Newbie question about 1 TH/s bitmine

[beaumoa]

Hi

I'm new to the forums and bitcoin

im wanting to have a go at mining and seen this rig

ive looked at calculators to see if i can make anything with it for £1600 but im lost, some sites say these are good till 2015 and others say they wont mine anything
i want to make my money back and earn enough to upgrade soon

link to rig on http://www.ebay.co.uk/itm/1150GHS-1-1THS-BITCOIN-ASIC-MINER-BITMINE-IN-HAND-U-K-VAT-PAID-/181430412925?pt=LH_DefaultDomain_3&hash=item2a3e18667d

thanks

[devthedev]

You likely won't have a return on your investment for a little while with the rig. (About a year).
If you're in it just for the profit, check out Scrypt rigs. They can ROI in as little as 80 days.

[Pkofet]

I don't think you can make your money back with it, unless you have very cheap electricity or bitcoin mining difficulty increases at a very slow pace.

[beaumoa]

what are Scrypt rigs

[Pkofet]

what are Scrypt rigs

Scrypt mining rigs = scrypt miners such as GPU and scrypt ASICs

[ShakyhandsBTCer]

what are Scrypt rigs

Scrypt is a different algo that is used by alt-coins (LTC is a major one).

It is significantly inferior to SHA-256

[BTC_Fundamentals]

Scrypt and x11/x13 coin rigs are profitable and will be, especially x11/x13 coin rigs, as they are asic proof, atleast for now.
BTC mining is only for big pockets now.

[Lieji]

what are Scrypt rigs

Scrypt is a different algo that is used by alt-coins (LTC is a major one).

It is significantly inferior to SHA-256

If you are talking about the two hash functions, I don't see how sha256 is superior and scrypt is significantly inferior.

[ranochigo]

Scrypt and x11/x13 coin rigs are profitable and will be, especially x11/x13 coin rigs, as they are asic proof, atleast for now.
BTC mining is only for big pockets now.

Scrypt wouldn't be profitable for a long time. Better ASICs are designed at a fast rate, plus you have to consider about the heat produced , electrical fees and the difficulty increase.

[debuni]

Check this calculator:

https://tradeblock.com/mining/

It include future diff raising and other factors. For me it's one of the most realistic ones.

In general, you will not be able to make a good profit.

[ShakyhandsBTCer]

what are Scrypt rigs

Scrypt is a different algo that is used by alt-coins (LTC is a major one).

It is significantly inferior to SHA-256

If you are talking about the two hash functions, I don't see how sha256 is superior and scrypt is significantly inferior.

The reason I would consider SHA256 to be superior as of now would be due to the network size.

The bitcoin network (uses SHA) is many times larger then the LTC network (uses scrypt) and is thus more secure.

Granted this is only true as of now and is subject to change.

That is just my non-technical cents/explination

[AuroraHF]

SHA256 ASICs are hard to make a ROI these days. I suggest purchasing a scrypt miner instead.

Check out gawminers!

[ranochigo]

SHA256 ASICs are hard to make a ROI these days. I suggest purchasing a scrypt miner instead.

Check out gawminers!

Since KNC, is coming out soon, even scrypt might be difficult to roi depending on shipping times. Better asics are also coming out to the market.

[AuroraHF]

SHA256 ASICs are hard to make a ROI these days. I suggest purchasing a scrypt miner instead.

Check out gawminers!

Since KNC, is coming out soon, even scrypt might be difficult to roi depending on shipping times. Better asics are also coming out to the market.

True, true. But right now the ROI is really low and GAWminers are shipping soon.

[PangPang]

SHA256 ASICs are hard to make a ROI these days. I suggest purchasing a scrypt miner instead.

Check out gawminers!

Since KNC, is coming out soon, even scrypt might be difficult to roi depending on shipping times. Better asics are also coming out to the market.

True, true. But right now the ROI is really low and GAWminers are shipping soon.

The scrypt mining world will have a big change soon, considering KnC will ship the Titan as scheduled in Q3 with 400 MH/s.
http://www.coindesk.com/kncminer-titan-deliver-400-tape-out/

[ShakyhandsBTCer]

SHA256 ASICs are hard to make a ROI these days. I suggest purchasing a scrypt miner instead.

Check out gawminers!

Since KNC, is coming out soon, even scrypt might be difficult to roi depending on shipping times. Better asics are also coming out to the market.

True, true. But right now the ROI is really low and GAWminers are shipping soon.

ROI is going to plummet with the advent of ASICs comming to scrypt mining.

[Shogen]

SHA256 ASICs are hard to make a ROI these days. I suggest purchasing a scrypt miner instead.

Check out gawminers!

Since KNC, is coming out soon, even scrypt might be difficult to roi depending on shipping times. Better asics are also coming out to the market.

True, true. But right now the ROI is really low and GAWminers are shipping soon.

ROI is going to plummet with the advent of ASICs comming to scrypt mining.

Yup, we will see a rapid rising in difficulty of litecoin (and doge and other scrypt coins) when the ASICs are shipped.

[FeodoroAndy]

There is other algorithm coins to make, not only sha-256, scrypt.

[ShakyhandsBTCer]

SHA256 ASICs are hard to make a ROI these days. I suggest purchasing a scrypt miner instead.

Check out gawminers!

Since KNC, is coming out soon, even scrypt might be difficult to roi depending on shipping times. Better asics are also coming out to the market.

True, true. But right now the ROI is really low and GAWminers are shipping soon.

ROI is going to plummet with the advent of ASICs comming to scrypt mining.

Yup, we will see a rapid rising in difficulty of litecoin (and doge and other scrypt coins) when the ASICs are shipped.

This is a good example of why it is difficult to ROI with mining as it is difficult to predict the future of mining technology.

[Nagato4]

SHA256 ASICs are hard to make a ROI these days. I suggest purchasing a scrypt miner instead.

Check out gawminers!

Since KNC, is coming out soon, even scrypt might be difficult to roi depending on shipping times. Better asics are also coming out to the market.

True, true. But right now the ROI is really low and GAWminers are shipping soon.

ROI is going to plummet with the advent of ASICs comming to scrypt mining.

Yup, we will see a rapid rising in difficulty of litecoin (and doge and other scrypt coins) when the ASICs are shipped.

This is a good example of why it is difficult to ROI with mining as it is difficult to predict the future of mining technology.

The 400MH/s KnC titan will be shipped in Q3 (http://www.coindesk.com/kncminer-titan-deliver-400-tape-out/) while the 500MH/s GAW Vaultbreaker will go live in Q3/Q4 (http://www.gawminers.com/products/hosted-pre-order-batch-1-the-vaultbreaker-500-mh-s-asic-scrypt-miner/).
It is really hard to estimate how the litecoin difficulty will evolve 3 months later.