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Author Topic: Late to the party  (Read 974 times)
apollonic
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March 26, 2013, 08:38:28 PM
 #1

I am new here, so firstly "Hello everyone"

I first learnt of Bitcoin a while ago when it was in it's infancy and was curious but never really looked a great deal into it.
It's recently made alot of noise on national news networks across the world and I have since come back to check out Bitcoin.

Firstly I love the concept and I hope Bitcoin keeps up this growth and becomes a major player in our financial lives.

I looked in to mining and once I got my head around how it works, I thought it would give it a try. It turns out that my lone GPU makes me the grand total of around 46 pennies per day (hardly seems worth it, I mean electricity for the computer will probably cost more than that). I saw these new ASIC miners and thought they look very interesting too.

My question to you is this... Is it too late to join the mining party with minimal investment?

Apollo
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coinomaly
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March 26, 2013, 08:44:07 PM
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you can still be profitable with gpu, but probably not for much longer.
get on the asic waitlist at bfl or pool money for an avalon.
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March 26, 2013, 08:46:54 PM
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If you want to mine with GPUs it's only late based on your perspective. Most people will tell you it's too late but since the currencies are only a few years old  I would say they're still in their infancy. If you look at it as a long term investment it's probably still very much worth getting into.
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March 26, 2013, 08:49:52 PM
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im sort of in the same boat known about it for a few years and started mining about 6 months ago it all depends what you want to make out of it if you want to make money (more than a few $$ here and there) then id recommend investing in an ASIC iv got 2 jalapenos on order from butterfly labs as its all i could afford

i also managed to get a very good deal on 2 ati5870s i wouldnt invest in any graphics cards unless
1. you have very very cheap electric
or 2. your going to use them for other things like gaming

graphics cards wont be worth it once ASICs get onto the market properly

there is FPGA's you can sometimes find and buy they use little power so have a good future but for now id sit tight and wait or pre order an ASIC

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March 26, 2013, 08:58:11 PM
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My question to you is this... Is it too late to join the mining party with minimal investment?

Apollo

Yes......If you're after profit.

Otherwise it's never too late. Just run the miner and continue with your life. Bitcoin is awesome.

In Cryptography we trust.
Mike Christ
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March 26, 2013, 09:00:21 PM
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Mining Bitcoin with the advent of ASICs means your only chance at profitability in the future is to get an ASIC Tongue

However, litecoin appears to be gaining some popularity (probably on the back of Bitcoin but ignoring this,) you could probably attempt to mine that in a pool and make a little bit of wealth.  A lot easier to trade litecoin for Bitcoin anyway.

apollonic
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March 26, 2013, 09:02:49 PM
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I saw those Jalepenos, they look very interesting... tempted to buy one (or at least order one, for when they ship)

Out of curiosity how much do you think you could get from one?
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March 26, 2013, 09:08:40 PM
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I saw those Jalepenos, they look very interesting... tempted to buy one (or at least order one, for when they ship)

Out of curiosity how much do you think you could get from one?
There is no way to predict this. The amount you get changes as more people mine, and the company selling them is over 6 months late delivering them. At this point we have no idea whether they will ship next week or next year.

You're late to the mining party, but mining is just part of how people got introduced to Bitcoin. You're early to the adoption party. Buy them, use them where you can, store whatever wealth you can afford to risk in them. If you have time and expertise, build a service that leverages the advantages of Bitcoin. If you sell something, offer it for Bitcoin. There are huge opportunities right now.

Welcome aboard!
coinomaly
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March 26, 2013, 09:11:52 PM
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I saw those Jalepenos, they look very interesting... tempted to buy one (or at least order one, for when they ship)

Out of curiosity how much do you think you could get from one?

A jalapeno is at 4.5GH/s. you'll be waiting a few months for one.

see:
http://www.bitcoinx.com/profit/

setting difficulty way high (32M) given your lead time, keeping the conversion rate the same, and electricity at $0.15/kWh, you'll see $4.82 a day. it'd pay for itself in about a month at that difficulty level. this doesn't include power for the PC its hooked up to.
apollonic
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March 26, 2013, 09:21:06 PM
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I saw those Jalepenos, they look very interesting... tempted to buy one (or at least order one, for when they ship)

Out of curiosity how much do you think you could get from one?
There is no way to predict this. The amount you get changes as more people mine, and the company selling them is over 6 months late delivering them. At this point we have no idea whether they will ship next week or next year.

You're late to the mining party, but mining is just part of how people got introduced to Bitcoin. You're early to the adoption party. Buy them, use them where you can, store whatever wealth you can afford to risk in them. If you have time and expertise, build a service that leverages the advantages of Bitcoin. If you sell something, offer it for Bitcoin. There are huge opportunities right now.

Welcome aboard!

Thanks for the welcome

I assumed I might be late to the mining party, I am quite interested in both offering services for Bitcoin and investing my money in them. Fingers crossed this develops how we all hope...
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March 26, 2013, 09:28:05 PM
 #11

if you have any BTC to invest you can get in on my party.  taking investments for an Avalon 3rd group pre-order.  any investment over 1 BTC is accepted.

https://bitcointalk.org/index.php?topic=158988.0;all
JordanL
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March 26, 2013, 09:34:47 PM
 #12

You are too late to make money mining yourself with a small budget. The minimum to get in on profitable mining right now is to buy an ASIC from Avalon, which pre-sell for around 88 BTC. BFL claims to have an inexpensive mining product, the jalapeno, but they have yet to deliver any working ASIC technology, and it is highly unlikely that they will ever fulfill their pre-orders in any remotely reasonable time frame. If you order from BFL now, you can expect to get your product sometime around when the 21,000,000th Bitcoin gets mined.  Wink

Hate to say it but your best bet is just to hoard Bitcoins, and wait until they increase in price. As long as the trend of mainstream adoption continues, the price of coins vs fiat will continue to rise.

Alternately, you could get in on the mining action by buying shares of ASIMINER on one of the passthoughs, such as BTCT.co, which happen to be selling for really cheap right now due to a few people dumping shares. Under .8 BTC for an ASICMINER share is a massive bargain in my opinion.

apollonic
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March 26, 2013, 10:11:30 PM
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Alternately, you could get in on the mining action by buying shares of ASIMINER on one of the passthoughs, such as BTCT.co, which happen to be selling for really cheap right now due to a few people dumping shares. Under .8 BTC for an ASICMINER share is a massive bargain in my opinion.



Nice!!! did not know about these shares, what kind of return to do you get out of curiosity?

Just when I thought I had Bitcoins and Bitcoin mining understood  Huh
JordanL
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March 27, 2013, 03:34:08 AM
 #14


Alternately, you could get in on the mining action by buying shares of ASIMINER on one of the passthoughs, such as BTCT.co, which happen to be selling for really cheap right now due to a few people dumping shares. Under .8 BTC for an ASICMINER share is a massive bargain in my opinion.



Nice!!! did not know about these shares, what kind of return to do you get out of curiosity?

Just when I thought I had Bitcoins and Bitcoin mining understood  Huh

Well, my honest analysis is that the shares are undervalued by about 350% right now. They are currently mining at about 6,500 GH/s, but within 6 weeks or so they are going to increase to over 50,000 GH/s. With BFL not delivering and Avalon chugging along slowly, ASICMINER is in a prime position. They are currently trading at under .75 BTC/share on BTC-TC... I would tell my grandmother to buy with her last dollar at the price. I'm only saying this publicly because I've already bought as many shares as I can currently afford to grab up.

Here is the thread for the company: https://bitcointalk.org/index.php?topic=99497.0
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