Newbie miner looking for advice

[coins4cash]

Hi.

I have been researching the possibility of setting up a mining operation and I can see there are many pitfalls. I know the difficulty rate increases rapidly so it's impossible to tell exectly what my ROI will be or whether I will return anything because of the pre order system these companies employ but after looking at many units I am considering ordering a HashFast Sierra 1.2 Th/s for $6300. This seems like quite good value considering BFL would charge me $9,200 for 2 x 600 Gh/s Monarchs. Hashfast say they will start shipping in Decemeber depending upon your place in the order list.

I would really like some advice from you mining veterans, will any of these machines be shipped in time to make an ROI ? Have I missed the boat and should I just let the Bitcoins I already own just steadily grow?

I'd really appreciate any of you more experience guys could give me.

Cheers.

C4C

[1715075973]

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[1715075973]

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[1715075973]

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[LogicalUnit]

I have done a case study that may be helpful to you: https://bitcointalk.org/index.php?topic=224015.msg2354422#msg2354422

My advice: don't do it. You'll make more money just buying and holding BTC. That's what I wish I had done.

[coins4cash]

I have done a case study that may be helpful to you: https://bitcointalk.org/index.php?topic=224015.msg2354422#msg2354422

My advice: don't do it. You'll make more money just buying and holding BTC. That's what I wish I had done.

Thanks for your advice, I will read through your thread carefully.

Cheers,

C4C

[jeppe]

you should buy Bitcoins directly instead of mining. In my opinion they will never ship on time and its a to large risk to take. And the diff is going up too fast to make ROI

[os2sam]

will any of these machines be shipped in time to make an ROI ?

If return on investment is your main motivating factor, then don't mine.

If you want to support Bitcoin and don't need a return in the short term, then, by all means mine with how ever much hash power you can comfortably afford and maintain.  Bitcoin depends on mining and if there is no mining then there is no Bitcoin.  If all mining is done by a small number of miners with huge hash power then nobody will trust Bitcoin enough to use it.

So the more miners there are, regardless of hash power per miner, the better off we all are.