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Author Topic: Anyone ever ROI'ed on their ASIC's in terms of BTC?  (Read 259 times)
Miner159
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September 25, 2018, 12:09:15 PM
Last edit: September 25, 2018, 11:37:57 PM by frodocooper
Merited by suchmoon (4)
 #1

Hello guys,

I have been talking to many miners that started mining in the last 3 years, and it seems very few people through that period managed to get more bitcoins with the purchase of their ASIC. Yes, they did make more $$, just coz the BTC price went nuts last year. Anyone that bought S9's in the last 6-7 months is basically never going to see ROI unless BTC price jumps up. IF you bet on BTC price going up, 95% of the time it is better to buy BTC instead of ASIC's.

Also, all hardware for sale on the market at the moment would never ROI in terms of Bitcoin even with 0.03$ for electricity, unless the hashrate would stop increasing (please include shipping and custom clearing costs if someone is ready to prove otherwise).

So what the f%&k is happening and why people continue to invest in mining?
Has anyone been able to get more BTC with a purchase of ASIC's, and if so, can you please provide more details of your experience?

Cheers.
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NotFuzzyWarm
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September 25, 2018, 01:26:58 PM
Last edit: September 26, 2018, 12:50:22 PM by NotFuzzyWarm
Merited by suchmoon (4), frodocooper (1)
 #2

Mining since Feb. 2014, total fiat outlay back then was $10k. Now up to 330THs, all upgrades and expansion paid for from BTC earned. I have low double-digits of BTC in reserve. Left BM long ago and getting Avalons through Canaan's US distributor Blokforge so no import/duty charges.

Please, tell me exactly how I am not getting ROI?

For bitcoin to succeed the community must police itself - Joshua Zipkin aka Joshua Alexander leaked AMT A1 miner skype chats
How a miner mfgr SHOULD operate: HaggsFIN trip to Canaan My info useful? Donations welcome! 1Fuzzyk398kDWVjuC5qPX5v6CjSkvbgAbd
-Support Sidehacks miner development. Donations to:   1BURGERAXHH6Yi6LRybRJK7ybEm5m5HwTr
Miner159
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September 25, 2018, 01:45:19 PM
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Mining since Feb. 2014, total fiat outlay back then was $10k. Now up to 330THs, all upgrades and expansion paid for from BTC earned. I have double-digits of BTC in reserve. Left BM long ago and getting Avalons through Canaan's US distributor Blokforge so no import/duty charges.

Please, tell me exactly how I am not getting ROI?

That fiat of $10K USD would have given you around 16-17 bitcoins if purchased directly without mining. Do you have more than 16-17 BTC now, and if so, is it significantly more?
NotFuzzyWarm
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September 25, 2018, 01:49:27 PM
Last edit: September 27, 2018, 01:20:04 AM by NotFuzzyWarm
 #4

Yes and again -- all expansion was paid for in BTC earned by the farm. Current total earnings on Kanopool to-date is 107.4839BTC. I've bought TV's, computers, monster UPS's, even a lathe using my earned BTC (all through Overstock.com) along with periodic cashouts for bills. Beats the hell out of just sitting on coins.

For bitcoin to succeed the community must police itself - Joshua Zipkin aka Joshua Alexander leaked AMT A1 miner skype chats
How a miner mfgr SHOULD operate: HaggsFIN trip to Canaan My info useful? Donations welcome! 1Fuzzyk398kDWVjuC5qPX5v6CjSkvbgAbd
-Support Sidehacks miner development. Donations to:   1BURGERAXHH6Yi6LRybRJK7ybEm5m5HwTr
sidehack
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September 25, 2018, 04:02:55 PM
 #5

What are you paying for power on that farm?

Also, am I the only one annoyed by how basically nobody in at least five years has used the term "ROI" correctly?

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September 26, 2018, 11:56:33 PM
Merited by NotFuzzyWarm (4)
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I'm with NotFuzzyWarm on this one - everything has been paid off, just refreshing the hardware once in a while. 2014 wasn't too good for me but 2015 was great and since then it's been up and down but overall slightly up. There have certainly been total duds (e.g. Antminer S7) that I shouldn't have bought but then again, knowing what I know now I should have sold my house in 2015 and put everything into Bitcoin...

NotFuzzyWarm
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September 27, 2018, 01:10:50 AM
Last edit: September 27, 2018, 06:49:21 PM by NotFuzzyWarm
Merited by frodocooper (1)
 #7

Exactly. A lot of my success has been due to timing of when I entered mining, slow and steady growth of the farm through upgrades/expansion up to my power available limit. That fixed power limit means that there are long periods of time, well, up to a few months at a time, where the BTC is not being spent and just accumulates Cheesy Making purchases paid in BTC I try to time when the exchange is high, same for when I sell.

If you are in the mining biz to make 'a quick buck' you need to seriously rethink things. Mining is a business with results measured over many months and for a true picture, over more than just 1 year.

For bitcoin to succeed the community must police itself - Joshua Zipkin aka Joshua Alexander leaked AMT A1 miner skype chats
How a miner mfgr SHOULD operate: HaggsFIN trip to Canaan My info useful? Donations welcome! 1Fuzzyk398kDWVjuC5qPX5v6CjSkvbgAbd
-Support Sidehacks miner development. Donations to:   1BURGERAXHH6Yi6LRybRJK7ybEm5m5HwTr
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