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Author Topic: Lies And Over reactions  (Read 2228 times)
drukoz2
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August 16, 2014, 01:25:57 AM
 #1

there are too many people in these forums saying you won't ROI idk why even tho i quote unquote have "free power" because i pay a part of it and not all it isn't that bad with miners on i got 0.05 BTC everyday witch makes it worth it and i ROI quickly now that BTC is going down its gonna take a bit more but people seem to over react too much to the reality of it with calculations that aren't accurate
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August 16, 2014, 01:40:20 AM
 #2

You've been registered since 2011 and barely have 18 posts.  Either you like to read and withhold commentary or you have been oblivious as to what has transpired over the last 3 years.

Type out your costs and your revenue and we'll show you where your math or assumptions are incorrect.

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taipo
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August 16, 2014, 01:44:52 AM
 #3

I started mining with a pair of IceFury miners, mined enough to buy a cube, and mined enough from those to buy an Antminer S1, then a second and so on. The current rig is 6 x Antminer S1's, 5 x Antminer S3's and 1 x Antminer S2.

Total expense to me so far have been the PSUs and the initial IceFury miners.

Total Bitcoin in the wallet = sweet, fuck, all

It will be this way until the world wide cost of mining reaches the point where it is about 85% of the total bitcoin mined. At that point the difficulty will cease rising exponentially eventually reducing to a trickle, and the coins per day you earn now will mostly be the same rate  in a few months time.

Meanwhile that rate is in crash dive as home miners scramble to find that spare power socket that won't blow the switch board in order to maintain their mining incomes.

This forum is not really about a frank discussion on mining speculation, its more a hangout for depressed miners.

Causes of depression:
- cost of miners/being screwed out of preorders
- power costs
- difficulty rising due to new miners and data centres coming online
- having little to no bitcoin to show for after a year or so of mining, just a big pile of ASIC junk

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SMB-2525
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August 16, 2014, 04:18:18 PM
 #4

there are too many people in these forums saying you won't ROI idk why even tho i quote unquote have "free power" because i pay a part of it and not all it isn't that bad with miners on i got 0.05 BTC everyday witch makes it worth it and i ROI quickly now that BTC is going down its gonna take a bit more but people seem to over react too much to the reality of it with calculations that aren't accurate
At 16%  difficulty increases every 12 days (which is what we have seen in 2012) and $0.05/KWH electricity cost, an S3 hashing at 440 GHS while consuming 340 Watts of electricity will produce 0.948 BTC before the cost of electricity exceeds the value of the BTC produced with BTC @ $500.

It will produce .976 BTC before it essentially flatlines in June of 2016 having consumed $271 worth of electricity.

Which part of this analysis is a lie or an over reaction? What is inaccurate?
mikerbiker6
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August 16, 2014, 09:50:28 PM
 #5

If you mine less than what you could have sold your free power for, you should not mine.
I hear about people having solar panels (paid off), so now they can mine all they want because power is free.
If you just sold the energy, you would most likely get more money than if you mined with it.

Participate and Earn on the Letstalkbitcoin forum letstalkbitcoin.com
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August 17, 2014, 03:36:07 AM
 #6

there are too many people in these forums saying you won't ROI idk why even tho i quote unquote have "free power" because i pay a part of it and not all it isn't that bad with miners on i got 0.05 BTC everyday witch makes it worth it and i ROI quickly now that BTC is going down its gonna take a bit more but people seem to over react too much to the reality of it with calculations that aren't accurate
At 16%  difficulty increases every 12 days (which is what we have seen in 2012) and $0.05/KWH electricity cost, an S3 hashing at 440 GHS while consuming 340 Watts of electricity will produce 0.948 BTC before the cost of electricity exceeds the value of the BTC produced with BTC @ $500.

It will produce .976 BTC before it essentially flatlines in June of 2016 having consumed $271 worth of electricity.

Which part of this analysis is a lie or an over reaction? What is inaccurate?


You do not understand diff  .  If you did you would not use a diff of 16% avg from 2012 until now.

As of today  asics are king and no one has working  chip beyond an asic..

Since asic's are close to mature.  Power savings are flatlining.

The theory  is   diff will drop to 10%  jumps over the next 200 days.

punch in 10% and s-3's do very well




I mine alt coins with https://simplemining.net...
I see BTC as the super highway and alt coins as taxis and trucks needed to move transactions.
SMB-2525
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August 17, 2014, 06:15:33 AM
 #7

You do not understand diff  .  If you did you would not use a diff of 16% avg from 2012 until now.

As of today  asics are king and no one has working  chip beyond an asic..

Since asic's are close to mature.  Power savings are flatlining.

