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Author Topic: the how much btc/fiat have you lost mining thread! end of 2013 edition  (Read 5281 times)
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superduh
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September 20, 2013, 12:52:41 AM
 #1

well, i think everyone realizes now that everyone is after only so many bitcoins. the pie doesn't get bigger.
so in the end everyone is after those damn coins but that piece of the pie is going to shrink no matter what you do.
honestly, end of year very few miners will actually be positive on their investment.
keeping exchange rates current i'm pretty sure that everyone who will get any sort of asic miner this year will be negative in btc or fiat.

so this thread is just to get an idea of people's return on investment.
post your miner - when you got it/how much you paid (btc or fiat)/how much you currently mined (till date of post)/estimate based on current mining how much you think you'll get

this should help everyone assess the quite strange situation this community is in.
without exchange rates going up - most people are likely in the red

ok
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September 20, 2013, 03:36:24 AM
 #2

I haven't lost anything yet. All my coins have remained secure in my wallet aside from the ones that I have spent on reasonably priced and promptly delivered goods and services from reliable businesses and individuals.
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September 20, 2013, 06:36:08 AM
 #3

I haven't lost anything yet. All my coins have remained secure in my wallet aside from the ones that I have spent on reasonably priced and promptly delivered goods and services from reliable businesses and individuals.


can you please indulge me on what reasonably priced and promptly delivered product you have that's given you a positive return on investment? i can't think of too many and i'd be interested to know if any besides avalon batch 1 or bfl products for journalists worked out for you

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September 20, 2013, 03:06:40 PM
 #4

Overall I've done fairly well mining.  Maybe just through luck.

B1 Avalon did extremely well.  Paid 114 BTC, mined 452 BTC to date.

B2 Avalon also did pretty well.  Paid 75 BTC, mined 160 BTC by the time I sold it a couple weeks ago.

The BFL products will surely be a large loss.  I paid maybe 50 BTC for 2 Jalapenos and a Little Single.  So far I only have the Jallys and have mined about 1.3 BTC.

I've purchased various FPGA boards, some of which I'm sure have paid for themselves, and some never will.  I doubt any of the USB BEs ever will.

I have some Klondike K16s in limbo with unfinished firmware, made with chips I bought in Zefir's batch 1.  They surely won't even come close to breaking even now.

Supposedly I'll be receiving my Metabank Bitfury miner soon that I paid 30 BTC for.  I expect I may break even on it, but not much more.

I'm thinking that at some point I should logically stop reinvesting in new miners and just keep the proceeds, but boy I sure do love mining.

"All safe deposit boxes in banks or financial institutions have been sealed... and may only be opened in the presence of an agent of the I.R.S." - President F.D. Roosevelt, 1933
superduh
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September 20, 2013, 04:03:52 PM
 #5

Overall I've done fairly well mining.  Maybe just through luck.

B1 Avalon did extremely well.  Paid 114 BTC, mined 452 BTC to date.

B2 Avalon also did pretty well.  Paid 75 BTC, mined 160 BTC by the time I sold it a couple weeks ago.

The BFL products will surely be a large loss.  I paid maybe 50 BTC for 2 Jalapenos and a Little Single.  So far I only have the Jallys and have mined about 1.3 BTC.

I've purchased various FPGA boards, some of which I'm sure have paid for themselves, and some never will.  I doubt any of the USB BEs ever will.

I have some Klondike K16s in limbo with unfinished firmware, made with chips I bought in Zefir's batch 1.  They surely won't even come close to breaking even now.

Supposedly I'll be receiving my Metabank Bitfury miner soon that I paid 30 BTC for.  I expect I may break even on it, but not much more.

I'm thinking that at some point I should logically stop reinvesting in new miners and just keep the proceeds, but boy I sure do love mining.

cool, thanks - you did really well for yourself! i'd stop mining for the time being or you'll start to lose while you're nicely well ahead. i'm a bit surprised avalon batch 2 did so well

ok
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September 20, 2013, 04:16:31 PM
 #6

 2x Batch #3 orders:   Great machine, very very pricey and Yifu delivered extremely late.   The machine has paid about 50% back in FIAT value of BTC since getting it August 7th.

I think it will ROI in FIAT, however its gonna take 2-3 more months easily.  The Avalon is fairly stable, however I do have to manually reset the Motherboard ATX power connector.  Something with the capacitors causes it to stop mining about every ~ 2 weeks.


Icarus Trade-ins:   $2000 loss.   Avalon has still not honored my trade-ins.  I think I'm screwed here.


