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Should I invest in an ASIC Miner

ProGearUk
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I have been looking at the 5 GH/s ASIC miner priced at $274 from Butterfly Labs. I can afford it but is it worth it or will I just not be able to compete. I have been doing the sums and the Miner says it works at +/- 10 % of its full hashrate so I worked out that at 4.5 gh/s/4500k/hash a second I will make about 700 dollars a month at the current price of bitcoins and the current bitcoin difficulty level. Should I get a miner. They sound like a good idea and how would I set it up to work with cgminer for litecoins. 

XYPHER AMD FX8350 @ 4.6Ghz ASUS SABERTOOTH 990FX R2.0 AMD RADEON HD 7970 @ 1140Mhz 16GB Corsair VENGEANCE 1600Mhz OCZ VERTEX 3 240GB SSD Corsair H100i 1TB SEAGATE BARRACUDA FRACTAL DESIGN DEFINE R4 CORSAIR K90 MADCATZ RAT 3 iiyama ProLite B2480HS 24"

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Heck i would if i could but i dont know everything about mining :/ but a $274 investment and getting $700 a month that sounds good to me :)

 

heck i might even get one:)

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Keep in mind that the exchange rate of the bitcoins is fluctuating and it can fall every moment.

Sorry if my English is not perfect, but it isn't my native language :)

 

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Keep in mind that the exchange rate of the bitcoins is fluctuating and it can fall every moment.

Do you thik this would be a good investment though. 

XYPHER AMD FX8350 @ 4.6Ghz ASUS SABERTOOTH 990FX R2.0 AMD RADEON HD 7970 @ 1140Mhz 16GB Corsair VENGEANCE 1600Mhz OCZ VERTEX 3 240GB SSD Corsair H100i 1TB SEAGATE BARRACUDA FRACTAL DESIGN DEFINE R4 CORSAIR K90 MADCATZ RAT 3 iiyama ProLite B2480HS 24"

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Like he said, it can drop every second or it can go higher every second.

Like with buying and selling stocks, you don't know 100% sure whether it will increase or decrease in value.

 

If you can miss the money, yes, you should consider going for it.

Keep in mind though that these Butterfly Labs miners seem hard to get at the moment (a long queue).

 

I'd just say, never spend more on it than you can miss.

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Like he said, it can drop every second or it can go higher every second.

Like with buying and selling stocks, you don't know 100% sure whether it will increase or decrease in value.

 

If you can miss the money, yes, you should consider going for it.

Keep in mind though that these Butterfly Labs miners seem hard to get at the moment (a long queue).

 

I'd just say, never spend more on it than you can miss.

Thanks I think I will invest in one of these. Does anybody know how long the queue for one of the 5gh/s miners from Butterfly Labs is. 

XYPHER AMD FX8350 @ 4.6Ghz ASUS SABERTOOTH 990FX R2.0 AMD RADEON HD 7970 @ 1140Mhz 16GB Corsair VENGEANCE 1600Mhz OCZ VERTEX 3 240GB SSD Corsair H100i 1TB SEAGATE BARRACUDA FRACTAL DESIGN DEFINE R4 CORSAIR K90 MADCATZ RAT 3 iiyama ProLite B2480HS 24"

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If you're going to buy one, I'd buy it in a normal FIAT currency, Do not buy it with bitcoin as there's a good chance the volatility of the market will cause the price to change possibly making it cost more than it normally would have.

 

Also the BFL ASIC's have been taking pre-orders for a very long time now. any orders now could take several months before you get it due to the amount of demand.

 

By the time you receive your ASIC, there may be a new one developed which is faster and cheaper. I wouldn't buy anything unless you are able to get it within a week or two.

 

 

If you're wondering about the current value of these asic's look up the pre-order slots on ebay.

You keep using that word. I do not think it means what you think it means.
Users cannot, and will not securely manage key material. Most users can't and the ones that can, wont.

Ask me about Bitcoin, Litecoin, Crypto-Currencies, and/or Mining them.

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If you're going to buy one, I'd buy it in a normal FIAT currency, Do not buy it with bitcoin as there's a good chance the volatility of the market will cause the price to change possibly making it cost more than it normally would have.

 

Also the BFL ASIC's have been taking pre-orders for a very long time now. any orders now could take several months before you get it due to the amount of demand.

