Entering the bitcoin mining game need advice!

[baristor]

Hello, guys


So I finally decided to get into the mining game,

My question is this...


Currently I am being offered what I consider a pretty neat deal,

120$ for Antminer S3, its 2nd hand and still under 6 months warranty.( Wht do u guys think is this a good deal ? )

I am planning to start with just 2 units bt depending on the info I recieve here I might or might not buy more...


I love bitcoin and the idea of mining I feel I can make good money out of it,...

Would love to listen to you guys thoughts!

[jelin1984]

Hahah


Mining and you will see

[baristor]

haha that dont sound so good

[djroadking]

I'll be honest with you on mining... While the S3 or the S3+'s are tanks you have to have 2 or 3 of them to have at least 1TH. I have 2 S3+'s personally and they run fine but don't expect ROI at all on really any hardware now. Keep it as a hobby otherwise being all about making money or a large amount of profit will take its toll. You need to take into account how much you'd be spending on electricity as well.

[baristor]

I'll be honest with you on mining... While the S3 or the S3+'s are tanks you have to have 2 or 3 of them to have at least 1TH. I have 2 S3+'s personally and they run fine but don't expect ROI at all on really any hardware now. Keep it as a hobby otherwise being all about making money or a large amount of profit will take its toll. You need to take into account how much you'd be spending on electricity as well.

Thanks for the input ,

At the moment the current costs im being offered the S3's for

I can achieve ROI in 3 months excluding electricity costs,

[philipma1957]

Hello, guys


So I finally decided to get into the mining game,

My question is this...


Currently I am being offered what I consider a pretty neat deal,

120$ for Antminer S3, its 2nd hand and still under 6 months warranty.( Wht do u guys think is this a good deal ? )

I am planning to start with just 2 units bt depending on the info I recieve here I might or might not buy more...


I love bitcoin and the idea of mining I feel I can make good money out of it,...

Would love to listen to you guys thoughts!

may I ask how you get 6 months warranty?

[unholycactus]

I'll be honest with you on mining... While the S3 or the S3+'s are tanks you have to have 2 or 3 of them to have at least 1TH. I have 2 S3+'s personally and they run fine but don't expect ROI at all on really any hardware now. Keep it as a hobby otherwise being all about making money or a large amount of profit will take its toll. You need to take into account how much you'd be spending on electricity as well.

Thanks for the input ,

At the moment the current costs im being offered the S3's for

I can achieve ROI in 3 months excluding electricity costs,

I suppose that if you don't pay for electricity and you already have one or two PSU, RIO can be achieved. 120$ USD seems like a lot to me for a S3 nowadays.

I'm not sure about this warranty thing either like philipma1957 mentioned.

[baristor]

Hello, guys


So I finally decided to get into the mining game,

My question is this...


Currently I am being offered what I consider a pretty neat deal,

120$ for Antminer S3, its 2nd hand and still under 6 months warranty.( Wht do u guys think is this a good deal ? )

I am planning to start with just 2 units bt depending on the info I recieve here I might or might not buy more...


I love bitcoin and the idea of mining I feel I can make good money out of it,...

Would love to listen to you guys thoughts!

may I ask how you get 6 months warranty?

The seller said he bought them with 1 year warranty and with the serial numbers on them 6 months is still valid

[baristor]

I'll be honest with you on mining... While the S3 or the S3+'s are tanks you have to have 2 or 3 of them to have at least 1TH. I have 2 S3+'s personally and they run fine but don't expect ROI at all on really any hardware now. Keep it as a hobby otherwise being all about making money or a large amount of profit will take its toll. You need to take into account how much you'd be spending on electricity as well.

Thanks for the input ,

At the moment the current costs im being offered the S3's for

I can achieve ROI in 3 months excluding electricity costs,

I suppose that if you don't pay for electricity and you already have one or two PSU, RIO can be achieved. 120$ USD seems like a lot to me for a S3 nowadays.