Bitfury:  5 x August starter kits   $6420
4 x h-boards  October $2200  
I plan to buy 10-16 more h-cards or a kit.  so $5000-$8000
ROI for bitfury in FIAT is projected to be 2.5-12 months.
ROI for bitfury will be 100-300% (I estimate)



These miners will have to be moved to a free power place probably within a year or two.   All in all I think I will break even and turn some profit.
I have to say though that this game is very competitive and the biggest factors are :  delivery of goods, reliability of hardware, and how efficient your hardware is.

Its literally a part-time job running 6 miners.  Fun and also stressful when they go down.
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September 20, 2013, 04:25:45 PM
 #7

bitfury: Starter kits will BTC break-even maybe because they included 2 h-cards. Else there would be NO chance for break even. I also planned to buy some more h-cards later but not at these prices. I don't see any reasonable hardware at the moment. There are only two groups gaining profit: resellers, manufactors
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September 20, 2013, 04:48:59 PM
Last edit: September 20, 2013, 05:49:14 PM by Ridicuss
 #8

Simplified answer:

5k out into miners.

theoretical pay back 2k at today’s exchange rate (not real haven’t converted to USD yet.)

3K still to come back.  


Running on free to me power.

Until converted back to the original form of payment which I am not intending to do. I am down 5k.


edit: typo 2000k and 3000k corrected to 2K and 3K  Embarrassed

Man, I wish I could change my avatar!
kaerf
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September 20, 2013, 05:24:13 PM
Last edit: September 20, 2013, 05:40:36 PM by kaerf
 #9


Bitfury:  5 x August starter kits   $6420
4 x h-boards  October $2200  
I plan to buy 10-16 more h-cards or a kit.  so $5000-$8000
ROI for bitfury in FIAT is projected to be 2.5-12 months.
ROI for bitfury will be 100-300% (I estimate)


I don't see how this is remotely possible. I am expecting to lose 20-50% in BTC on my bitfury machines. Even if difficulty levels off....it will level off too far in the future (spring) for the machines to be generating meaningful BTC. I'm even adding 40-50% additional hash rate (from OC and "bonus" boards). What was the price of BTC when you bought your August kits?

EDIT: I fuzzed some of my numbers and the best I could come up with is around break-even with 50% extra hashing power. Hope there will be additional software improvements to increase hash rate without overpowering the on board regulators.
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September 20, 2013, 06:18:32 PM
 #10

Bitfury August delivery, delivered in semptember btw, was my worst investment.

All my GPUs, FPGAs and Avalons all of them did breakeven in BTC terms (and in fiat as well since BTC is going up).

Bitfury, on the contrary, will not even reach 50% and a good chunk of my profit has already been taken by the 200 THs mine and GHash.io operations which are "stealing" the very coins we, their customers, should get back from our investment.

For those like me which cannot make their own chips mining is dead and until difficulty levels off (maybe next summer) I won't buy any more hardware.

All of the hardware available (for preorders) now is priced like it has no competition AND all ASIC designers/producers are going to use proceeds from selling of their chips (at inflated prices) to build huge mining farms which will make breakeven impossibile for their customers.

Mining is becoming more centralized each and every day, long gone the days when one could buy commodity hardware and mine with it without having to fight with the hardware producers for the same coins!

spiccioli
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September 20, 2013, 09:35:51 PM
 #11


Mining is becoming more centralized each and every day, long gone the days when one could buy commodity hardware and mine with it without having to fight with the hardware producers for the same coins!



This! ... I hate the fact this is happening and you nailed it... so many dont get this very simple fact =(

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September 20, 2013, 09:54:58 PM
 #12

If you look at it in bitcoins:

Avalon batch #2 (bought the order off someone in early May): 130 BTC, earned just about 60 BTC so far because it was 2 months later than expected!
-70 BTC

2 BFL Jalapenos, ordered last year for $150 a piece I think. BTC was at about 11 maybe so perhaps 13.5 a Jalapeno, or 27 BTC total.

So far they've mined almost 9 BTC.
-19 BTC.

But, that's $1,125 in dollars, vs $300 spend on them so that's a profit.

2 BFL Singles ordered, $1300 a piece, $2600 total, thats about 236 BTC at the time I'm estimated.
I just got them today! So 0 BTC so far Smiley.

The Avalon will be the only huge loss. About $13,000 paid for it (though I paid in BTC) and it's only made $7,500 so far (60 coins).

But... the Avalon was a hedge against ASICMiner and I made about 325 BTC on my ASICMiner shares in just 3 months (I've long since sold them).
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September 20, 2013, 09:59:22 PM
 #13

Overall I've done fairly well mining.  Maybe just through luck.

B1 Avalon did extremely well.  Paid 114 BTC, mined 452 BTC to date.

B2 Avalon also did pretty well.  Paid 75 BTC, mined 160 BTC by the time I sold it a couple weeks ago.

