Is it worth buying equipment for $5k or so?

[hobbymd]

---snip--


Actually I am not eager at all to spend it, this is all theory. It's a hobby of mine to mine, that's why I still have my ASIC sticks running - I wanted to see if I can make a profit from this but from the replies in this thread it looks like fuck it I will invest or just buy BTC and wait for BTC to rise up again.

Don't get me wrong, I'm not saying it is impossible to profit from mining but you need to have the right ingredients for it at current market conditions 
  For example dirt cheap  or next to free power (most essential element IMO), then getting a good deal on miners ( probably buying bulk or used ), also last but not the least, having a secure free space (possibly with free internet as well  if possible ) to place the miners without having to pay rent for it.

There are other variables you need to worry about but having the right key ingredients should alleviate the pain caused by changes in the price of coin or the difficulty and power outages,maintenance etc etc   

cloud mining is a different beast and more of a gamble, your only hope of real roi is to buy cheap hash and then dump it at higher prices if it ever recovers because your chances of roi by just buying hash and sit on it, is slim to non-existence. Beware if you decide to go this route because it's like catching a falling knife, you might get lucky but the flip side could cause a lot of pain and remorse.

heck you might get better returns and opportunities with just trading BTC straight up without having the worry of if/when cloud mining operation might shut down or how illiquid the sell market is 

[adaseb]

If you're electricity is really 0.30 per KWH then forget about mining completely. Unless its a typo.

[sickhouse]

If you're electricity is really 0.30 per KWH then forget about mining completely. Unless its a typo.

It varies from month to month, it's usually cheaper in the summer. But I don't know maybe they measure different in Sweden than they do in your country?

[adaseb]

If you're electricity is really 0.30 per KWH then forget about mining completely. Unless its a typo.

It varies from month to month, it's usually cheaper in the summer. But I don't know maybe they measure different in Sweden than they do in your country?

How did you calculate that its 0.30kwh? Did you take your total amount due and divided it by the total kwh used?

Because there are normally services charges that are fixed on a power bill. You need to look at how much they charge per kwh.

[sickhouse]

If you're electricity is really 0.30 per KWH then forget about mining completely. Unless its a typo.

It varies from month to month, it's usually cheaper in the summer. But I don't know maybe they measure different in Sweden than they do in your country?

How did you calculate that its 0.30kwh? Did you take your total amount due and divided it by the total kwh used?

Because there are normally services charges that are fixed on a power bill. You need to look at how much they charge per kwh.

$0.042525 per KWH in if I calculated it right. 0.35 swedish kronor.

[cryptopaddles]

Will I make a profit on this? I am starting to give it serious consideration, but as far as I am concerned the whole shit is a scam and you always end up going negative profit when you buy hardware as new stuff is always around the corner. What will $5k give me today TH/s wise?

Would it be wiser to invest in a cloud mining service?

1. Make a profit? Probably not.
2. Whole shit a scam? Remains to be seen.
3. What will 5k give me today?  Not enough.
4. Wiser to invest in cloud mining?  He'll no! !

So what do you suggest then? Invest in a gambling site?

if your really wanting to gamble on bitcoin (yes that's exactly what it is right now) I would simply buy coins and hold.  Anybody that tells you they know for a fact what bitcoin price will be x # if months from now is a liar and a fatmouth.  and absolutely do not invest more than you are willing to lose

[sickhouse]

Will I make a profit on this? I am starting to give it serious consideration, but as far as I am concerned the whole shit is a scam and you always end up going negative profit when you buy hardware as new stuff is always around the corner. What will $5k give me today TH/s wise?

Would it be wiser to invest in a cloud mining service?

1. Make a profit? Probably not.
2. Whole shit a scam? Remains to be seen.
3. What will 5k give me today?  Not enough.
4. Wiser to invest in cloud mining?  He'll no! !

So what do you suggest then? Invest in a gambling site?

if your really wanting to gamble on bitcoin (yes that's exactly what it is right now) I would simply buy coins and hold.  Anybody that tells you they know for a fact what bitcoin price will be x # if months from now is a liar and a fatmouth.  and absolutely do not invest more than you are willing to lose

I am well aware of this. BTC has always been a gamble but now it's a bigger chance to lose. I think the price will go up though, but it always comes down to speculations.

[Ramhound]

Will I make a profit on this? I am starting to give it serious consideration, but as far as I am concerned the whole shit is a scam and you always end up going negative profit when you buy hardware as new stuff is always around the corner. What will $5k give me today TH/s wise?