The theory  is   diff will drop to 10%  jumps over the next 200 days.

punch in 10% and s-3's do very well
I think I do understand diff. The general tenor of my posts agrees that ASICS are peaking and investment in the next big thing is problemattic. My point was the calculations are internally consistent. We are neither lieing nor posting inaccuracies. Plugging in 10% diff increases is huge. However, 2013 averaged 18% and 2014 has averaged 16% - so you have to be careful.
drukoz2
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August 17, 2014, 07:34:55 AM
 #8

You've been registered since 2011 and barely have 18 posts.  Either you like to read and withhold commentary or you have been oblivious as to what has transpired over the last 3 years.

Type out your costs and your revenue and we'll show you where your math or assumptions are incorrect.

i do withhold i don't really post much so what ?  i have 1500gh/s @1000-1100 wats its .09-0.01 cents KW/s i make .1 every 2-3 days on BTCguild i pay 250 for the whole house
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August 17, 2014, 05:06:06 PM
 #9

You've been registered since 2011 and barely have 18 posts.  Either you like to read and withhold commentary or you have been oblivious as to what has transpired over the last 3 years.

Type out your costs and your revenue and we'll show you where your math or assumptions are incorrect.

i do withhold i don't really post much so what ?  i have 1500gh/s @1000-1100 wats its .09-0.01 cents KW/s i make .1 every 2-3 days on BTCguild i pay 250 for the whole house
Assuming your mining gear has completely paid for itself at this point, and your only expenses are the power it consumes...

If you assume 10% difficulty jumps, you're looking at getting another 3BTC or so before it costs you more to run the miners than they produce.
If you assume 15%, you're looking at about1.96BTC
If you assume 20%, it's about 1.45BTC

Jonny's Pool - Mine with us and help us grow!  Support a pool that supports Bitcoin, not a hardware manufacturer's pockets!  No SPV cheats.  No empty blocks.
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August 17, 2014, 06:05:56 PM
 #10

You've been registered since 2011 and barely have 18 posts.  Either you like to read and withhold commentary or you have been oblivious as to what has transpired over the last 3 years.

Type out your costs and your revenue and we'll show you where your math or assumptions are incorrect.

i do withhold i don't really post much so what ?  i have 1500gh/s @1000-1100 wats its .09-0.01 cents KW/s i make .1 every 2-3 days on BTCguild i pay 250 for the whole house
Assuming your mining gear has completely paid for itself at this point, and your only expenses are the power it consumes...

If you assume 10% difficulty jumps, you're looking at getting another 3BTC or so before it costs you more to run the miners than they produce.
If you assume 15%, you're looking at about1.96BTC
If you assume 20%, it's about 1.45BTC
Yep and i all ive made is roi from my machines
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August 17, 2014, 06:15:57 PM
 #11

I agree with you. People that talk the most on this forum are bears.
Every single day I have to read posts like
Don't invest, mining is dead!
Don't cloud mine, all cloud mining is a scam!
Bitcoin is dying bail out!

Every f... single day!


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drukoz2
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August 17, 2014, 06:34:57 PM
 #12

I agree with you. People that talk the most on this forum are bears.
Every single day I have to read posts like
Don't invest, mining is dead!
Don't cloud mine, all cloud mining is a scam!
Bitcoin is dying bail out!

Every f... single day!
Right!?! And im sitting here and im like then am i special for actually ROI'ing or whats going on cuz from my personal experience from my s1s' i hadenought btc to buy a nintendo 2ds some software from some forums and 2 s3s'  3 1000 watt power supplys and still have 0.47 btc left over
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August 17, 2014, 08:36:32 PM
 #13

I agree with you. People that talk the most on this forum are bears.
Every single day I have to read posts like
Don't invest, mining is dead!
Don't cloud mine, all cloud mining is a scam!
Bitcoin is dying bail out!

Every f... single day!
Don't invest, mining is dead
No it isn't.  This reaction is just a typical knee-jerk one from the community because 99/100 of the posts asking questions where that is the answer are, "I just read about this Bitcoin thing and I wanna be RICH!!!111!!!  I gets free power cuz I live in my parents' basement!!!"

Don't cloud miner, all cloud mining is a scam!
No, not all cloud mining is a scam.  There are truly some legitimate providers out there.  However, you as a customer have virtually no chance of ever making any profit.  Cloud mining companies exist to make themselves profit.  Not you.

Bitcoin is dying bail out!
No it isn't.  Bitcoin is just getting started.  More and more businesses are beginning to accept it as a valid form of payment.  I can book a fight, stay at a hotel, rent a car, eat, buy merchandise... all with Bitcoin.  Heck, I can even rent vacation homes with it.

