Bitcoin Forum
December 09, 2016, 06:19:18 AM *
News: Latest stable version of Bitcoin Core: 0.13.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Poll
Question: Are you still buying mining equipment?
Yes - 37 (18.1%)
No - 79 (38.7%)
I have some hardware on the way, but after that, I'm done. - 37 (18.1%)
Can't.... stop.... mining.... - 14 (6.9%)
I may buy more in the future if the difficulty stops rising so quickly. - 37 (18.1%)
Total Voters: 204

Pages: [1] 2 »  All
  Print  
Author Topic: POLL: Are you still buying mining equipment?  (Read 4020 times)
SgtSpike
Legendary
*
Offline Offline

Activity: 1344



View Profile
May 23, 2011, 03:46:15 PM
 #1

Just curious.  So answer the poll already!
1481264358
Hero Member
*
Offline Offline

Posts: 1481264358

View Profile Personal Message (Offline)

Ignore
1481264358
Reply with quote  #2

1481264358
Report to moderator
1481264358
Hero Member
*
Offline Offline

Posts: 1481264358

View Profile Personal Message (Offline)

Ignore
1481264358
Reply with quote  #2

1481264358
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1481264358
Hero Member
*
Offline Offline

Posts: 1481264358

View Profile Personal Message (Offline)

Ignore
1481264358
Reply with quote  #2

1481264358
Report to moderator
1481264358
Hero Member
*
Offline Offline

Posts: 1481264358

View Profile Personal Message (Offline)

Ignore
1481264358
Reply with quote  #2

1481264358
Report to moderator
bulanula
Hero Member
*****
Offline Offline

Activity: 518



View Profile
May 23, 2011, 05:17:39 PM
 #2

INVESTING is the best choice right now. Just buy bitcoins with as much cash as you have !
Jaime Frontero
Full Member
***
Offline Offline

Activity: 126


View Profile
May 23, 2011, 05:35:56 PM
 #3

right now i'm tweaking all my miners - latest miner versions, overclocking, case cooling, etc.  i've boosted my Mh/sec rate almost 20% since the difficulty rise - practically as good as getting a new miner.

so no hardware right now.  we'll see how difficulty goes.

and frankly, given the speed at which things move, i'm going to wait a couple weeks to see what happens on the FPGA front.  my miners have paid for themselves many times over, so i can afford to look at re-investing if the FPGA possibilities are good.

i guess my answer isn't in your poll...
Iceredwing
Newbie
*
Offline Offline

Activity: 14


View Profile
May 23, 2011, 07:35:00 PM
 #4

No would be my answer.
epi 1:10,000
Full Member
***
Offline Offline

Activity: 154


View Profile
May 23, 2011, 11:09:26 PM
 #5

No
SgtSpike
Legendary
*
Offline Offline

Activity: 1344



View Profile
May 23, 2011, 11:17:26 PM
 #6

Yeesh - almost half of all respondents indicated that they will still be adding more hashing power in the coming weeks!  I was hoping for numbers less than that, but now I fully expect difficulty to continue rising as quickly as it has in the last few weeks.
AtlasONo
Hero Member
*****
Offline Offline

Activity: 551



View Profile
May 23, 2011, 11:21:04 PM
 #7

Just bought a few bits but I'm done for now
Iceredwing
Newbie
*
Offline Offline

Activity: 14


View Profile
May 23, 2011, 11:32:45 PM
 #8

I remember seeing a post where someone was saying the difficulty would drop and it was naive to think it would exponentially increase all the time. The other guy said once you hit that point of no return it's pretty much done... I think I agree we are either near or at that point.  This increase in difficulty won't stop until there is nearly no profit for anyone that isn't mining at the highest efficiency. Likely a commercial venture of sort once the word gets out a bit more. 

Any media exposure and we can pretty much say bye bye to mining profits for the masses?
rezin777
Full Member
***
Offline Offline

Activity: 154


View Profile
May 23, 2011, 11:42:46 PM
 #9

I remember seeing a post where someone was saying the difficulty would drop and it was naive to think it would exponentially increase all the time. The other guy said once you hit that point of no return it's pretty much done... I think I agree we are either near or at that point.  This increase in difficulty won't stop until there is nearly no profit for anyone that isn't mining at the highest efficiency. Likely a commercial venture of sort once the word gets out a bit more. 

Any media exposure and we can pretty much say bye bye to mining profits for the masses?

