I can not decide to start or not

[baykan]

Dear Members,

I just joined bitcointalk, typed a page almost, then I checked meaning of a word from toolbar, searched google for it. Shame on me and shame on bitcointalk. when I hit backspace all my writings were gone. Normaly I copy before but forgot this time.

Anyway, I can not decide to start mining or not. My position is frightening.

1. BTC going down till 10 dollars may be ? Hope not...
2. difficulty level will jump %20 or more soon...
3. BTC may not be free .....

I personally believe BTC will be stronger, valuable and widely used increasingly in the next 10 years.

But is it something stupid to start mining now. I would start last year.

I have to rooms at my office which I'm ok with my boss to put 4 machines. I do not pay the electricity here.
And I have a normal size balcony, covered with windows, looking to North. Some miner sun in summer but I'll make it no problem. I pay the electricity here. I can put two machines.

What do you suggest guys. Isn't it one of the worst times to decide to start mining ?
Do I have to be afraid?
Please advise.
and good luck

forgot to tell something : My friend will pay the machines and he says, I may be %50 %50 parthner after machines pay themselves.

[Don007]

Currently I think it's bad to start mining. Especially if you still have to buy the gear to mine.. Miners who do own the gear do also quit these days as mining currently isn't profitable anymore for many of them.

1. I don't BTC will ever hit $10 again.
2. That's true, the difficulty keeps rising.
3. Eh, what?

Personally I do think Bitcoin will be worth much more in a couple of months from now on, or in about a year or something. How about 5 years..

You might be better of buying BTC directly instead of buying mining gear.

[baykan]

Actually I bought some today, by dropping of the price fired me.
small amount like $30.

it's a  good time to buy Antminer s3's after the price drop, because the factory sells it with btc.

Thank you for your reply

[Don007]

Actually I bought some today, by dropping of the price fired me.
small amount like $30.

it's a  good time to buy Antminer s3's after the price drop, because the factory sells it with btc.

Thank you for your reply

Everyone has to start somewhere. I think I started with about €40,- too or something. That was the first time I spend Euro's on BTC. Later I bought BTC for more Euro's, but we all have to start somewhere.

When the value of BTC decreases, you'll have to spend more BTC on an ASIC. Be aware of this.

[tspacepilot]

Dear Members,

I just joined bitcointalk, typed a page almost, then I checked meaning of a word from toolbar, searched google for it. Shame on me and shame on bitcointalk. when I hit backspace all my writings were gone. Normaly I copy before but forgot this time.

Anyway, I can not decide to start mining or not. My position is frightening.

1. BTC going down till 10 dollars may be ? Hope not...
2. difficulty level will jump %20 or more soon...
3. BTC may not be free .....

I personally believe BTC will be stronger, valuable and widely used increasingly in the next 10 years.

But is it something stupid to start mining now. I would start last year.

I have to rooms at my office which I'm ok with my boss to put 4 machines. I do not pay the electricity here.
And I have a normal size balcony, covered with windows, looking to North. Some miner sun in summer but I'll make it no problem. I pay the electricity here. I can put two machines.

What do you suggest guys. Isn't it one of the worst times to decide to start mining ?
Do I have to be afraid?
Please advise.
and good luck

forgot to tell something : My friend will pay the machines and he says, I may be %50 %50 parthner after machines pay themselves.

I would say that it's a bad time to start mining except that it seems like your main costs are coverted.  If you don't pay the electricity and your friend will pay the machines then what's the issue?  As far as I can tell, the fear to start mining has to do with whether or not you would recoup your startup costs and cover electricity bills.  If you don't worry about that, what can go wrong?

[Bitsaurus]

Dear Members,

I just joined bitcointalk, typed a page almost, then I checked meaning of a word from toolbar, searched google for it. Shame on me and shame on bitcointalk. when I hit backspace all my writings were gone. Normaly I copy before but forgot this time.

Anyway, I can not decide to start mining or not. My position is frightening.

