I'm a pre-noob miner that just spent a lot of money on hardware. Advice wanted..

[Tayc34]

I was given advice to start mining when btc was <$1, but like most people, I laughed it off and kept playing WoW instead. Now that I've made some money in other industries, I've decided to give mining a go. After a little research, and I mean very little, I sent Cointerra over $24,000 for 4 Terraminer IV, expected deliver in late February. This will provide me with 8 TH/S, which isn't bad for my first setup. I did some calculations, and even if dif hits 3 billion and price stays about the same, I'm projecting to actually pay off my gear in about a month.

Anyway, if there are any hardcore miners that read this, can you please give me your input. I would have asked my friends that mine for their opinions, but quite frankly, none of my friends even know what btc are.

Thanks

[derekleong75]

Whats your projected diff end Feb 2014?

[klintay]

Whats your projected diff end Feb 2014?

This is just a ball park figure...but i think it will be around 1.5 billion at least

[Rannasha]

Whats your projected diff end Feb 2014?

This is just a ball park figure...but i think it will be around 1.5 billion at least

We're currently at 0.5 billion (3.5 days from 0.6) and recently the difficulty has been doubling every month, roughly. If this trend keeps up, at the end of february, we should have 8 times the difficulty, or more than 4 billion by the end of february.

[Tayc34]

Based on what I've been reading about the predicted number of mining rigs being released over the next few months, people are saying 1.5 bil. I doubled that number to be safe, and still saw a return at current btc value. Even if it is higher, the btc value will also be higher as well, hopefully.

[derekleong75]

I hope it will be 1.5 bill too.

[Feneusens]

I was given advice to start mining when btc was <$1, but like most people, I laughed it off and kept playing WoW instead. Now that I've made some money in other industries, I've decided to give mining a go. After a little research, and I mean very little, I sent Cointerra over $24,000 for 4 Terraminer IV, expected deliver in late February. This will provide me with 8 TH/S, which isn't bad for my first setup. I did some calculations, and even if dif hits 3 billion and price stays about the same, I'm projecting to actually pay off my gear in about a month.

Anyway, if there are any hardcore miners that read this, can you please give me your input. I would have asked my friends that mine for their opinions, but quite frankly, none of my friends even know what btc are.

Thanks

You are late pal, if you started when BTC was <$1 you are millionaire by now, right now miners have hard time even trying to break-even....

[Omikifuse]

I was given advice to start mining when btc was <$1, but like most people, I laughed it off and kept playing WoW instead. Now that I've made some money in other industries, I've decided to give mining a go. After a little research, and I mean very little, I sent Cointerra over $24,000 for 4 Terraminer IV, expected deliver in late February. This will provide me with 8 TH/S, which isn't bad for my first setup. I did some calculations, and even if dif hits 3 billion and price stays about the same, I'm projecting to actually pay off my gear in about a month.

Anyway, if there are any hardcore miners that read this, can you please give me your input. I would have asked my friends that mine for their opinions, but quite frankly, none of my friends even know what btc are.

Thanks

OH man, even CPU mining would have earn you a lot at that time.. too bad I didn't know anything about BTC until few months back...

[logicbomb666]

My advice - Get very accustomed to not making money in the BTC world.  If you can treat it like any other hobby that you will put money into just for the fun of it, then you will be fine.  If you treat it like a money printing business, you are in for a lot of stress and even more lost money.

[Corenin]

My advice - Get very accustomed to not making money in the BTC world.  If you can treat it like any other hobby that you will put money into just for the fun of it, then you will be fine.  If you treat it like a money printing business, you are in for a lot of stress and even more lost money.

Agree, guess its best to stay out of mining for now... unless its for fun..

[Tayc34]

My goal isn't to make a bunch of fiat currency. My goal is to make btc. It would be nice to mine enough btc to trade away to pay back the fiat I've spent on my mining rigs, but after that I will be collecting btc and keeping/spending them, not trading them away for fiat. I really think by the end of February 8 TH/S will still be good enough to mine successfully. All the MH and GH miners will be the ones that are wasting their time probably. And yes, if I don't make a penny, that's ok. At least I'll be contributing to the cause! Thanks for your inputs guys.

[ripple]

You are likely to just break even on your Cointerra Terraminer IV equipment if you start mining end-Feb.

This assumes a conservative Bitcoin price of $440 and a difficulty level of increase at 68% per month, equivalent to the average for the last 10 2-week difficulty level changes.

However the Bitcoin price rises to $800 you will double your money, i.e. obtain a 100% return on investment, and if it falls to $100 you will lose most your money.

Coincidentally you will be in a similar position to straightforward investing in Bitcoins. You will have twice as much fun as any investor and so I applaud your objectives to help the Bitcoin world.