Bitcoin Forum

Hi guys.

I'm thinking about buying an Asic Miner (1000Gh/s). I checked coinwarz.com and with that speed, I'm (supposed to be) able to make 28 usd a day, or 23 usd counting electricity cost. That's an estimate of course.

Is that a realistic expectation? I know the difficulty increases and the profit decrease with time. My doubt is… how long should I expect to make no money out of the machine? Couple years?

I imagine I should join a pool.
-What should I consider when joining a pool?
-When I join a pool, the more I contribute (in hash power), the more my payout is?
-It's more profitable to join Ghash.io or p2pool?

Thanks in advance.

Please don't state mining profits in USD, as the price can change. 1TH/s (1000 GH/s) will earn you 0.04809870BTC.
Difficulty will increase, since more and better ASICs will come out onto the market. I'd expect it to continue for 2-3 years, so expect to make no money after that. (Well, you can use it as a heater?).

You should consider if the pool has a bad background, and all that. But i'll explain.

I suggest you use ghash.io for the best accuracy to the estimation, but I don't recommend this, because it's by far the largest bitcoin mining pool.
I suggest p2pool, because it helps protect the network, but payout might be more inconsistent.
And yes, theoretically, the more hashpower the more money comes into your wallet.

Is it paying? Good support? Prompt reaction to DDoS? Merge mining? Low fee? etc.


Yes, but there are several different payment schemes like PPS, PPLNS, DGM, etc.


P2pool gives you a higher expected profit (tx fee to be distributed among miners).
Ghash gives you a lower variance on your profit (higher pool hashrate, lower share difficulty).

Seems like p2pool is better for bitcoin for it decentralized nature but having only 1% of the bitcoin hashrate doesn't mean the chance to find a block (and share it among it miners) is very low?

Definitely.


With 1% network hashrate, the pool is expected to find 1% of the coming blocks (which is about 1.5 blocks a day on average).

Which means that your earnings will be inconsistent, but over the long term the same.

1TH/s should make around 3.4 BTC if you mine on it for 1 year, this is before power/cost of the miner.

Assuming the miner will cost less than 3.4BTC of today's money to buy and operate for a year then it would be worth it. If not then it would be better to just buy BTC and hold with the same USD.

Are you taking into account difficulty adjustments?

Where you got those numbers? In coinwarz.com the estimate number is 0.0481 or 0.037 counting energy cost in my area. ROI looks more like 6 months than 1 year.

Plug it in here to see if it's worth it:

https://bitcoinwisdom.com/bitcoin/calculator

It depends how much the miner costs too.  If it's over $2000,  you won't ROI at all.  If it's $1500-$1600 range you have a chance to ROI.

Where can you find ASIC-SHA256 @ 1 TH/s  in range of $1500-$1600 ?

Group Buys section.

Juan from 112bit just closed one (sold 150 units) for the Antminer S2 at $1650 per.

Bit-Tech still selling their 950 GH/s A1 miner for $1500.

According with the producer's website: AntMiner S2 1TH/s Miner Batch 4 cost  2309 USD ....
Are you sure these GB's aren't scam ?

Juan(112bit.com) is the official North American distributor for Bitmain.  He has sold maybe thousands of S1s and definitely hundreds of S2s.

Read the Bit-Tech Group Buy thread if you can.  They have sold to a few senior members here already like finlof and xian01 etc.  Not saying they have the best miner, but $1500 has got my attention, and they definitely do ship.

@Crocko If Juan has another Group Buy of the S2 (most likely will since he sold 150 units so easily), I'll make sure to PM you so you can get in the action.  Probably will be at lower than $1650 potentially if he does a new GB.

Thank you !

Please PM me too if so, I might be interested also ;)

No problem. Actually ordered one of the Bit-tech 950 Gh/s miners through OGNASTY escrow for $1500 tonight.

I'll let you know how the miner looks and performs once I get it hopefully next week.

I'd buy an S2 for $1650 if theres a group buy happening?

Please PM me too regarding the Antminer S2 group Buy..

Would really appreciate it..Thanks :)

Looks like no new S2 group buys happening yet, but thought I'd share with you guys another Group Buy I stumbled upon.

The Gridseed A1 miner @1100 GH/s for $1500:

https://bitcointalk.org/index.php?topic=648622.0

If someone starts up a S2 group buy anytime soon, I'll put it here.


Chuck

I have 6 S2 $400 discount coupons, I'm using two but if anyone wants to trade me a donation amount of btc I'd happily xfer one (have 4 I'm not using)

brings the S2 to under 3BTC

red

The most important thing is difficulty, your net profit might be 23 usd today and for the next 5 days, but after that the difficulty increase about 10-20% and your profit drop, which this will happen every 2 weeks until you pay more electricity then you get.

Actually it's more like every 11 days.  If there was no growth it's 2 weeks.  The simple fact is what most time based calculators mess up on.