Is it still worthwhile? i was thinking of getting a dedicated mining rig if it was still worth it. I can get a 230-250 GH/s setup for $600 shipped. This is supposed to be able to generate the equivalent of $10 per day at the rate that it finds coins. A 1TH/s rig costs a lot more and doesn't seem like it would be worth the $3100 price tag even if it does find coins 4-5x faster.
I think if you didn't get into bitcoins back in late 2008 / early 2009, you have probably missed the boat.
The value and difficult is so unpredictable it makes it difficult to calculate an ROI. If you can afford to throw away $600 if someone creates a miner that is an order of magnitude faster, or more people start mining and the difficulty skyrockets, then go ahead. Unlike a GPU, you can't use the card for anything else. Don't buy it from Butterfly Labs, though, they are a major scam operation.
Agreed if you didn't get into it early, it's too "late." Many miners have moved onto other forms of cryptocurrency that have higher ROI, but in general all I see is that (like other "rushes") the folks making money are the folks supplying the mining equipment. That means the guys selling the Radeon cards at 100% mark-up; not the people buying them. Basically if you have $500-$1000 to throw away and want it as a novelty, go ahead, but don't expect to get rich or make money at it. Even if your $10/day estimate is correct it'll have to run nonstop for better than two months to even approach breaking even (remember you're paying for power and an ISP connection and maintenance/support and so on).
There's also the big unknown about stability of the coin exchanges (which means your "money" can just go poof with no warning), especially now that various law enforcements agencies have started to take an interest due to the criminal elements that have been attracted to cryptocurrency.
You'd be better off creating a bitcoin botnet (or equivalent) than using the limited resources you have yourself.
http://www.theguardian.com/technology/2014/ap … ng-android-apps
Just go to the casino: same odds: more fun, faster & free drinks. 🤣
Why not instead use your spare computing power for SETI at home? You'll probably waste your computing resources either way, but with SETI you will be able to feel good by not being selfish.
http://nerdlypleasures.blogspot.com/ - Nerdly Pleasures - My Retro Gaming, Computing & Tech Blog
wrote:Just go to the casino: same odds: more fun, faster & free drinks. 🤣
🤣 And sometimes you can win a free car...
wrote:Why not instead use your spare computing power for SETI at home? You'll probably waste your computing resources either way, but with SETI you will be able to feel good by not being selfish.
If the machine is going to stay on and can handle the loading, I'd agree with SETI (or some other BOINC project (there's a number of them, and most of them are pretty interesting)) as a better use of the machine's time. Otherwise I'd just shut the machine down when it isn't in use. 😀
wrote:Agreed if you didn't get into it early, it's too "late." Many miners have moved onto other forms of cryptocurrency that have higher ROI, but in general all I see is that (like other "rushes") the folks making money are the folks supplying the mining equipment. That means the guys selling the Radeon cards at 100% mark-up; not the people buying them. Basically if you have $500-$1000 to throw away and want it as a novelty, go ahead, but don't expect to get rich or make money at it. Even if your $10/day estimate is correct it'll have to run nonstop for better than two months to even approach breaking even (remember you're paying for power and an ISP connection and maintenance/support and so on).
There's also the big unknown about stability of the coin exchanges (which means your "money" can just go poof with no warning), especially now that various law enforcements agencies have started to take an interest due to the criminal elements that have been attracted to cryptocurrency.
Seriously, underscore the above several times. I almost spent $6000 that I could ill afford to lose on miners from Butterfly labs, thinking I would make the money back in a month or two and have some easy money for a year. Now I am REALLY glad I didn't, the 50 gigahash miners are nearly worthless (at least the Jalapeno can heat your coffee) and there are tons and tons of stories about people never even receiving what they ordered
from BFL. On top of that, Butterfly Labs has been mining with customer hardware, then shipping it when it is
just about worthless (if they ship at all). Their forums are filled with pissed off people.
Everything about bitcoin smacks of tulip mania or other speculative bubbles. If you really think bitcoin will be worth big bucks in the future, you're better off buying bitcoin directly and holding it. Or mine some altcoin with a GPU and then at least if it isn't worth anything your GPU is still worth something. Or better yet, join a Folding at Home network.
Remember, there is no such thing as easy money and if it sounds too good to be true it probably is.
If Butterfly Labs created hardware that could effectively print money, then why would they need to sell it to make money? In the interest of the greater good I suppose.
Life? Don't talk to me about life.
wrote:If Butterfly Labs created hardware that could effectively print money, then why would they need to sell it to make money? In the interest of the greater good I suppose.
Why don't people understand Bitcoin mining is beyond me and for people to think of Bitcoin like it was a few years ago is the only reason why there is any money in it all. The difficulty rates for Bitcoin mining are so high that only the very very best asic systems can turn a profit let alone break even, for everything else it is not worth the power used.
BFL is a scam, they use customer money to build machines and use them for their own use before shipping them out after they are nearly worthless. The only money that is left in bitcoin is hardware sales and nothing more. Stay away from Bitcoin altogether.
On a far away planet reading your posts in the year 10,191.
