Bitcoin Forum
December 08, 2016, 08:13:00 PM *
News: Latest stable version of Bitcoin Core: 0.13.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1] 2 3  All
  Print  
Author Topic: Too late to start mining?  (Read 4026 times)
Alik
Newbie
*
Offline Offline

Activity: 28


View Profile
June 13, 2011, 05:35:27 AM
 #1

What do you think? Too late or do you think the value will increase along side the difficulty as it has been doing for the most part?
1481227980
Hero Member
*
Offline Offline

Posts: 1481227980

View Profile Personal Message (Offline)

Ignore
1481227980
Reply with quote  #2

1481227980
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1481227980
Hero Member
*
Offline Offline

Posts: 1481227980

View Profile Personal Message (Offline)

Ignore
1481227980
Reply with quote  #2

1481227980
Report to moderator
benjamindees
Legendary
*
Offline Offline

Activity: 1288


View Profile
June 13, 2011, 05:50:15 AM
 #2

The profitability of mining depends almost entirely on your hardware costs at this point.

Civil Liberty Through Complex Mathematics
rainingbitcoins
Full Member
***
Offline Offline

Activity: 224


View Profile
June 13, 2011, 05:51:28 AM
 #3

Worst case, you end up with some sweet computer gear with high resale value if you end up not wanting it
xaxistech
Full Member
***
Offline Offline

Activity: 153


View Profile WWW
June 13, 2011, 05:53:10 AM
 #4

At this point, I would reccomend using 6000 series cards. The 5000 series cards will lose ALOT of value if the bitcoin ever fails. The 6000 series can still be used as a gaming card

Make money from downloads! Get paid $1 on average per download, weekly payments, and the best offer optimization in the business.
Signup Link
http://bit.ly/clean-files
meighty
Newbie
*
Offline Offline

Activity: 28


View Profile WWW
June 13, 2011, 05:54:43 AM
 #5

Like they said above. It all depends on your hardware. I've got Nvidia gear so mining doesn't make sense unless I want to invest in new equipment. Then it's a question of how fast you can make your investment back before the difficulty gets too high and the amount of coins per block decreases.

http://www.minerware.com - Cost effective Mhash/s per Dollar
Alik
Newbie
*
Offline Offline

Activity: 28


View Profile
June 13, 2011, 06:28:31 AM
 #6

I'm probably going to start off with 4 rigs. I calculated 2 rigs in best and seemingly worst case situations and 4 rigs would pay off in twice as much time as a 2 rig miner.
phillipsjk
Legendary
*
Offline Offline

Activity: 1008

Let the chips fall where they may.


View Profile WWW
June 13, 2011, 06:32:28 AM
 #7

It is never too late, but the early adopters have a large advantage: their hardware can be paid for by selling Bitcoin. Long-term, I expect Bitcoin mining to become industrial in scale*. We are currently at commercial scale as far as I can tell.

* If it lasts that long.

James' OpenPGP public key fingerprint: EB14 9E5B F80C 1F2D 3EBE  0A2F B3DE 81FF 7B9D 5160
Alik
Newbie
*
Offline Offline

Activity: 28


View Profile
June 13, 2011, 06:35:33 AM
 #8

It is never too late, but the early adopters have a large advantage: their hardware can be paid for by selling Bitcoin. Long-term, I expect Bitcoin mining to become industrial in scale*. We are currently at commercial scale as far as I can tell.

* If it lasts that long.


I agree. The uphill battle is obvious for bitcoin but I remain confident that bitcoin will do well in over the next year or so. Their will be a fork in the road at some point.
demoncrest
Newbie
*
Offline Offline

Activity: 26


View Profile
June 13, 2011, 06:40:36 AM
 #9

At this point, I would reccomend using 6000 series cards. The 5000 series cards will lose ALOT of value if the bitcoin ever fails. The 6000 series can still be used as a gaming card

This is my take on it all.