 

By the time you receive your ASIC, there may be a new one developed which is faster and cheaper. I wouldn't buy anything unless you are able to get it within a week or two.

 

 

If you're wondering about the current value of these asic's look up the pre-order slots on ebay.

I am in the Uk so do you think that I should order one of the 5gh/s miners or should I just wait and mine with a gpu miner such as a single 7970 and then another one soon mining litecoins. I will then get an asic miner and transfer to bitcoin. 

XYPHER AMD FX8350 @ 4.6Ghz ASUS SABERTOOTH 990FX R2.0 AMD RADEON HD 7970 @ 1140Mhz 16GB Corsair VENGEANCE 1600Mhz OCZ VERTEX 3 240GB SSD Corsair H100i 1TB SEAGATE BARRACUDA FRACTAL DESIGN DEFINE R4 CORSAIR K90 MADCATZ RAT 3 iiyama ProLite B2480HS 24"

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It's very hard to suggest what to do.

network hashing power is constantly increasing along with difficulty making gpu mining less and less effective for all coins. 

 

What do you have right now? If you already have a single 7970 that you're mining on it might be worth more for you to take the money you were going to spend on a second GPU and spend it on buying coins directly. Then see where the next line of AMD cards come in or at that point possibly a different ASIC. 

 

a 7970 right now could potentially take 4 month to pay for itself. With the increasing difficulty it could push that day of profit back even further. Where as you could potentially get more coins now than you could at the point where your card has paid off.

 

More GPU's at right now are best put into jumping on new alt coins when they are introduced and you can make a bunch of them quickly.

With all the ALT coins that are popping up, you can usually jump on those early and grab a bunch of coins then dump asap for a quick buck. Of course you may end up being a bag holder on several coins.

 

It really comes down to a coin toss for which would be better in the long run. With a second GPU you would get better fps so it does have value outside of mining and you could always sell it later if you need.

You keep using that word. I do not think it means what you think it means.
Users cannot, and will not securely manage key material. Most users can't and the ones that can, wont.

Ask me about Bitcoin, Litecoin, Crypto-Currencies, and/or Mining them.

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It's very hard to suggest what to do.

network hashing power is constantly increasing along with difficulty making gpu mining less and less effective for all coins. 

 

What do you have right now? If you already have a single 7970 that you're mining on it might be worth more for you to take the money you were going to spend on a second GPU and spend it on buying coins directly. Then see where the next line of AMD cards come in or at that point possibly a different ASIC. 

 

a 7970 right now could potentially take 4 month to pay for itself. With the increasing difficulty it could push that day of profit back even further. Where as you could potentially get more coins now than you could at the point where your card has paid off.

 

More GPU's at right now are best put into jumping on new alt coins when they are introduced and you can make a bunch of them quickly.

With all the ALT coins that are popping up, you can usually jump on those early and grab a bunch of coins then dump asap for a quick buck. Of course you may end up being a bag holder on several coins.

 

It really comes down to a coin toss for which would be better in the long run. With a second GPU you would get better fps so it does have value outside of mining and you could always sell it later if you need.

I think I will just get the asic miner and maybe some litecoins. Do you have any recommendations on what ASIC miners I can get apart from the butterfly ones.

XYPHER AMD FX8350 @ 4.6Ghz ASUS SABERTOOTH 990FX R2.0 AMD RADEON HD 7970 @ 1140Mhz 16GB Corsair VENGEANCE 1600Mhz OCZ VERTEX 3 240GB SSD Corsair H100i 1TB SEAGATE BARRACUDA FRACTAL DESIGN DEFINE R4 CORSAIR K90 MADCATZ RAT 3 iiyama ProLite B2480HS 24"

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I don't own an asic miner so I don't have any input on them at all.

 

 

Just remember, you can NOT mine litecoin with ASIC if that's your intention. For the time being the Scrypt algorithm can only be used with cpu's and gpu's.

You keep using that word. I do not think it means what you think it means.
Users cannot, and will not securely manage key material. Most users can't and the ones that can, wont.

Ask me about Bitcoin, Litecoin, Crypto-Currencies, and/or Mining them.

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I don't own an asic miner so I don't have any input on them at all.

 

 

Just remember, you can NOT mine litecoin with ASIC if that's your intention. For the time being the Scrypt algorithm can only be used with cpu's and gpu's.