Jonny's Pool - Mine with us and help us grow!  Support a pool that supports Bitcoin, not a hardware manufacturer's pockets!  No SPV cheats.  No empty blocks.
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August 17, 2014, 09:40:54 PM
 #14

The OP doesnt even understand what ROI means.... what a dumbfck.

He only looks at the cashflow from mining. Which means jack.... Take the btc you SPENT to get mining rig, and do an estimate to see if you can MINE that same amount of btc back. Dumb shit are born every day.

At best you're gambling to get back of what you spent.... woohoo. Now go find a job and see what opportunity cost you paid compared to just buy and hold bitcoins.

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August 17, 2014, 11:07:26 PM
 #15

The OP doesnt even understand what ROI means.... what a dumbfck.

He only looks at the cashflow from mining. Which means jack.... Take the btc you SPENT to get mining rig, and do an estimate to see if you can MINE that same amount of btc back. Dumb shit are born every day.

At best you're gambling to get back of what you spent.... woohoo. Now go find a job and see what opportunity cost you paid compared to just buy and hold bitcoins.



Yes i do understand what ROI means because i realise what ive spent on my miners and what i spent on electricity ur just angry because u cant have the same experience otherwise you would agree u sit there on your computer and get angry while ive made back the amount of money i spent oon my equipment and psu and electricity so what does ROI mean to u then ? Also if u dont believed that i did ROI very well i can send u pictures of my multibit wallet ill point out all the investments ive made i have them all labeled

I have proff where is yours ? Ur calculations that are theoretical thank you too bad im sitting here on my money that i made im not rich but i do make profit also i run a bussiness mostly with trading good would know a thing or 2 about money
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August 18, 2014, 12:29:18 AM
 #16


Don't cloud miner, all cloud mining is a scam!
No, not all cloud mining is a scam.  There are truly some legitimate providers out there.  However, you as a customer have virtually no chance of ever making any profit.  Cloud mining companies exist to make themselves profit.  Not you.


I'm yet to find out if I can profit from S3 mining, but I'm really positive about it. I think whether you profit or not depends mainly on the value of the coins you mine.
Things like power consumption are really just a margin here that won't matter if the coin goes up/down by 20%.

very very true my friend coin is always the most important
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August 18, 2014, 01:34:07 AM
 #17

The OP doesnt even understand what ROI means.... what a dumbfck.

He only looks at the cashflow from mining. Which means jack.... Take the btc you SPENT to get mining rig, and do an estimate to see if you can MINE that same amount of btc back. Dumb shit are born every day.

At best you're gambling to get back of what you spent.... woohoo. Now go find a job and see what opportunity cost you paid compared to just buy and hold bitcoins.



Yes i do understand what ROI means because i realise what ive spent on my miners and what i spent on electricity ur just angry because u cant have the same experience otherwise you would agree u sit there on your computer and get angry while ive made back the amount of money i spent oon my equipment and psu and electricity so what does ROI mean to u then ? Also if u dont believed that i did ROI very well i can send u pictures of my multibit wallet ill point out all the investments ive made i have them all labeled

I have proff where is yours ? Ur calculations that are theoretical thank you too bad im sitting here on my money that i made im not rich but i do make profit also i run a bussiness mostly with trading good would know a thing or 2 about money

What you got was fiat ROI.  That's what a new miner would hope for.  Anybody with a modicum on intelligence would be looking for BTC ROI since that was the whole purpose of mining.  If you don't not comprehend this, then either read up on it and come back and ask questions or just assume we're all idiots.  Somewhere out there is the truth.

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  GET INTENSE COIN!

martijntje
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August 18, 2014, 11:18:21 AM
 #18

If you mine less than what you could have sold your free power for, you should not mine.
I hear about people having solar panels (paid off), so now they can mine all they want because power is free.
If you just sold the energy, you would most likely get more money than if you mined with it.
That really depends. Here, the price for energy is about 6 to 7 cents per kWh, you just have to pay a ridiculous amount of tax on it, making the total price around 22 cents. If you have solar panels that generate more than you use, you only get the bare price for that extra energy. At that price mining is still very much worth it.
bozo333
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August 18, 2014, 01:15:22 PM
 #19


...some just like to fool themselves...this applies in many areas...the belief system must be protected at all costs.

   
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SMB-2525
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August 18, 2014, 01:30:28 PM
 #20

I have proff where is yours ? Ur calculations that are theoretical thank you too bad im sitting here on my money that i made im not rich but i do make profit also i run a bussiness mostly with trading good would know a thing or 2 about money
I think the issue is your original (very hostile) post which says people posting in this forum are lying and posting inaccuracies. That is simply not true. Irrespective of your experience, people posting here are telling the truth and are a valuable resource for new miners. You have yet to point out any specific lies and inaccuracies.

You experience is great - congratulations.  Where have I lied or been inaccurate?
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