ErebusBat (OP)
|
|
April 10, 2013, 03:23:06 PM |
|
FOREMOST: I am aware of the shipping issues BFL is having, so please no replys like 'No because you won't get it' This assumes that BFL will deliver.
With the recent increase in bitcoin prices I am seriously considering picking up some hashing power; however I was wondering if it would be worth it. I have never mined before, though I am highly technical (not worried about setting it up or running it). What I am worried about are things I know I don't know, and the things I don't know I don't know.
For example.... if you put 5 GH/s into a mining calculator today the return is great; however I would not get mine until most ASICs have shipped, I have no idea what to do for a difficulty estimate. I don't really care about the USD from mining, what I really want is to just set it up and have it generate some bitcoins over the long term for me. What I don't want is for 5GH to become like a single GPU card that really doesn't make it worth it.
So my question: Would purchasing a single 5 GH/s ASIC be worth it?
|
|
|
|
k9quaint
Legendary
Offline
Activity: 1190
Merit: 1000
|
|
April 10, 2013, 03:37:08 PM |
|
FOREMOST: I am aware of the shipping issues BFL is having, so please no replys like 'No because you won't get it' This assumes that BFL will deliver.
With the recent increase in bitcoin prices I am seriously considering picking up some hashing power; however I was wondering if it would be worth it. I have never mined before, though I am highly technical (not worried about setting it up or running it). What I am worried about are things I know I don't know, and the things I don't know I don't know.
For example.... if you put 5 GH/s into a mining calculator today the return is great; however I would not get mine until most ASICs have shipped, I have no idea what to do for a difficulty estimate. I don't really care about the USD from mining, what I really want is to just set it up and have it generate some bitcoins over the long term for me. What I don't want is for 5GH to become like a single GPU card that really doesn't make it worth it.
So my question: Would purchasing a single 5 GH/s ASIC be worth it?
It is worth it to us, in comedic value.
|
Bitcoin is backed by the full faith and credit of YouTube comments.
|
|
|
ErebusBat (OP)
|
|
April 10, 2013, 03:37:54 PM |
|
It is worth it to us, in comedic value.
Thank you for that helpful post.
|
|
|
|
chipd
Newbie
Offline
Activity: 56
Merit: 0
|
|
April 10, 2013, 03:47:53 PM |
|
If mining is not profitable, no one will mine. If no one is mining, no new transactions can be maid... Did you take into account the transaction fees in your calculation?
|
|
|
|
Dalkore
Legendary
Offline
Activity: 1330
Merit: 1026
Mining since 2010 & Hosting since 2012
|
|
April 10, 2013, 03:51:03 PM |
|
Anyway you cut it, it will be risky.
|
Hosting: Low as $60.00 per KW - LinkTransaction List: jayson3 +5 - ColdHardMetal +3 - Nolo +2 - CoinHoarder +1 - Elxiliath +1 - tymm0 +1 - Johnniewalker +1 - Oscer +1 - Davidj411 +1 - BitCoiner2012 +1 - dstruct2k +1 - Philj +1 - camolist +1 - exahash +1 - Littleshop +1 - Severian +1 - DebitMe +1 - lepenguin +1 - StringTheory +1 - amagimetals +1 - jcoin200 +1 - serp +1 - klintay +1 - -droid- +1 - FlutterPie +1
|
|
|
ErebusBat (OP)
|
|
April 10, 2013, 04:07:16 PM |
|
I am more asking for opinions on difficulty I guess. I just don't know enough to speculate. Assuming that BFL delivers then we know that ASICs will hit and the difficulty will surge. I just don't know what is a reasonable guestimate for it.
Like I said I am not concerned about the exchange rate, other than the fact that it is so high I wouldn't have to part with that many coins to order the device.
