitInstant

not to mention if it was up it too high like those who invested in btc at anything over 900, the money is essentially trapped, that could eat away at you. 

GPU hardware rather than ASIC IMO

invest in coins rather then mining equipment..

Buy coin, mining economics is unviable and unlikely to improve in the short to medium term