Bitcoin Forum

Im a noob but i understand the system. Should i buy tt. Will ot make a profit within a month.

You won´t get the Hardware within a month.
It´s a preorder. Noone knows when bfl will ship. And difficulty rises and rises and rises.... When you have the monarch in your hands, difficulty could be so high that the monarch will never ROI (return on investment).
So noone really knows if it will make profit.

But for 2200 dollars what can i buy that will garuntee roi and profit

It all depends on when it actually arrives on your doorstep. If it arrives tomorrow, yes, it will roi.
BFL's reputation is saying it will be delayed for months

You won´t get a guarantee on roi for any mining hardware. That´s the problem in the mining "business" ;)

There is no such thing as a grantee on any investment mining btc is no different. BTC is just also wildly speculative on top of no guarantee.

So where do i start

Where you start depends on what you want, and how much risk you want to take to get it. The better you understand bitcoin the better your odds are of making money just like any business. But it is not simple or ease just like everything in the world that will make you money. Educate yourself and a good way to do that is to start mining so you have skin in the game. But don't be under the allusion it is get rich quick or a guarantee and you will do just fine.

Well ehar is the risk if you can just resell the asic

I don't understand your question.

If you still wish to buy mining gear then go here and choose:

Bitcoin Forum > Bitcoin > Mining > Hardware > Custom hardware

Don't forget to have some extra money for the taxes in your country

Another option is to buy directly BTC and wait to the price to raise again.

Good luck !

DO. NOT. EVER. BUY. ANYTHING. FROM. BFL.

I'm serious, I bought a 25 GH/s miner from them once, and they delivered like 6 months later then promised. It will probably never make its investment back.

And i'm also one of the few lucky ones apparently, because countless persons have had their BFL hardware break within a week, and it takes a long time for them to repair it, if at all.

Stay away from BFL.

Probably gold. Yes, gold.

To buy something, they would have to have something to sell

Never go into mining assuming you're going to make a return on your investment within a month, 2 months, 6 months, etc.

And, more importantly, never purchase from Butterfly Labs. They may market themselves better / more widely than their competitors, but their products A) under perform, B) costly per GH/s, and C) are never shipped on time (by a factor of 4-6 months or more).

NO


And congrats on at least doing more research than a couple of 1000s of idiots who did none.

BFL is a shit company. They accept tons of 'preorder' money to actually develop their product and internally expect they'll be at least 6 months late on their announced release dates.

The best place to start is to determine how many bitcoin you want to make each week.

This will allow you to figure out what kind of hardware you need and put a dollar figure on your Bitcoin target.

My current target is 1BTC/month

BFL? No way.

BFL
Verb

1. To have something you ordered - delivered so far behind schedule, that it is no longer useful to you. Especially in cases where delays are 100+ days and the manufacturer or reseller is refusing to offer a refund for the goods.
2. Scammed
3. Completely fucked over

The term originates from the famous case in the Bitcoin community of longer than 1 year backlog of orders at Butterfly Labs, who have refused to refund their customers.

Usage:
Damn, I think we're getting BFL'd
Be careful, you might get BFL'd

get from knc, all my orders where mostly on time.
my jalapeno from bfl took over 8 months to be delivered, and customer support does not exist, and that taking into consideration that it was in production when ordered, in the case of monarch which is not yet even in production it could easily take over a year to be shipped.

DO NOT, I repeat DO NOT buy from BFL . Liars , cheaters , scammers.

KnC look good also http://cointerra.com/ look solid. Do your math right, difficulty is going up fast. You may not even make your money back.

https://en.bitcoin.it/wiki/Mining_hardware_comparison

Always do your math and research before investing your money. If you wanna do it for fun you can always get a Jalapeno or even mine with your smartphone.

Never try the BFL pre-order IMO.


lol :D

If you really want to mine and see the most bitcoins for your dollar, do the following:

1. Download Bitcoin-Qt wallet from bitcoin.org, install it, and download the blockchain.

2. Use whatever money you may spend on the BFL Monarch to instead purchase bitcoins directly.

3. Receive bitcoins to your Bitcoin-Qt wallet. Be sure to follow all proper security precautions.

4. Open the debug menu in Bitcoin-Qt, go to the console, and type "setgenerate true" and then press enter.

You are now mining, and you have more bitcoins than you'd ever likely receive with a Monarch.

If you had the 600gh/s card you could make 1BTC in 5.5 days. That's a ROI in only 11 days.  If you really think BFL is going to hand you such hardware for 1.9BTC when difficulty is still hovering in this range then you are deeply mistaken.

What happens is that you will fund the hardware, BFL gets it built with YOUR money,  mine the crap out of it and ship it to you when 600GH/s makes one BTC in 550 days. Very simple.

Also if you build a GPU miner you will have good resale value let's say 50% of what you put in.  With dedicated hardware your resale value is pretty much zero when the thing can't make BTC faster than one in 1800 years.  See what happened to those $60 USB miners? Worthless now.

What's the reason for step two? ? He doesn't need to buy bitcoins to mine them. You are telling him to go spend $800 on a single BTC? You also are telling him to mine BTC that happens to be the worse coin to mine?

If hedoesn't want to buy dedicated hardware, then he should mine doge with GPU rig and convert to BTC immediately as he mines them.

I asked the dude at BFL both at CES why would you sell this hardware that makes $200/day for only $2100 bucks??

His answer was "we don't have the space and power to mine with them"

His answer should have been "we make you pay for it,  we will build it , wont ship when ready, instead mine with it and send it to you when it makes only $2/day and at that time that $2" is the electricity cost. "

Firstly, thinking Bitcoin is the worst coin to mine is your opinion. The relative hash rates and merchant adoption rates suggest otherwise.

Secondly, the reason for step 2 is to get as many bitcoins as possible with X amount of money, presumably, the cost of a BFL Monarch. He wants the most bitcoins for his money? Then why not simply buy them outright?

My entire post was written in jest, since I advocate CPU mining Bitcoin, but the advice I give would still yield a greater net BTC return than purchasing any current mining equipment and mining for coins.

Lastly, GPU and doge mining are a different issue. Don't confuse yourself.

Regardless of all the FUD being generated about BFL you will eventually get something that resembles what you ordered a lot later than you thought you would get it.

If you want to mine then don't let anyone stop you.  Its a free world and you can do what you want.  Besides, Bitcoin needs as many miners as it can get its hands on right now.

With that being said, do not waste your time with pre-orders until you have some experience.  There is plenty of decent hardware "in hand" out there available for purchase at a decent price.

FUD? lol  :D.

FYR: https://forums.butterflylabs.com/blogs/bfl_jody/314-friday-august-30-2013-shipping-update-posted-saturday.html


After sending your bitcoin in June 2012 for MiniRigs, you can finally get the products in Aug 30, 2013 lol.

Hey I know...I have ordered a Jalapeno from them in the past so I have personal experience with the process.

In the bitcoin mining world, delivery date is a crucial factor for your mining profitability.
A delay of a month or so could kill half of your profits; while a delay of a year would make your hardware trash.

Judging from the past delivery situation, it would be very hard for me to suggest people to make pre-orders of BFL...

+1

Totally agree.

you may make a quick profit by bitcoin mining however you should not buy a BFL to make your dreams come true

The OP has stopped responding to this topic, I think he has got the point already ;D

The point is to prevent the newcormers about scammers.

Never buy anything from BFL, they will not deliver on time and you will probably not get the advartised hashrate from there products either.

Or you will get a scrap of metal that works at half promised for 1 day, which then burns and dies.