opentoe (OP)
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Personal text my ass....
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July 05, 2014, 02:44:35 AM |
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Let's say I'm at a point where all my mining hardware is paid off already and any new bitcoins I make is just profit going forward. Lets say some of you long time miners are in this situation. Now you are looking around to buy some new hardware. Nothing big, just something to keep you busy. Lets just say you can get a 1TH/S rig for a decent price and have it by next week. Of course the machine will never ROI or break even as they say but you are adding it to your current hashing power and if you take all that hashing power eventually that new rig will break even. Do some of you guys do that? Rely of your current hashing power to pay off new hardware that you buy and may have trouble breaking even?
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RoadStress
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July 05, 2014, 03:47:07 AM |
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Rely of your current hashing power to pay off new hardware that you buy and may have trouble breaking even?
I have been doing that. |
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opentoe (OP)
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Personal text my ass....
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July 05, 2014, 04:22:45 AM |
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Rely of your current hashing power to pay off new hardware that you buy and may have trouble breaking even?
I have been doing that. Thanks for answering. I was interested in the mentality of it all since it is such a crazy ass business. I was thinking of getting an S2, but for $1700 that's pretty damn expensive and by itself it will never ROI, but it will if I use my current hashing power. Not sure if I wanna run one from home, since it is another 1000watts. |
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RoadStress
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July 05, 2014, 06:20:35 AM |
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Rely of your current hashing power to pay off new hardware that you buy and may have trouble breaking even?
I have been doing that. Thanks for answering. I was interested in the mentality of it all since it is such a crazy ass business. I was thinking of getting an S2, but for $1700 that's pretty damn expensive and by itself it will never ROI, but it will if I use my current hashing power. Not sure if I wanna run one from home, since it is another 1000watts. That's my view. Others may not agree with it. But I wouldn't buy anything with 1W/GH (and higher) right now. Must get better efficiency. |
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brian_23452
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July 05, 2014, 06:40:14 AM |
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Let's say I'm at a point where all my mining hardware is paid off already and any new bitcoins I make is just profit going forward. Lets say some of you long time miners are in this situation. Now you are looking around to buy some new hardware. Nothing big, just something to keep you busy. Lets just say you can get a 1TH/S rig for a decent price and have it by next week. Of course the machine will never ROI or break even as they say but you are adding it to your current hashing power and if you take all that hashing power eventually that new rig will break even. Do some of you guys do that? Rely of your current hashing power to pay off new hardware that you buy and may have trouble breaking even?
That's kind of a weird way of looking at it. A machine either mines more then it costs, or it mines less than it costs. Where you originally got the money doesn't change that. |
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ALToids
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July 05, 2014, 07:22:47 AM |
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Let's say I'm at a point where all my mining hardware is paid off already and any new bitcoins I make is just profit going forward. Lets say some of you long time miners are in this situation. Now you are looking around to buy some new hardware. Nothing big, just something to keep you busy. Lets just say you can get a 1TH/S rig for a decent price and have it by next week. Of course the machine will never ROI or break even as they say but you are adding it to your current hashing power and if you take all that hashing power eventually that new rig will break even. Do some of you guys do that? Rely of your current hashing power to pay off new hardware that you buy and may have trouble breaking even?
What you would be doing then is killing your previous profit by wasting it on a losing endeavor with the current generation of miners. I would just take my profit and sit on it. The only reason somebody would want to mine for a loss is if they're bored or want to help decentralize. |
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opentoe (OP)
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Activity: 1274
Merit: 1000
Personal text my ass....
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July 05, 2014, 06:36:58 PM |
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While the new rig will eat a little into current profits it won't deplete them. Then after your current hashing power has paid for the new rig you'll be hashing more power and getting a quicker return, replenishing those lost profits. Several ways to look at it I guess. Didn't want to start a debate, but just how other miners mentally figure out if it's worth to buy a new rig or not. I'm pretty sure there are lots of miners here that have bought gear knowing it would never ROI, but with the help of their current hashing power overlook that and move forward.
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ALToids
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July 05, 2014, 08:48:54 PM |
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While the new rig will eat a little into current profits it won't deplete them. Then after your current hashing power has paid for the new rig you'll be hashing more power and getting a quicker return, replenishing those lost profits. Several ways to look at it I guess. Didn't want to start a debate, but just how other miners mentally figure out if it's worth to buy a new rig or not. I'm pretty sure there are lots of miners here that have bought gear knowing it would never ROI, but with the help of their current hashing power overlook that and move forward.
I guess what you are trying to say is that miners who have made a profit in the past have enough capital to waste on buying more current miners. Yes this is true. Ultimately it is a bad decision since you are throwing away your income to the hardware vendors. |
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brian_23452
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July 05, 2014, 10:25:16 PM |
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While the new rig will eat a little into current profits it won't deplete them. Then after your current hashing power has paid for the new rig you'll be hashing more power and getting a quicker return, replenishing those lost profits. Several ways to look at it I guess. Didn't want to start a debate, but just how other miners mentally figure out if it's worth to buy a new rig or not. I'm pretty sure there are lots of miners here that have bought gear knowing it would never ROI, but with the help of their current hashing power overlook that and move forward.
There aren't really several ways to look at it at all. It's simple math, there really isn't room for opinion in the matter. If you purchase a device that mines less than it cost to purchase, you will end up with less money then if you didn't buy it at all. This should be intuitively obvious, but if not, feel free to draw up a hypothetical scenario and you will see that there is no situation where buying a machine that costs more than it mines ever results in you having more money than if you don't buy such a machine. Now obviously many people do this as a hobby or to support the network or for a bunch of reasons other than making money and will buy a machine knowing it will cost them, because they want to. That is certainly opinion. |
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Bitcoin Magazine
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July 05, 2014, 10:27:40 PM |
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i purposely mine on Slush's pool, because i don't believe giving GHash.io majority. after all they're there to scam people into buying GH/s at double the price the actual hardware costs.
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i am here.
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philipma1957
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Merit: 7863
'The right to privacy matters'
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July 05, 2014, 10:44:04 PM |
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to opentoe buying a s-2 would not make any sense. take the 1700 buy btc with it
2.7 btc then buy 2 s-3s and hold 1.2 btc
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Bitcoin Magazine
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July 05, 2014, 10:46:53 PM |
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to opentoe buying a s-2 would not make any sense. take the 1700 buy btc with it
2.7 btc then buy 2 s-3s and hold 1.2 btc
to u maybe. but i got plenty of BTC to spare, and like collecting old equipment (i have a BTCitcoin museum) |
i am here.
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