Bitcoin Forum

Hey, as the title says I'm completely new to the mining world, and i'd like to buy a ANTMINER S7 BATCH 8 i've been doing some math and accordingly to this site " https://alloscomp.com/bitcoin/calculator " i will be making around $200 a month with it minus electric cost which is about $.11 in my state "FL", i'd like to know if i'm missing something if i do can you guys point me to the right direction? thanks

By the way i'm not new to the bitcoin world at all, i've been buying and reselling BTC for the past 10 month, but as of now id like to start mining my own coins, thanks again

Well it's a little hard right now as .11 is not "cheap" electricity.  So you will be mining and selling down road most likely if you are to make a profit.   It is going to be easier then trying to mine out a profit.  Also when it's not worth running at .11 cents someone with 2-3 cents who is really lucky still has use for a while so again selling comes into place.

Today BTC took a dive in price were at around 370 vs over 400 in 1 day.  And we were in 440's a little bit back.  So it is harder on calculators right now.  The hope is it goes back up in decent time but there are no guarantees in mining.

well it's simple math, you said you could earn 200 per month, with the new diff, the s7 is doing 0.02 per day, which is 0.6 per month, equal to a little above 200, but this because the price tanked just recently, i would not count too much on this dump, it will recover

so besides this fake dump, you hav e200 versus a consumption of 0.11 x 30kw a day(1200w x 24), so 3.3 a day which is $100 a month, roi is still very long, in the range of 10+ months

Stay away from "mining" BTC... ¿why?

The actual "level" is too high for a Little miner, in house.

If you buy a lot of mining hw then yes, but the ROI is just too long to be reached.
(You need to check the btc price... ie : yesterday, the price drop a lot.... what does it means ? ===|> LONG ROI )

The bitcoin diff increase every week = your $200 income decrease every week... ¿why?  Because new "miners" are joining to the party.

If you got very cheap/free electricity, mining is profitable.
If not, then no!

Nowadays :
"Buy BTC low, hold and sell"

If you have super cheap electric (3c/kwh ballpark) you have a chance of being able to mine and make RoI with current gear.
Given diff increases and the probability of continuing 10% ballpark increases for the next few months, it's not a GOOD chance unless you can afford to HOLD THAT BITCOIN for the probable price jump shortly before the block reward halfing this summer.

Is better buy btc and hold till halving.

You don't have to wait for ROI, and can sleep at night.

Anyway, it's too risky, because anyone knows what's gonna happen with the price after halving.

Moon or hell...

I'm more inclined to "wait for 14/16nm full custom competition" than the halfing runup, as I suspect that will be happening sooner.

 Bitfury is apparenty making noises like it might return to selling to end-users, not just BIG farms - or at least some of the BIG farm types might sell end-user gear.

I don't think Bitfury will sell to small customers.  They have been pretty clear on actions they look for big sales.  If a big farm bought a ton and resold them I think is best chance of general people getting 1 or 2 miners of it.   You have to remember they said they were going to sell a mining light bulb to general public after some good articles showed it off.... I am yet to see those be sold.   

The problem I think with waiting till then is your getting closer and closer to having.  What they showed was a pretty rough prototype.  So they have it but time till market... hard to say.  But I think mining now is important kinda a last grab at it before having.

Your $.11 cost for electricity sounds a little low.  Does it include the Florida Sales Tax and other charges?

I suggest you check by looking at the total for a actual bill and then divide by your actual kilowatt usage. You may get closer to 13/14 cents per kWh when taxes and other charges are included.

Thanks to all of you who has reply, and imma stay away from mining thanks to all of you  ;D :D

On the other hand, the 14/16nm full custom stuff won't get "surplanted" by newer, more efficient gear for years.
It should actually HAVE years to make RoI, which is a first since ASIC originally appeared (free electric and super-cheap electric situations SOMETIMES being the exception).

Before you buy a miner make sure to buy lots of lube to keep your anal prepped for the whooping it's about to take.  ;D
If you're mining for fun and dont care about roi then no lube needed and good luck on that money losing hobby.