Bitcoin Forum

im new and im thinking of buying a butterfly rig from a friend for about $1500

it does 500gh/s and my electricity costs $0.0

i used a calculator and i would break even within 4 months.

but then i read about difficulties. seeing how the difficulty goes up about 1 billion every 10 days (or about 3 billion+ a month), should i even consider it or what?

im no expert but from this http://www.bitcoinx.com/profit/ it says ill go from $16 a day (may) to $11 a day (june) to maybe $9 a day (july) to about $7 a day in july and $6 in august. and by then i wouldn't even have broken even

am i doing this wrong or is this rig too old


also = should i go for litecoins instead and get 'gridseed' that does 5200 kh/s and get like ~$10 a day to break even within 7 months or no

it is never too late so tart mining and indeed - calculator will be not precize.
You will earn perhaps less. Indeed.

I dunno which calculator is best one. Maybe someone else will post a link. What I can suggest.

$1500 is not a lot if you want to make FAST profits from mining Bitcoin.

But on the other hand you do not need to pay for electricity!
I would rather buy new  GridSeed or Antminer in $1500 price. You wont regret it. 4 months or longer, who knows - maybe price of 1BTC will hit $800 soon :)

Most important factor is price of btc.
If you have btc for 500$ and doing let say 0.017Btc a day this means  u making only let say 0.017btc(14$) but if btc will hit level of 800 you will have more money and quicker will ROI with same amount of BTC
Simple.
Most calculators are not precise ,a diff jumps in % every month. But who can predict how many % will jump next weeks? If you will put every month let say 20% jump to be safe even 30% than you will see what kind of BTC u will get.
But than Once you have BTC in hand and holding- what if will jump to 1000$ again? ROI plus profit sooner than later.

You can get 800 GH/s for roughly that amount, 4 new Antminer S1s.

Stay away from Butterfly Labs products if you can, they're a stain to the mining community.

I can agree with this choice.
I haven't got any S1 but from reviews you can say it is really good stuff.

Worth buying for sure.

Buy a one S1 directly from bitmaintech.com and play around with it to see if mining is for you.  Currently mining is only marginally profitable and isn't for the faint-of-heart.

If you are looking to throw $1500 into mining just for fun, I'd suggest you buy a Gridseed Blade from Hashra.com or other trusted reseller.  You can have a lot of fun mining Scrypt and trading various alt coins and chasing bubbles.  But honestly, you're going to not make much money in the long run unless you get very, very lucky.  It's more like gambling, lol.

another green one with dollars signs dancing in front of his eyes. don't buy the ButtF**kLab rigs, cause if you do, your butt will hurt a lot. go buy the antminer s1, still the most bang for your buck, sadly. don't bother with gridseed, too expensive for what it does. whatever you do, you'd be better off buying btc directly with your $1500 or 3 BTC. remember, a fool and his money are soon parted.

No, it's never too late. Mining is always a good thing to do because:

- Fun
- Education
- Participate in the network
- Support the network
- Decentralize all the things
- Help to warm up your apartment

You won't make money, but that should be beside the point!

bfl... i would say only if they have in stock... NOT back order!  i tried back order
and never got my gear...long story short, i got my dollars back
9 months later.

Antminer S1 is a good unit, It runs stable @ 180GHs = 300w overclocked to 197GHs at about 370w. I have S1 - U1 U2 - BFL 8G 12G & 30G cubes. One factor I look at is power consumption, With a $0 power bill, you can use the fastest GHs miner without power bill worries. People misunderstand Mining profitability, don't look at value vs. BTC today. look at coins created. The coins I mine today .024 BTC per day ($11.38) will never cover a ROI, in 5 days - weeks - months the same coins MIGHT be worth $5000 each but, in 5 months with difficulty rise I will only make .001 BTC per day with a %20 rise. This is why the .024 is is a good investment.    

It's a common mistake to calculate mining based on the current price. When I was mining a few btcs a day, the price then was still about the same as I am mining at 0.01% of a btc now. Difficulty goes linearly with hashing power. If it's more difficult to mine now it's because there are more people mining than before, not because of the design of Bitcoin trying to make it more difficult. It's either you're in this race to keep up or win, or you opt out and buy instead, and now it's never been a better time compared to a few months back.

oh and please, stay away from butterfly labs.

Not too late.
However, depends how much you are willing to invest and take risks.

Ya your too late..no one will be mining in their home by the end of the year