Is it worth buying equipment for $5k or so?

[sickhouse]

Will I make a profit on this? I am starting to give it serious consideration, but as far as I am concerned the whole shit is a scam and you always end up going negative profit when you buy hardware as new stuff is always around the corner. What will $5k give me today TH/s wise?

Would it be wiser to invest in a cloud mining service?

[malumeze86]

Will I make a profit on this? I am starting to give it serious consideration, but as far as I am concerned the whole shit is a scam and you always end up going negative profit when you buy hardware as new stuff is always around the corner. What will $5k give me today TH/s wise?

I think you answered your own question: "the whole shit is a scam and you always end up going negative profit when you buy hardware:

If I had $5k to blow I would just buy BTC with it. 

But I don't have a lot of extra space for mining and the price of electricity is quite high.   

If you buy BTC with your money you have a chance at making money OR losing money. 

If you buy mining equipment AND you have access to cheap electric you MIGHT make some money, on the flip side, you could lose money....

It's really up to you.... 

 

[ChicagoCryptocurrency]

1) How well do you know Mining?
2) have you Tried Mining with different setups and pools along with your own local pool?
3) Do you plan on waiting on your return in your investment?
4) How many different Mining equipment have you had?
5) How well do you read the BTC Market?

those are questions and answers i would be asking myself before i would invest any amount ....

[alh]

I'll add my two cents with a question. How bad will it impact you financially if you lose your entire $5K "investment"? Once you have than answer, you can decide how much to put into buying, and into mining. I would discourage you from just finding $5k of hardware to buy and hoping for the best. You will NOT get rich doing that. I didn't actually buy any Bitcoin, until long after I had been mining. That in my opinion was a mistake.

One other item I have discovered, is that your best path to making some money by mining, is to be prepared to sell some or most of the mining gear you purchased within 6 months. There comes a point during the life cycle of a specific mining hardware that it has produced something for you, and it's residual a value.  That peak "used" value is usually long before 6 months.

[sickhouse]

1) How well do you know Mining?
2) have you Tried Mining with different setups and pools along with your own local pool?
3) Do you plan on waiting on your return in your investment?
4) How many different Mining equipment have you had?
5) How well do you read the BTC Market?

those are questions and answers i would be asking myself before i would invest any amount ....

1. I know it quite well, been mining using CPU GPU and ASIC sticks, for several months now.
2. No, I've always used public pools but can't imagine it's too hard to set up.
3. I am going to sell off most of it, and after some time sell the hardware.
4. I have the ASIC 333 Mh/S sticks, the first hardware that came out on the market. That's the only one.
5. I never read about it, I follow the curve quite regulary but as of today I have no reason to read it so I don't. Please provide me with links if you have any

[sickhouse]

I'll add my two cents with a question. How bad will it impact you financially if you lose your entire $5K "investment"? Once you have than answer, you can decide how much to put into buying, and into mining. I would discourage you from just finding $5k of hardware to buy and hoping for the best. You will NOT get rich doing that. I didn't actually buy any Bitcoin, until long after I had been mining. That in my opinion was a mistake.

One other item I have discovered, is that your best path to making some money by mining, is to be prepared to sell some or most of the mining gear you purchased within 6 months. There comes a point during the life cycle of a specific mining hardware that it has produced something for you, and it's residual a value.  That peak "used" value is usually long before 6 months.

Yeah, that's what I did with the first ASIC sticks, I bought 15 of them, sold of 10 within 2 weeks and kept the rest. Made a nice profit on it, I am prepared to sell well in time as I know new stuff always comes around faster than you expect.

The $5k would be money I can afford to lose aka not ruining my life completely - but I wont do it unless I make a profit from it.

[sickhouse]

Will I make a profit on this? I am starting to give it serious consideration, but as far as I am concerned the whole shit is a scam and you always end up going negative profit when you buy hardware as new stuff is always around the corner. What will $5k give me today TH/s wise?

I think you answered your own question: "the whole shit is a scam and you always end up going negative profit when you buy hardware:

If I had $5k to blow I would just buy BTC with it.  

But I don't have a lot of extra space for mining and the price of electricity is quite high.    

If you buy BTC with your money you have a chance at making money OR losing money.  

If you buy mining equipment AND you have access to cheap electric you MIGHT make some money, on the flip side, you could lose money....

It's really up to you....  

 

My electricity cost is very cheap, I have 1 regular computer running 24/7 and one laptop running 24/7. On top of that I have 5x ASIC 333 mh/s memories mining constantly, and they are in a USB-hub, I rarely turn off the lights but my electricity bill lands around $40 a month so that wont be a problem.

[adaseb]

Will I make a profit on this? I am starting to give it serious consideration, but as far as I am concerned the whole shit is a scam and you always end up going negative profit when you buy hardware as new stuff is always around the corner. What will $5k give me today TH/s wise?