I'm not sure about this warranty thing either like philipma1957 mentioned.

What would be your suggested price then He was asking for 160$ I bargained and bought it down to 120..

[unholycactus]

I'll be honest with you on mining... While the S3 or the S3+'s are tanks you have to have 2 or 3 of them to have at least 1TH. I have 2 S3+'s personally and they run fine but don't expect ROI at all on really any hardware now. Keep it as a hobby otherwise being all about making money or a large amount of profit will take its toll. You need to take into account how much you'd be spending on electricity as well.

Thanks for the input ,

At the moment the current costs im being offered the S3's for

I can achieve ROI in 3 months excluding electricity costs,

I suppose that if you don't pay for electricity and you already have one or two PSU, RIO can be achieved. 120$ USD seems like a lot to me for a S3 nowadays.

I'm not sure about this warranty thing either like philipma1957 mentioned.

What would be your suggested price then He was asking for 160$ I bargained and bought it down to 120..

I bought mine in a group deal for 90$ a few months ago. You can always check the computer hardware marketplace section of this forum to get a better idea of miner prices.

https://bitcointalk.org/index.php?board=75.0

[philipma1957]

I'll be honest with you on mining... While the S3 or the S3+'s are tanks you have to have 2 or 3 of them to have at least 1TH. I have 2 S3+'s personally and they run fine but don't expect ROI at all on really any hardware now. Keep it as a hobby otherwise being all about making money or a large amount of profit will take its toll. You need to take into account how much you'd be spending on electricity as well.

Thanks for the input ,

At the moment the current costs im being offered the S3's for

I can achieve ROI in 3 months excluding electricity costs,

I suppose that if you don't pay for electricity and you already have one or two PSU, RIO can be achieved. 120$ USD seems like a lot to me for a S3 nowadays.

I'm not sure about this warranty thing either like philipma1957 mentioned.

What would be your suggested price then He was asking for 160$ I bargained and bought it down to 120..

If your power cost is very low 4 or 5 cents   this gear can turn a profit (well at least stand a chance to do that)

 IF YOU ARE IN EUROPE AND THE 120 INCLUDE VAT  It is an okay price.

I paid 85 and 82 usd on ebay for 2 of them about 85 days ago.  I  have 3 cent power so I made a profit on them.

[baristor]

I'll be honest with you on mining... While the S3 or the S3+'s are tanks you have to have 2 or 3 of them to have at least 1TH. I have 2 S3+'s personally and they run fine but don't expect ROI at all on really any hardware now. Keep it as a hobby otherwise being all about making money or a large amount of profit will take its toll. You need to take into account how much you'd be spending on electricity as well.

Thanks for the input ,

At the moment the current costs im being offered the S3's for

I can achieve ROI in 3 months excluding electricity costs,

I suppose that if you don't pay for electricity and you already have one or two PSU, RIO can be achieved. 120$ USD seems like a lot to me for a S3 nowadays.

I'm not sure about this warranty thing either like philipma1957 mentioned.

What would be your suggested price then He was asking for 160$ I bargained and bought it down to 120..

If your power cost is very low 4 or 5 cents   this gear can turn a profit (well at least stand a chance to do that)

 IF YOU ARE IN EUROPE AND THE 120 INCLUDE VAT  It is an okay price.

I paid 85 and 82 usd on ebay for 2 of them about 85 days ago.  I  have 3 cent power so I made a profit on them.

the problem is I am from India, So the elctricity is kindof cheap , and this guy lives in same city as me so I can pay cash and pickit up although I think I should probably ask for a better price after hearing what u guys have to say.

And buying them online etc Id have to pay shipping so I thought 120 was a fair deal.

[philipma1957]

I'll be honest with you on mining... While the S3 or the S3+'s are tanks you have to have 2 or 3 of them to have at least 1TH. I have 2 S3+'s personally and they run fine but don't expect ROI at all on really any hardware now. Keep it as a hobby otherwise being all about making money or a large amount of profit will take its toll. You need to take into account how much you'd be spending on electricity as well.

