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Author Topic: Mining sound pointless...  (Read 2175 times)
arcsales
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October 01, 2014, 01:56:50 PM
 #1

Hi guys I guess you already know that im newbie but still...Do you think mining is pointless?
I almost purchased ANTMINER S4 -B2 today based on post here at this forum where the member share his earnings from march 2014.
He manage to earn 0.02BTC with 1400MH which compared to this days difficulty will be a lot lower.
I found a few mining calculators and calculated that if i purchase the ANTMINER S4 -B2 today it will earn me 0.029BTC per day and based on that i might break even after....unknown days Cheesy

I would like to know what is the point of purchasing hardware which after 90 days will be useless be cause of the difficulty increasement of 9.45%
When and will i be able to earn enough to clear my investment also do you count the risk of lower BTC/USD exchange rate?
What are you doing with your bitcoins guys?

Please advice guys!

www.Bulloff.com
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arcsales
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October 01, 2014, 02:52:24 PM
 #2

Dear Moderator....as soon as I dont get answer to my question or to be pointed the place where I can read more I do not think is correct to place my topic at the speculation area!
I can proof any of my words since I read around internet for more than 2 days regarding mining.
Also I see that my post got popular but no one manage to answer my question.
Is there any point to purchase hardware for $1600 (+delivery cost) and not be sure if you ever get your money back?
It is totally reasonable to ask for details before you start any business.
I own 5 websites and work on many other projects so I do know that the money are hiding in the details!
I feel no need to argue with anyone just need a good reason to spend my money.

www.Bulloff.com
jonnybravo0311
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October 01, 2014, 03:36:55 PM
 #3

I don't know where your original post was made, so I can't comment on that.  However, your post is indeed speculating.  Should I buy this mining hardware?  Do I have a chance at making my investment back?  Is there a point in purchasing hardware that might only be viable for 90 days?  All of those are speculative questions Smiley.

You will get a number of opinions from a variety of people.  The vast majority will tell you that based on the trend of difficulty increases, you have no chance of making back your investment, let alone turning a profit by purchasing the hardware at that price.  A number of factors obviously come into play that could affect that.  For example, the difficulty could decrease (highly unlikely, but possible).

Let's assume you have two choices: Spend $1600 on an S4, or spend $1600 on buying BTC.  As of right now, BTC is about $385.  Therefore, if you were to spend your money on coins, you could get about 4.1558BTC.  So, ask yourself: do you think that S4 will mine more than 4.1558BTC during its lifespan?  If you think it will, then purchase the hardware.  If you think it won't, purchase the coin.

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.
schutzhund
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October 01, 2014, 03:44:40 PM
 #4

It's becoming much of a hobby these days, unless you have terahashes of power it is not profitable.
arcsales
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October 01, 2014, 04:17:26 PM
 #5

Johny I like your thinking!
I was thinking similar since I  have my Forex background but lost a lot of money and then realize that my character and my psychology doesnt allow me to trade properly.

Ok... I guess you are right regarding my Mod accusing.
Please excuse me about it!

www.Bulloff.com
ChuckBuck
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October 01, 2014, 04:50:24 PM
 #6

The concept of Bitcoin mining isn't pointless, as we actually do need miners solving blocks and confirming transactions.

Mining for profit is completely pointless, unless you're Scrooge McDuck and dive into a pool of gold every morning, and can absorb huge equipment, maintenance, cooling, electrical, and operational costs just to mine at an acceptable level.

Do it for the hobby, to tinker with tech and learn, but don't do it for ROI or profit.

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arcsales
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October 01, 2014, 05:18:26 PM
 #7

You basically just told me the mining is hobby?
Also why should someone invest a lot of money for equipment which will be outdated few months after and will never return the investment?

www.Bulloff.com
Daengineer
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October 01, 2014, 05:50:35 PM
 #8

Mining as a profit is far and in between as many people have said unless ypu get cheap or free electric you will be paying quite a bit.

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TradersWay.JC
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October 01, 2014, 06:14:13 PM
 #9

We are supporting the Bitcoin network and handling the transactions of everyone all over the world. We are awarded the transaction fees that we earn. Further, we all do this in the hopes that one day BTC will be worth a lot of money. If not, then it was a good fun while it lasted. We all have something to do and something to talk about with one another. Some people spend THOUSANDS on fixing up old cars. These cars are rarely worth the amount spent fixing them up. But people do them anyway as a hobby. Others collect things and some people sort through thousands upon thousands of pennies and keep the ones minted before 1982.


This revolutionary idea has made our Forex brokerage better by being able to accept payments from all over the world seamlessly and cheaply. The same goes for sending out payments to our clients. Support the network if you are benefiting from it. It is a give and take system.

