timk225 (OP)
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July 05, 2014, 03:12:35 PM |
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I have been watching people throw money down a bottomless pit for a year now, by continuing to buy ASICs.
Through greed, inability to math, and just plain believing the hype, ASIC makers are making a fortune, and people are setting up ASIC miners at home, and hoping for an ROI that never happens, much less a profit.
Are any ASIC miners making a profit these days? I am willing to bet the answer is no. And if any are making a profit, I am sure it is nowhere near what you hoped for.
So tell me, if you knew then what you know now, and after comparing the amount of mining money you have now to what you had before you placed your ASIC order, would you still buy it?
I'll bet most of you would not have bought the ASICs, and would have either stuck to GPU mining BTC or Scrypt coins.
With your greed and mindless buying of SHA-256 ASICs, look at what you have done to Bitcoin mining. You have utterly destroyed it. The difficulty has gone so high that you have to invest thousands of dollars to even have a slim chance at ROI, and as more greedy miners come after you and buy more ASICs and drive the difficulty higher and higher, now by BILLIONS every 12 days or so, your chance for ROI is eliminated.
BTC price has been fairly stable in the $400-$650 range for most of this year. I know, you are saying it could go up, but it can also go down just as easily. Even if BTC went to $2000, how many of you would make enough of a profit that all the expense and hassle and waiting and hoping was worth it?
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enhu
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July 05, 2014, 03:27:12 PM |
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Sure I'm not one of them but I'm about to buy an antminer in hopes to gain. should i buy or not?
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elrapido
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July 05, 2014, 03:37:56 PM |
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Ordered 4 Jally's in June 2013 totalling 1096 USD. Could 've bought 8 BTC for that, which would now be worth over 5000 USD.
Think the little shits have mined maybe 0.5 BTC (bad power supplies, cubes going 'dead' or 'sick' all the time)...not sure exactly, as some of it was other SHA coins. So unless BTC suddenly becomes 15x more valuable, no. I will not buy ASICs again and wish I never had.
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timk225 (OP)
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July 05, 2014, 03:38:37 PM |
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enhu - If you are really that stupid that you would even think to ask this question, then yes, you should go ahead and buy ten antminers.
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7queue
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July 05, 2014, 04:46:25 PM |
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I have been watching people throw money down a bottomless pit for a year now, by continuing to buy ASICs.
Through greed, inability to math, and just plain believing the hype, ASIC makers are making a fortune, and people are setting up ASIC miners at home, and hoping for an ROI that never happens, much less a profit.
Are any ASIC miners making a profit these days? I am willing to bet the answer is no. And if any are making a profit, I am sure it is nowhere near what you hoped for.
So tell me, if you knew then what you know now, and after comparing the amount of mining money you have now to what you had before you placed your ASIC order, would you still buy it?
I'll bet most of you would not have bought the ASICs, and would have either stuck to GPU mining BTC or Scrypt coins.
With your greed and mindless buying of SHA-256 ASICs, look at what you have done to Bitcoin mining. You have utterly destroyed it. The difficulty has gone so high that you have to invest thousands of dollars to even have a slim chance at ROI, and as more greedy miners come after you and buy more ASICs and drive the difficulty higher and higher, now by BILLIONS every 12 days or so, your chance for ROI is eliminated.
BTC price has been fairly stable in the $400-$650 range for most of this year. I know, you are saying it could go up, but it can also go down just as easily. Even if BTC went to $2000, how many of you would make enough of a profit that all the expense and hassle and waiting and hoping was worth it?