It's apparent that mining will trend toward small profit. Any undertaking that has massive profit will grow until the profit is reduced (everyone tries to grab that profit). Serious miners should understand this and practice high efficiency.
BitcoinRigs.com
Member
**
Offline Offline

Activity: 68


View Profile WWW
May 24, 2011, 12:38:35 AM
 #10

Lots of people are still buying. We can't buy enough video cards to keep up with demand!

Dedicated Bitcoin Mining Rigs from http://bitcoinrigs.com/
gusti
Legendary
*
Offline Offline

Activity: 1102


View Profile
May 24, 2011, 12:45:25 AM
 #11

yes, why not ?

If you don't own the private keys, you don't own the coins.
Littleshop
Legendary
*
Offline Offline

Activity: 1316



View Profile WWW
May 24, 2011, 12:56:54 AM
 #12

yes, why not ?

Because difficulty going up without BTC price going up will cause the payback to be less then the price of the equipment.  Our next difficulty is on track to be more then a 50% increase again and it is happening sooner then 10 days.  If you repeat that just four more times mining is not very profitable. 

I just got my last 6990 card.  It should make some acceptable money in the next month.   After that profit is unlikely.  I will turn my equipment off a little before it becomes unprofitable due resale value of the equipment. 

gusti
Legendary
*
Offline Offline

Activity: 1102


View Profile
May 24, 2011, 01:00:23 AM
 #13

yes, why not ?

Because difficulty going up without BTC price going up will cause the payback to be less then the price of the equipment.  Our next difficulty is on track to be more then a 50% increase again and it is happening sooner then 10 days.  If you repeat that just four more times mining is not very profitable. 

I just got my last 6990 card.  It should make some acceptable money in the next month.   After that profit is unlikely.  I will turn my equipment off a little before it becomes unprofitable due resale value of the equipment. 

Please define what is "profitable". Or what is a good ROI for a business. 20% a year ?  30% ? 60% ?   Wink   

If you don't own the private keys, you don't own the coins.
acamus
Newbie
*
Offline Offline

Activity: 28


View Profile
May 24, 2011, 01:03:22 AM
 #14

"Because difficulty going up without BTC price going up will cause the payback to be less then the price of the equipment. " I plan to track the rate of difficulty increase vs bitcoin value in the coming months, probably until august before buying anything. There is no guarantee of profit or loss but there should be some trending going on. Hopefully I can use the money to finish my PhD in mathematical finance.

Short Bitcoin  (http://forum.bitcoin.org/index.php?topic=12536.0) if you dare.
http://www.tradebitcoin.com/
http://oneminuteslow.com/bitcoin/100-20.png (http://forum.bitcoin.org/index.php?topic=8895.0)
15V8JNvmvuWnRF3r6hfTyLL1ukyfp
JJG
Member
**
Offline Offline

Activity: 70


View Profile
May 24, 2011, 03:57:13 AM
 #15

yes, why not ?

Because difficulty going up without BTC price going up will cause the payback to be less then the price of the equipment.  Our next difficulty is on track to be more then a 50% increase again and it is happening sooner then 10 days.  If you repeat that just four more times mining is not very profitable. 

I just got my last 6990 card.  It should make some acceptable money in the next month.   After that profit is unlikely.  I will turn my equipment off a little before it becomes unprofitable due resale value of the equipment. 

Please define what is "profitable". Or what is a good ROI for a business. 20% a year ?  30% ? 60% ?   Wink   

Here's the thing:

Difficulty only needs to make a few more big jumps before your return starts to get awfully close to the cost of mining (equipment depreciation + electricity costs). Eventually, you'll be up against the flat-rate/free electricity crowd.

There will probably be marginal profitability for most for quite some time, but these margins will be thin and fluctuate heavily with the exchange rates.... UNLESS you're convinced that BTC value will just continue to go up.

However, if BTC just keeps going up then mining is not where you should be putting your money. Buying BTC directly will yield much larger profits given the same investment, or alternatively will yield the same profits with less investment.

For the record, I don't believe BTC value will continue to rise as it has. I do believe difficulty will continue increasing until marginal profits are minimal, however.
BurtW
Legendary
*
Offline Offline

Activity: 1792

All paid signature campaigns should be banned.


View Profile WWW
May 24, 2011, 04:50:48 AM
 #16

Before you answer the poll here is something to think about.  I believe these numbers are correct:
Code:
             Difficulty     Average to win  Rise from previous
Previous:    157,416.40     1.13 Ghashes/s
Current:     244,112.48     1.75 Ghashes/s 55.07%
Next (est):  393,849.00     2.82 Ghashes/s 61.34%

If you are interested I got my raw historical data from here http://blockexplorer.com/q/nethash and the estimate next difficulty here: http://bitcoincharts.com/markets/ (at the top of the page - will happen in 789 more blocks as of the time of this post)

Our family was terrorized by Homeland Security.  Read all about it here:  http://www.jmwagner.com/ and http://www.burtw.com/  Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
BurtW
Legendary
*
Offline Offline

Activity: 1792

All paid signature campaigns should be banned.


