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Author Topic: Mining with asics is already dead.  (Read 6778 times)
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Activity: 1610
Merit: 1034

I fix broken miners. And make holes in teeth :-)

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October 31, 2013, 09:25:14 PM

I love this, this is why I'm not worried about Bitcoin security dropping due to lack of miners. People can't make the small mental jump to separate mining profits from speculation profits and will continue to buy and mine unprofitably.


For those that dont understand, a mining device generates bitcoins, not dollars. So to calculate ROI you either look at bitcoins in vs bitcoin out, and then its a gigantic loss.
Or, if you insist at looking at dollar in, bitcoin out, then you have to compare it with the more common way of turning dollars in to bitcoin, that is buying them, and compared to that, mining is an equally gigantic loss.

But hey, keep buying those asics, maybe bitcoin will go x10 again in the next year and you can manage to turn that zero effort 1000% gain in to a 10% 'profit'
Ah, but given that bitcoin prices are crazy, the concept of "ROI" is in a state of flux. And given that I could not buy this device with bitcoins (remember even if you paid in BTC BFL priced it in dollars, not bitcoins) dollars to dollars is all I can compare with on this sale.

I'm mining mostly for the fun of it, and to work on hooking this thing to a solar array. Bitcoins are and will continue to be a joke until things calm down a bit.

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