Is it worth it?

[lordofthepixels]

Let me preface this with saying that I am a young bitcoin miner, which means that I don't necessarily have that much cash to throw around. I have been mining or otherwise following bitcoin for over a year now, and am thinking about getting an asic miner. I was looking at the AntMiner S1 asics and had a couple questions. I was looking at buying two AntMiner S1s and a power supply for $1000 (suing all of my money) and mining with them overclocked to 200 each. I know that when I plug all the data into a mining calculator ( http://www.bitcoinx.com/profit/ to be precise) that it says I will break even in about 78 days. I was just wondering if there are any hidden problems (aside from bitcoins fluctuation in value) that would prevent me from making my money back. Any response is greatly appreciated, and I thank you for your time. May the blocks be ever in your favor!

[precrime3]

Let me preface this with saying that I am a young bitcoin miner, which means that I don't necessarily have that much cash to throw around. I have been mining or otherwise following bitcoin for over a year now, and am thinking about getting an asic miner. I was looking at the AntMiner S1 asics and had a couple questions. I was looking at buying two AntMiner S1s and a power supply for $1000 (suing all of my money) and mining with them overclocked to 200 each. I know that when I plug all the data into a mining calculator ( http://www.bitcoinx.com/profit/ to be precise) that it says I will break even in about 78 days. I was just wondering if there are any hidden problems (aside from bitcoins fluctuation in value) that would prevent me from making my money back. Any response is greatly appreciated, and I thank you for your time. May the blocks be ever in your favor!

Difficulty rising basically by 15% every 14 days? Better off:

A. Buying coins (especially now, BTC is in the gutter)
B. Investing the money into securities such as PETA, or Bit. Mine
C. Leasing your rigs such as like : http://leaserig.net/index.jsp

[lordofthepixels]

I guess there is just a certain allure to owning your own miner, and having total control of a physical piece of hardware. I have see different cloud mining websites, and was wondering if https://cex.io/ is a decent one.

[precrime3]

I guess there is just a certain allure to owning your own miner, and having total control of a physical piece of hardware. I have see different cloud mining websites, and was wondering if https://cex.io/ is a decent one.

All cloud mining sites IMO are more expensive than purchasing "shares" of hash. If the premium of cloud hashing justifies less hash/$, not paying for electricity, no noise or heat, etc... Be my guest. But yeah I guess there is an allure to being able to say "yeah im a miner, look at my cool ASICS".

[lordofthepixels]

I guess the best question that I can ask then is what do you personally use?

[xstr8guy]

I guess there is just a certain allure to owning your own miner, and having total control of a physical piece of hardware. I have see different cloud mining websites, and was wondering if https://cex.io/ is a decent one.

All cloud mining sites IMO are more expensive than purchasing "shares" of hash. If the premium of cloud hashing justifies less hash/$, not paying for electricity, no noise or heat, etc... Be my guest. But yeah I guess there is an allure to being able to say "yeah im a miner, look at my cool ASICS".

PBMining is now priced lower per GHs than any currently available or hardware ASIC... 0.0064 BTC/GHs or $2.92/GHs (current exchange rate at time of post).

[precrime3]

Been seeing threads of if pbminer is legit... Looks like legit but idk, will wait for more feedback. 5 year contracts seem misleading unless you can add hash, as we all know of the dreaded difficulty increase xD

[xstr8guy]

Been seeing threads of if pbminer is legit... Looks like legit but idk, will wait for more feedback. 5 year contracts seem misleading unless you can add hash, as we all know of the dreaded difficulty increase xD

You can add hash anytime as long as they have GHs in stock.  They sell out frequently but you don't usually have to wait for more than a couple of days until they add more.

[precrime3]

Been seeing threads of if pbminer is legit... Looks like legit but idk, will wait for more feedback. 5 year contracts seem misleading unless you can add hash, as we all know of the dreaded difficulty increase xD

You can add hash anytime as long as they have GHs in stock.  They sell out frequently but you don't usually have to wait for more than a couple of days until they add more.

Oh okay. Then like your sig, cloud mining is finally cheaper than hardware! Wow, thats quite a game-changer, won't have to wait on preorders!

[precrime3]

wait actually hangon.....

Take the antminer s1 at .893 BTC
Even if you added another .1btc for PSU

btc/hash (.993/180) <-- (thats at stock speeds, reliably get 200 gh/s)

0.00551666666666666666666666666667 lower than your .0064.
Also if OC'ed

btc/hash(.993/200)
Even lower at: 0.004965

[xstr8guy]

wait actually hangon.....

Take the antminer s1 at .893 BTC
Even if you added another .1btc for PSU

btc/hash (.993/180) <-- (thats at stock speeds, reliably get 200 gh/s)

0.00551666666666666666666666666667 lower than your .0064.
Also if OC'ed

btc/hash(.993/200)
Even lower at: 0.004965

With PBMining you don't pay for electricity.  But you also don't have a device that you can sell in a few months to make some of your investment back.

And on the other hand, aren't BitMain currently sold out of S1 and S2?

But anyways, it is a close race right now.  And I have horses running in a lot of races.  I do own several PBmining contracts, 3 S1's and a batch two S2 preorder, KNC Neptune CA batch preorder a couple of Monarchs orders (don't ask!, lol) and a bunch of other ASICs currently mining away in my house.

[precrime3]

Well:

antminer : https://tradeblock.com/mining/a/8103c0608a
pb mining = 200 gh/s : https://tradeblock.com/mining/a/a9ff4013c3

84 vs 93 break even period.... So yeah pretty close I guess. And there's plenty of people that buy antminer's. Just ask ebay

[nuff]

2 factors:

Difficulty
 - changes every 10 days or so, so it's actually going to be more than 78 days, but for the sake of simplicity just add about 20% more days to breakeven ROI every 10 days, assuming;
 
Price
 -stays the same; if rise you breakeven faster; if fall it's gonna take longer


Worth it or not, you be your best judge

[precrime3]

That's a new move right there, estimating break even with fiat. ALWAYS compare it to how much btc it costs and how much it will mine.... Fiat prices will just screw you over

[ChuckBuck]

Get the Antminers, mine for a month or so, then sell the Ants on Ebay.  Boom, profit!