Ok thanks do you know of any companies at all that offer ASIC miners other than Butterfly Labs

XYPHER AMD FX8350 @ 4.6Ghz ASUS SABERTOOTH 990FX R2.0 AMD RADEON HD 7970 @ 1140Mhz 16GB Corsair VENGEANCE 1600Mhz OCZ VERTEX 3 240GB SSD Corsair H100i 1TB SEAGATE BARRACUDA FRACTAL DESIGN DEFINE R4 CORSAIR K90 MADCATZ RAT 3 iiyama ProLite B2480HS 24"

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I believe there are two other companies making these. Neither one of them are shipping yet either. Honestly, I wouldn't buy one until you know it can be delivered very shortly. 

 

BFL has had pre-orders for some time and were supposed to be shipping a while ago, and still nada. So who knows when they may actually ship.

 

One thing to know - BFL is apparently is already sold out of the mini rig. That's scary, as if a bunch of those suckers ship first they will quickly drive the difficulty level up very high, very fast. At $30,000 those suckers are beast.

 

Wait till there are units out you can actually smell and touch, so to speak, then you be able to better gauge profitability. 

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I believe there are two other companies making these. Neither one of them are shipping yet either. Honestly, I wouldn't buy one until you know it can be delivered very shortly. 

 

BFL has had pre-orders for some time and were supposed to be shipping a while ago, and still nada. So who knows when they may actually ship.

 

One thing to know - BFL is apparently is already sold out of the mini rig. That's scary, as if a bunch of those suckers ship first they will quickly drive the difficulty level up very high, very fast. At $30,000 those suckers are beast.

 

Wait till there are units out you can actually smell and touch, so to speak, then you be able to better gauge profitability. 

Ok thanks. I have seen a site that has a 20 gh/s miner that is restricted to only 1000 units. http://www.cedartec.net/index.php

I have also seen an asic miner manufacturer in the uk but they are not shipping either. http://www.asicrigs.com/

XYPHER AMD FX8350 @ 4.6Ghz ASUS SABERTOOTH 990FX R2.0 AMD RADEON HD 7970 @ 1140Mhz 16GB Corsair VENGEANCE 1600Mhz OCZ VERTEX 3 240GB SSD Corsair H100i 1TB SEAGATE BARRACUDA FRACTAL DESIGN DEFINE R4 CORSAIR K90 MADCATZ RAT 3 iiyama ProLite B2480HS 24"

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Check this out https://forums.butterflylabs.com/blogs/bfl_jody/

They are currently completing orders for June. That is June of 2012 and they are shipping them that slowly. You might think to yourself "so I will get it next year, that's not toooo bad."

Also keep in mind how Bitcoins where doing. The price of Bitcoins last June was below $10. Imagine how many orders they got when they started skyrocketing above $100. If you order one now, I can't imagine you'd recieve it anytime in the next 18 months to be honest.

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 If you order one now, I can't imagine you'd recieve it anytime in the next 18 months to be honest.

I actually highly doubt that. the reason they are slowly shipping out was because they couldn't get to their power target. and had to redesign their boards. Once they get everything down pat. I think they will start shipping out really fast I'm hoping to get mine by the end of july order ~14000. But I have no clue how many orders are out there I know some people order tons of miners like 50k+ so it may take a while.

 

PS I order back in Feb. I was going to order in like August but canceled my order. Regretting it ever since. 

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I have been looking at an Asic Rig from these guys. I will have to wait a while to be able to afford this but once I get the money I will most likely buy one of these. 

http://www.cedartec.net/index.php

XYPHER AMD FX8350 @ 4.6Ghz ASUS SABERTOOTH 990FX R2.0 AMD RADEON HD 7970 @ 1140Mhz 16GB Corsair VENGEANCE 1600Mhz OCZ VERTEX 3 240GB SSD Corsair H100i 1TB SEAGATE BARRACUDA FRACTAL DESIGN DEFINE R4 CORSAIR K90 MADCATZ RAT 3 iiyama ProLite B2480HS 24"

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I think I may just invest in one of the 5gh/s miners. I think this will be the best option to start off with. In the time that It takes to arrive I may as well gpu mine and also I can buy and sell Bitcoins and Litecoins to make me some money. I will probably just buy some coins and then sell them later on when the price goes up and then I will just get the asic miner when I have a bit more cash to spend. What do you guys think. 