View Profile WWW
May 24, 2011, 06:09:15 AM
 #17

This is the way I am trying to answer this question for myself:

Todays network hash rate is estimated at about 3.5 Thashs/s.  So if I build a hot 3.5 Ghashs/s system that would be exacly 0.1% of the network.  Since the entire system produces about $50,000 per day at the current price of $7 per BTC my share should average out to about $50 per day.

Assuming that the average rate of growth in the value of the BTC matches the average rate of growth of the network then I will continue to average about $50 per day until 2013.

$50 per day is about $18,000 per year.  Can I build a 3.5 Ghash/s system for less than $18,000?  Yes.  If the above assumption holds is it worth doing?  Yes.  Will the above growth rate assumption hold.  That is the real question here.

Our family was terrorized by Homeland Security.  Read all about it here:  http://www.jmwagner.com/ and http://www.burtw.com/  Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
SgtSpike
Legendary
*
Offline Offline

Activity: 1344



View Profile
May 24, 2011, 07:44:46 AM
 #18

This is the way I am trying to answer this question for myself:

Todays network hash rate is estimated at about 3.5 Thashs/s.  So if I build a hot 3.5 Ghashs/s system that would be exacly 0.1% of the network.  Since the entire system produces about $50,000 per day at the current price of $7 per BTC my share should average out to about $50 per day.

Assuming that the average rate of growth in the value of the BTC matches the average rate of growth of the network then I will continue to average about $50 per day until 2013.

$50 per day is about $18,000 per year.  Can I build a 3.5 Ghash/s system for less than $18,000?  Yes.  If the above assumption holds is it worth doing?  Yes.  Will the above growth rate assumption hold.  That is the real question here.
Bitcoin value has remained stagnate for the past 11 days, while difficulty has almost doubled in the same time period.  Wishful thinking doesn't make it happen.

There has to be a reason for a rally - more investors come in looking for bitcoins, so they infuse cash into the market.  There doesn't have to be a reason for difficulty to increase - it just happens, whether there is growth in the value of BTC or not.  The reason for this is because it is still profitable to mine, even with the lower value/generation ratio.  People will continue purchasing mining equipment until the revenue is very close to the expense of electricity.  Prepare to make $2-$3/day with that same 3.5ghps in the not-so-distant future.
gusti
Legendary
*
Offline Offline

Activity: 1102


View Profile
May 24, 2011, 10:33:01 AM
 #19

yes, why not ?

Because difficulty going up without BTC price going up will cause the payback to be less then the price of the equipment.  Our next difficulty is on track to be more then a 50% increase again and it is happening sooner then 10 days.  If you repeat that just four more times mining is not very profitable. 

I just got my last 6990 card.  It should make some acceptable money in the next month.   After that profit is unlikely.  I will turn my equipment off a little before it becomes unprofitable due resale value of the equipment. 

Please define what is "profitable". Or what is a good ROI for a business. 20% a year ?  30% ? 60% ?   Wink   

Here's the thing:

Difficulty only needs to make a few more big jumps before your return starts to get awfully close to the cost of mining (equipment depreciation + electricity costs). Eventually, you'll be up against the flat-rate/free electricity crowd.

There will probably be marginal profitability for most for quite some time, but these margins will be thin and fluctuate heavily with the exchange rates.... UNLESS you're convinced that BTC value will just continue to go up.

However, if BTC just keeps going up then mining is not where you should be putting your money. Buying BTC directly will yield much larger profits given the same investment, or alternatively will yield the same profits with less investment.

For the record, I don't believe BTC value will continue to rise as it has. I do believe difficulty will continue increasing until marginal profits are minimal, however.


Too many assumptions, few facts. If you believe that buying btc directly is the best thing to do, pls sell me at $1.32, which is the actual cost for me to mine each one.   Grin

If you don't own the private keys, you don't own the coins.
fergalish
Sr. Member
****
Offline Offline

Activity: 440


View Profile
May 24, 2011, 10:51:20 AM
 #20

INVESTING is the best choice right now. Just buy bitcoins with as much cash as you have !
How about we *don't* turn bitcoin into a ponzi scheme.  Pleeeeeeease?
Pages: [1] 2 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!