1. BTC going down till 10 dollars may be ? Hope not...
2. difficulty level will jump %20 or more soon...
3. BTC may not be free .....

I personally believe BTC will be stronger, valuable and widely used increasingly in the next 10 years.

But is it something stupid to start mining now. I would start last year.

I have to rooms at my office which I'm ok with my boss to put 4 machines. I do not pay the electricity here.
And I have a normal size balcony, covered with windows, looking to North. Some miner sun in summer but I'll make it no problem. I pay the electricity here. I can put two machines.

What do you suggest guys. Isn't it one of the worst times to decide to start mining ?
Do I have to be afraid?
Please advise.
and good luck

forgot to tell something : My friend will pay the machines and he says, I may be %50 %50 parthner after machines pay themselves.

I would say that it's a bad time to start mining except that it seems like your main costs are coverted.  If you don't pay the electricity and your friend will pay the machines then what's the issue?  As far as I can tell, the fear to start mining has to do with whether or not you would recoup your startup costs and cover electricity bills.  If you don't worry about that, what can go wrong?

Because at present it looks like even with free electricity people may not recoup the 0.66BTC for an S3.  I bought 2 in B6 and already have regrets as I didn't notice the huge spike in power in the last 4 days (got lulled into complacency by 2 week difficulty jumps).

[xstr8guy]

Dear Members,

I just joined bitcointalk, typed a page almost, then I checked meaning of a word from toolbar, searched google for it. Shame on me and shame on bitcointalk. when I hit backspace all my writings were gone. Normaly I copy before but forgot this time.

I suggest that you stay away from mining. Apparently you can't even properly operate a web browser, lol. Next time just open a new tab and use Google.

[Chicowash]

People like you will do nothing good by starting mining, you will get only headaches out of it.

[desired_username]

Buy btc instead.

I've been mining since 2011 (out of passion), but it always made more sense to buy bitcoin and hodl.

Less risk, less hassle.

[BTC_Fundamentals]

yes, better of to buy directly, unless you are really good in trading altcoins.

[Don007]

yes, better of to buy directly, unless you are really good in trading altcoins.

If you're good in trading altcoins you first have to buy BTC too.. Or you should look for a trustworthy altcoin seller, but they're rare.

This may actually be a good moment to buy BTC directly as it's value is decreasing now. Maybe you should wait a bit longer, as the price may decrease even more. You can use websites such as Bitcoinity to check the current value of the Bitcoin on decent exchanges > http://bitcoinity.org/markets

[ChuckBuck]

Absofrigginlutely worst time to start mining.

Basically if Bitcoin's fiat price is low, just buy the coins.

If Bitcoin's fiat price is high in value($700-$800 let's say), then mine.

Pretty simple.

[FloridaBear]

Electricity is really the deciding factor IMO. If you can truly run them at your office for several months without paying electricity, then an Antminer S3 is still a good deal at $500 on eBay. You should make back about 1 BTC by about the end of January, given 10% increases in difficulty. I think the upcoming 19% or so move is atypical, but if it is the new normal, you may not make back your $500--even with free electricity, there are just no economical miners available. There are no economical scrypt ASICs that I can find now either.

If electricity is not an issue, you can probably pick up Antminer S1s and other less efficient miners at a price you can earn back.

I cannot find any reasonable prices for cloud mining either. Those are typically overpriced by typically 2x or 4x their true value--so no deals there either.

If you are paying for electricity, I wouldn't even think about buying a miner.

As usual, it's a gamble, and it is a very competitive time to start.

[FeodoroAndy]

antminer S3 is a good option for you

[elduderino]

Absofrigginlutely worst time to start mining.

Basically if Bitcoin's fiat price is low, just buy the coins.

If Bitcoin's fiat price is high in value($700-$800 let's say), then mine.

Pretty simple.

Essentially, what ChuckBuck said... but with more to it (there's always more to it)...

Basically, there's a rhythm to this mining thing that you gotta pay attention to.
I can't really say more than that, but, yes, I'd agree. - When the price of BTC goes down, you gotta jump on that, baby!

