Bitcoin Forum
November 14, 2019, 09:12:09 AM *
News: 10th anniversary art contest
 
   Home   Help Search Login Register More  
Pages: 1 2 [All]
  Print  
Author Topic: Economics of mining today  (Read 2790 times)
Wagner2014
Member
**
Offline Offline

Activity: 84
Merit: 10



View Profile
July 05, 2013, 07:11:07 AM
 #1

Question: if you buy one of these:

50 GH/s Bitcoin Miner
BitForce 50 GH/s Miner
$2,499.00

http://www.butterflylabs.com/

Turn it on 24/7/365...

How many coins could you mine per month (roughly)?

How much electricity would it cost (roughly)?

This is an economic question, as I am primarily trying to understand the motives and likely actions of miners - i.e., hording or selling of bitcoins.


Hello, fellow Bitcoin Billionaires!!
1573722729
Hero Member
*
Offline Offline

Posts: 1573722729

View Profile Personal Message (Offline)

Ignore
1573722729
Reply with quote  #2

1573722729
Report to moderator
1573722729
Hero Member
*
Offline Offline

Posts: 1573722729

View Profile Personal Message (Offline)

Ignore
1573722729
Reply with quote  #2

1573722729
Report to moderator
1573722729
Hero Member
*
Offline Offline

Posts: 1573722729

View Profile Personal Message (Offline)

Ignore
1573722729
Reply with quote  #2

1573722729
Report to moderator
The Bitcoin Forum is turning 10 years old! Join the community in sharing and exploring the notable posts made over the years.
1573722729
Hero Member
*
Offline Offline

Posts: 1573722729

View Profile Personal Message (Offline)

Ignore
1573722729
Reply with quote  #2

1573722729
Report to moderator
Rodyland
Hero Member
*****
Offline Offline

Activity: 499
Merit: 500


View Profile
July 05, 2013, 07:23:59 AM
 #2

http://www.bitcoinx.com/profit/

Beware the weak hands!
1NcL6Mjm4qeiYYi2rpoCtQopPrH4PyKfUC
GPG ID: E3AA41E3
Wagner2014
Member
**
Offline Offline

Activity: 84
Merit: 10



View Profile
July 05, 2013, 07:26:22 AM
 #3


Thanks a lot. That's what I was looking for.  Smiley

Hello, fellow Bitcoin Billionaires!!
bigdata
Newbie
*
Offline Offline

Activity: 14
Merit: 0



View Profile
July 05, 2013, 09:27:09 AM
 #4

Remember the difficulty will increase from now and you will be in a queue when you order at butterflylabs...

http://blockchain.info/de/charts/hash-rate
Rodyland
Hero Member
*****
Offline Offline

Activity: 499
Merit: 500


View Profile
July 05, 2013, 11:30:15 AM
 #5

Remember the difficulty will increase from now and you will be in a queue when you order at butterflylabs...

http://blockchain.info/de/charts/hash-rate

A loooooooooooooong queue.

Beware the weak hands!
1NcL6Mjm4qeiYYi2rpoCtQopPrH4PyKfUC
GPG ID: E3AA41E3
TheBanker
Member
**
Offline Offline

Activity: 126
Merit: 10


View Profile
July 05, 2013, 01:05:31 PM
 #6

All signs point to NEVER doing business with Butterfly Labs . . .
Adrian-x
Legendary
*
Offline Offline

Activity: 1372
Merit: 1000



View Profile
July 05, 2013, 05:21:06 PM
Last edit: July 05, 2013, 05:33:06 PM by Adrian-x
 #7

Not often do people plan your business for you.

Here is a link: http://www.bitcoinx.com/profit/

Bitcoin difficulty: you need to guess how it will change (doubling in the coming year would be conservative)
Conversion rate: you have to guess for a projection
Hash rate (MHash/s): 50,000 = 50GH
Electricity rate (USD/kWh): Phone your utility company my cost is around $0.06.
Power consumption (W): ask Butterfly Labs (probably up of 750W)

I would recommend reading a few Butterfly Labs reviews and talking to past customers before ordering.

Thank me in Bits 12MwnzxtprG2mHm3rKdgi7NmJKCypsMMQw
jamesc760
Sr. Member
****
Offline Offline

Activity: 448
Merit: 250



View Profile
July 06, 2013, 08:42:40 PM
 #8

Another sucker being born...
Rodyland
Hero Member
*****
Offline Offline

Activity: 499
Merit: 500


View Profile
July 08, 2013, 07:21:28 AM
 #9

I would recommend reading a few Butterfly Labs reviews and talking to past customers before ordering.