However if it is going to take years to even generate the coin back then it isn't a good investment.
|
|
|
|
Dalkore
Legendary
Offline
Activity: 1330
Merit: 1026
Mining since 2010 & Hosting since 2012
|
|
April 10, 2013, 04:13:24 PM |
|
Play around on the calculator with difficulties. Try 30,000,000 - 50,000,000 - 100,000,000 and see how you feel then.
|
Hosting: Low as $60.00 per KW - LinkTransaction List: jayson3 +5 - ColdHardMetal +3 - Nolo +2 - CoinHoarder +1 - Elxiliath +1 - tymm0 +1 - Johnniewalker +1 - Oscer +1 - Davidj411 +1 - BitCoiner2012 +1 - dstruct2k +1 - Philj +1 - camolist +1 - exahash +1 - Littleshop +1 - Severian +1 - DebitMe +1 - lepenguin +1 - StringTheory +1 - amagimetals +1 - jcoin200 +1 - serp +1 - klintay +1 - -droid- +1 - FlutterPie +1
|
|
|
k9quaint
Legendary
Offline
Activity: 1190
Merit: 1000
|
|
April 10, 2013, 04:14:55 PM |
|
I am more asking for opinions on difficulty I guess. I just don't know enough to speculate. Assuming that BFL delivers then we know that ASICs will hit and the difficulty will surge. I just don't know what is a reasonable guestimate for it.
Like I said I am not concerned about the exchange rate, other than the fact that it is so high I wouldn't have to part with that many coins to order the device.
However if it is going to take years to even generate the coin back then it isn't a good investment.
If they deliver tomorrow, and BTC goes to $10000 it is an AWESOME DEAL because now you are rich. If they deliver in 6 months and BTC goes to $10000 it is a TERRIBLE DEAL because you could have bought BTC instead. If they deliver in 6 months, but the product is crap and burns out after 2 weeks of mining because they are amateurs and have no idea how to build complex electronic equipment it is a TERRIBLE DEAL If they deliver tomorrow, but the product is crap and burns out after 2 weeks of mining because they are amateurs and have no idea how to build complex electronic equipment it is an ever so slightly less TERRIBLE DEAL. Of course, the elephant in the room is that they may never deliver at all. But you declared that the elephant is not to be considered because it is large and gray.
|
Bitcoin is backed by the full faith and credit of YouTube comments.
|
|
|
ErebusBat (OP)
|
|
April 10, 2013, 04:19:43 PM |
|
That is my point... I don't know what is a reasonable difficulty to plug in which i why I am asking people with more knowledge on the matter. 30m,50m,100m are those 'valid' estimates? Of course, the elephant in the room is that they may never deliver at all. But you declared that the elephant is not to be considered because it is large and gray.
That literally made me LOL. I am aware of the elephant; however the question I asked myself months ago: "Would I be willing to risk X coins on this?" the answer was no, no I wasn't. However today I might be willing to risk 1.5 coins that they will deliver..... assuming that I won't be mining 0.000001 coins a day when it comes, which i what I am asking. I understand that no one really knows what the difficulty will be (esp because the hash rates of the ASICs have be 'adjusted'); however I know that there are smarter people than I who have extrapolated these things and have some sort or reasonable number that I can plug in and better make the decision.
|
|
|
|
qwk
Donator
Legendary
Offline
Activity: 3542
Merit: 3413
Shitcoin Minimalist
|
|
April 10, 2013, 05:05:00 PM |
|
The one thing you should keep in mind:
You'll be very far down the line with your order. Expect your miner to be delivered after ALL the other people already have theirs up and running. Expect difficulty to have increased accordingly.
|
Yeah, well, I'm gonna go build my own blockchain. With blackjack and hookers! In fact forget the blockchain.
|
|
|
ErebusBat (OP)
|
|
April 10, 2013, 05:10:29 PM |
|
The one thing you should keep in mind:
You'll be very far down the line with your order. Expect your miner to be delivered after ALL the other people already have theirs up and running. Expect difficulty to have increased accordingly.
I know (sounds like July at the earliest)... that is why I am trying to find out exactly what a reasonable value is to account for.
|
|
|
|
pyromaniac
|
|
April 10, 2013, 05:37:15 PM |
|
If they deliver tomorrow, and BTC goes to $10000 it is an AWESOME DEAL because now you are rich. If they deliver in 6 months and BTC goes to $10000 it is a TERRIBLE DEAL because you could have bought BTC instead. If they deliver in 6 months, but the product is crap and burns out after 2 weeks of mining because they are amateurs and have no idea how to build complex electronic equipment it is a TERRIBLE DEAL If they deliver tomorrow, but the product is crap and burns out after 2 weeks of mining because they are amateurs and have no idea how to build complex electronic equipment it is an ever so slightly less TERRIBLE DEAL.
