Bitmain Bitcoin mining equipment is expensive

[franky1]

The mining equipment is nice, however, it is still expensive. Which means a lot of normal people are not going to be participating in the network which is a large vision for bitcoin and other decentralized systems.

GPU mining is the most expensive
think about how many motherboards, PSU's and GPU's you would need just for 1 terrahash..
think of the power requirements

[1715667320]

1715667320

[1715667320]

1715667320

[1715667320]

1715667320

[1715667320]

1715667320

[Huskarls]

With the high cost of mining equipment, it can be ascertained that it will provide excellent quality too. whether it's durability or the potential of mining results. But I don't think it will give a satisfactory difference if we compare it to the current market conditions

[kucritt]

bitmain is a good institution, they sell mining rig and anything else, we know that bitmain is  the most  popular store that sell the ant miner, and i think it is good, nothing wrong with bitmain, if you think that antminer expensive, you should know about the benefit if you have the antminer

[xWolfx]

Honestly I don't know much about bitcoin or cryptocurrency mining in general, the most important factor is the price of electricity.

I'm not a miner and this is logic once you see that miners are expensive, maybe you won't buy it, but maybe the quality of mining equipment is better than others because Mining is a very expensive way to get or get bitcoin or altcoin. 

Oh yeah it is. Especially because it requires a lot of technical knowledge to set up and maintain.

And besides the price of electricity, there is also the fact that you really need to have it under ideal conditions or they won't last long at all. Then you can change it, when it is done with it's useful life or you're out of space for a newer one.

However, the disclaimer here is that mining is not for people who don't know what they're doing and doing it in a house it's a lot more expensive. Depending on the country.

[TimtheYoutuber]

Who else thinks bitmain is expensive? if you havent already check out the 1-minute video.

[DreamStage]

If you know how good Bitmain and his technology is you shouldn't be worried about the price.
It's worth as much it's mining capabilities provides to you. Sure there are cheaper hardwares that will do the same at small price.
But the reliability and the production are even comparable?

[oriontab]

In relative terms ,I don't think they are (the bitcoin basic miners),when the market is bullish and you have a cheap source of power,it doesn't take long to get an ROI.It was about 45 days during the last bull run (S9 miners) ( I understand that the mining difficulty has gone up)

[TimtheYoutuber]

If you know how good Bitmain and his technology is you shouldn't be worried about the price.
It's worth as much it's mining capabilities provides to you. Sure there are cheaper hardwares that will do the same at small price.
But the reliability and the production are even comparable?

When you are mining, price means everything. Mining is a business for a lot of people, you dont typically buy a $1000 machine for the fun of watching it turn on.

[jak3]

Bitmain is not new and they were selling mining equipment for more than 2-3 years. so why people started discussing them like there is some new website popped on the internet. There mining equipment cost is fairly good as they are not taking high profits and yet their products have awesome quality (personally used).

[TimtheYoutuber]

Bitmain is not new and they were selling mining equipment for more than 2-3 years. so why people started discussing them like there is some new website popped on the internet. There mining equipment cost is fairly good as they are not taking high profits and yet their products have awesome quality (personally used).

No one is discussing them as if they are new, I am just saying that it is too expensive. The products themselves are actually very expensive with the current prices of cryptocurrency in mind.

[Adriano2010]

I also think is expensive but people can try to buy it if they make calculation before to see if they can make a profit every month after they pay electricity, because maybe can take a lot of time to get ROI and also difficulty of mining grow.

[TimtheYoutuber]

I also think is expensive but people can try to buy it if they make calculation before to see if they can make a profit every month after they pay electricity, because maybe can take a lot of time to get ROI and also difficulty of mining grow.

This is true, some other solutions are coming to light now though so it will be interesting to see where Bitmain is in 5 years.

[TimtheYoutuber]

I'm thinking about getting into the mining industry, however, I won't be using Bitmain. What do you guys think? Is it a good time to enter right now?

[franky1]

the equipment is not the issue. its the electricity price. if you cannot get access to facilities that offer sub 5cent electric, there is no point competing. your only best chance in higher cost area's is to altcoin farm and then convert to bitcoin. but the volatility of the exchange rates of altcoins then become a major consideration and alot of altcoin hopping (changing networks often) become essential

[pixie85]

This is more of a scene that would be in a full episode of a cryptocurrency cartoon. But what do you guys think about it? Do you think Bitmain or mining equipment in general costs too much?

Nope but mining equipment has really always had a more expensive option out there. I remember the knc titans for scrypt mining back in the day and the expensive bitfury machines.

I think the bitfury machines were 110 gigahash/s for $90,000 a machine. (Maybe they were $50k each, I can't remember)

It really doesn't matter. Even if you overpaid for mining equipment at that time you made a lot of money. People were selling miners in 2015 because they thought it was no longer worth it with Bitcoin at 400 dollars and less and now they see how wrong they were.

Bitcoin mining is no longer for a normal hobbyist. If you can't afford a big warehouse full of miners and cheap power don't think about it.

[TimtheYoutuber]

Im bringing this back because I am seeing a lot of conversation on buying mining equipment to start making passive income.



I think for most people they see bitcoin mining as "free money". However, its almost always nonprofitable unless you have the perfect operation with older equipment that is expensed, and have cheap electricity/labor.

You're better off just investing in Bitcoin and then selling if it goes up for a profit, instead of mining bitcoin and getting liquidated when the price doesn't skyrocket.

[pikkie]

Im bringing this back because I am seeing a lot of conversation on buying mining equipment to start making passive income.



I think for most people they see bitcoin mining as "free money". However, its almost always nonprofitable unless you have the perfect operation with older equipment that is expensed, and have cheap electricity/labor.

You're better off just investing in Bitcoin and then selling if it goes up for a profit, instead of mining bitcoin and getting liquidated when the price doesn't skyrocket.

although they buy a lot of tools to do bitcoin mining but I see the level of difficulty to get results from mining will be less while the electricity needed is also very high so I think to be able to get profit or return on investment will be very long, better with a capital of money the same you can trade and buy bitcoin at the exchange so that the profits will be faster than mining and no longer think about the cost of electricity and maintenance of mining equipment.

[xvids]

I am not a miner but here is my point of view,
Yes Bitcoin mining equipment is expensive but it would be worth it for the long run specially if your country electricity is cheap.
But don't expect too much from it because the ROI would really take sometime but if you would think about it after you gain back what you have invested all the following mined BTC would be your profit.
Just think about how long you would use the mining equipment after you've gained back what you invested or buy some more to have a faster profit from it.
We couldn't say that it would be for a life long equipment but for sure it would be for a long time so for me it would be worth it only if you aren't going to quit on crypto.

[elenag1242]

it is basically absence of rivalry that causes this. a year ago in spite of the drops we saw an excellent deal of enthusiasm from various organizations in numerous nations like Japan show plenty of enthusiasm for stepping into creating bitcoin mining hardware. at that time out of the blue a social show began about bitcoin's vitality waste and alter to POS which can have even frightened a number of them away. also, that's the thing that we get due to it...

what we'd like isn't kidding support of others to urge in ASIC creation which will improve everything from cost and quality to decentralization which may be a higher priority than all else.