Bitcoin Forum
December 13, 2017, 10:26:55 AM *
News: Latest stable version of Bitcoin Core: 0.15.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: does buying a mining setup now make it so that 6 months from now you make zero?  (Read 237 times)
frankbitcoin
Member
**
Offline Offline

Activity: 70


View Profile WWW
November 14, 2017, 12:27:41 AM
 #1

alright, case in point here:  I see a lot of the old mining setups can't make any money at this point because the difficulty increased.  many of them lose money trying to mine.

so if I buy a setup now for x2 the regular price, that would take me six months to make the investment back.  Wont difficulty be much higher in six months, and possibly zero profits?

alternately buy it for regular price on Bitmain and wait a few months for delivery (but for some reason none of my orders will go through and show their payment address - opened a support ticket)

so just wondering.  is it common for people to invest into mining only to find that they've lost money by the time they get to mining?  Undecided

LynxArtCollection.com
We Make Conversation Pieces
1513160815
Hero Member
*
Offline Offline

Posts: 1513160815

View Profile Personal Message (Offline)

Ignore
1513160815
Reply with quote  #2

1513160815
Report to moderator
1513160815
Hero Member
*
Offline Offline

Posts: 1513160815

View Profile Personal Message (Offline)

Ignore
1513160815
Reply with quote  #2

1513160815
Report to moderator
1513160815
Hero Member
*
Offline Offline

Posts: 1513160815

View Profile Personal Message (Offline)

Ignore
1513160815
Reply with quote  #2

1513160815
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1513160815
Hero Member
*
Offline Offline

Posts: 1513160815

View Profile Personal Message (Offline)

Ignore
1513160815
Reply with quote  #2

1513160815
Report to moderator
deadsoulz
Newbie
*
Offline Offline

Activity: 9


View Profile
November 14, 2017, 02:31:00 AM
 #2

6 months no.  12 months yes.
nsummy
Full Member
***
Offline Offline

Activity: 140


View Profile
November 14, 2017, 04:35:02 AM
 #3

alright, case in point here:  I see a lot of the old mining setups can't make any money at this point because the difficulty increased.  many of them lose money trying to mine.

so if I buy a setup now for x2 the regular price, that would take me six months to make the investment back.  Wont difficulty be much higher in six months, and possibly zero profits?

alternately buy it for regular price on Bitmain and wait a few months for delivery (but for some reason none of my orders will go through and show their payment address - opened a support ticket)

so just wondering.  is it common for people to invest into mining only to find that they've lost money by the time they get to mining?  Undecided

Here is an idea.  Don't buy a "mining setup"  Get a computer a buy A graphics card.  This will give you plenty of time to play around and see how things work before deciding if you want to build more.  Regardless I would not buy anything 2x the regular price.  Mining can be feast or famine, and it just doesn't make sense to overpay.
puwaha
Sr. Member
****
Offline Offline

Activity: 434


View Profile
November 14, 2017, 04:40:38 AM
 #4

If you are going to start mining, you have to be nimble.  The landscape changes quickly around here.  Eth was king for a while, then lots of small-cap coins for a while, then Monero, now it seems Bitcoin Cash and Bitcoin Gold are the "it" thing.

You have to be prepared to go for the long haul.  There is no easy money, nor quick paybacks.  Diversify your mining efforts into several different promising coins and hope you get lucky.  Otherwsie, you will be scrapping by making a few dollars a day after expenses.

Phantoms001
Full Member
***
Offline Offline

Activity: 126


View Profile
November 14, 2017, 05:08:29 AM
 #5

If you are going to start mining, you have to be nimble.  The landscape changes quickly around here.  Eth was king for a while, then lots of small-cap coins for a while, then Monero, now it seems Bitcoin Cash and Bitcoin Gold are the "it" thing.

You have to be prepared to go for the long haul.  There is no easy money, nor quick paybacks.  Diversify your mining efforts into several different promising coins and hope you get lucky.  Otherwsie, you will be scrapping by making a few dollars a day after expenses.

Yeah, I think we are starting to shake out the "easy money, get rich mining" newbies.  Lots of people bought a ton of new overpriced gear to find out that their 350.00 card makes 1.00 a day.  That is a lot of time to reach an ROI.  It is a good idea to start slowly and figure out if it is right for you and what direction you want to go.  Read,Read,Read....
bdog1234
Member
**
Offline Offline

Activity: 112


View Profile
November 14, 2017, 05:24:58 AM
 #6

I currently have 42 1070's and just ordered 8 more.

It isn't the get rich quick scheme it once was but I expect it to be profitable for some time assuming your power costs are reasonable. A year from now it will likely make a lot less per day but by then the gear will have paid for it self and as long as it makes more than the power costs it is making me money.

Say a year from now your cards only make even 50 cents a day after electric costs each. If you have a 6 card rig that already paid for itself that is still $90 a month. Won't make you rich but will cover a cell phone or cable bill or whatever.
Pages: [1]
  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!