Bitcoin Forum
October 20, 2017, 11:15:08 AM *
News: Latest stable version of Bitcoin Core: 0.15.0.1  [Torrent]. (New!)
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: If mining is futile, why so many group buys?  (Read 446 times)
mchu168
Full Member
***
Offline Offline

Activity: 189


View Profile
October 29, 2013, 04:17:07 AM
 #1

Why on earth are there so many group buys for mining gear when the consensus is that mining will never be profitable?

For me, I bought a bunch of erupters and blue fury's just for fun - to be in the game.  I'm hoping the difficulty increases moderate so I can mine profitably for as long as possible, but I'm doubtful i will ever be anywhere close to break even.  Best case, I make some bitcoin and BTC/USD appreciates significantly so that I can use my mined bitcoins to buy the next greatest ASIC miner and keep mining and buy the next miner, etc until I run out of bitcoins - maybe like a perpetual motion machine, ideally.

Why do you guys mine?
1508498108
Hero Member
*
Offline Offline

Posts: 1508498108

View Profile Personal Message (Offline)

Ignore
1508498108
Reply with quote  #2

1508498108
Report to moderator
1508498108
Hero Member
*
Offline Offline

Posts: 1508498108

View Profile Personal Message (Offline)

Ignore
1508498108
Reply with quote  #2

1508498108
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1508498108
Hero Member
*
Offline Offline

Posts: 1508498108

View Profile Personal Message (Offline)

Ignore
1508498108
Reply with quote  #2

1508498108
Report to moderator
1508498108
Hero Member
*
Offline Offline

Posts: 1508498108

View Profile Personal Message (Offline)

Ignore
1508498108
Reply with quote  #2

1508498108
Report to moderator
odolvlobo
Legendary
*
Offline Offline

Activity: 1918



View Profile
October 29, 2013, 07:07:35 AM
 #2

Why on earth are there so many group buys for mining gear when the consensus is that mining will never be profitable?

There are three reasons:

1. People just assume that they are going to make tons of money by mining, and they don't even bother to determine how much the equipment will mine.
2. The consensus is wrong. A lot of ignorant people are included in the consensus (see #1).
3. Miners want you to think that mining will never be profitable because less competition makes their mining more profitable.

Buy bitcoins with cash from somebody near you: LocalBitcoins
Join an anti-signature campaign: DannyHamilton's ignore list
Pages: [1]
  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!