Can I continue? If they deliver in 6 month and BTC price goes down to $1.99 it is a TERRIBLE DEAL because you buy something to get almost nothing. If they deliver in 6 month, but BTC become illegal at that time, it is a TERRIBLE DEAL because you got absolutely useless hardware which, unlike GPU, could not be used for your personal needs or sold to somebody else.
|
|
|
|
DrG
Legendary
Offline
Activity: 2086
Merit: 1035
|
|
April 10, 2013, 08:17:04 PM |
|
If they deliver tomorrow, and BTC goes to $10000 it is an AWESOME DEAL because now you are rich. If they deliver in 6 months and BTC goes to $10000 it is a TERRIBLE DEAL because you could have bought BTC instead. If they deliver in 6 months, but the product is crap and burns out after 2 weeks of mining because they are amateurs and have no idea how to build complex electronic equipment it is a TERRIBLE DEAL If they deliver tomorrow, but the product is crap and burns out after 2 weeks of mining because they are amateurs and have no idea how to build complex electronic equipment it is an ever so slightly less TERRIBLE DEAL.
Can I continue? If they deliver in 6 month and BTC price goes down to $1.99 it is a TERRIBLE DEAL because you buy something to get almost nothing. If they deliver in 6 month, but BTC become illegal at that time, it is a TERRIBLE DEAL because you got absolutely useless hardware which, unlike GPU, could not be used for your personal needs or sold to somebody else. Ah but if BTC becomes illegal the 5GH unit will become a museum piece as a crime against humanity
|
|
|
|
Marrs
Member
Offline
Activity: 112
Merit: 10
|
|
April 10, 2013, 08:58:00 PM |
|
Ah but if BTC becomes illegal the 5GH unit will become a museum piece as a crime against humanity Or evidence in your trial... When BTC are outlawed, only outlaws will mine BTC!
|
|
|
|
StringTheory
Member
Offline
Activity: 69
Merit: 10
Making Sense of Things
|
|
April 11, 2013, 12:21:05 AM |
|
You will be order ~#40,000 and your tiny unit will be the lowest of the low priority... This doesn't seem to stop many people though... So what do I know.
|
Successful Transactions: jayson3 +1
|
|
|
mco65
Newbie
Offline
Activity: 48
Merit: 0
|
|
April 11, 2013, 12:28:02 AM |
|
my 2 cents. the biggest winners are those that take the biggest risks.. $250 is not a big risk.. go for the 10k version.
|
|
|
|
hardpick
|
|
April 11, 2013, 12:31:17 AM |
|
The network hash rate is about 68 TH today you would get about 0.33 btc per day --- when avalon delivers would expect the network to be at about 200 TH and your rig will produce 0.09 BTC per day--- when BFL come on line the will add about 562 TH to the network ie network will be around 762 TH your rig will mine at about 0.0236 BTC per day --- I think you need a bigger mining rig
|
|
|
|
ErebusBat (OP)
|
|
April 11, 2013, 12:34:11 AM |
|
The network hash rate is about 68 TH today you would get about 0.33 btc per day --- when avalon delivers would expect the network to be at about 200 TH and your rig will produce 0.09 BTC per day--- if / when BFL come on line the will add about 562 TH to the network ie network will be around 762 TH your rig will mine at about 0.0236 BTC per day --- I think you need a bigger mining rig
THANK YOU!!! This is exactly what I was looking for. Back when prices were at $266 then this wasn't a big deal... Just plug in and let it run, pays more that my mining contracts. What difficulty do those hash speeds translate to?
|
|
|
|
solareclipse64236
|
|
April 11, 2013, 12:39:02 AM |
|
around $50-60 per gigahash
that means the 1.5 terahash machine will be around $60,000 now
|
|
|
|
hardpick
|
|
April 11, 2013, 12:40:42 AM |
|
(Your Hash Rate / Network Hash Rate) * 3600 = Coins mined per day
|
|
|
|
|