Thanks for the input ,

At the moment the current costs im being offered the S3's for

I can achieve ROI in 3 months excluding electricity costs,

I suppose that if you don't pay for electricity and you already have one or two PSU, RIO can be achieved. 120$ USD seems like a lot to me for a S3 nowadays.

I'm not sure about this warranty thing either like philipma1957 mentioned.

What would be your suggested price then He was asking for 160$ I bargained and bought it down to 120..

If your power cost is very low 4 or 5 cents   this gear can turn a profit (well at least stand a chance to do that)

 IF YOU ARE IN EUROPE AND THE 120 INCLUDE VAT  It is an okay price.

I paid 85 and 82 usd on ebay for 2 of them about 85 days ago.  I  have 3 cent power so I made a profit on them.

the problem is I am from India, So the elctricity is kindof cheap , and this guy lives in same city as me so I can pay cash and pickit up although I think I should probably ask for a better price after hearing what u guys have to say.

And buying them online etc Id have to pay shipping so I thought 120 was a fair deal.

The price is okay not terrible.  With cheap power you stand a chance at profit.  Tell him 90 each see what he says.  Be willing to go to 100.
As long as you have low cost power  4 cents a kwatt  to 7 cents a kwatt  you are in the running to profit a bit.

[baristor]

I'll be honest with you on mining... While the S3 or the S3+'s are tanks you have to have 2 or 3 of them to have at least 1TH. I have 2 S3+'s personally and they run fine but don't expect ROI at all on really any hardware now. Keep it as a hobby otherwise being all about making money or a large amount of profit will take its toll. You need to take into account how much you'd be spending on electricity as well.

Thanks for the input ,

At the moment the current costs im being offered the S3's for

I can achieve ROI in 3 months excluding electricity costs,

I suppose that if you don't pay for electricity and you already have one or two PSU, RIO can be achieved. 120$ USD seems like a lot to me for a S3 nowadays.

I'm not sure about this warranty thing either like philipma1957 mentioned.

What would be your suggested price then He was asking for 160$ I bargained and bought it down to 120..

If your power cost is very low 4 or 5 cents   this gear can turn a profit (well at least stand a chance to do that)

 IF YOU ARE IN EUROPE AND THE 120 INCLUDE VAT  It is an okay price.

I paid 85 and 82 usd on ebay for 2 of them about 85 days ago.  I  have 3 cent power so I made a profit on them.

the problem is I am from India, So the elctricity is kindof cheap , and this guy lives in same city as me so I can pay cash and pickit up although I think I should probably ask for a better price after hearing what u guys have to say.

And buying them online etc Id have to pay shipping so I thought 120 was a fair deal.

The price is okay not terrible.  With cheap power you stand a chance at profit.  Tell him 90 each see what he says.  Be willing to go to 100.
As long as you have low cost power  4 cents a kwatt  to 7 cents a kwatt  you are in the running to profit a bit.

Will ask him ,, I think the price is now 10 cents a unit will that still get me a decent profit ?

[LordPaco]

It is easy to find out yourself by some simple math. Those numbers change all the time so you can ask the question and the correct answer may only be valid for a very short time.

You can assume a S3 burns what, 600watts? so .6KWH for every hour it runs.

.6 X 24hours a day X 30.5 days = 439.2KWH X .10 = $43.92 per month in power costs

Now go here:

https://bitcoinwisdom.com/bitcoin/difficulty

Put in 450GHS and you will see it reports .129btc per month or 35.69 in usd at exchange rate of 275. Keep in mind these numbers reported are generally 10% over what is usually achieved after you factor downtime, orphans, and other unforeseen factors.

So you can see at .10kwh you will be paying around $10 a month to run your s3, given the price of bitcoin and difficulty stays flat (which it wont)

[RichBC]

It is easy to find out yourself by some simple math. Those numbers change all the time so you can ask the question and the correct answer may only be valid for a very short time.