I think you answered your own question: "the whole shit is a scam and you always end up going negative profit when you buy hardware:

If I had $5k to blow I would just buy BTC with it.  

But I don't have a lot of extra space for mining and the price of electricity is quite high.    

If you buy BTC with your money you have a chance at making money OR losing money.  

If you buy mining equipment AND you have access to cheap electric you MIGHT make some money, on the flip side, you could lose money....

It's really up to you....  

 

My electricity cost is very cheap, I have 1 regular computer running 24/7 and one laptop running 24/7. On top of that I have 5x ASIC 333 mh/s memories mining constantly, and they are in a USB-hub, I rarely turn off the lights but my electricity bill lands around $40 a month so that wont be a problem.

Computers use very little power these days. How much do you pay per KWH. Check your bill. If its 10kwh or higher then forget about mining.

[ChuckBuck]

Will I make a profit on this? I am starting to give it serious consideration, but as far as I am concerned the whole shit is a scam and you always end up going negative profit when you buy hardware as new stuff is always around the corner. What will $5k give me today TH/s wise?

I think you answered your own question: "the whole shit is a scam and you always end up going negative profit when you buy hardware:

If I had $5k to blow I would just buy BTC with it.  

But I don't have a lot of extra space for mining and the price of electricity is quite high.    

If you buy BTC with your money you have a chance at making money OR losing money.  

If you buy mining equipment AND you have access to cheap electric you MIGHT make some money, on the flip side, you could lose money....

It's really up to you....  

 

My electricity cost is very cheap, I have 1 regular computer running 24/7 and one laptop running 24/7. On top of that I have 5x ASIC 333 mh/s memories mining constantly, and they are in a USB-hub, I rarely turn off the lights but my electricity bill lands around $40 a month so that wont be a problem.

The difference in power cost in running a USB miner and a Bitmain S4/S5 or Spondoolies Tech SP20/SP35 is substantial.

You'd need to know your electrical rate k/WH.  If it's $0.06 k/WH or lower, then I'd consider mining.  If it's $0.10 k/WH or higher, I'd say forget about it.

Not only do you have to factor in this cost, you'll have to find out if your house or hosting center electrical circuit can handle the power requirements and total circuit load.  The SP35 requires a 208V power outlet.

If you pass these requirements, then probably no better deal than this mini farm:

http://www.spondoolies-tech.com/products/holiday-special-sp20-mini-farm-batch-2

[stonerider]

$5K will buy you about 12 SP20's:

12 x 1.7 GHs = 20.4 GHs @ 14.4 KW

If you're going to mine at home, don't bother. You won't have enough juice to run all 12 of them.

[alh]

$5K will buy you about 12 SP20's:

12 x 1.7 GHs = 20.4 GHs @ 14.4 KW

If you're going to mine at home, don't bother. You won't have enough juice to run all 12 of them.

I think this understates the actual costs. Assuming you want to run an SP20 at it's full speed, you will need a high quality 1300 Watt (or so) power supply. Just based on your previous experience, I'll bet you don't have a dozen 1300W power supplies just languishing in your closet waiting to be used. I would also mention that regardless of the actual costs, a dozen SP20's will be really loud based on other folks experience, particularly if you try and extract the maximum hashrate. What I have read is that the SP20 is really more like a 1500GH miner with 1700GH being a fairly reliable "overclock".  Spondoolies fully supports the 1700GH rate, it's just that it's power efficiency is poor at that rate, and expect at it's loudest (because the fan is at it's maximum).

There are lots of excellent threads here on the SP20 that can keep you informed. I think it's an excellent miner, possibly even for home use. Just make sure your eyes are open.

[ajw7989]

Avoid mining right now. THe way difficulty is and the price of btc ROI is almsot impossible UNLESS your electricity rate is super cheap

[ajaxmoor]

Never for now. There is no way unless the price goes up, that you will get a positive ROI.
Also, halving happens next year , so things will get worse then.

[sickhouse]

My electricity cost is very cheap, I have 1 regular computer running 24/7 and one laptop running 24/7. On top of that I have 5x ASIC 333 mh/s memories mining constantly, and they are in a USB-hub, I rarely turn off the lights but my electricity bill lands around $40 a month so that wont be a problem.

Computers use very little power these days. How much do you pay per KWH. Check your bill. If its 10kwh or higher then forget about mining.

Do you mean how much I use? 10KwH what? I pay ~$0.3 per kWh right now, last month I used 207 kWh. I know computers are cheap but I always have all my lamps on unless I sleep so that should also count into the energy usage.

[sickhouse]

Will I make a profit on this? I am starting to give it serious consideration, but as far as I am concerned the whole shit is a scam and you always end up going negative profit when you buy hardware as new stuff is always around the corner. What will $5k give me today TH/s wise?

