Only buy 1+ Terahash or more Bitcoin miners hardware

[ijphlrnxewho]

WARNING:
My high tech team analyzed the Bitcoin industry rigorously and found that it is only worth it if you purchase 1+ Terahash or more Bitcoin miner, most of them won't ship until December 2013 or later.

The difficulty will be well over 500,000,000 millions soon. At that difficulty, it will render all of your Bitcoin miners useless.
You would be better of just buy the Bitcoins out right, then to mine them.



Related thread:

Bitcoin Mining PCI-E Card 10Gh/s card for only $100
https://bitcointalk.org/index.php?topic=287706.0

USB block erupters are now useless. $5 - $7 each.
https://bitcointalk.org/index.php?topic=277330.0

[pedrog]

WARNING:
My high tech team analyzed the Bitcoin industry rigorously and found that it is only worth it if you purchase 1+ Terahash or more Bitcoin miner, most of them won't ship until December 2013 or later.

The difficulty will be well over 500,000,000 millions soon. At that difficulty, it will render all of your Bitcoin miners useless.
You would be better of just buy the Bitcoins out right, then to mine them.



Related thread:

Bitcoin Mining PCI-E Card 10Gh/s card for only $100
https://bitcointalk.org/index.php?topic=287706.0

USB block erupters are now useless. $5 - $7 each.
https://bitcointalk.org/index.php?topic=277330.0

[crazyates]

WARNING:
My high tech team analyzed the Bitcoin industry rigorously and found that it is only worth it if you purchase 1+ Terahash or more Bitcoin miner, most of them won't ship until December 2013 or later.

LOL 

[monbux]

Posting shit everyone...

[BitPappa]

Thanks for that hearty laugh, Pedrog!

And I do appreciate the mining advice, Tom, no matter what species your team of experts is.

[RChevalier]

@Pedrog

I took your suggestion and checked out his website.  You're assessment on it was spot on.

[pedrog]

@Pedrog

I took your suggestion and checked out his website.  You're assessment on it was spot on.

Haha, there's quite a collection of facts in there! 

[balanghai]

What is this? Scarevertising? 

[Bitweasil]

WARNING!!!!!

My back of the envelope calculator clearly states that buying an ASIC right now is a fool's game.

Even if it's realllly expensive.  And fast.

[MRKLYE]

Poor Tom is actually afflicted with the mental retardation.. Don't be mean to him.. But then again don't listen to a single thing that comes out of his mouth either.

[DigitalHermit]

WARNING:
My high tech team analyzed the Bitcoin industry rigorously and found that it is only worth it if you purchase 1+ Terahash or more Bitcoin miner, most of them won't ship until December 2013 or later.

The difficulty will be well over 500,000,000 millions soon. At that difficulty, it will render all of your Bitcoin miners useless.
You would be better of just buy the Bitcoins out right, then to mine them.

Said one prisoner to the other "Just don't squeal and we'll be okay!"

http://en.wikipedia.org/wiki/Prisoner%27s_dilemma

[Cluster2k]

There are more and more threads popping up recently which basically warn people away from buying ASIC hardware, or if they still want to buy then to spend a huge amount of money (that most people can't afford).

There are three reasons I can think of for such postings:

1 - The poster has ASICs on order and doesn't want more competition and less bitcoins generated.  He has yet to join the ASIC party and doesn't want to be holding the bag when unprofitability strikes.

2 - The poster already has an ASIC and is seeing the number of bitcoins produced reduce by 30% every 10 days.  ROI is becoming more difficult.

3 - The poster is simply a nice guy and wants to save others he has no relationship with at all some time and money.

All considered, #3 is very unlikely.  The pleading for people to stop buying ASICs is becoming more desperate.

[Dalkore]

All generation 1 miners will be rendered unless very soon.   Gen 2 will get ROI depending on WHEN YOU GET YOUR MINER compared to the rest of the queue and others competing for lower difficulty slots.  It is all about when you get your ASIC miner.

[Xelpherpolis]

Is this post even serious? High tech team? Please...

[RChevalier]

Follow pedrog's words of wisdom and visit Actor Tom's website.  All will be revealed.

EDIT:  If after visiting his website, you can keep a straight face while reading any of Actor Tom's posts on this forum...  most impressive.

[ScaryHash]

Well, if the difficulty goes that high, it means coins will be incredibly hard to get.

Which means that the demand will outstrip the supply.

Which means that the price of BTC will skyrocket.

The network is supposed to be self-stabilizing. Time for a real test, I guess.

[BitPappa]

Well, if the difficulty goes that high, it means coins will be incredibly hard to get.

Which means that the demand will outstrip the supply.

Which means that the price of BTC will skyrocket.

The network is supposed to be self-stabilizing. Time for a real test, I guess.

Won't people with the best/newest mining equipment just take a higher percentage of the mined coins? And isn't the number of BTC created per day a small enough percentage of the total BTC to not really make a huge difference in supply? And won't new ASICs keep catching up with the difficulty (as new ASICS are what is driving the hash rate up)?

I'm not a miner, and happy to learn from opposing viewpoint, if my view isn't quite on target.

[navigator]

Currently my 60gh single uses $1.50 in electricity to generate 1 btc. At 10x the current difficulty it will cost $15 to generate 1 btc. At 100x, or 11,262,855,200 difficulty, it will cost $150 and take about 1 year to generate 1 btc.

1 btc currently equals $140

Do you think I will be turning it off anytime soon?

At a 30% increase each time, it will take 13 more difficulty changes to reach near 11 billion. 13 x 11.5 days each cycle is 150 more days til we get to a point where I may have to shut down my miner if things continue as they are.

[BitPappa]

Yes, that makes sense, and is also the way I see things. But if you and everyone else shut down your existing mining units, isn't it because others are running newer, faster, more efficient units that will easily take up the slack from the exit of slower units from the network?

I'm assuming your statement is a reply to mine (though I'm not positive). And I'm not trying to be argumentative, just learn by presenting my understanding.

EDIT: after reading your subsequent post, I don't think you were addressing my comment at all!

[GigaWave]

Currently my 60gh single uses $1.50 in electricity to generate 1 btc. At 10x the current difficulty it will cost $15 to generate 1 btc. At 100x, or 11,262,855,200 difficulty, it will cost $150 and take about 1 year to generate 1 btc.

1 btc currently equals $140

Do you think I will be turning it off anytime soon?

At a 30% increase each time, it will take 13 more difficulty changes to reach near 11 billion. 13 x 11.5 days each cycle is 150 more days til we get to a point where I may have to shut down my miner if things continue as they are.

And how much is your electricity cost?  Must be next to nothing, if you even pay for it. I think you made a serious miss calculation. How about you show the math?