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Author Topic: I wish I never started mining  (Read 5768 times)
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June 09, 2011, 10:38:26 AM

I don't get it.

You're complaining at yourself for not knowing the future?

Bitcoin might aswell have had its peak at $5 and maybe it would've never risen above that. You could potentially have lost thousands of $'s.

Mining dying? No, mining can't really die, it can just get harder. Someone HAS to find the BTC's before they can be traded.

I like your thinking.

I too could have spent $10k on bitcoins - which could have been worthless tomorrow - instead I spent it on mining equipment - which I can sell tomorrow for at least 75% of what I paid (since I bought it all used in the first place).

Had I have spent $10k on bitcoins - I would be nuts... now I am safe and semi rich.
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June 09, 2011, 10:51:13 AM

I did my sums and decided the risk of mining vs speculating just sat better with me if I mined. If it all went pear shaped at least I had the envy-of-my-friends graphics card :-) so I went with mining. Maybe my worker-ethic is hardwired to prefer production over speculation.
So far, if I'd instead put my money into speculation I'd be 3.3 times better off than I am by mining - but at what risk?
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June 09, 2011, 12:10:01 PM

I started mining three weeks ago and sold my first BTC at $7 each.  Now they're pushing $30.  Do I feel a bit foolish?  A little.  But I decided it was worth getting some money back for all the money I invested in new hardware just in case bitcoin's value collapsed or the US government shut down the major exchanges.  Never underestimate the sudden intervention of governments (online poker players know something about that from a few months ago).  Even if only a few exchanges were shut down, most investors and speculators would flee, collapsing BTC's value.

Maybe bitcoins will be $100 within a few weeks, maybe back to $10.  Who knows?  We all wish we had stuck $10k into BTCs when they were less than a dollar each, but how many people had the foresight and the tolerance for a very high risk investment to do that?

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June 09, 2011, 12:57:13 PM

Not to mention that each difficulty jump is another step towards the end of mining altogether.


As long as there is Bitcoin, there is mining.
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June 09, 2011, 01:02:07 PM

simply put in a spreadsheet your Watt consumed, the cost of electricity, the BTCs mined and the convertibility of that BTCs in $ or EUR or your currency.

if balance is positive, go ahead.
if balance is negative, stop mining.
no more, no less.

in the meantime, invest earned BTC/USD/EUR in solar/wind energy, lowering electricity bill.

perhaps, mining bitcoins, earns enougth money to be energy independent.

if not, at least you have the equipment bought!!!

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June 09, 2011, 02:14:37 PM

Everyone says what if they had known about BitCoin earlier... Well, there is a good chance you wouldn't have started mining anyway.

I first heard about it a year ago, checked it out, saw that there was hardly any market, and thought that it won't scale, (still not convinced) so I didn't bother. Then I checked it again a few months ago, but then I saw that the client isn't mining anything with cpu. I decided that I will look further into it when I have some time. Well, by that time the thing just exploded. So much for my luck and foresight...
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June 09, 2011, 02:19:58 PM

That's like watching a football game. Then thinking damn, if only I had placed a bet on Team A winning, I would have got $$$$$.

In other words, it's completely retarded.

It's pure speculation. It could drastically drop next month, or dramatically rise. No one really knows. That's the reason why you didn't invest before. The same still applies right now, else you'd be buying as many BTC as you can get your hands on right?

Count yourself lucky, there have been guys who found out about BTC mining a long time ago and have binned thousands of BTC because at the time it was worthless. So they've potentially lost hundreds of thousands of dollars.

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June 09, 2011, 02:23:28 PM

Keep your hopes up, kid.

"The road may be long and winding, but the journey is the incentive"

*meniacle laugh* youuuuu biiiiiiitch, Dont sway mind my around with a single quote!, I do that to MY friends!, Dont make me feel how it feels! <-My Ratings GAWminers and associated things are not to be trusted, Especially the "mineral" exchange
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