Just bit the bullet and bought an BitMain S9 miner. Deliver in Jan 2018.
I am stupid or foward thinking??
Bitcoin Miner S9
diceman99 on 18/11/2017 - 14:26
Comments
If you can mine coins worth more than what is the cost of the unit, why would they sell it?
They would use it themselves, and make even more money than they do from selling it.Do I need to get you a calculator there champ?
There are a world of possibilities if you don't mind wearing a tinfoil hat for a bit -
If you programmed all the miners you sold to siphon off ~10% of whatever it mined and sent it back to base - that would make it worthwhile really, really quickly. And if you're not an embedded systems software engineer - how would you know if it's doing exactly what it's meant to or not?
*Takes his tin foil hat off again * Ok, that's enough for today…
If you can mine coins worth more than what is the cost of the unit, why would they sell it?
This might amaze but they have more than one unit. No need for a calculator it's pretty simple.
Your argument is like saying no one should mine gold because someone is selling a bulldozers instead of using them to mine gold.
LOL
won't make money on bitcoin BUT mine alt-coins and you may get lucky later
Without getting bogged down in the merits of the original Bitcoin itself (it's not just Bitcoin, I have a problem with all cults) you have to realise you're not just betting on the success of Bitcoin or accounting for the network hash rate. You're betting against Moore's Law as well (as it stands now, in ASICs specifically).
Assuming Bitcoin's value stays constant, as part of a mining pool it might take you almost a year to recover your investment plus ongoing costs (such as electricity). Until the day you've "spent" that Bitcoin you haven't made any tangible profit (let alone a "guaranteed deposit"). Once you've converted the Bitcoin to AUD or its market value you can sleep easy (but then you've got the gambler's dilemma you would have had to begin with).
If all the machinery works swimmingly and Bitcoin stays the same or increases you'll technically have an advantage over a plain investor (/ gambler) since even without Bitcoin increasing in value you might make $1000 at the end of the first year after electricity, your device and its power supply are paid off. If you don't get superseded by superior devices in a year then even better.
But if Bitcoin drops more than 20% in the first year and superior devices do come out in a year (or less…) then you've donated money to the Bitcoin cause.
A whole bunch of negative nellies for the replies.
Well I had $2000 AUS in bitcoin which I have been mining. So essentially I'm used all my mined bitcoin to buy a new machine. I've also got 5KW of Solar panels, so hopefully electricity will be free during the day.
My only prob is that the mining rig arrives in January. So maybe the mining rate will go down.
I'll keep my fingers crossed.You asked for replies and then call them "negative nellies" when they reply?
It's impossible to determine the number of miners there will be in a few months time. There is a handful of people that do have an idea though - the people selling the mining rigs! There are so many shady things you can pull off with cryptocurrencies that are prohibited in regulated industries. Insider knowledge and pump and dumps are just the tip of the iceberg.
If you're locked in to this device then it's in your interest now to convince everyone else not to mine. You flood forums and YouTube videos telling people to buy and HODL and emphasise that it's too late to mine. You call anyone that backs alternate cryptocurrencies a shill. The reason you don't see these discussions on OzBargain is because it's low in SEO benefits for the international market.
well they are hardly positive Pete's
You asked for people's opinion on the Internet, what did you expect?
You should put away your computer and go outside, you're not ready for the cybers.
I am stupid or foward thinking?
Neither. But you've been tricked, and you'll be lucky to get ROI on this.
I made a similar mistake a few years ago. The miner shipped 6 months late and never got ROI due to the rising difficulty of bitcoin.
Hope you can mine on solar electricity as thats a big issue is the high AU electricity costs and if you can mine at your pensioner parents home and get the benefit of their discounts too then you will earn some coin.
You have to take the long view, whats a bitcoin going to be worth a decade from now.
I was in the exact same situation a few years ago. Bought a ButterflyLabs ASIC miner but "due to unforeseen circumstances" the miner arrived 6 months late.
The network difficulty had risen so much, that I only managed to mine enough Bitcoin to cover my initial cost.
I should have taken the money I was using to buy the miner and just bought Bitcoin, then held the coins…
Just buy a little each week and hold. Then you cover yourself against massive rises and falls in price because you're spreading your buys.
No easy way to predict pump and dump, so just keep buying and holding!
Also, investigate other altcoins and diversify… See which ones have some other value other than just a gold equivalent. NEO/Antshare is quite interesting.
Does anyone know of a good mechanism to buy bitcoin. I have a coinbase account, but it only allows me to buy weekly $300 of bitcoin at a time and they charge me $11 everytime.
Keep using coinbase, it'll eventually increase to thousands a week.
Basically they're trying to make sure you don't lose everything by being a fool or using stolen credit cards.
What will increase to thousands a week?
What do you think?
Screw coinbase and their absurd fees. Switch to btcmarkets.
thanks. I'll check out btcmarkets.
Eh, good for you. Have fun with it and see what happens. You could also mine any ALT that has SHA256 as it's hashing algorithm.
Thanks. Hopefully in a few months I'll be retired. :-)
So fed up with receiving unwanted bitcoin emails from heaps of different people ( scammers).
Whenever we have tried to unsubscribe,more pop up from different people & also emails from other unwanted companies wishing us to buy viagra or get in touch with “ Russian or Asian beauties”
Absolutely sick of it.
We did not ask for any info. from them in the first place & now they just keep bombarding us with their scam mail.
Just wish there was a way to block them.Don't open the emails or reply/click links to unsubscribe. Doing so lets them know that the email account is active and they'll continue to spam you as well as sell your email address to other spammers.
African Solider stucked in Uganda wants to send me some Bitcoins
Quick grab them. Anything from uganada is legit. BUt watch out for nigerian scams. ;-)
If they were profitable, then the people making them would be using them to make that sweet sweet bitcoin instead of selling them to you.