I wonder what the very long term effect this has on the health of this ecosystem, once the shortsightedness wears off from any block rewards that is and only transaction fees are processed. Seems like the terms used came from a slick marketing campaign, very ingenious I would have to say. Bitcoin/bitcoin to me is not a store of value but a means to transmit/move value around. The ASICs I bought will never ROI, I knew that when I bought them. I wanted to learn how this all worked at a very deep level. The only thing I see distributed about this whole process is the Ledger, all other aspects are centralizing. I got in when BTC was in the cents range with FRN/USD and know what a debt based monetary system is. Will I buy more ASICs? Sure since this is a hobby to me, more blinking lights! I combine this hobby with experimentation with apparatus you can find on PESWiki and at local Maker meetups. On that site you will find a startup venture with a process for making gold, was only a mater of time since we can already make just about anything else. 8 )
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8 )
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galbros
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July 05, 2014, 05:19:03 PM |
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Ordered 4 Jally's in June 2013 totalling 1096 USD. Could 've bought 8 BTC for that, which would now be worth over 5000 USD.
Think the little shits have mined maybe 0.5 BTC (bad power supplies, cubes going 'dead' or 'sick' all the time)...not sure exactly, as some of it was other SHA coins. So unless BTC suddenly becomes 15x more valuable, no. I will not buy ASICs again and wish I never had.
I think this post really underlines that in today's environment mining is simply buying bitcoins a different way. It was one thing a couple of years ago when you could just point your gaming GPU at bitcoins and make some extra money. But with the rise of ASICS those days are all gone. By mining I guess your coins are also a bit more anonymous but you are still basically relying on a price move up to make it profitable.
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RoadStress
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July 05, 2014, 06:44:57 PM |
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Are any ASIC miners making a profit these days? How fast do you want to make the profit? I would recommend you to check my sig, but I am sure there will be some trolls that will bully me for that so I won't.
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silvestar
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July 05, 2014, 07:16:12 PM |
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Sure I'm not one of them but I'm about to buy an antminer in hopes to gain. should i buy or not?
Nope. You should check a mining profitability calculator before buying any ASIC.
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enhu
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July 06, 2014, 02:32:35 PM |
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Sure I'm not one of them but I'm about to buy an antminer in hopes to gain. should i buy or not?
Nope. You should check a mining profitability calculator before buying any ASIC. I found the calculator and found out i can actually gain with a hash rate of 180 GH Power cost per time frame 65.75 USD Revenue per time frame 292.05 USD Less power costs 226.31 USD
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ranochigo
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July 06, 2014, 02:38:36 PM |
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Sure I'm not one of them but I'm about to buy an antminer in hopes to gain. should i buy or not?
Nope. You should check a mining profitability calculator before buying any ASIC. I found the calculator and found out i can actually gain with a hash rate of 180 GH Power cost per time frame 65.75 USD Revenue per time frame 292.05 USD Less power costs 226.31 USD Difficulty increases about 10% every 10 days. You have to take that into account. You most probably didn't take that into account. After punching that into the calculator, it is never expected to ROI.
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Katarina
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July 06, 2014, 02:41:49 PM |
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Sure I'm not one of them but I'm about to buy an antminer in hopes to gain. should i buy or not?
Nope. You should check a mining profitability calculator before buying any ASIC. I found the calculator and found out i can actually gain with a hash rate of 180 GH Power cost per time frame 65.75 USD Revenue per time frame 292.05 USD Less power costs 226.31 USD Difficulty increases about 10% every 10 days. You have to take that into account. You most probably didn't take that into account. After punching that into the calculator, it is never expected to ROI. Agree, but assuming the revenue is getting closer and closer to electricity bills makes me wonder if the difficulty might halt for awhile.
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ranochigo
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July 06, 2014, 03:13:55 PM |
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Sure I'm not one of them but I'm about to buy an antminer in hopes to gain. should i buy or not?
Nope. You should check a mining profitability calculator before buying any ASIC. I found the calculator and found out i can actually gain with a hash rate of 180 GH Power cost per time frame 65.75 USD Revenue per time frame 292.05 USD Less power costs 226.31 USD Difficulty increases about 10% every 10 days. You have to take that into account. You most probably didn't take that into account. After punching that into the calculator, it is never expected to ROI. Agree, but assuming the revenue is getting closer and closer to electricity bills makes me wonder if the difficulty might halt for awhile. Impossible, better and better ASICS are coming out now. The difficulty wouldn't stop increasing.