I don't have much of a fun life, but I've been able to buy and mine a whole lotta bitcoin in a relatively short amount of time.

Liquidity is the name of the game. Liquidity in fiat, liquidity in BTC (or whatever you're mining, but you're crazy if you're mining anything else, IMHO), and liquidity in your mining hardware.

You gotta be able to move in the right direction when the time calls for it.

Later

[nwfella]

Dear Members,

I just joined bitcointalk, typed a page almost, then I checked meaning of a word from toolbar, searched google for it. Shame on me and shame on bitcointalk. when I hit backspace all my writings were gone. Normaly I copy before but forgot this time.

Anyway, I can not decide to start mining or not. My position is frightening.

1. BTC going down till 10 dollars may be ? Hope not...
2. difficulty level will jump %20 or more soon...
3. BTC may not be free .....

I personally believe BTC will be stronger, valuable and widely used increasingly in the next 10 years.  (so do I, or something like bitcoin perhaps)

But is it something stupid to start mining now. I would start last year.

I have to rooms at my office which I'm ok with my boss to put 4 machines. I do not pay the electricity here. (this helps but not enough if bitcoin price trend continues)
And I have a normal size balcony, covered with windows, looking to North. Some miner sun in summer but I'll make it no problem. I pay the electricity here. I can put two machines. (expect to earn back roughly 60-65% of your hardware investment within the first 60 days and then you'll be likely to sell it at 25% what you paid for it.  You can extrapolate from there, although free electricity does help if bitcoin continues it's present path for much longer it also will likely never ROI)

What do you suggest guys. Isn't it one of the worst times to decide to start mining ?
Do I have to be afraid? (be afraid, be very afraid, mining is absolutely a 0-sum game at this point unless your manufacturing them yourself)
Please advise.
and good luck

forgot to tell something : My friend will pay the machines and he says, I may be %50 %50 parthner after machines pay themselves.  (sadly for you unless bitcoin stabilizes and really takes off this is likely to never happen)

[baykan]

I would like to thank all of you guys. Making my mind up. BUT I have noticed that I have already decided to start mining.
We will be receiving our first antminer s3 tomorrow. It arrived istanbul today.
I can not remember all your names and nicks. But again thank you all, I have read all your suggestions, to start mining or not to start, hwt to pay attention...

I'm a 46 year old system admin.
I'm planning to put the very first s3 under the raised floor in the systems room, just to keep it safe and cooler and far from eyes who may be interested in. In Turkey people touch everything. "AAaa What is this What is that"
I'm planning to put a second one half a meter away from the first one. And that's all my system room will take, if I put more it may affect the air conditioner to work double and damage. I will leave some holes for the cold air to move under the floor (Cold air goes down).

I bought a power supply today a 600W one. I was thinking whether I can use my Butterly's (50GH/s, I bought 3 weeks ago just to test mining) power supply with S3, instead of buying a new power supply. Any idea ?

I do not know what to say more but want to thank you all again for your responses.
You are great guys here.

[baykan]

nwfella
(be afraid, be very afraid, mining is absolutely a 0-sum game at this point unless your manufacturing them yourself)


SO , as I understand , if it's a 0-sum game at this point ,
while the hasrate increasing although the price is going down..

if the price stays here or continues to go down than at the first difficulty increase there will no small miners left.

Only big and biggest mining farms will last. But this is against bitcoin idea. if only farms produce bitcoin, this means it's centralised not distributed.

?

[baykan]

Dear Members,

I just joined bitcointalk, typed a page almost, then I checked meaning of a word from toolbar, searched google for it. Shame on me and shame on bitcointalk. when I hit backspace all my writings were gone. Normaly I copy before but forgot this time.

I suggest that you stay away from mining. Apparently you can't even properly operate a web browser, lol. Next time just open a new tab and use Google.

You make me laugh. Thank you for that.

[crowetic]

go for it, mining is fun  Just go in with no expectations and you'll be fine, see how it goes, I wish you the best!