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Author Topic: Help getting started - What works and what doesn't?  (Read 337 times)
netfq
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November 27, 2013, 09:41:11 AM
 #1

Hi all,

As you can see I'm new here Smiley

I've been having a look around for mining hardware and came across the Black Arrow Prospero X-1 bitcoin miner. I was thinking about getting 3 of them for a total hash rate for 300Gh/s

However I am unsure about the rapid change in mining difficulty ..... When I used the mining calculator at thegenesisblock it basically tells me that by the time the miners are available (end of Feb'14) there will not be enough time to make back my initial investment before the difficulty level gets too high.

Am I reading to much into this? Surely this can't be right? What's the point in making hardware for people when they wont be able to make back at least their initial investment? Am I missing something?  Huh

Can anyone shed any light on this for me please? Smiley

Cheers....
Netfq
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FrankyBoyle
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November 27, 2013, 10:31:58 AM
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Profitability sites are based on the current price of Bitcoin, so even if you mine less than they predict, it may end up being worth far more.

Also, there are other coins that use the same protocol as Bitcoin, these can also be mined with ASICs.

Hope that helps a little Smiley
netfq
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November 27, 2013, 01:06:21 PM
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Thanks Frank it's helps a little ... I guess the calculators do not take into account future exchange rates between btc and $$ which would be hard to do even if it's a guestimate.

I guess the real question is - if you had the spare money would you invest in 3 x Prospero X-1 and expect to get your money back + profit?


FrankyBoyle
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November 27, 2013, 01:32:46 PM
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Thanks Frank it's helps a little ... I guess the calculators do not take into account future exchange rates between btc and $$ which would be hard to do even if it's a guestimate.

I guess the real question is - if you had the spare money would you invest in 3 x Prospero X-1 and expect to get your money back + profit?

I'm not familiar with that brand, I'm hoping to get a KNC miner when they release their next lot. I do think mining is still a viable way to make some money.

When Bitcoin was first mined, it was practically worthless: electricity + equipment would vastly outweigh profit, but look at them early adopters now. With Bitcoin having the potential to capture 5% of the FOREX market, giving it a potential value of 1000000$ per coin someday, I'm not giving up, lol.

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