Block erupters absolutely waste of money now?

[lif3]

so in the future(2050), bitcoin mining will be a hobby for the rich? um...that will be a sad thing...

[sssubito]

2050??? No need to step so far into future. Who knows how the race goes on in 2014/2015?

Best case would be that some kind of saturation accurs and difficulty turns into linear growth but that's very optimistical. I agree it's sad that one needs quite a lot of GH/s for reasonable mining.

[Mondy]

Mining is a waste of money now,
dont do it

[Sniperdude]

Mining is a waste of money now,
dont do it

that's not 100% true. If you mine an Alt coin like say beta coins or something easy and it takes off it might be worth it.

Right now I am mining Beta coins (BET) not worth too much but with one 333 Mhs erupter ive gotten about 5 in 1 day.

[Itun]

Mining is a waste of money now,
dont do it

that's not 100% true. If you mine an Alt coin like say beta coins or something easy and it takes off it might be worth it.

Right now I am mining Beta coins (BET) not worth too much but with one 333 Mhs erupter ive gotten about 5 in 1 day.

Yeah, but it's a game of chance.

If the alt coin does not get popular, you wasted time and money.

[dustofdeath]

bitcoin was a game of chance aswell.

You cant expec the coins to be easy to mine and cost 1000$ instantly.

[Wendigo]

I decided to buy cloud hashing power at Cex rather than buy obsolete hardware that will have no value whatsoever in 2014.

[hunnaryb]

2050??? No need to step so far into future. Who knows how the race goes on in 2014/2015?

Best case would be that some kind of saturation accurs and difficulty turns into linear growth but that's very optimistical. I agree it's sad that one needs quite a lot of GH/s for reasonable mining.

Not at all, if the miner is cheap and power effecient, you can mine profitably very long. I waiting for 2014 if the miners will be cheap finally, so far very expensive for small piece of hardware...

[niothor]

Mining is a waste of money now,
dont do it

If mining is a waste of money , Why do people still mine?
Maybe because it's profitable?

[niothor]

I decided to buy cloud hashing power at Cex rather than buy obsolete hardware that will have no value whatsoever in 2014.

And you Gh will be worthless with a difficulty increase that will happen very soon. Hf is supposed to start shipping also BA.

[niothor]

2050??? No need to step so far into future. Who knows how the race goes on in 2014/2015?

Best case would be that some kind of saturation accurs and difficulty turns into linear growth but that's very optimistical. I agree it's sad that one needs quite a lot of GH/s for reasonable mining.

Not at all, if the miner is cheap and power effecient, you can mine profitably very long. I waiting for 2014 if the miners will be cheap finally, so far very expensive for small piece of hardware...

Why will the miners be cheap? Any reason for it?
Miners will have their price based on the cost of manufacturing and also on the return they can get.
I see no reasons right now for cheap miners with 25000usd reward every 10 minutes.

[Forexperiments]

There's people renting a block erupter mining for just a week on ebay, and the average auction price is around $20
Crazy

[niothor]

There's people renting a block erupter mining for just a week on ebay, and the average auction price is around $20
Crazy

Well , I can sell you 1 satoshi for 20$. I'm not the crazy one. The crazy one is the person that would pay such an amount.
And there are both stupid and crazy people on ebay.

[ignesandros]

Anyone tried to get a mining contract from Butterfly Labs? It was supposed to kick in at the end of November and still hasn't. Looks like sometime Q1, 2014 now.

[Forexperiments]

And there are both stupid and crazy people on ebay.

I meant, the crazy ones are the one that are betting on ebay to raise the auction for such an high price

[dustofdeath]

in case of cex.. the  ghs you buy may become  less  valuable when mining... but you can actually  sell it back to the system. Unlike  buyign  for exampel 3 block erupters for 3x the price  that basically noone wants to buy when they are not effective.

[Wendigo]

I am with Cex.io and having fun with it for now plus it's like an exchange and you can sell your shares back.

I don't think you could sell back what you buy with Butterfly Labs

[tierbrave]

like the usb block erupter?

[tescomatty]

Anyone tried to get a mining contract from Butterfly Labs? It was supposed to kick in at the end of November and still hasn't. Looks like sometime Q1, 2014 now.

What a surprise. Mining contracts are bad, bot this and Cex.io as well. You cant mine the BTC back...

[PenAndPaper]

I decided to buy cloud hashing power at Cex rather than buy obsolete hardware that will have no value whatsoever in 2014.

And how exactly buying hashing power over at Cex is any better? Do you have any numbers to back this up?