Does anyone make money from mining with eBay miners?

[andytranter]

Here in the UK, miners are just going for silly money. I’m sure it’s similar in most countries!

With electricity being so expensive here 0.2$ per kWh, mining is not so profitable at the best of times! Luckily I have solar panels, and it is just about worth it for me.

However, an s9 will sell for around $3000-3500. How in the holy hell does anyone recoup their investment?!??!! I mean surely anyone who is willing to spend that amount of money does a little bit of research and sees that they will really, really struggle to make roi?!!? All other miners (especially from bitmain) and all going for sky high prices, sell above the standard price.

Someone help me here - it cannot always be complete idiots who are blindly spending this money?

Has anyone bought an overpriced miner and still made money?

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[bitsnkes]

Here in the UK, miners are just going for silly money. I’m sure it’s similar in most countries!

With electricity being so expensive here 0.2$ per kWh, mining is not so profitable at the best of times! Luckily I have solar panels, and it is just about worth it for me.

However, an s9 will sell for around $3000-3500. How in the holy hell does anyone recoup their investment?!??!! I mean surely anyone who is willing to spend that amount of money does a little bit of research and sees that they will really, really struggle to make roi?!!? All other miners (especially from bitmain) and all going for sky high prices, sell above the standard price.

Someone help me here - it cannot always be complete idiots who are blindly spending this money?

Has anyone bought an overpriced miner and still made money?

this is a good question see making profit is a time game and as we can see btcs price doubled within 2 months so the one buys from ebay in march/april 2017 are surely gonna make profit even they have paid double.Hope you understand bitcoin is always growing .

[dogjunior]

There is no logic to cryptos. I have seen experts spout numbers and profit calculators, thumping on their dead mothers grave that you can't make a profit buying this or that miner. I myself was guilty of this.  Then boom crypto prices go crazy and who looks like the fool.  Some say its better to buy and hold but who can do that? If you are holding BTC and it takes a 50% dump most get scared and sell. If you got a miner you just keep on mining at a slight loss sometimes due to electricity cost. You save up your coin and then when the market takes off you can then sell. If you have the stomach to hold cryptos in a free fall and then not sell when going back up, all the more power to you. Most don't have that kind of mental will. The people that pay market value for a miner on eBay are those who want to jump on the boat now rather than wait months or longer. I remember waiting 8 months for a miner that I preordered. I should have paid more to get it on eBay but I was stupid and wanted to get it cheap. In that time frame BTC went up 500%. I could have made a killing if I had bought a miner on eBay.  Also if you buy a used miner on eBay, you don't have to deal with the Bitmain lottery. I don't know how many times I have bought miners from Bitmain only to have them die after a week or so. Then you ship back to the mother country and have them dick around with you for repair costs and shipping.

[NotFuzzyWarm]

I have seen experts spout numbers and profit calculators, thumping on their dead mothers grave that you can't make a profit buying this or that miner. I myself was guilty of this.  Then boom crypto prices go crazy and who looks like the fool.  Some say its better to buy and hold but who can do that?

If you are holding BTC and it takes a 50% dump most get scared and sell. If you got a miner you just keep on mining at a slight loss sometimes due to electricity cost. You save up your coin and then when the market takes off you can then sell. If you have the stomach to hold cryptos in a free fall and then not sell when going back up, all the more power to you. Most don't have that kind of mental will.

Very well put, +1
Add to that, my issue on Trading and why I mine instead: When do you buy followed of course by, when do you sell?

Sure if I had bought a few BTC back when I started mining in 2014 at $600 and held they'd be worth a fortune right now. btw: Total out-of-pocket USD I spent to get started back then was $8,500 from Feb to mid-April 2014. After that revenue from the farm itself has easily repaid the initial cash outlay and then paid for all expansion/upgrades with a sizeable amount on top of it each mo for new toys or just accumulating.

Buying BTC right now at $5,880 per Coinbase to hold hoping it hits at least a few hundred more before selling (then subtracting tx fees)-- um, not gonna happen...

Meanwhile my ~245THs farm brings in well over $6,500/month. Lately I've seen my Dashboard bouncing around to report over $8.5k/mo depending on the spot price of BTC! As you said, we miners just keep accumulating coins no matter the price and sell as needed. Farm is as big as I need for now with the last upgrades (2x new A741's) long ago paid for so for the past few months have just been mining away
Me likey mining a lot!!!

To get back on-topic, while I would never go the eBay/Amazon et al route I *do* see why some folks are willing to pay the Premium price despite no Factory warranty being possible.

[Aurel577]

I myself look for deals on EBay. I bought a S9 12.5ths miner that had 1 bad board about 4+ months ago and sent that board in for repairs. I paid $900 for the main net thinks no I was still good even if the board could not be repaired but after2 tries and $250 spent its hashing at 12.3ths. So I was able to hash 2 boards while I waited onto repair which was better than waiting the 2 months from Bitmain for delivery of a new miner.

My next buy was about 2 months ago seen a miner 11.5ths and offered him $1500 within a hour of him listing it and he took it. So again the few hundred dollars more I paid was well worth the no wait and baby sitting Bitmain website waiting for the miners to go on sale.

I got both in my basement and have not had to turn my heat on in the house yet (northern Indiana), grossing about $900 a month right now with electric cost of @$250+ and free heat.

I started mining with a card and was in Canarys first batch of USB miners which I bought 15 of and spent about $3000 on. Moved thru the BFL miners, S1's, S3, S5's S7's always selling equipment and using better. I may have been better off to just hold those first 15 coins but most likely would have sold as I have sold miner coins along the way. The difference is I knew I can always mine more coins with the miners and this has worked out very well for me. I am very much ahead of the game with just what I have pulled out and am very happy with the coins I still have and 2 miners I have.

[andytranter]

My biggest concern (and biggest risk) is that btc doesn’t continue to grow at the ridiculous rates we’ve seen. If it does, then yes maybe these really expensive from eBay will pay themselves off - but it’s a big gamble! £2-2.5k to pay off before you even start making any profit is a huge amount for just a single miner (although I appreciate you can eventually sell the miner and make some money back).

But what happens if a board dies?!?? Given you must run your miner for a long time before making any profit, I just don’t see it being worth the gamble!

I was patient and swapped my s5 for an avalon 741 when minerwarez first started distributing them, and the price paid seems very reasonable compared to ebay prices!

Not that I would, but with the price the miners are getting, it’s almost worth just flipping miners and taking the profit rather than earning from mining!

[andytranter]

The world is big and not everyone has to pay 0.2$ per kWh and live in a very regulated and expensive country like you! And if it's not so profitable for you in the UK, then it's surely more profitable for someone in a cold location and where the electricity costs are only a fraction of yours and where is not so much regulation and high taxes.

Sure, but my point is that people in the uk are paying such a high price!

[leowonderful]

the only thing wrong with ebay is that prices are always high. Other than that, eBay's buyer protections make the site okay for buying. The miners sold there are pretty much as good as buying from anywhere else as long as the miner's actually working.

[Aurel577]

the only thing wrong with ebay is that prices are always high. Other than that, eBay's buyer protections make the site okay for buying. The miners sold there are pretty much as good as buying from anywhere else as long as the miner's actually working.

Pay thru PayPal using a credit card. it give you a lot of protection if the miner does not work.