I think you answered your own question: "the whole shit is a scam and you always end up going negative profit when you buy hardware:

If I had $5k to blow I would just buy BTC with it.  

But I don't have a lot of extra space for mining and the price of electricity is quite high.    

If you buy BTC with your money you have a chance at making money OR losing money.  

If you buy mining equipment AND you have access to cheap electric you MIGHT make some money, on the flip side, you could lose money....

It's really up to you....  

 

My electricity cost is very cheap, I have 1 regular computer running 24/7 and one laptop running 24/7. On top of that I have 5x ASIC 333 mh/s memories mining constantly, and they are in a USB-hub, I rarely turn off the lights but my electricity bill lands around $40 a month so that wont be a problem.

The difference in power cost in running a USB miner and a Bitmain S4/S5 or Spondoolies Tech SP20/SP35 is substantial.

You'd need to know your electrical rate k/WH.  If it's $0.06 k/WH or lower, then I'd consider mining.  If it's $0.10 k/WH or higher, I'd say forget about it.

Not only do you have to factor in this cost, you'll have to find out if your house or hosting center electrical circuit can handle the power requirements and total circuit load.  The SP35 requires a 208V power outlet.

If you pass these requirements, then probably no better deal than this mini farm:

http://www.spondoolies-tech.com/products/holiday-special-sp20-mini-farm-batch-2

You are right, my apartment wont have enough power anyway to run that expensive EQ. How about $1k or so? Could that be worth it or should I just say fuck it I'll get cloud mining instead?

What would you experienced people who has payed and sold EQ earlier done?

[ChuckBuck]

Will I make a profit on this? I am starting to give it serious consideration, but as far as I am concerned the whole shit is a scam and you always end up going negative profit when you buy hardware as new stuff is always around the corner. What will $5k give me today TH/s wise?

I think you answered your own question: "the whole shit is a scam and you always end up going negative profit when you buy hardware:

If I had $5k to blow I would just buy BTC with it.  

But I don't have a lot of extra space for mining and the price of electricity is quite high.    

If you buy BTC with your money you have a chance at making money OR losing money.  

If you buy mining equipment AND you have access to cheap electric you MIGHT make some money, on the flip side, you could lose money....

It's really up to you....  

 

My electricity cost is very cheap, I have 1 regular computer running 24/7 and one laptop running 24/7. On top of that I have 5x ASIC 333 mh/s memories mining constantly, and they are in a USB-hub, I rarely turn off the lights but my electricity bill lands around $40 a month so that wont be a problem.

The difference in power cost in running a USB miner and a Bitmain S4/S5 or Spondoolies Tech SP20/SP35 is substantial.

You'd need to know your electrical rate k/WH.  If it's $0.06 k/WH or lower, then I'd consider mining.  If it's $0.10 k/WH or higher, I'd say forget about it.

Not only do you have to factor in this cost, you'll have to find out if your house or hosting center electrical circuit can handle the power requirements and total circuit load.  The SP35 requires a 208V power outlet.

If you pass these requirements, then probably no better deal than this mini farm:

http://www.spondoolies-tech.com/products/holiday-special-sp20-mini-farm-batch-2

You are right, my apartment wont have enough power anyway to run that expensive EQ. How about $1k or so? Could that be worth it or should I just say fuck it I'll get cloud mining instead?

What would you experienced people who has payed and sold EQ earlier done?

Honestly, none of the above really.  No hardware or cloud mining will be worth it for you at this point in time.  Currently, 1 TH/s of hash power earns just over 0.01 BTC a day or $2.

Think about it.  There's truly no way to recoup whatever investment you were planning to put money into.

If you're counting on BTC to spike in price, perhaps, but then it would easier to just buy BTC ten fold.

[hobbymd]

Will I make a profit on this? I am starting to give it serious consideration, but as far as I am concerned the whole shit is a scam and you always end up going negative profit when you buy hardware as new stuff is always around the corner. What will $5k give me today TH/s wise?

I think you answered your own question: "the whole shit is a scam and you always end up going negative profit when you buy hardware:

If I had $5k to blow I would just buy BTC with it.  

But I don't have a lot of extra space for mining and the price of electricity is quite high.    

If you buy BTC with your money you have a chance at making money OR losing money.  

If you buy mining equipment AND you have access to cheap electric you MIGHT make some money, on the flip side, you could lose money....

It's really up to you....  

 

My electricity cost is very cheap, I have 1 regular computer running 24/7 and one laptop running 24/7. On top of that I have 5x ASIC 333 mh/s memories mining constantly, and they are in a USB-hub, I rarely turn off the lights but my electricity bill lands around $40 a month so that wont be a problem.