You can assume a S3 burns what, 600watts? so .6KWH for every hour it runs.

.6 X 24hours a day X 30.5 days = 439.2KWH X .10 = $43.92 per month in power costs

Now go here:

https://bitcoinwisdom.com/bitcoin/difficulty

Put in 450GHS and you will see it reports .129btc per month or 35.69 in usd at exchange rate of 275. Keep in mind these numbers reported are generally 10% over what is usually achieved after you factor downtime, orphans, and other unforeseen factors.

So you can see at .10kwh you will be paying around $10 a month to run your s3, given the price of bitcoin and difficulty stays flat (which it wont)

Methodology is good but an S3 is 340W not 600W

[Xialla]

So I finally decided to get into the mining game,

I'm not sure but I see only 3 possibilities in OP:

*OP is troll (or post hunter)
*OP is noob, which can't even read and understand plain English
*OP owns time machine and willing to travel few years back in time

dude, we had August 2015 here, with your budget buy 0,something BTC and relax. Don't even thing about such idea as mining. btw I heard, that sometimes is better to reply with some visual data like pictures, so:

last 2 years of mining diff: https://blockchain.info/charts/difficulty?timespan=2year&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=

clear now?

[u9y42]

So I finally decided to get into the mining game,

I'm not sure but I see only 3 possibilities in OP:

*OP is troll (or post hunter)
*OP is noob, which can't even read and understand plain English
*OP owns time machine and willing to travel few years back in time

dude, we had August 2015 here, with your budget buy 0,something BTC and relax. Don't even thing about such idea as mining. btw I heard, that sometimes is better to reply with some visual data like pictures, so:

last 2 years of mining diff: https://blockchain.info/charts/difficulty?timespan=2year&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=

clear now?

That's somewhat of an exaggeration, I think; you can't look only at difficulty. If baristor had cheaper electricity (say, $0.05 as was suggested; and in some parts of India power costs even less), and depending on how much cheaper he would manage to get the miners for (ideally, less than $90), I don't think it would be unrealistic to believe he would have a decent chance to reach ROI within a few months (maybe 5 or 6 months, depending on difficulty increase and bitcoin price). It's definitely not a safe bet, but it could have been one baristor was willing to take.

Now, with power at $0.10, and miners at $120 each, it would probably take over a year to ROI, assuming difficulty wouldn't increase (and assuming bitcoin price doesn't change a lot in the meantime) - so that doesn't look like a good deal.

[Xialla]

even with cheap electricity, you have to keep in mind, that he will have to secure the space (or rent something), take care about cooling during summer, noise, internet connectivity...bla bla...

and all this suffer for doubtful ROI. sorry, but convincing guys with 120$ USD budget to mine is just stupid. I mined for last 3 years with all available and believe or not, but mining is not only about electricity cost.

[u9y42]

even with cheap electricity, you have to keep in mind, that he will have to secure the space (or rent something), take care about cooling during summer, noise, internet connectivity...bla bla...

and all this suffer for doubtful ROI. sorry, but convincing guys with 120$ USD budget to mine is just stupid. I mined for last 3 years with all available and believe or not, but mining is not only about electricity cost.

I don't think anyone here is trying to convince baristor to mine; people are advising him on what to expect if he decides to do so, whether or not the price of the miner is favorable, what costs he will incur in, how to make those calculations for himself, and so on.

Now, you bring up a good point: space, cooling costs, noise - no one else brought these up, and they're important (certainly something he would need to plan ahead for); but maybe you should have started off with that, instead of pointing him to the increase in difficulty (I certainly still have a lot to learn when it comes to mining, but it seems to me we will likely not be seeing the dramatic increases in difficulty we saw in the past again, unless some new far, far more efficient miner comes along and surprises everyone). Likewise, it's not very helpful to call him a troll, spammer, ignorant, or time traveler.