I personally have vowed to never deal with butterfly labs.  IMO their incompetence and misinformation has been so outstanding, so outlandish, that they have not merely screwed their own customers, but they have arguably put the entire bitcoin asic mining industry back by 6 to 12 months.  Add to this their utter disdain for their own (pre-) paying customers and laughable customer service, and frankly it makes me sad this company is still in business.

But that's just me, you make your own call.

Beware the weak hands!
1NcL6Mjm4qeiYYi2rpoCtQopPrH4PyKfUC
GPG ID: E3AA41E3
johnyj
Legendary
*
Offline Offline

Activity: 1848
Merit: 1000


Beyond Imagination


View Profile
July 08, 2013, 01:31:13 PM
 #10

BFL mass shipping now, network hashrate over 200TH, multiple mini-rigs appeared in BTC guild

DrGregMulhauser
Sr. Member
****
Offline Offline

Activity: 330
Merit: 255



View Profile
July 08, 2013, 03:14:10 PM
 #11

This is an economic question, as I am primarily trying to understand the motives and likely actions of miners - i.e., hording or selling of bitcoins.

In an article called The Economics of Investing in Bitcoin Mining, I suggested that many Bitcoin enthusiasts are deeply attracted by the idea of mining their own, and that there is certainly value in that, but that at the same time, there is significant opportunity cost associated with investing in mining rather than investing in Bitcoins themselves.

As in the nineteenth century, some of the forty-niners traveling to California soon after the discovery of gold in 1848 became rich, especially the early ones, but many others wound up going home again with little or nothing to show for it.

Tips: 1GTvfygTCnA5LdE2dX31AtcHho6s6X9H9b
BTC Growth
Albert Speer
Newbie
*
Offline Offline

Activity: 28
Merit: 0



View Profile
July 08, 2013, 07:55:45 PM
 #12

Do not buy you will lose in the longterm
cdog
Hero Member
*****
Offline Offline

Activity: 868
Merit: 500


send and receive money instantly, with no hidden c


View Profile
July 08, 2013, 07:57:51 PM
 #13

The motives of the miners are highly varied. Some people mine and immediately convert to fiat to pay expenses or buy more mining gear, others mine and hold, some mine and trade the BTC for other currencies (fiat and crypto) on sites like BTC-e, and some mine and gamble with the proceeds on sites like Seals With Clubs...

Then there are people like me who would mine even if it had a negative expected value, just to help secure the network and retain the value of the coins I already hold...

██▄                      ▄██
▀███▄                  ▄███▀
  ▀███▄              ▄███▀
██▄ ▀███▄          ▄███▀
▀███▄ ▀███▄      ▄███▀
  ▀██   ▀██    ▄███▀
             ▄███▀
             ▀███▄
        ▄██    ▀███▄
      ▄███▀      ▀███▄
    ▄███▀          ▀███▄
  ▄███▀              ▀███▄
▄███▀                  ▀███▄
██▀                      ▀██

X.C.A.R.DTM
.SEND AND RECEIVE MONEY.
.INSTANTLY, WITH NO........
.HIDDEN COSTS............

▄████████████████████████████████████▄
██▀                                ▀██
██  ▄▄▄▄▄▄  ▄▄▄▄▄▄▄    ▄▄▄▄▄▄▄▄▄▄   ██
██                     █        █   ██
██  ▀ ▀▀▀ ▀▀ ▀▀▀ ▀▀    █        █   ██
██                     █▄▄▄▄▄▄▄▄█   █▀
██
██
██  ▄▄▄▄▄▄  ▄▄▄▄▄▄  ▄▄▄▄▄▄  ▄▄▄▄▄▄  ██
██  █    █  █    █  █    █  █    █  ██
██  █▄▄▄▄█  █▄▄▄▄█  █▄▄▄▄█  █▄▄▄▄█  ██
██▄                                ▄██
▀████████████████████████████████████▀
.SPEND ANYWHERE,....
.ANY CRYPTOCURRENCY,.
.ANY PAYMENT CARD....