For example, as a starter I have been a gamer for whenever I am using my computer so I have a GTX480 currently which is amazing for gaming, but sucks for mining (sad how it has to be this way LOL), so anyways I was thinking to sell this card, buy a single 6950 which I would unlock into a 6970, which is pretty much on par with a 5870, but with more headroom, and also higher clocks... AND it is still an excellent card for gaming with as well.

I play games like Aion etc which are more demanding on full settings, and it's also known that crossfire setups with the 5xxx series in Aion have issues and dont even work, so getting a 6xxx series card is a great single card option for me, and as I play games (and mine during any afk time), I will make profits to buy even another card. This will net ~750Mhash/s, AND double as a sick gaming rig AND ALSO retain a lot of it's value if I ever needed to sell out.

Demoncrest has spoken =]  lol
Slowpok3
Newbie
*
Offline Offline

Activity: 15


View Profile
June 13, 2011, 06:42:37 AM
 #10

Nope definitely not too late
Alik
Newbie
*
Offline Offline

Activity: 28


View Profile
June 13, 2011, 06:43:09 AM
 #11

At this point, I would reccomend using 6000 series cards. The 5000 series cards will lose ALOT of value if the bitcoin ever fails. The 6000 series can still be used as a gaming card

This is my take on it all.

For example, as a starter I have been a gamer for whenever I am using my computer so I have a GTX480 currently which is amazing for gaming, but sucks for mining (sad how it has to be this way LOL), so anyways I was thinking to sell this card, buy a single 6950 which I would unlock into a 6970, which is pretty much on par with a 5870, but with more headroom, and also higher clocks... AND it is still an excellent card for gaming with as well.

I play games like Aion etc which are more demanding on full settings, and it's also known that crossfire setups with the 5xxx series in Aion have issues and dont even work, so getting a 6xxx series card is a great single card option for me, and as I play games (and mine during any afk time), I will make profits to buy even another card. This will net ~750Mhash/s, AND double as a sick gaming rig AND ALSO retain a lot of it's value if I ever needed to sell out.

Demoncrest has spoken =]  lol

lol. I like the way you think sir. I'm not a gamer at all thought.
dosboss
Newbie
*
Offline Offline

Activity: 8



View Profile
June 13, 2011, 07:59:29 AM
 #12

I play games like Aion etc which are more demanding on full settings, and it's also known that crossfire setups with the 5xxx series in Aion have issues and dont even work, so getting a 6xxx series card is a great single card option for me, and as I play games (and mine during any afk time), I will make profits to buy even another card. This will net ~750Mhash/s, AND double as a sick gaming rig AND ALSO retain a lot of it's value if I ever needed to sell out.

Yesiree. I bought a second 5770 to xfire and it works fabulous (works perfect in all games I've tried). I have aggressive miners, and then mine while gaming with non-aggressive miners. In just two weeks I'm well ahead - even if bitcoins lost all value tomorrow.  Winning.

Still can't play Crysis though.

Send me free money at 12PdxVLB8T9c8BKz8B24gHdGHFVDHyXTaD
ovoskeuiks
Newbie
*
Offline Offline

Activity: 18


View Profile
June 13, 2011, 08:31:24 AM
 #13

It's all just a cost benefit thing. work out the cost and the benefit and if the cost out weights the benefit then yes it is too late
Ian Maxwell
Full Member
***
Offline Offline

Activity: 140



View Profile WWW
June 13, 2011, 08:50:18 AM
 #14

Since I started mining a few months ago, the difficulty has increased about tenfold, while the market price of a bitcoin has increased about thirtyfold. Doesn't sound too late to me.

That said, if I'd taken that $500 I spent on mining equipment and just bought bitcoins instead, I'd have turned something like a $14,000 profit (on paper), for a lot less effort spent. I haven't mined anywhere near the number of bitcoins I could have bought.