The difference in power cost in running a USB miner and a Bitmain S4/S5 or Spondoolies Tech SP20/SP35 is substantial.

You'd need to know your electrical rate k/WH.  If it's $0.06 k/WH or lower, then I'd consider mining.  If it's $0.10 k/WH or higher, I'd say forget about it.

Not only do you have to factor in this cost, you'll have to find out if your house or hosting center electrical circuit can handle the power requirements and total circuit load.  The SP35 requires a 208V power outlet.

If you pass these requirements, then probably no better deal than this mini farm:

http://www.spondoolies-tech.com/products/holiday-special-sp20-mini-farm-batch-2

You are right, my apartment wont have enough power anyway to run that expensive EQ. How about $1k or so? Could that be worth it or should I just say fuck it I'll get cloud mining instead?

What would you experienced people who has payed and sold EQ earlier done?

I don't understand why you're  so adamant to piss away your money so quick be it in real hardware or cloud? 

ask yourself, if you had a cloud mining operation that was profitable would you share it here with other people at cheap prices? unless you are in charity business  no one in the right mind would  !!

so you do the math behind the scene and quickly realize that the only way to profit from cloud mining, is to sell it to a greater fool... errr i meant customers  hence it becomes a game of passing hot potato to next person before it expires 

[cryptopaddles]

Will I make a profit on this? I am starting to give it serious consideration, but as far as I am concerned the whole shit is a scam and you always end up going negative profit when you buy hardware as new stuff is always around the corner. What will $5k give me today TH/s wise?

Would it be wiser to invest in a cloud mining service?

1. Make a profit? Probably not.
2. Whole shit a scam? Remains to be seen.
3. What will 5k give me today?  Not enough.
4. Wiser to invest in cloud mining?  He'll no! !

[sickhouse]

Will I make a profit on this? I am starting to give it serious consideration, but as far as I am concerned the whole shit is a scam and you always end up going negative profit when you buy hardware as new stuff is always around the corner. What will $5k give me today TH/s wise?

Would it be wiser to invest in a cloud mining service?

1. Make a profit? Probably not.
2. Whole shit a scam? Remains to be seen.
3. What will 5k give me today?  Not enough.
4. Wiser to invest in cloud mining?  He'll no! !

So what do you suggest then? Invest in a gambling site?

[sickhouse]

Will I make a profit on this? I am starting to give it serious consideration, but as far as I am concerned the whole shit is a scam and you always end up going negative profit when you buy hardware as new stuff is always around the corner. What will $5k give me today TH/s wise?

I think you answered your own question: "the whole shit is a scam and you always end up going negative profit when you buy hardware:

If I had $5k to blow I would just buy BTC with it.  

But I don't have a lot of extra space for mining and the price of electricity is quite high.    

If you buy BTC with your money you have a chance at making money OR losing money.  

If you buy mining equipment AND you have access to cheap electric you MIGHT make some money, on the flip side, you could lose money....

It's really up to you....  

 

My electricity cost is very cheap, I have 1 regular computer running 24/7 and one laptop running 24/7. On top of that I have 5x ASIC 333 mh/s memories mining constantly, and they are in a USB-hub, I rarely turn off the lights but my electricity bill lands around $40 a month so that wont be a problem.

The difference in power cost in running a USB miner and a Bitmain S4/S5 or Spondoolies Tech SP20/SP35 is substantial.

You'd need to know your electrical rate k/WH.  If it's $0.06 k/WH or lower, then I'd consider mining.  If it's $0.10 k/WH or higher, I'd say forget about it.

Not only do you have to factor in this cost, you'll have to find out if your house or hosting center electrical circuit can handle the power requirements and total circuit load.  The SP35 requires a 208V power outlet.

If you pass these requirements, then probably no better deal than this mini farm:

http://www.spondoolies-tech.com/products/holiday-special-sp20-mini-farm-batch-2

You are right, my apartment wont have enough power anyway to run that expensive EQ. How about $1k or so? Could that be worth it or should I just say fuck it I'll get cloud mining instead?

What would you experienced people who has payed and sold EQ earlier done?

I don't understand why you're  so adamant to piss away your money so quick be it in real hardware or cloud? 

ask yourself, if you had a cloud mining operation that was profitable would you share it here with other people at cheap prices? unless you are in charity business  no one in the right mind would  !!

so you do the math behind the scene and quickly realize that the only way to profit from cloud mining, is to sell it to a greater fool... errr i meant customers  hence it becomes a game of passing hot potato to next person before it expires 

Actually I am not eager at all to spend it, this is all theory. It's a hobby of mine to mine, that's why I still have my ASIC sticks running - I wanted to see if I can make a profit from this but from the replies in this thread it looks like fuck it I will invest or just buy BTC and wait for BTC to rise up again.