Buying asic?

[MajidBC]

Hi guys.
Someone asked me if buying an asic is profitable or not. What's your opinion? Is mining bitcoin or altcoins still profitable for someone to start now? If it is, which asic is better? SHA-256 or scrypt? And which model?

[Litejavichu]

Grab your money and quit this as soon as possible .... Scrypt? Opens a window and throw your money, it is faster and in the long run, less painful

[MajidBC]

Grab your money and quit this as soon as possible .... Scrypt? Opens a window and throw your money, it is faster and in the long run, less painful

So you think the mining time is over? Then, why there are a lot of miners out there?

[MilesJohan]

Hi guys.
Someone asked me if buying an asic is profitable or not. What's your opinion? Is mining bitcoin or altcoins still profitable for someone to start now? If it is, which asic is better? SHA-256 or scrypt? And which model?

The answer is not profitable, unless you are manufacturer..

[Bitsaurus]

Grab your money and quit this as soon as possible .... Scrypt? Opens a window and throw your money, it is faster and in the long run, less painful

So you think the mining time is over? Then, why there are a lot of miners out there?

I don't think you can determine how many miners there are out there.  All you can guess is the hashrate.  That hashrate is increasingly coming from large private mining pools that are owned by the ASIC manufacturers.  Go ahead and mine versus them - see who "wins".

[Melds]

For profit, no. For fun? Sure.

[BTC_Fundamentals]

is it fun to loose money all the time?Manufacters are the only ones that are making profit right now

[xstr8guy]

is it fun to loose money all the time?Manufacters are the only ones that are making profit right now

I prefer my money tight not loose.

Loose = opposite of tight
Lose = opposite of find

[ranochigo]

Grab your money and quit this as soon as possible .... Scrypt? Opens a window and throw your money, it is faster and in the long run, less painful

So you think the mining time is over? Then, why there are a lot of miners out there?

Because ASIC production companies "test" them and thus the hashrate increases. There are also a lot of companies who either own a private farm to mine for themselves or rent out hashrates. It isn't profitable unless you have very low cost electricity.

[dropt]

I don't think you can determine how many miners there are out there.  All you can guess is the hashrate.  That hashrate is increasingly coming from large private mining pools that are owned by the ASIC manufacturers.  Go ahead and mine versus them - see who "wins".

I guarantee I can mine at a loss longer than they can 

[Bitsaurus]

I don't think you can determine how many miners there are out there.  All you can guess is the hashrate.  That hashrate is increasingly coming from large private mining pools that are owned by the ASIC manufacturers.  Go ahead and mine versus them - see who "wins".

I guarantee I can mine at a loss longer than they can 

That's probably true.  Believers in Bitcoin mined even when they were at a loss just to support the network.  Most businesses have no desire to support the network and are only out to make a profit (at least the manufacturers judging from their lack of ethics towards the community).

[cloverme]

Hi guys.
Someone asked me if buying an asic is profitable or not. What's your opinion? Is mining bitcoin or altcoins still profitable for someone to start now? If it is, which asic is better? SHA-256 or scrypt? And which model?

Your best bet is an antminer s3 if you don't pay a lot (higher than 0.12kw) for power. Difficulty continues to go up, so in the next month or so, even the S3 will have a tough time with bitcoin. You could explore the altcoin market, but fairly be warned says I, there be pumps and dumps in the altcoin market. So you either cashout quickly or lose your shirt.

[umairsaleem010]

Might as well gamble it. It is no where near as profitable as it once was.