Hello everyone, first of all I'm a short-time lurker, first time poster.
A friend of mine pointed me towards Crypto a little over a month ago, and iv been hooked ever since. but i have a question that i cannot find a clear answer too.
Is mining really as profitable as the numbers say it is?
I'm no genius by a long shot, but i know how to use a calculator, and my calculations say that spending $2500 (CAD) on 10 Grid-Seed miners will undoubtedly pay for itself in 2 months maximum.
So to be a little more clear, am I missing something important here, or is this just such a new industry that this is all still under the radar?
Better yet tell me the reason why i shouldn't spend my savings on a whack of machines. (but really do tell me why before i do it)
Anyway, thanks for your time, i love reading what everyone here has to say. The different personalities here make for an interesting forum.
Hey there, welcome. You are doing a good thing to post question. There is a section dedicated to mining but i will answer your question. My answer will assume you did your mining calculations with litecoin or possible dogecoin in mind. alright here we go:
Few things you'll need to know. You need to understand you have missed the opportunity train to mine litecoin and possibly dogecoin at a huge profit. This should means to you that right now, if you buy the gridseed you will mine for fun. not profit. You should consider it as a fun project. You will mine to collect ROI on your Gridseed equipment and might bet lucky to pay for it in few months.
Few things that are happening at this moment that you might not possible understand being that you are new at on this whole mining part. Gridseed is an ASIC that will mine only SCRYPT algorithm coins and only those. This means that you will be limited to only these type of coins. Litecoin and dogecoins are SCRYPT. At the same time, within few months more powerful ASIC equipments are coming. A 10 units gridseed asic will mine at 3-4 Megahash/sec. These new asics will mine at 125-250 Mh/s .Of course these bigger ASIC are more expensive.
What all this should mean to you if you want to mine professionally ,aka mine as much as possible to be rich? Well the cryptocurrencies blew up in these past few months and has gotten a lot of attention. A lot of people are seriously mining these SCRYPT coins and a 10 Gridseed mining units will be very small compared to the rest. Aka the gridseed is a joke compared to what is going on what kind of units are mining litecoin and dogecoin.
Could you make bank if you purchase the gridseed unit now? Yes, on small miners market.other coins that hace very low minign volume but have BTC trading volume. These are the coins that are barely surviving, new coins that show no near future or the lates thrills ---scam coins. It will be hard and a hustle but you can make more eventually if you learn how to play the game fast. The small mining coins hace a high chance to fail in near future so the big boys with a huge mining farm will not risk mining them. In those coins realm, you will have a mining unit that is average now. You're gridseed units will have less people having more power then you and you might make more coins. The trick is that you could mine a new scrypt coin at lunch and hope you are one of the few early adapters. You see at lunch a coin has a low difficulty and some one with a small hash power has a good chance to mine a lot of coin. to put in a perspective: if you had gridseed and mined dogecoin at lunch(aka very beginning when it started) you would have mine over 30 million of coin in 1 day. Now if you try to mine the same coin with the same mining unit you will barely get a few thousands a day. So you could try this trick but this one is also wearied out as a lot of people are doing it as well. If you don't understand what i mean here let me know and i can give more details
Also what to keep in mind. The introduction to these new and more powerful ASIC units might create a harder time for small time miners to mine scrypt coins. Creating a problematic desire to mine coins because of the huge ASIC miners mining vs yours. This means that the small time mining market might move to a different approach to mine different coins. Right now we have N-Scrypt and X11 algorithm coins that are trying to win over the small time miners. If they succeed then it will be harder for you to mine SCRYPT coins.
Therefore the ultimate answer. If you can afford to eventually not gain the money back then do it. And if you hustle a lot, and i mean a lot. you could possible make BTCs.
Okay i am getting distracted now. let me know if i lost you
