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Author Topic: Is it worth it to buy Mining Rigs?  (Read 4449 times)
molecular
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June 02, 2011, 11:18:28 PM
 #21

Historically, difficulty and price correlate; I think it's reasonable to ignore fluctuations in both for long term planning.


Will that happen forever?

that question is very hard to answer.

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June 02, 2011, 11:31:36 PM
 #22

Historically, difficulty and price correlate; I think it's reasonable to ignore fluctuations in both for long term planning.


Will that happen forever?

Are you planning on mining forever?
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June 02, 2011, 11:46:11 PM
 #23

Sigh. Again, no one can predict the future. All future projections are based on optimism, pessimism, or just nothing right now. The last month or two has been wildly out of keeping with the previous year+ before that, so both sets of data are not particularly useful.

Bitcoin is making the rounds of publicity right now, people are interested and they have $ signs in their eyes. What that means for the future is unclear. Decide for yourself what risk you'd like to take, and what reward you foresee.

High Risk High Reward: Buy Bitcoin
Low Risk Low/Medium Reward: Build mining stuff
No Risk No Reward: Stay out of Bitcoin.

If you prefer that you want someone to think for you, you can certainly pay me (in USD or BTC) to do that instead of getting into this whole silly venture.
Prze_koles
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June 02, 2011, 11:47:23 PM
 #24

Yes. Mining is still more profitable than it was in february/march. And Bitcoin is going mainstream in few months (only my personal prediction) so the price will go up. Also, buying mining rigs is the safe way to invest in Bitcoins. If Bitcoin will fail, you still got your equipment.  

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June 02, 2011, 11:57:48 PM
 #25

Historically, difficulty and price correlate; I think it's reasonable to ignore fluctuations in both for long term planning.


Will that happen forever?

that question is very hard to answer.


Obviously, I meant to expose that no investment is guaranteed to provide profit.
enmaku
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June 03, 2011, 12:24:40 AM
 #26

Yes. Mining is still more profitable than it was in february/march. And Bitcoin is going mainstream in few months (only my personal prediction) so the price will go up. Also, buying mining rigs is the safe way to invest in Bitcoins. If Bitcoin will fail, you still got your equipment.  

Very true, I should re-consider my previous math and state that you wouldn't have to cover the cost of equipment entirely to "break even" rather you'd just have to cover the difference between the price you paid and current resale value.

Also, yes, my (optimistic) opinion is that the exchange rate will continue to increase proportional to difficulty for some time to come. I have no hard evidence basis for this claim, it's just a gut feeling.

gigabytecoin
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June 03, 2011, 12:36:00 AM
 #27

No, everybody here steals them, duh.
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June 03, 2011, 03:01:38 AM
 #28

If you have a day job no. If you don't have a day job yes.

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June 03, 2011, 03:07:46 AM
 #29

I'm merely a student and have no day job. I am at no risk of losing a place to stay or food so I think I'll give it a shot. Can anyone point me in a direction where I can learn how to build mining oriented rigs?
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June 03, 2011, 03:39:56 AM
 #30

I'm merely a student and have no day job. I am at no risk of losing a place to stay or food so I think I'll give it a shot. Can anyone point me in a direction where I can learn how to build mining oriented rigs?

Are you living in a dorm, and do you have any hardware?

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June 03, 2011, 05:13:33 AM
 #31

If i bought bitcoins the day I started looking at this - and sold them now - I'd be up 30% - that's better than any of the guys I know on wall street do.

That being said, just setup a rig and figured I will see where it goes.  if this goes to pot, then I have a rig to use as an HTPC

Litt
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June 03, 2011, 08:12:06 AM
 #32

building a mining rig is not worth more than investing the same amount in btc. Why would anyone still want to buy mining rigs when they can buy outright and profit more. It's ludicrous.
Findeton
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June 03, 2011, 09:38:14 AM
 #33

building a mining rig is not worth more than investing the same amount in btc. Why would anyone still want to buy mining rigs when they can buy outright and profit more. It's ludicrous.

That's right now, but that can't be sustained for a long time, otherwise it's a bubble. If I had some serious money in bitcoins right now I would cash out some of that money to buy mining rigs:

If price/difficulty gets too high, we are creating a bubble, and bubbles do burst out. Electricity costs of generating a bitcoin is about 1$ right now, and 1BTC = 13.97$ right now, so there's a 14/1 ratio. Imagine if we get to a 1000/1 ratio! Wouldn't you say that it's a bubble? And if it's a bubble, it means it won't last forever, so when it explodes it will be miners who will give value to Bitcoin.

Let's hope difficulty rises at a similar pace than price.

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Litt
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June 03, 2011, 12:01:19 PM
 #34

building a mining rig is not worth more than investing the same amount in btc. Why would anyone still want to buy mining rigs when they can buy outright and profit more. It's ludicrous.

That's right now, but that can't be sustained for a long time, otherwise it's a bubble. If I had some serious money in bitcoins right now I would cash out some of that money to buy mining rigs:

If price/difficulty gets too high, we are creating a bubble, and bubbles do burst out. Electricity costs of generating a bitcoin is about 1$ right now, and 1BTC = 13.97$ right now, so there's a 14/1 ratio. Imagine if we get to a 1000/1 ratio! Wouldn't you say that it's a bubble? And if it's a bubble, it means it won't last forever, so when it explodes it will be miners who will give value to Bitcoin.