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October 01, 2014, 09:37:27 PM
 #10

Mining as a profit is far and in between as many people have said unless ypu get cheap or free electric you will be paying quite a bit.

Hobby mining at home times are over my fellows members. Now we see the age of Cloud mining or mining if you already have a ton of resources to support your mine farm. Single individual without huge budget can forget about mining and move their attention to somewhere else.
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October 01, 2014, 11:12:40 PM
 #11

It's becoming much of a hobby these days, unless you have terahashes of power it is not profitable.

The amount of THs you have has nothing to do with how profitable mining is. It depends on the price per GHs for equipment, the cost of electricity and hosting location.

And currently the only people who can mine profitably for any significant length of time are ASIC manufacturers who host the equipment in low-cost geographic locations with extremely cheap electricity.

The only exception to that might be a home miner with free electricity. And let's be honest... the people with "free electricity" are either students with 2 power outlets in their dorm rooms or apartment dwellers who will get the attention of their landlords after the first electric bill arrives in the mail.

Even under the best circumstances, "free electricity" miners may never earn back the retail cost of their hardware if the ASIC manufacturers keep building-out new datacenters in third world countries and/or arctic locations thereby continuing to push the difficulty higher.
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October 01, 2014, 11:24:38 PM
 #12

You basically just told me the mining is hobby?
Also why should someone invest a lot of money for equipment which will be outdated few months after and will never return the investment?


He told you exactly why some people mine at a loss... because it's a hobby!

By definition, a "hobby" is a pleasurable activity that brings joy but does not earn income. A pleasurable activity that may earn income is called an "avocation".   Grin

People spend ridiculous amounts of money on their hobbies... boats, skydiving, scuba, etc. And if it gives them pleasure and they can afford it, why not? Some people (nerds!) just happen to prefer to stay inside and watch LEDs blink, fans spin and numbers scroll on-screen, lol.

But if you are wanting to start mining now...

you.   will.   NOT.   make.   money.

So you'd better in it for the love, lol.
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October 02, 2014, 01:24:48 AM
 #13

Please advice guys!
https://bitcointalk.org/index.php?topic=800842.0
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October 02, 2014, 01:27:56 AM
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Hobby mining at home times are over my fellows members. Now we see the age of Cloud mining or mining if you already have a ton of resources to support your mine farm. Single individual without huge budget can forget about mining and move their attention to somewhere else.
If you think there is a cloud mining scenario that is reasonable today, please post the price per GHS of the capacity and the operating cost charged buy the cloud company and I'll run the numbers. I am skeptical any will be better than buying BTC at $400 BTC. Today, it is a no brainer decision to just by BTC.
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October 02, 2014, 01:30:56 AM
 #15

I think mining is fun. You can always mine, but when you buy coins you can only buy it once.

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October 02, 2014, 06:47:04 AM
 #16

You basically just told me the mining is hobby?
Also why should someone invest a lot of money for equipment which will be outdated few months after and will never return the investment?


He told you exactly why some people mine at a loss... because it's a hobby!

By definition, a "hobby" is a pleasurable activity that brings joy but does not earn income. A pleasurable activity that may earn income is called an "avocation".   Grin

People spend ridiculous amounts of money on their hobbies... boats, skydiving, scuba, etc. And if it gives them pleasure and they can afford it, why not? Some people (nerds!) just happen to prefer to stay inside and watch LEDs blink, fans spin and numbers scroll on-screen, lol.

But if you are wanting to start mining now...

you.   will.   NOT.   make.   money.

So you'd better in it for the love, lol.

+1
arcsales
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October 02, 2014, 08:15:58 AM
 #17

I understand now...
What about the faucet websites?
Do they buy them bitcoins or they earn them?
That was the idea of starting my bitcoin adventure Smiley

www.Bulloff.com
ChuckBuck
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October 02, 2014, 12:31:11 PM
 #18

I understand now...
What about the faucet websites?
Do they buy them bitcoins or they earn them?
That was the idea of starting my bitcoin adventure Smiley

Faucets are a waste of time and energy.  You can go collect a thousand times at faucets and maybe end up with a couple of pennies.

If you're patient enough, you should "level up" here in Bitcointalk forum, then join a signature campaign if you want to get paid in Bitcoin for free(get paid for posting).  Much more efficient way to get decent amounts of BTC without mining expenses.

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Daengineer
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October 03, 2014, 12:01:15 AM
 #19

I agree that faucets are a waste of time you could spend years on them and seemingly not even earn a penny

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October 03, 2014, 12:02:48 AM
 #20

I agree that faucets are a waist of time you could spend years on them and seemingly not even earn a penny

You spelt waste wrong mate. Wink

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