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MichaelAlbayati
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May 23, 2014, 10:10:41 PM
 #41

Hello everybody,
I'm very new to this world... as of BFL, I've read a lot of bad and sad stories about the pre-ordering and late delivery. However, I've found the BUTTERFLY LABS BFL 50 GH/s , which is almost every on the web.

Please give me advices of whether one of you guys used it or no.

Also, could some one direct me to the right place on how to do calculations?

Any advice is appreciated.

They are so old and obsolete by the next difficulty jimp theu are worhless for mining.   But you can use as a space heater.

Thank you so much for the advice, what do you suggest, what do you think I could get as a start up point?

I want to start with something small and simple so I can understand everything before I can get a more complicated system.
Small and simple: why not try a USB stick miner?

Thank you so much for all of your advices guys... Happy Mining..
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Gridseed
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July 09, 2014, 04:45:32 AM
 #42

"It's all our responsibility to behave sensibly if we want bitcoin
to flourish."------Can't agree more, thank you so much for the contribution.
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August 25, 2014, 12:42:57 PM
 #43

Put the funds to escow is good. Smiley
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March 13, 2015, 07:23:22 PM
 #44

Remember never buy anything from Black Arrow.

Dogie trust abuse, spam, bullying, conspiracy posts & insults to forum members. Ask the mods or admins to move Dogie's spam or off topic stalking posts to the link above.
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June 23, 2015, 07:10:44 PM
 #45

"It's all our responsibility to behave sensibly if we want bitcoin
to flourish."------Can't agree more, thank you so much for the contribution.



One problem. It doesn't matter anymore. Companies like KNC and BITMAIN are so far established right now. These are likely multi-million dollar companies who could give a s*** less what we think.

I was told by KNC they don't even plan on selling hardware at a consumer level anymore. They are designing new hardware and not release it to the public. Read about their new 3D chip that promises to drop electricity cost by 1000%. They don't plan on releasing that to the public. If they release a chip that is that power efficient... they will be the only name in mining.
bwstacker
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June 26, 2015, 12:31:04 AM
 #46

I have bought many bitmain S3 antminers off of ebay and have made 2.5 times what I have put in them So I disagree with mining not been profitable. Just buy used hardware that has already payed for its self.
edric
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September 06, 2015, 07:19:37 PM
 #47

I have bought many bitmain S3 antminers off of ebay and have made 2.5 times what I have put in them So I disagree with mining not been profitable. Just buy used hardware that has already payed for its self.

I've done the same thing with success but I'm wondering now if it is too late because these things are getting old and new technology is coming around the corner as well as the halving.  Anyone have an opinion on this?  Thanks.

OC19850520
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January 31, 2016, 01:04:56 AM
 #48

I have bought many bitmain S3 antminers off of ebay and have made 2.5 times what I have put in them So I disagree with mining not been profitable. Just buy used hardware that has already payed for its self.

That trend won't continue mate,
When the halving comes, all NON-MEGA miners are DOOMED!
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August 23, 2016, 02:00:27 PM
 #49

I made good $ on my BITMAIN equipment
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May 20, 2017, 06:15:24 PM
 #50

I lost money on my Bitmain and BFL gear...
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May 23, 2017, 01:22:53 PM
 #51

Mining is the process of converting energy into proof-of-work
for the purpose of establishing a tamper-resistant historical
record in Bitcoin.

While mining rewards miners with transaction fees and freshly
created coins, mining is not a magical money making process.
In theory, Mining exists in perfect competition, so mining
profitably can be difficult or even impossible.

Currently the Bitcoin system releases ~3600 BTC per day and
these coins are shared proportionally by the miners according
to their relative hashpowers. As overall hashpower increases
the return per hashpower decreases. In recent times hashpower
has been doubling every month or so.

Many mining companies engage in a practice of selling
"pre-orders" thereby shifting the substantial risks of hardware
development entirely onto their customers. The practice of
preorders also exploits ignorance about the future income
mining will yield: People compute their income as if they
had the hardware today, when it's not scheduled for delivery
until months later...

And then almost every hardware maker has missed their
scheduled deadlines. Because of the rapid growth of hashrate
a weeks delay can mean the difference between a nice profit
and a loss. Many makers have also delivered devices substantially
under spec, many others have been outright scams which have
failed to deliver anything at all.

Some of the most experienced people in Bitcoin have lost out
in these offerings, don't just assume you won't be taken.

Companies which have cost people thousands of coins that
they'll never recover are still operating with impunity,
fueled by a seemingly never ending wave of people eager
to get involved who think that mining is a lower risk
way of obtaining coins.

Hosted mining companies with immediately available hashpower
often sell it at greater than it's expected value and themselves
represent enormous consolidation risks to the Bitcoin ecosystem.

In reality, mining is risky: It's riskier than holding
bitcoins because it's comparatively illiquid, and current
mining hardware is not really useful for any other applications.
These risks are multiplied by the unreliability of hardware companies
and the uncertainty of future mining income. Keep in mind: few
companies disclose how much hardware they are selling to other
people, and many of them roll their profits into buying their
own gear at cost and mining in competition with their investor-customers.

That said— I enjoy mining and I would not discourage people
joining in. Mining is essential to the security of Bitcoin.
It's important that mining be widely distributed and especially when people
mine using P2Pool it contributes to keeping Bitcoin decentralized and secure.

Just don't rush in thinking you are going to make a ton of riskless
money. At current retail prices I doubt most hardware available will
break even unless the growth rate slows substantially, which seems
unlikely in the near term. I think the exuberance of miners has
fueled the irresponsibility in hardware companies and driven more
competent and cautious parties out of the market.

It's all our our responsibility to behave sensibly if we want bitcoin
to flourish.


Yes, I agree. Bitcoin and Mining goes hand in hand but investing and flourishing in one does not equate to flourishing in the other should one think of also investing in the same. It can go both ways, and it still highly depends on the supply and demand of Bitcoins vis-a-vis Miners. It is just so wrong to equate one after the other in all aspects. Both have their own individual risks.
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