CALM DOWN THE FUD

[SmoothMoose]

FIRST  IM A NEWB  BE GENTLE
I don't wanna known how my "ROI will never be realized"
or "how much of a waste of time mining is"
Id like to hear, positive things  mining is the backbone of this community  speculation will only take us down a hole. Mining is what drives the price. With Mining "work" has been done allowing for people to expect to be "paid" this is, Imo , what gives bitcoin its traction with all the none hardcore nerds. This is where, Imo, btc gets its value.
Now. Id like to pose this question(s)
1 Im curious, as i do not exactly understand the difficulty, how well, 3-60/gh BFL Miners will preform?
2 Will i produce any BTC? i understand, its all risk, but do these machines currently have the capability to produce anything? NO FUD PLEASE
3 Is there some where that can calculate, how many BTC i could prospectively capture?

I live in Canada, i will be placing them in an unheated garage, creating heat for the garage and hopefully helping keep them cool
No i will not tell you the price I'm going to pay, as i know there is no $# to make the masses happy
Thanks in Advance!

[Caiapfas]

1. check out your ROI use this > alloscomp.com/bitcoin/calculator
2. yes you will make BTC when mining
3. look at number 1


do a lot of research before you invest of you will get RIPPED. The usb miners are worthless do not buy them unless they are like 5 cents each.

[bittymymitty]

You're not just limited to bitcoin, you can also mine altcoins with the same hash algo.  Use coinwarz.com/cryptocurrency to figure out which coin gives the best return, you can trade those on cryptsy or you can just collect altcoins that you believe in.

[crazyates]

People freak out about ROI because a lot of people got "burned" and effectively lost out by buying ASICs. People a year ago were spending hundreds and literally THOUSANDS of BTC on ASIC hardware. From a USD standpoint, the exchange rate was much lower, and they got their money's worth, but from a BTC standpoint, it was a loss. At the time, BTC wasn't worth $900+ like it is today; it was only like $10. Spending BTC100 on an ASIC was nothing! People were spending BTC5,000 on a BFL MR!

From a USD standpoint, you could see it as spending $30,000 (in BTC) to buy a BFL MR that would end up mining much more than that (in USD) back. But it will never mine the 5,000 BTC it cost to purchase that, so they would have been better off holding onto the 5,000 BTC and selling them later.

I myself spend hundreds of BTC pre-ordering ASICs. I've more than gotten my USD amount back, but If I had held onto them, rather than buying, I could have cashed out on a quarter million (not joking).

Now you see why people freak out about ROI?

[SmoothMoose]

Wow. I never thought about that. Thats a crazy situation. Im not goin to chide you with
Some lame, feel better saying. Thats balls. But. At least i understand some of the sentiment. Thank you for sharing that.

[raskul]

I agree.
I mine because i enjoy the buzz, and i'm part of something worthwhile. And of course, there is potential gain.

I don't think about my past miner purchases in BTC, it certainly would depress me to think how much i 'could have had' if i'd just held onto my BTC. However, as miners, we are all advocates for a new currency, a currency which we want mainstream, and a currency which we want to be able to use in every marketplace we can. All of my businesses accept bitcoins as payment for the various services I provide...

So to whinge and moan about how much (USD/GBP et al) one might have lost, for some, is hypocritical, if i had saved (i'm not a big saver) all my BTC's i may have been able to afford an apartment in Edinburgh's old town, however, I've spent BTC's in the past and I got what I paid for at the time. It's the same as any trading indice - you get what you pay for at the time of trading; how difficult is this concept to grasp?

fudders just don't want any more miners because more miners = higher difficulty

KEEP MINING!

[SmoothMoose]

Ha. Got scooped on my bfls. Now unsure. Want to pay cash.
Cant seem to find any in hand where im at. Frustrated

[Unacceptable]

Here ya go,some future diffs:

1759080000=12000TH

2052260000=14000TH

2345440000=16000TH

2931800000=20000TH

146590 x whatever network hashrate you think of=the diff of that hashrate    Not exact,but close enough for me.

& a calc:

http://www.alloscomp.com/bitcoin/calculator

Be smart about what you buy,newer devices (28nm) coming means they have lower power consumption & will cost less to run & make more BTC later  

BlackArrow,Bitmine are still to ship,but have the best power to hashrate ratio's.

Right now Bitfury are the best,but Megabigpower is overpriced IMO.

Good luck...Oh & READ the custom hardware section & ASK questions  

[raskul]

Good luck...Oh & READ the custom hardware section & ASK questions 

yup... customise your own! you'll be running QUIETER (this is important to me the missus) with less power (this is also important to the missus)

 

[crazyates]

Wow. I never thought about that. Thats a crazy situation. Im not goin to chide you with
Some lame, feel better saying. Thats balls. But. At least i understand some of the sentiment. Thank you for sharing that.

Haha it's NP. I'm not actually pissed or depressed, I'm just saying it could have happened.

I don't think about my past miner purchases in BTC, it certainly would depress me to think how much i 'could have had' if i'd just held onto my BTC.

Exactly. I've had fun the past 2 years I've been mining. I've learned a lot. I've made enough money to pay off all my student loans, so I'm officially debt free (besides reoccuring monthly bills, I don't owe a cent no anyone). Overall I'm happy. And yes, I do believe it is the future, so I will keep supporting it and advertising it to my friends, and getting them involved!

[Bismarckbkk]

The problem with asic miners is that theyre so expensive that most people cant afford to buy a machine to begin with even if theyre ready to take a loss.

Eventually the mining power will centralize into fewer and fewer hands. I dont know what that means for bitcoin but it doesnt seem like its supposed to be that way.

Should mining be a speculative venture or an investment into a decentralized currecny?