The BFL products will surely be a large loss.  I paid maybe 50 BTC for 2 Jalapenos and a Little Single.  So far I only have the Jallys and have mined about 1.3 BTC.

I've purchased various FPGA boards, some of which I'm sure have paid for themselves, and some never will.  I doubt any of the USB BEs ever will.

I have some Klondike K16s in limbo with unfinished firmware, made with chips I bought in Zefir's batch 1.  They surely won't even come close to breaking even now.

Supposedly I'll be receiving my Metabank Bitfury miner soon that I paid 30 BTC for.  I expect I may break even on it, but not much more.

I'm thinking that at some point I should logically stop reinvesting in new miners and just keep the proceeds, but boy I sure do love mining.

How did you do so well on your B2 Avalon?? When did you get it?

I received mine on July 9, and it's been running non-stop since then and it's only mined 60 BTC so far (getting about 82-85 GH/s maybe). Even taking into account the poor luck Ozcoin has had the past few months thats only an extra 10 coins.
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October 15, 2013, 04:58:08 PM
 #14

i'm sure people have  some new numbers

ok
Dagger75
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October 15, 2013, 05:31:11 PM
 #15

Bitfury August delivery, delivered in semptember btw, was my worst investment.

All my GPUs, FPGAs and Avalons all of them did breakeven in BTC terms (and in fiat as well since BTC is going up).

Bitfury, on the contrary, will not even reach 50% and a good chunk of my profit has already been taken by the 200 THs mine and GHash.io operations which are "stealing" the very coins we, their customers, should get back from our investment.

For those like me which cannot make their own chips mining is dead and until difficulty levels off (maybe next summer) I won't buy any more hardware.

All of the hardware available (for preorders) now is priced like it has no competition AND all ASIC designers/producers are going to use proceeds from selling of their chips (at inflated prices) to build huge mining farms which will make breakeven impossibile for their customers.

Mining is becoming more centralized each and every day, long gone the days when one could buy commodity hardware and mine with it without having to fight with the hardware producers for the same coins!

spiccioli

Bingo!!  ASIC Producers selling their Chips/Miners to build themselves Huge Mining Farms!  I hate it but it's a fact now and Centralized Bitcoin network w/ 90% Business's is developing and should be stopped Now before it fully compromises the network...I just don't understand how people are Ok w/ these companies doing this.  First ASICMiner was 35% of the network when they were only ones w/ ASICs and now GHash.io (Bitfury) is up to 475TH/s, nearly 25% of Network, and this will come to a Head w/ 28nm ASICs in the next few months...I would hate to see this happening to Bitcoin but something needs to be done now!

I've done great Mining w/ GPU's and FPGA's that always paid off and made a small profit but with the BFL ASIC's i'll never make back my purchase price in BTC or Fiat.  I'm still waiting on 4 Singles even now...

When everyone could just pickup a few GPU's, and even with FPGA's, individuals mining was very relavent and could usually be profitable but with ASIC's we're making a losing bet.  The only ones profiting are the ASIC Companies and it's very unfortunate.

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October 15, 2013, 05:55:30 PM
 #16

IRS will be fapping over this thread. Remember to pay your taxes people!

MWNinja
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October 15, 2013, 06:14:44 PM
 #17

IRS will be fapping over this thread. Remember to pay your taxes people!

The point of this thread is that most miners are LOSING money, thus they won't be paying taxes on gains instead they will get to deduct their losses.  Being able to deduct the losses helps soften the sting of negative ROI hardware purchases.
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October 15, 2013, 07:03:01 PM
 #18

Bought Avalon B3 4mod 102BTC shipping included... mined about 20 and sold it for 35 took hit about 50btc
Willing get back to mining, ordered two coincrafts from bitmine. However, Im quite sceptical getting any positive roi with those, anyway this is interesting.
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October 15, 2013, 08:12:09 PM
 #19

IRS will be fapping over this thread. Remember to pay your taxes people!

The point of this thread is that most miners are LOSING money, thus they won't be paying taxes on gains instead they will get to deduct their losses.  Being able to deduct the losses helps soften the sting of negative ROI hardware purchases.
Overall I've done fairly well mining.  Maybe just through luck.

B1 Avalon did extremely well.  Paid 114 BTC, mined 452 BTC to date.

B2 Avalon also did pretty well.  Paid 75 BTC, mined 160 BTC by the time I sold it a couple weeks ago.
That is all they read.

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October 16, 2013, 04:11:58 PM
 #20

everyone should be negative now.
lucky avalon batch 1 people - the only lucky independent asic miners
and those that sold their bfl preorders on ebay for $20,000 - how do you sleep at night Tongue

ok
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