Bitcoin Forum

Hi guys!

I was interested to know if some of you bought ASICs (from whatever company) and never made your ROI back. Or maybe barely made it? Also, do you own ASICs that you can't use anymore, because you lose money running them?

I'm interested in knowing if that happened to some of you guys and it could be great to share your story in that thread.

Thanks!

*EDIT*
Maybe to clarify. I'm not looking to buy or anything. I'm more interested in knowing more about the state of the bitcoin mining market.

you mean like... every ASIC bought since december 2013  :D

I don't know, do they have all been shipped yet?

good point!

Hehe le Québec!

Je suis de Mtl!

I bought a Antminer S1 1 weeks ago. For now on I think I will be able to get ROI but not sure.

I also bought 7 Block Erupter in nov, never get ROI and I sold them 1 week ago to get back a little bit of cash.

 ;D

Super! Je suis de la rive-sud  :)

Was it your first experience doing bitcoin mining? In the case where you are not able to get ROI on your Antminer, do you still plan on getting new ASIC and grow as a bitcoin miner? Or are you going to quit mining?

Thanks for your feedback :)

Was thinking of getting an Antiminer.  Could you tell me, did you have to pay a big import tax / duty to get into Quebec? Thanks.

I bought a couple of Bitmain Antminer U1s and played around with mining with them.

Bought the first one 1/15/14 for $69.99

Bought the second one 2/20/14 for $48.75

I don't have records for how much I've earned with them because I tried mining on a lot of different pools (including auto-switching pools and dedicated alt-currency pools) just to see how things worked. My conservative guess is that I've made around $12-18 mining with them. I know that I earned over $6 the first month with the first miner because it was hooked up to the same pool that whole first month until I cashed out at over 0.01 btc and the bitcoin price at the time was ~$630.

Now I have them both up for sale on eBay thinking I'll get $50-70 for the lot.

I tell you all of that because it is the kind of evidence that is used to say that mining isn't profitable. But people who use this example have obviously never owned their own business, because a real business person seeing those numbers will think they look pretty good.

First off I'm not at all saying my investment in ASIC hardware was a wise one. There are better ways to get started mining than with USB miners.

Second, I'm assuming that Bitcoin will rise in value at least as fast as the difficulty rises over the long term.

Third, I'm looking at long term "wealth building" not income to pay for next months food.

Those things being said I believe I would turn an eventual (within 7-10 months) profit mining with these if I kept at it. The main reason I'm selling them is because I'm tired of "babysitting" them. Remember that time should always be figured into profit/loss.

Most any business person will say that turning a profit in less than a year is a pretty good investment. Plus I would still have an asset at the end of that year. Though they will probably only be worth $7-10 each by then.

Yes, you can make a profit mining with ASICs. but you need to think about what you want out of your investment.

Do you want income to pay bills with? Then you need to invest a lot. At least $3000 for a decent supplement to existing income, or up over $10,000 to actually pay your bills every month.

Do you want to build a small amount into something more over the long term? Buy 20 MHz on http://pbmining.com/ (http://pbmining.com?) for <$4 each and keep rolling your earnings into more MHz each week. Or, if you like the idea of "day trading" buy some GHz on https://cex.io/ (https://cex.io/), and trade/hash your way to more bitcoin.

I didn't make money with my equipment (though I could have if I stuck with it), but I did "profit" in a lot of knowledge because I started my little mining project that inspired me to do research. That knowledge I gained is worth a lot of money to me now. Sure, I could have done the research without "wasting" money but I doubt I would have without moving forward with the project in the first place. It's useless to steer a parked car.

Mod note: removed affiliate links.

It made more sense to buy btc instead of mining now.

No miners will be ROI with current exchange rate

Really? Now the situation is this?

OK, here's my situation in full.
I purchased a few blades which run at ~10GH each, two BE cubes and a BFL55

one cube died. (so I guess that's not going to break even)

I set a floor on the price I was willing to sell my BTC at €450

under that price, and I just plough everything I mine back into cloud mining. I see this as the only way possible that my rig will break even eventually.
I now have 170GH at home (from 205GH) and 60GH on cloud. I'll keep building the cloud with the btc I mine at home and when BTC price breaks through that floor, i'll start selling it on exchanges again.

As of now, i've not broken even. but I will, eventually because the cloud hashing - although a premium at 0.0075btc / GH, has no long term electric costs.

Well back in 2012 I bought some usb miners (333mh/s) for fun so I guess you can say that I lost/wasted the money

I just lose money with usb block erupter. But all others will ROI or already have.

Based on the current difficulty, it seems that anything over $5/GHs isn't worth it. And that's without factoring in power costs.
Go with something like PBMining. It's cheaper than CEX.io (costs BTC0.0075/GHs)

mod note: removed affiliate spam.

struggling to get referrals? LOL

No. I've referred them the site, so why not give my referral link?

because this thread is about losing money. if you are showing us a referral link where you are losing money, I think it counterproductive.

I'm losing money? No.

well, i'm customer number 51 with PBMining and my first GH were purchased in january. My balance is still negative.
Also, i'm interested in the OP of this thread, not a gloating referral link which tells me you are in profit, this is totally off topic (actually the opposite of the topic of this thread).
If you want to promote referral links, please make sure they are relevant to the subject of the thread.
thanks.

perhaps we can continue the OP discussion now?

Hmm....i see im one of the lucky ones here  ;D

I would like this too. If some of you guys made money, I'm happy for you, really. It's great that people can make money out there. It helps to build a viable economy.

But to help people make money around here, you must also learn about those who lost money. I saw many people hoping of making money in the last few months. But did they really made that money? Planning your profit and getting it is not the same thing.


So, if I understand correctly, if you don't go into cloud hashing, you never break even? Your own mining operation is a pure loss?



You got your ROI on all your equipment?

My 2c;
Being a late adopter my view is that i dont like to own an ASIC. I think its a waste of time, power, effort and money i cant afford. Im a happy clam mining some alt funny coins with my R9 280x tho. If someday all the crypto-world explodes, i will still be able to play a nice game of Battlefield 12, or whatever will be around then.
Cloud in the other hand its attractive for me. As in the first post stated, being a business owner i will be happy as a clam for any ROI under one year, so , if im investing some satoshis that are from my own GPU into a long term mining thing... For me its ok.

i just bought another BFL60 - £215.
add that to the OP list  :D


it's a hobby, i enjoy it, i still trade Oil.

I only buy/sell my gear in Bitcoin denominations, so I shouldn't ever take a big loss.

mining btc is over staturated. period.





.

Yes losing money on Neptunes right now.

I will hit my ROI next week for my 3 antminers. My brother in law has more than doubled his investment. The other thing is, i believe that BTC will be in the $2000 range at the end of the year. I think the IRS ruling is good in the long term. I am also buying more BTC as the price drops.

I think the Golden Age of mining is going downhill fast.  By June-July not many survivors.

There are no retail ASIC machines that will make roi on the market.  Besides the market is fixed. 

6 billion difficulty for btc this weekend.

Even the scrypt acics coming out will have a hard time breaking even because their difficulty will be 5-10x harder by the time they come out in mass.