Wanted to get started into Mining, looks like a bad time?

[Kevii]

Hi everyone, Ive been buying and selling bitcoins locally on craigslist for awhile now to make a small profit every now and  then, but I was wondering if mining my own would be profitable right now?

So far I've heard that these new ASCI cards will break the current GPU mining scene? Not sure whats going on there so its just new tech right? If I preorder one, by the time I get it will I even be able to get my money back? I have about $2000 to spend on a rig but I want it to pay back asap (Not a year) -_-

Difficulty is coming up? And 25 coins per block instead of 50? So does this mean the projected btc price is going to increase as well? Lol sorry for all the questions I just don't pay for electricity right now where I live and I wanted to generate some income insead. I just need the rig to pay itself off <a few months. Was looking into BFL chip but I think I'm too late to the scene?

Any advice/suggestions is cool


ALSO! I really am looking for the best exchange rate for buying bitcoins via Bank Deposit. I found Deposit Direct that used to do 0.5% fee but they seem to be sold out all the time and on top of that they had to raise their fees to 1%

[odolvlobo]

The upcoming halving of the block reward will make it very difficult to make a profit mining with a GPU.

The halving of the block reward will have no significant effect on the price of bitcoin in the short term, but will probably cause a rise over the long term.

The ASICs coming out soon will make the current FPGAs obsolete, so your best option is to wait for the ASICs.

[Kevii]

The upcoming halving of the block reward will make it very difficult to make a profit mining with a GPU.

The halving of the block reward will have no significant effect on the price of bitcoin in the short term, but will probably cause a rise over the long term.

The ASICs coming out soon will make the current FPGAs obsolete, so your best option is to wait for the ASICs.

Hey thanks, I was doing some reading and many people are thinking the ASICs are going to be a scam. Damn it seems like a big gamble, if they do work a ton of people will start buying and the total mining power will be through the roof compared to now.

Do you think if after the ASCI's are released there will be a decent ROI time for buying an ASCI rig if they work. Basically if I money to spend I could maybe get my money back in a month or two?

[odolvlobo]

Do you think if after the ASCI's are released there will be a decent ROI time for buying an ASCI rig if they work. Basically if I money to spend I could maybe get my money back in a month or two?

Just wait until they come out and then decide if it is worthwhile.

[Kevii]

Yeah looks like I'll save more money for christmas. Damn I really wish I hopped on in 2009 when I first heard of it, but I didn't have the funds to build GPU mining rigs. Thanks for the replies.

[SAC]

Yeah looks like I'll save more money for christmas. Damn I really wish I hopped on in 2009 when I first heard of it, but I didn't have the funds to build GPU mining rigs. Thanks for the replies.

I think you have your dates a little mixed up I seen timeline graph last night where it said the first gpu miner poclbm was released in october 2010 roughly six months before I heard of it and damn would I ever have loved to have heard of it earlier as I would have had the same amount to spend on it as I did in the end anyways at that later date, christ all them low diff coins I missed..

[Kevii]

Yeah looks like I'll save more money for christmas. Damn I really wish I hopped on in 2009 when I first heard of it, but I didn't have the funds to build GPU mining rigs. Thanks for the replies.

I think you have your dates a little mixed up I seen timeline graph last night where it said the first gpu miner poclbm was released in october 2010 roughly six months before I heard of it and damn would I ever have loved to have heard of it earlier as I would have had the same amount to spend on it as I did in the end anyways at that later date, christ all them low diff coins I missed..

Oh well I heard of bitcoins in late 2009 and my friend was trying to build a rig mid 2010, but I still wasn't making much money so now I'm much more comfortable and can spend 2-3 grand on a setup if it can pay itself back. Obviously I would want to start at a smaller setup but it looks like right now we're at a stand still on what to do because of ASCI and the 25BTC/Block change that's going to occur soon

I guess the question that I should look into is, will the increase in difficulty be greater than the increase in processing power. (in terms of the values of btc), if suddenly we can process tons and tons of bitcoins wouldn't the market value slowly decline, and even with ASCI if it becomes harder in general as a whole to finish blocks will that mean that the price will rise? Just a thought

[odolvlobo]

I guess the question that I should look into is, will the increase in difficulty be greater than the increase in processing power. (in terms of the values of btc), if suddenly we can process tons and tons of bitcoins wouldn't the market value slowly decline, and even with ASCI if it becomes harder in general as a whole to finish blocks will that mean that the price will rise? Just a thought

I'm not sure what that paragraph means, but the difficulty is adjusted periodically to ensure that the current processing power results in an average time of 10 minutes to solve a  block.

[SAC]

Yeah looks like I'll save more money for christmas. Damn I really wish I hopped on in 2009 when I first heard of it, but I didn't have the funds to build GPU mining rigs. Thanks for the replies.

