Don't buy any miner

[pinoyminer1977]

This is sad, I was planning to buy one , anyway thanks for the info.

[abacus]

Just to confirm that also my calculations agree with the OP.

At the moment the only wise thing is IMO to wait.
ASICs prices will drop fast in the next months, leaving to miners a chance to reach break even and maybe pass it (improbable at today's prices).

[bobitza]

...

and see this

https://blockchain.info/stats

Mining does not look profitable at all for newcomers. Miners who have been running and have paid-for equipment can possibly be operating in the black.

* Electricity consumption is estimated based on power consumption of 650 Watts per gigahash and electricity price of 15 cent per kilowatt hour.

Errr ... isn't the current consumption something like 1-5W/GH?

[cowandtea]

...

and see this

https://blockchain.info/stats

Mining does not look profitable at all for newcomers. Miners who have been running and have paid-for equipment can possibly be operating in the black.

* Electricity consumption is estimated based on power consumption of 650 Watts per gigahash and electricity price of 15 cent per kilowatt hour.

Errr ... isn't the current consumption something like 1-5W/GH?

I believe the estimate were based on GPU. They have not update with ASIC and FGPA.

[Trance]

Don't buy mining hardware, *at all*. You will never make any profit with it (but lose your money).

By ordering (i.e. PRE-ordering) something, you are just giving your money to the society that produces the hardware (and that will use it to earn money for itself). It will ship only when the miners are not really profitable anymore.

Buy only if you know when you will get what you are paying for! (which means don't buy at all now).

Best regards,
ilpirata79

Decent advice! Common sense to most, venture capitalism works in magical ways ;P

[pand70]

Sooner or later people will understand that buying mining equipment is not the best investment out there.
Of course there will always be idiots buying ASICMINER usb in different colors but still isn't that a long term problem for bitcoin?

[ralree]

I agree - don't buy anything - you'll be competing with me.  Also, don't do any research about mining.  Also, trust people on forums at random.

Best regards,
ralree

[alisium]

Okay, so the various BTC mining calculators tell me that if I by a miner, even at a crazy difficulty like 270,000,000 I can still make money.

Do I not trust these calculators?

And what if I had "free to me" electricity. That is, if I plugged everything at work and let it all run 24/7, could that be profitable?

I work at a huge refinery with my own office, so my little electricity costs wouldn't even be a calculable percentage. Not when they freely give electricity away for people to plug their cars in all day long in the cold or leave the lights on in every single room in every building, even when they are empty.

[kuusj98]

People, bitcoin is too big to make easy money, easy money, that pulled me to this in 2011, and infact, it wasn't easy at all.

Still today I have to explain more and more friends of mine that it isn't that simple anymore and that theyr 8800GT is not suited for mining, or that theyr 3960X is als not eligable for  Bitcoin mining.

If you didn't join in before Litecoin launched, you are pretty much dead in the water, it is so hard for newby's to even keep track of which coin they should mine.