Only reason Ecuador is planning on doing this is because they just cant head over to the printers and start printing bills to pay for their government costs. Basically they are freaking out about money, and in order to stay in power need to keep giving welfare away to keep their office and see this as a simple way out.

Need a skilled programmer/developer to be able to create escrow service site. Would be simple, would require certain features like btc wallet functions, blockchain confirmations for deposit (at least 2), and other features standard on many sites. Please post portfolio experience with such sites, price estimates, and or if you would like to partner up on the idea we could work some arrangement out.

sure, imagine my family owned a powerplant and within that powerplant i had an outlet and no one cared about power consumption. I still havent received a concise answer as  to why my plan  would/wouldnt work assuming free power. like i said before im a total newb at this and would like help.

Ok, got it, but even with the difficulty set at 20% on some calcs, i would be maybe breaking even if i were to get 5 s3 today up and running at around 2.5-3 month break. anything after that like you guys said, would be much slower etc. it just seems that the market itself would die very quickly if it were not possible at all to be making breakeven/profit. considering i do have unlimited free power, ive got no cost to at all to just set it up and let the machines run themselves 24/7 right?

and all this is if the coins stay at the same price, and the difficulty goes up at full 20%.

cool, thanks for the response. so all the profitability calculators are way the f**k off? mine pooling would be better off, and if the difficulty doesnt increase so drastically in the short run, assuming a $550 coin or higher, would i break even at say 1 or 2 month like the calculators say or not?

thanks for the reply. can you break down in ranges what is limited, medium, high processing speeds? Also, sorry for asking the obvious whats the units to measure it as it starts Gh/s -> to whats next ->  and so on? if i were to buy a dedicated rig to mine for the next 6 months how much $$ would it take to setup to have a decent expectation of break even and profitability within say 6-12 months?

hey thanks for the response! as you can see im still pretty much new to all this, so bear with me. With the formula you used, the return is half a bitcoin in a year and change? Is that solo or mining pool? Does that factor in the % of getting supremely lucky and getting a block reward (25 coins)? 

and if you could simplify it even more, assuming free electricity, how is mining even worth it at all? How are the businesses which make specialized mining rigs sell things if its a losing proposition of say $1000 per $1500 spent?

hey guys, i have been mulling over whether or not to try my hand at some mining as an investment for the past 6 months. If anyone could correct anything I say or tell me how my assumptions are wrong (or better yet right) please do so.

If i were to have the following setup, how profitable would it be over say 12 months:

5 Antminers S3-B5- $1948.35 USD
expected speed - 441 GH/s * 5 = 2000 Gh/s or so
$Kw/hr = $0.00 (lets assume it is and will stay free)

Time Frame   BTC Coins   USD   Power Cost (in USD)   Pool Fees (in USD)   Profit (in USD)
Hourly   0.00246606            $1.43        $0.00   $0.00                                               $1.43
Daily       0.05918551    $34.22   $0.00   $0.00                                               $34.22
Weekly   0.41429855          $239.55   $0.00   $0.00                                               $239.55
Monthly   1.77556520          $1,026.63   $0.00   $0.00                                               $1,026.63
Annually   21.60270999     $12,490.69   $0.00   $0.00                                            $12,490.69

Now this is based on the exchange rate around $550, it could hover around or go higher so the numbers towards the end of the year would be slightly higher in profit. If we assume free electricity, what do you guys think of this, is it very possible? is this based on a solo scenario, or are profitability calculator found online all based on pooling?