I think you have your dates a little mixed up I seen timeline graph last night where it said the first gpu miner poclbm was released in october 2010 roughly six months before I heard of it and damn would I ever have loved to have heard of it earlier as I would have had the same amount to spend on it as I did in the end anyways at that later date, christ all them low diff coins I missed..

Oh well I heard of bitcoins in late 2009 and my friend was trying to build a rig mid 2010, but I still wasn't making much money so now I'm much more comfortable and can spend 2-3 grand on a setup if it can pay itself back. Obviously I would want to start at a smaller setup but it looks like right now we're at a stand still on what to do because of ASCI and the 25BTC/Block change that's going to occur soon

I guess the question that I should look into is, will the increase in difficulty be greater than the increase in processing power. (in terms of the values of btc), if suddenly we can process tons and tons of bitcoins wouldn't the market value slowly decline, and even with ASCI if it becomes harder in general as a whole to finish blocks will that mean that the price will rise? Just a thought

Probably your most prudent idea is as others have suggested wait until the ASIC shakeout is over do the numbers then invest if it makes sense. Now the only people that will be getting tons of bitcoin are the ones that get these ASIC off the start they will have shitloads to begin with after the massive diff increases caused by there introduction the return on these things is going to drop dramatically. Also mining does not really have much to do with the price of bitcoin the amount of coins that move every day is a good multiple of the coins produced, almost all the pricing is due to the speculators manipulating the market up/down to fleece the rubes.

[freak]

Solidarity to OP; I'm in the same boat...except I haven't been trading bitcoins at all. I heard about them two or so years ago, but didn't pay much attention. Recently I've been reading about net security and they've become a topic of interest. Now I'm really regretting my previous indifference to bitcoin. The ASICs seem super sketchy to me too. I was thinking of pre-ordering a jalapeno, since they're relatively cheap, but seeing as I'm already late to the pre-order game and BFL is the sketchiest company offering these so-called ASICs...I dunno. I don't want to throw my money away but I don't want to miss out either. I was looking into the btcfpga bASIC miners, but I don't know if they look any better than BFL. I think they came out at first promising 27Gh/s at $600 for the first batch but suddenly the same product is now $1069 with 54Gh/s capability?  And neither company is offering an easily refundable payment method. BFL accepts paypal, but probably won't ship the product within the timeframe necessary to chargeback the payment. Any difference between ordering a machine now and after they've been confirmed to be good probably isn't that great anyway.

I was thinking of buying some bitcoin before the halving reward date, assuming that the price of btc will go up. My thinking is probably totally off base and I'll end up losing money or something. I guess I'll just sit around and wait to see what happens over the next couple of months.

[SAC]

I think they came out at first promising 27Gh/s at $600 for the first batch but suddenly the same product is now $1069 with 54Gh/s capability?   And neither company is offering an easily refundable payment method.

It was $1069 at 27gh/s when I ordered for that unit since increased to 54gh/s for the same money. If I want refund of my money paid for the bASIC all I have to do is ask for it before assembly of the boards start, this has been stated repeatedly by the owner Tom.

[Kevii]

What are your guy's opinions on the ASIC if I were to order a 24gh/s one now?

[suade]

I'd like to know about this too.

I get about 700 MH/s with my 7970. I'm sorry I'm just starting with all of this but can someone please explain how mining will not be as worthwhile with gpu's in the future? Like I know that the ASIC's are on the horizon and they greatly outperform most of the better gpus for mining, but aren't there other factors that are going to be decreasing profit? How much of a decrease in pay are we talking about? I'm in a pool, and if I won't be able to make more than $10 a month with my 7970 after all of this goes down I don't think it will be worth it for me anymore.

Thank you so much

[Eskimo]

Looking into getting an ASIC setup, does anyone know anywhere that might have details in terms of prices, specs. Would be greatly appreciated!

[Kevii]

I'd like to know about this too.

I get about 700 MH/s with my 7970. I'm sorry I'm just starting with all of this but can someone please explain how mining will not be as worthwhile with gpu's in the future? Like I know that the ASIC's are on the horizon and they greatly outperform most of the better gpus for mining, but aren't there other factors that are going to be decreasing profit? How much of a decrease in pay are we talking about? I'm in a pool, and if I won't be able to make more than $10 a month with my 7970 after all of this goes down I don't think it will be worth it for me anymore.

Thank you so much

From what I understand, at the moment 700MH/s is a certain % of the total H/s in the bitcoin mining pool. So lets say the total right now is 10TH/s from the world. For every block or so or pool you have a pretty decent % even though its maybe <1%. Once the ASIC's come out, the average miner will have around 30GH/s, and the total pool is going to be something huge like 150TH/s, making your 700MH/s obsolete and youll only be getting 0.0000001BTC per day or what not because of the increase in difficulty of mining the blocks