Why are so many selling their mining rigs ?

[Tamis]

Hi there wise people,

I'm one of the noobs well rather a returning miner.

I see a whole lot of people selling their mining rigs and was wondering why !

I see two possible reasons, either the are buying asic like the 50gh/s or they are buying btc because mining is not worth it anymore.

Anyone can shed a light on this please ?

Cheers

[operador]

Not sure for everybody but in my case my GPU based rig is giving me pennys so the next time is buying mining pool shares as I sure won't turn my home into a asic miner data center...

[patapato]

I see a whole lot of people selling their mining rigs and was wondering why !

Where do you see them selling rigs?. Perhaps I am interested on more mining power, I have now one rig with 4 x 7950. Anyone selling rigs in Europe?

I am only interested in HD 7xxx series, or HD 69xx GPU's.

[Visin]

Well the BTC mining eventually will get tremendously easy for the ones with enough money and already current hash power due to the ASIC board coming out.

So many might be jumping before they are released, who knows?

[Tamis]

The thing is that asic boards are going to make difficulty very high in a short time.
I'm sure all non asic based mining will very soon not be worth it.

So i'm wondering, should i buy asic hardware or shares of asic rigs ?

[Kookaburra]

The thing is that asic boards are going to make difficulty very high in a short time.
I'm sure all non asic based mining will very soon not be worth it.

So i'm wondering, should i buy asic hardware or shares of asic rigs ?

I would get the hardware, that way you have no third party risk except when ordering the hardware.

[kodo]

Because asics comin out

[btczz]

Just a word: ASIC

[kodo]

Thats if ASICS arent a complete scam

[jdwi31]

who has already a ASIC miner?? is it possible to mine litecoin with that?

[rabidwalrus]

who has already a ASIC miner?? is it possible to mine litecoin with that?

nope. At least not with current ASICs, they mine SHA256 coins like bitcoin.

Litecoin is a Scrypt based coin.

[jdwi31]

ok thanks
i am ready to inform me (=
so in my understanding, only the few big player who have ASICs are the big miners..
those who have gpu's are going "under" or have to change.
no big goal for the bitcoin-project....

[drofdelm]

There are people working together to grab some ASICs in group buys as I posted just a bit ago. Use less power and go faster.

https://bitcointalk.org/index.php?topic=195647.0

[ahmedbodius]

ASIC

[deblocare]

Well ..that`s why I think that many will go and support the scrypt based currencies (just my 2cents).

[patapato]

ASIC is the coming monster that every GPU miner is afraid of ... since 10 months ago.

The reality is that mining profitability of Bitcoin with GPU is quite the same as mining profitability of Litecoin, 10 months later than the announcement of ASIC for mining Bitcoin. So, where is the big afraid?. Where are the ASICs?, or are there so few that its total power can not be as high as total power of GPU mining?

GPUs are all over the world, most young boys has one to play games. ASICs are 3 small companies, it looks like they are making ASICs by hand, one by one.

And, what if the Bitcoin algorithm is changed?, it is open source, and necessity could make the comunity decide to incorporate Scrypt, or Proof-of-stake, to the algorithms of Bitcoin. In such a case, the actual ASICs will be of no value, just a museum piece on the history of cryptocoins.

(Perhaps I am wrong, it is just opinion, it is not deep knowledge).

[drwho88888]

BFL are keeping all their machines for themselves, having been funded by the innocents who paid them upfront.

They will push up the difficulty skyhigh having reaped all the easy BTC themselves and then they will release their worthless machines.

Nice scam if you can get away with it......which they apparently are

[Rotary Sausage]

BFL are keeping all their machines for themselves, having been funded by the innocents who paid them upfront.

They will push up the difficulty skyhigh having reaped all the easy BTC themselves and then they will release their worthless machines.

Nice scam if you can get away with it......which they apparently are

\


lol. Awesome! But who is really to blame? People who are greedy and haven't done their due diligence? Or a greedy company?

[wheatrich]

It's not profitable for everyone.  Some places have much higher electricity costs than others.  (some are possiblly selling to get the capital to buy the next thing however)

The asic argument's been going on so long it's pretty pathetic.  Unless you've got a razor thin profit margin now, you'll be fine for awhile so no need to sell.

Also, if BFL's been mining already, then the OMG asic's are coming out argument is even more lol.  DUCY?

[sdminer]

not profitable anymore...

I wonder how transactions will be kept up if it is not profitable for mminers anymore?  wouldn't that make future transactions hard, since you need a miner to confirm the transactions?