Would it be wiser to invest in a cloud mining service?

1. Make a profit? Probably not.
2. Whole shit a scam? Remains to be seen.
3. What will 5k give me today?  Not enough.
4. Wiser to invest in cloud mining?  He'll no! !

So what do you suggest then? Invest in a gambling site?

Given the last 12 months.

You have better odds walking into a casino, putting 5k on the craps table, and honestly nobody actually wins at craps or at  casinos.

At $5,000 you might have a chance at the $0.25 due to the sheer amount of attempts ( $20,000 ) you would get but nobody actually wins on those machines.

[TradersWay.JC]

Those who are mining are either optimistic about the future price of BTC and/or are trying to support the BTC network by processing everyone else's transactions.


Personally, I think you should only mine if you are truly trying to support the idea and not try to make a positive ROI

[DieJohnny]

Buy the spondoolies mini farm, buy your 700w PSUs used on ebay. buy a few extra when they blow out.

Get an electrician to upgrade your house to support massive mining in your basement.

Make sure you live in the arctic or move there.

Plug them all in, and then find a way to sabotage some large mines in China so the hashrate stays stable for three months.

If all works you you will pay off in 90 days and sell your miners for 10 cents on the dollar.

well worth it for entertainment alone

[sloopy]

These people are all correct, entertainment, do it for the community, as a hobby, to learn more because you learn by doing.

At the price of BTC it is a losing proposition to pay retail for miners - over $400 for an S5 at 1100 G to be delivered. One miner.
$1000,00 power bills to consider depending on your actual rate.
If you are not doing it for the above reasons and have average pricing for power etc, you will not make a profit.

I do see some folks with their hands in every pie, rentals, etc who I believe are doing better, but their experience helps them. They have been using and doing longer, so rightfully so.

[sickhouse]

Buy the spondoolies mini farm, buy your 700w PSUs used on ebay. buy a few extra when they blow out.

Get an electrician to upgrade your house to support massive mining in your basement.

Make sure you live in the arctic or move there.

Plug them all in, and then find a way to sabotage some large mines in China so the hashrate stays stable for three months.

If all works you you will pay off in 90 days and sell your miners for 10 cents on the dollar.

well worth it for entertainment alone

Unfourtonatley I live in an apartment so that will be hard. I like your thinking "Find some way to sabotage some large mines"

[sickhouse]

These people are all correct, entertainment, do it for the community, as a hobby, to learn more because you learn by doing.

At the price of BTC it is a losing proposition to pay retail for miners - over $400 for an S5 at 1100 G to be delivered. One miner.
$1000,00 power bills to consider depending on your actual rate.
If you are not doing it for the above reasons and have average pricing for power etc, you will not make a profit.

I do see some folks with their hands in every pie, rentals, etc who I believe are doing better, but their experience helps them. They have been using and doing longer, so rightfully so.

Well some apartments have free electricity -- then it would be no discussion whatsoever, just set up the biggest fucking farm you can afford and move out

[ranochigo]

Some companies delay the shipment or don't ship at all. This can affect your ROI opportunity. Even if you have free electricity, if the company don't ship hardware or ship faulty ones, you won't be able to ROI.

[BTCish]

Best way is to buy used and efficient miners for a cheaper price and faster shipping.

[sickhouse]

Some companies delay the shipment or don't ship at all. This can affect your ROI opportunity. Even if you have free electricity, if the company don't ship hardware or ship faulty ones, you won't be able to ROI.

I would buy used EQ from ebay or similar instead to be sure that I get the right stuff.

[ranochigo]

Some companies delay the shipment or don't ship at all. This can affect your ROI opportunity. Even if you have free electricity, if the company don't ship hardware or ship faulty ones, you won't be able to ROI.

I would buy used EQ from ebay or similar instead to be sure that I get the right stuff.

Most of the units aren't profitable anymore and could potentially be damaged and may have a poor performance compared to the newest one on the market.

[MCHouston]

Your electricity is cheap enough you can make some money with used miners if you power is really USD $.0425/KWh.  Try to buy something with a decent efficiency and your good.  You could probably buy around 14 Antminer S3's with $1000 to try it out.  Should ROI in about 4 months, if you can handle the noise and the heat buy more miners till you trip your main breaker, then start replacing the older miners with newer ones to increase your hashrate with the same power.