STOP!!! Do not buy that new ASIC ! And here's why...

[papaminer]

this thread has a good side and a bad side...

good side... it tells people not to rush things and buy miners without thinking 999 times...

bad side... telling people not to mine can give a negative impact on BTC itself... if people stops mining... any big miners can take over.... corps/govs.... anybody...

attack of the 51%...

[1714881307]

1714881307

[Xian01]

That's where cex comes in handy at BTC0.082/Gh/s and deploys instantly as cloud miner, you have the option to sell the share so you both got the mining profit + the share which would then be a win+win situation when worst comes to worst.
You can check my sig for cex though.

 It seems to me that the price of GH/s is always going to go lower. I'm not sure how mining profits will offset the price drop when you go to sell.

 Am I overlooking something ?

[high110]

Agreed - you don't need to worry about selling your machine.  I just discovered CEX today.

[petersiddle98]

That's where cex comes in handy at BTC0.082/Gh/s and deploys instantly as cloud miner, you have the option to sell the share so you both got the mining profit + the share which would then be a win+win situation when worst comes to worst.
You can check my sig for cex though.

 It seems to me that the price of GH/s is always going to go lower. I'm not sure how mining profits will offset the price drop when you go to sell.

 Am I overlooking something ?

You are constantly mining with the GH/s that you bought. So if you mine faster then it drop then you win

[leannemckim46]

Don't buy any more ASIC please, all the company are scamming you by mining themselves first...

[crudpuppy]

God I hate these threads

[lilfiend]

Every one of these threads:

guise, don't buy asics, the ghs you use makes it harder for me to earn money

lol

[vpitcher07]

this thread has a good side and a bad side...

good side... it tells people not to rush things and buy miners without thinking 999 times...

bad side... telling people not to mine can give a negative impact on BTC itself... if people stops mining... any big miners can take over.... corps/govs.... anybody...

attack of the 51%...

I'd find this unlikely as difficulty can also decrease. So if difficulty goes down, people will turn their miners back on and become profitable again.

[high110]

Yeah - bitcoin is very self regulating.

[Dabs]

If you're that desperate to throw money away, PM me for my PayPal address.

The difference is, I have this Jupiter if I send my money to KnC, while sending money to you, will you send me some sort of hardware?

[leannemckim46]

God I hate these threads

Reason please...

[mgio]

The KNC Jupiter WAS a wide purchase (so far) becuase most of us who have bought it have already been mining with it a few weeks. The earliest customers have already made their money back!

So yeah, if you are just getting around to buying your ASIC now, duh! of course you are too late and missed out.

[JoelKatz]

No more mining means no more Bitcoin.

This assumes that everyone who wishes to mine would have to buy a miner to do so. There are people for whom miners are a sunk cost -- for example, every one of KNC's customers.

[wopwop]

STOP! Do not buy because I'm already buying and I dont want you to mine because that way I won't mine as much bitcoins as I want

[Bicknellski]

If you find it profitable to mine, then mine.

If you don't find it profitable, then don't mine.

The "invisible hand of the market" will take care of everything else.

Not when the visible hands of BFL and Avalon manipulate the market it doesn't.

[timk225]

If you're that desperate to throw money away, PM me for my PayPal address.

The difference is, I have this Jupiter if I send my money to KnC, while sending money to you, will you send me some sort of hardware?

Yes, Dabs.  If you send $250 to my PayPal, I will go to a local construction site and find you a really nice...... Rock.  A nice smooth round rock.  I'll bring it home and wash it and box it up to send to you.

That's about what your miners will be worth in 6 months with a few more of these 40%-50% difficulty increases every 10-12 days.

My hardware costs a lot less and produces almost as much BTC as your ASICs will!  You'll SAVE MONEY!  It's a really great deal!

[timk225]

I had put the value of 400 million difficulty into the online BitCoin mining calculators, and used 5 cents per KW for the electricity.  At 400 million, your 550 GH/s Jupiter will net you 0.69 BTC per day.

Now think about this.....

With the way the difficulty has been rising, how many more steps before it gets to 1 billion difficulty?  8-10 steps maybe?  Taking 3-4 months?

At 1 billion difficulty, a 550 GH/s Jupiter will get you 0.27 BTC per day.

Does it seem like a good place to invest $4995 now?  When you'll return ~ $50 a day IF the price stays where it is and doesn't collapse again?

I didn't think so either.

And at 2 billion difficulty, 550 GH/s gets you 0.138 BTC per day........

[crudpuppy]

God I hate these threads

Reason please...

It doesn't help the bitcoin community any.  Is just negative and not in a positive way.  Honestly people will still buy just look at prices on ebay or anywhere and they ARE selling.  And the alternative motives of the poster are always in question.  Does he really want YOU to save money or is he trying to make it easier for him to make money etc.

These threads or comments like them are all over the place and I get tired of seeing them like the topic hasn't been said

BTC difficulty * 1000 = times a don't mine post like this is done now lol

[ekiro]

I was just looking at the KNC site for their various miners, the high end Jupiter model hashes 550 Ghash for $4,995.00 .

I'm telling you, DO NOT BUY ONE OF ANY MODEL!

Why?  Simple economics.  Run the numbers with me:

At current BTC difficulty of 267 million, you'll get 1.03 BTC per day.  In a couple days when the difficulty jumps to ~400 million, you will only get 0.69 BTC per day.  And it'll only get worse as the difficulty continues to rise!

BTC is at $215.00 right now, and assuming it stays there (which it won't), and assuming you are mining 0.69 BTC per day (which will fall more and more), you'd have to mine for at least 34 days to break even, and if the BTC price drops, it'll be much longer.

If BTC dropped to $100, and assuming again that you were still somehow getting 0.69 BTC at the 400 million difficulty, which will rise, your break even time is now 72 days or longer.

And this does not take into account shipping costs or electricity costs.

And WHEN the difficulty rises, it'll be much longer.

Do you really want to be on pins and needles for 3 months or more, praying that your foolish purchase at least breaks even, much less makes a profit?

Save yourself the headache.

If you're that desperate to throw money away, PM me for my PayPal address.  

And I really had to LOL at how they list the Saturn version as the "more affordable" model.  50% of the hash rate for 60% of the price -- you're already losing money relative to buying the Jupiter version!

And this is not a rip on KNC specifically, this goes for any ASIC built by anyone.

Everyone has access to the charts. Let people do as they please... the information is available to them.

We are past the midpoint. As of now mining will become exponentially difficult.  Unless hardware becomes more efficient and cheaper, there is no positive ROI. Nothing available I see viable at this time.

[VolanicEruptor]

you forgot to take into account that a lot of people like to bet on the difficulty rise slowing down a bit.  Difficulty can't rise like this forever, eventually it levels off a bit and those are the miners who will profit nicely