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timk225 (OP)
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July 06, 2014, 04:39:44 PM |
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And, people keep thinking that if they buy the bigger better faster ASIC, they will make money or even get their ROI back.
When in reality, all they are doing is making the difficulty rise even faster, thus reducing the rate of ROI for them and everyone else trying to mine BTC.
People need to just STOP buying ASICs altogether!
If you are that dead set on throwing your money away, just send it to me.
My BTC address ---> 12eBRzZ37XaWZsetusHtbcRrUS3rRDGyUJ
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xstr8guy
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July 07, 2014, 01:43:37 AM |
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And, people keep thinking that if they buy the bigger better faster ASIC, they will make money or even get their ROI back.
When in reality, all they are doing is making the difficulty rise even faster, thus reducing the rate of ROI for them and everyone else trying to mine BTC.
People need to just STOP buying ASICs altogether!
If you are that dead set on throwing your money away, just send it to me.
My BTC address ---> 12eBRzZ37XaWZsetusHtbcRrUS3rRDGyUJ
"People" mining isn't the real problem. It's people buying miners from corporations who then use the profits to fund massive mining operations. The home/hobbyist miner is nearly insignificant in the grand scheme of things. We simply do not have the economies of scale and the access to cheap mining gear that large-scale mining operations have. We are all doomed to obscurity in just a few short months.
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BTC_Fundamentals
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July 07, 2014, 08:19:11 PM |
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ASIC manufacters will always have profits and ROI from the asicminers.
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zvs
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July 08, 2014, 07:33:54 AM |
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ASIC companies wouldn't sell their ASICs if it was more profitable for them to mine with them, lol.
The sole exceptions being the very first startups that needed funding to begin R&D and manufacturing of ASICs (i.e. Avalon batch 1, somewhat for batch 2, then batch 3 was nonsense, like all the rest)
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Katarina
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July 08, 2014, 01:15:50 PM |
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ASIC companies wouldn't sell their ASICs if it was more profitable for them to mine with them, lol.
The sole exceptions being the very first startups that needed funding to begin R&D and manufacturing of ASICs (i.e. Avalon batch 1, somewhat for batch 2, then batch 3 was nonsense, like all the rest)
Agree, but lets be alittle optimistic and hope that the difficulty slow down which the ASIC companies didn't expect. Then there might be a profit.
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ranochigo
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July 08, 2014, 01:31:47 PM |
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ASIC companies wouldn't sell their ASICs if it was more profitable for them to mine with them, lol.
The sole exceptions being the very first startups that needed funding to begin R&D and manufacturing of ASICs (i.e. Avalon batch 1, somewhat for batch 2, then batch 3 was nonsense, like all the rest)
Agree, but lets be alittle optimistic and hope that the difficulty slow down which the ASIC companies didn't expect. Then there might be a profit. Difficulty slowing down is close to impossible though, most ASIC companies are developing better and better ASICs and big miners with super low electricity cost is coming in the game.
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MelodyRowell
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July 08, 2014, 02:15:30 PM |
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Yes, if the difficulty increment slow down like this time..
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timk225 (OP)
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July 08, 2014, 04:40:47 PM |
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You cannot be optimistic on ASICs. There is only room for pessimism.
The ASIC makers build them and mine with them until their productivity slows down, then they announce the "new bigger better faster" ASIC model, and sell those very ASICs that they just determined were no longer profitable!
Does no one see this but me? This is exactly what I would do if I owned an ASIC company! It is all about making money, and if I could mine with ASICs until their rate of return dropped off and then sell my now-obsolete miners to a bunch of dumbasses and claim it was the newest fastest model, I certainly would!
The math does not lie, you cannot ROI with any new ASIC! And what if BTC price drops? Then where does that leave you?
STOP BUYING ASICS!!!!! You are throwing your money away!
Throw some BTC to ME if you must! I need it to help pay for my wedding in October!
My BTC address ---> 12eBRzZ37XaWZsetusHtbcRrUS3rRDGyUJ
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