Let's hope difficulty rises at a similar pace than price.

I'm having a very hard time making any real sense of what you just wrote because it's just exploded out of your ass. Send me some of what you have in your pipe.
Findeton
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June 03, 2011, 12:30:43 PM
 #35

building a mining rig is not worth more than investing the same amount in btc. Why would anyone still want to buy mining rigs when they can buy outright and profit more. It's ludicrous.

That's right now, but that can't be sustained for a long time, otherwise it's a bubble. If I had some serious money in bitcoins right now I would cash out some of that money to buy mining rigs:

If price/difficulty gets too high, we are creating a bubble, and bubbles do burst out. Electricity costs of generating a bitcoin is about 1$ right now, and 1BTC = 13.97$ right now, so there's a 14/1 ratio. Imagine if we get to a 1000/1 ratio! Wouldn't you say that it's a bubble? And if it's a bubble, it means it won't last forever, so when it explodes it will be miners who will give value to Bitcoin.

Let's hope difficulty rises at a similar pace than price.

I'm having a very hard time making any real sense of what you just wrote because it's just exploded out of your ass. Send me some of what you have in your pipe.


You can read this thread. This is a good chart:



$/BTC rate can rise indefinitely, that's not a problem for my way of thinking, but it's price/difficulty that cannot rise indefinitely.

Bitcoin Weekly, bitcoin analysis and commentary

14DD7MhRXuw3KDuyUuXvAsRcK4KXTT36XA
bcpokey
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June 03, 2011, 12:45:51 PM
 #36

building a mining rig is not worth more than investing the same amount in btc. Why would anyone still want to buy mining rigs when they can buy outright and profit more. It's ludicrous.

That's right now, but that can't be sustained for a long time, otherwise it's a bubble. If I had some serious money in bitcoins right now I would cash out some of that money to buy mining rigs:

If price/difficulty gets too high, we are creating a bubble, and bubbles do burst out. Electricity costs of generating a bitcoin is about 1$ right now, and 1BTC = 13.97$ right now, so there's a 14/1 ratio. Imagine if we get to a 1000/1 ratio! Wouldn't you say that it's a bubble? And if it's a bubble, it means it won't last forever, so when it explodes it will be miners who will give value to Bitcoin.

Let's hope difficulty rises at a similar pace than price.

I'm having a very hard time making any real sense of what you just wrote because it's just exploded out of your ass. Send me some of what you have in your pipe.


You can read this thread. This is a good chart:



$/BTC rate can rise indefinitely, that's not a problem for my way of thinking, but it's price/difficulty that cannot rise indefinitely.

Good chart, pretty interesting. Thanks for the link.

@Litt
Mining - LowRisk:Low/MedReward
Buying - HighRisk:HighReward

That's why. It amazes me that humans can be so blindly naive. Upward trends will continue infinitely upwards, that thinking has never bit anyone in the butt has it? Here's a scenario where someone who bought mining equipment would seem like a genius over someone who bought bitcoins. Bitcoins are currently $14.20/BTC. I buy $5000 of Bitcoins, yay! Bob the builder buys $5000 of mining stuffs. Boo! A month from now bitcoins are back to $9 / BTC like they were yesterday (wow only yesterday). I now have $3169 worth of bitcoins. Bob the builder has about $2800 worth of bitcoins, $4000+ of saleable physical goods, and here's the kicker... he's still getting more bitcoins.

This scenario is just as possible as buying bitcoins at $14.20 today and in a month they're worth $30 with a difficulty > 1Mil in which case bob the builder is getting wtfpwnt buy bob the buyer.
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June 03, 2011, 12:56:58 PM
 #37

Bob the builder...
Can he mine it?
Bob the builder...
Yes he can!

Bob the builder...
Can we fix it?
My favorite quote of all time...
"Yes we can!" - Barack Obama... Bob The Builder

Nick Jr. should have sued...

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June 03, 2011, 02:57:37 PM
 #38

Bob the builder...
Can he mine it?
Bob the builder...
Yes he can!

Bob the builder...
Can we fix it?
My favorite quote of all time...
"Yes we can!" - Barack Obama... Bob The Builder

Nick Jr. should have sued...
Failpocolypse

http://bitcoin-otc.com/viewratingdetail.php?nick=DingoRabiit&sign=ANY&type=RECV <-My Ratings
https://bitcointalk.org/index.php?topic=857670.0 GAWminers and associated things are not to be trusted, Especially the "mineral" exchange
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June 03, 2011, 10:48:16 PM
 #39

I'm merely a student and have no day job. I am at no risk of losing a place to stay or food so I think I'll give it a shot. Can anyone point me in a direction where I can learn how to build mining oriented rigs?

Are you living in a dorm, and do you have any hardware?
No I still live at home, and we also live in a suite where we don't have to pay electricity bills. I do have some hardware but nothing of use. My current computer has a 9500GT and I have a GTX280 lying around (won't fit in my case). I might sell off both my cards and try to get a system going.
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June 03, 2011, 10:54:17 PM
 #40

I'm adding more cards, because if the prices stay anywhere remotely decent I'll pay them off soon and have a better gaming rig.
If not, sell on craigslist.


I have a day job but this is fun Wink


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