████
██
██
██
██
██
██
██
██
██
██
██
██
████

IEO
Q4 2019

████
  ██
  ██
  ██
  ██
  ██
  ██
  ██
  ██
  ██
  ██
  ██
  ██
████

▄▄████████▄▄
▄████████████████▄
▄████████████████████▄
███████████████▀▀  █████
████████████▀▀      ██████
▐████████▀▀   ▄▄     ██████▌
▐████▀▀    ▄█▀▀     ███████▌
▐████████ █▀        ███████▌
████████ █ ▄███▄   ███████
████████████████▄▄██████
▀████████████████████▀
▀████████████████▀
▀▀████████▀▀


▄██████████████████▄
██▀              ▀██
██                ██
██                ██
██    ▄▄▄▄▄▄▄▄    ██
██    ▀▀▀▀▀▀▀▀    ██
██   ▄▄▄▄▄▄▄▄▄▄   ██
██   ▀▀▀▀▀▀▀▀▀▀   ██
██
██
██                ██
██▄              ▄██
▀██████████████████▀
.
WP
▀ ▀▀▀



johnyj
Legendary
*
Offline Offline

Activity: 1848
Merit: 1000


Beyond Imagination


View Profile
July 08, 2013, 08:07:11 PM
 #14

In a traditional investment, a great investment could get a 100% annual return during several years' period. But in mining investment, a profitable investment should get a 100% return in just 3 months and then it died after 1 year, means the investment frequency are much higher

Albert Speer
Newbie
*
Offline Offline

Activity: 28
Merit: 0



View Profile
July 08, 2013, 09:00:13 PM
 #15

Economics are so complicated..
Adrian-x
Legendary
*
Offline Offline

Activity: 1372
Merit: 1000



View Profile
July 08, 2013, 10:17:26 PM
 #16

Economics are so complicated..
If you're a Keynesian, it is simple otherwise, you need to think of it as the result of the measurement of the voluntary exchanges.

Thank me in Bits 12MwnzxtprG2mHm3rKdgi7NmJKCypsMMQw
corrow
Member
**
Offline Offline

Activity: 97
Merit: 10


View Profile
July 09, 2013, 05:07:12 AM
 #17

Do not buy you will lose in the longterm

Explosie yourself!
danhu
Newbie
*
Offline Offline

Activity: 56
Merit: 0


View Profile WWW
November 02, 2013, 02:41:49 PM
 #18

none of the pre order bitcoin miner out there can give you profit . see calculation http://www.vnbitcoin.org/bitcoincalculator.php
balanghai
Sr. Member
****
Offline Offline

Activity: 364
Merit: 253


View Profile
November 02, 2013, 02:44:39 PM
 #19

Better buy cex shares which mines right now, and not those items you wait forever. Cloud mining is way to go if you can't afford the cheapest $/GHs machine which sells at around $5,000 each.
Shallow
Sr. Member
****
Offline Offline

Activity: 364
Merit: 250



View Profile
November 03, 2013, 01:07:05 AM
 #20

Mining is just not profitable these days

             ▄▄██
         ▄▄██▀▀     ▄▄█
▄       █▀▀     ▄▄██▀▀
███▄▄         ██▀▀       ▄▄██
███████▄▄            ▄▄█████▀
███ ▀▀█████▄▄    ▄▄█████▀▀
███▄▄   ▀▀██████████▀▀   ▄▄██
███████▄▄   ▀▀██▀▀   ▄▄█████▀
███ ▀▀█████▄▄    ▄▄█████▀▀
███▄▄   ▀▀██████████▀▀   ▄▄██
▀▀█████▄▄   ▀▀██▀▀   ▄▄█████▀
    ▀▀█████▄▄    ▄▄█████▀▀
        ▀▀██████████▀▀
            ▀▀██▀▀
.E 3 T████
  ██
  ██
  ██
  ██
  ██
  ██
  ██
  ██
  ██
  ██
  ██
████

█████  ███████████████████████████████████████████████████████████████████████████████

.Connecting Global Entrepreneurs.

███████████████████████████████████████████████████████████████████████████████  █████
████
██
██
██
██
██
██
██
██
██
██
██
████
████
  ██
  ██
  ██
  ██
  ██
  ██
  ██
  ██
  ██
  ██
  ██
████
▄▄████████▄▄
▄████████████████▄
▄████████████████████▄
███████████████▀▀  █████
████████████▀▀      ██████
▐████████▀▀   ▄▄     ██████▌
▐████▀▀    ▄█▀▀     ███████▌
▐████████ █▀        ███████▌
████████ █ ▄███▄   ███████
████████████████▄▄██████
▀████████████████████▀
▀████████████████▀
▀▀████████▀▀
Thenen
Full Member
***
Offline Offline

Activity: 227
Merit: 100


View Profile
November 03, 2013, 03:48:13 AM
 #21

Question: if you buy one of these:

50 GH/s Bitcoin Miner
BitForce 50 GH/s Miner
$2,499.00

http://www.butterflylabs.com/

Turn it on 24/7/365...

How many coins could you mine per month (roughly)?

How much electricity would it cost (roughly)?

This is an economic question, as I am primarily trying to understand the motives and likely actions of miners - i.e., hording or selling of bitcoins.



Don't buy it, learn to calculate and you will understand better...
Pages: 1 2 [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!