That said, any fool can predict the past. Mining is profitable right now, whereas buying bitcoins requires a lot more 'faith'. It's really up to you.

Ian Maxwell
PGP key | WoT rating
sc8nt4u
Sr. Member
****
Offline Offline

Activity: 278


View Profile
June 13, 2011, 09:12:50 AM
 #15

Since I started mining a few months ago, the difficulty has increased about tenfold, while the market price of a bitcoin has increased about thirtyfold. Doesn't sound too late to me.

That said, if I'd taken that $500 I spent on mining equipment and just bought bitcoins instead, I'd have turned something like a $14,000 profit (on paper), for a lot less effort spent. I haven't mined anywhere near the number of bitcoins I could have bought.

That said, any fool can predict the past. Mining is profitable right now, whereas buying bitcoins requires a lot more 'faith'. It's really up to you.

I had to use my first 2000 BTC to fund my video card purchases back in January  Cheesy.

[Selling] Delta 120mm Fans 130CFM 3 Pin w/ 3 pin to 4 pin molex + fan screws
http://forum.bitcoin.org/index.php?topic=22366.0
Morna
Newbie
*
Offline Offline

Activity: 15


View Profile
June 13, 2011, 09:46:29 AM
 #16

If you have the money to spare, or lose, go for it.

Im still trying to meet ends with it all, have 6 gpus, have met break even on 2.
Ian Maxwell
Full Member
***
Offline Offline

Activity: 140



View Profile WWW
June 13, 2011, 12:02:53 PM
 #17

Still can't play Crysis though.
I'm half-hoping I stop turning a profit on mining soon, just so I can finally play Portal 2 without feeling like I'm burning money.

Ian Maxwell
PGP key | WoT rating
sciter
Newbie
*
Offline Offline

Activity: 28


View Profile
June 13, 2011, 12:21:59 PM
 #18

Like they said above. It all depends on your hardware. I've got Nvidia gear so mining doesn't make sense unless I want to invest in new equipment. Then it's a question of how fast you can make your investment back before the difficulty gets too high and the amount of coins per block decreases.
It doesnt matter how much coins per block you get, the coin wil get more rare that way thus getting more valuable.
Laereom
Newbie
*
Offline Offline

Activity: 16


View Profile
June 13, 2011, 12:25:53 PM
 #19

Since I started mining a few months ago, the difficulty has increased about tenfold, while the market price of a bitcoin has increased about thirtyfold. Doesn't sound too late to me.

That said, if I'd taken that $500 I spent on mining equipment and just bought bitcoins instead, I'd have turned something like a $14,000 profit (on paper), for a lot less effort spent. I haven't mined anywhere near the number of bitcoins I could have bought.

That said, any fool can predict the past. Mining is profitable right now, whereas buying bitcoins requires a lot more 'faith'. It's really up to you.

I had to use my first 2000 BTC to fund my video card purchases back in January  Cheesy.

Hahaha...WOW.

It's interesting, the trade off between what amounts to currency speculation in the form of holding your bitcoins, cashing out to reduce USD risk, and purchasing services with bitcoins.

Personally, right now, I'm a currency speculator.  Haven't sold any bitcoins for some time.  I figure I'll hold on to them til they have a value I think is worthwhile, and then I'll spend them in what will then be a more mature market place.
vanfront
Newbie
*
Offline Offline

Activity: 16


View Profile WWW
June 13, 2011, 12:31:41 PM
 #20

What do you think? Too late or do you think the value will increase along side the difficulty as it has been doing for the most part?

I think it's never too late. There's still a huge amount of BTCs to be mined. As the general supply of BTCs will grow I think we will see stabilization of exchange rates that will be above the costs.

Enthusiast BTC miner. Developer. twitter.com/BitcoinHeroes (http://twitter.com/BitcoinHeroes)

Selling mining contracts. See my website (http://bitcoinheroes.com) or PM me for details.
Pages: [1] 2 3  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!