XYPHER AMD FX8350 @ 4.6Ghz ASUS SABERTOOTH 990FX R2.0 AMD RADEON HD 7970 @ 1140Mhz 16GB Corsair VENGEANCE 1600Mhz OCZ VERTEX 3 240GB SSD Corsair H100i 1TB SEAGATE BARRACUDA FRACTAL DESIGN DEFINE R4 CORSAIR K90 MADCATZ RAT 3 iiyama ProLite B2480HS 24"

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Check this out https://forums.butterflylabs.com/blogs/bfl_jody/

They are currently completing orders for June. That is June of 2012 and they are shipping them that slowly. You might think to yourself "so I will get it next year, that's not toooo bad."

Also keep in mind how Bitcoins where doing. The price of Bitcoins last June was below $10. Imagine how many orders they got when they started skyrocketing above $100. If you order one now, I can't imagine you'd recieve it anytime in the next 18 months to be honest.

Do you think that I should just wait and get an ASIC miner when I can get one that can be delivered in a few days rather than being on a pre-order list for months.

XYPHER AMD FX8350 @ 4.6Ghz ASUS SABERTOOTH 990FX R2.0 AMD RADEON HD 7970 @ 1140Mhz 16GB Corsair VENGEANCE 1600Mhz OCZ VERTEX 3 240GB SSD Corsair H100i 1TB SEAGATE BARRACUDA FRACTAL DESIGN DEFINE R4 CORSAIR K90 MADCATZ RAT 3 iiyama ProLite B2480HS 24"

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Do you think that I should just wait and get an ASIC miner when I can get one that can be delivered in a few days rather than being on a pre-order list for months.

That would make more sense yes, as you can't predict what the currency will do over the next couple of months.

Right now it's at a peak, but maybe in 2 or 3 months it's worth absolutely nothing.

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That would make more sense yes, as you can't predict what the currency will do over the next couple of months.

Right now it's at a peak, but maybe in 2 or 3 months it's worth absolutely nothing.

Thats true. Butterfly Labs just need to get shipping. I will just gpu mine and buy and sell for now. Thanks guys any other feedback and/or suggestions are welcome.

XYPHER AMD FX8350 @ 4.6Ghz ASUS SABERTOOTH 990FX R2.0 AMD RADEON HD 7970 @ 1140Mhz 16GB Corsair VENGEANCE 1600Mhz OCZ VERTEX 3 240GB SSD Corsair H100i 1TB SEAGATE BARRACUDA FRACTAL DESIGN DEFINE R4 CORSAIR K90 MADCATZ RAT 3 iiyama ProLite B2480HS 24"

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Thanks I think I will invest in one of these. Does anybody know how long the queue for one of the 5gh/s miners from Butterfly Labs is. 

hurry up and ask for a refund the estimate for orders in q2 of 2013 is 2 years so get your money back

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hurry up and ask for a refund the estimate for orders in q2 of 2013 is 2 years so get your money back

So I collected all of my thoughts on these things and I have decided to not invest in the cryptocurrency market. I think it will become too competitive and I also think that taxes will be the final killing blow for them. I spent some of the money I was going to invest on ASIC Miners on normal investments and I am making a healthy return already,

XYPHER AMD FX8350 @ 4.6Ghz ASUS SABERTOOTH 990FX R2.0 AMD RADEON HD 7970 @ 1140Mhz 16GB Corsair VENGEANCE 1600Mhz OCZ VERTEX 3 240GB SSD Corsair H100i 1TB SEAGATE BARRACUDA FRACTAL DESIGN DEFINE R4 CORSAIR K90 MADCATZ RAT 3 iiyama ProLite B2480HS 24"

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hurry up and ask for a refund the estimate for orders in q2 of 2013 is 2 years so get your money back

Just to ask how did you get that kind of speed on your internet. How is your internet connected top your computer. 

XYPHER AMD FX8350 @ 4.6Ghz ASUS SABERTOOTH 990FX R2.0 AMD RADEON HD 7970 @ 1140Mhz 16GB Corsair VENGEANCE 1600Mhz OCZ VERTEX 3 240GB SSD Corsair H100i 1TB SEAGATE BARRACUDA FRACTAL DESIGN DEFINE R4 CORSAIR K90 MADCATZ RAT 3 iiyama ProLite B2480HS 24"

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