Quote from: Kiwicon on February 05, 2014, 09:47:12 AM

Quote from: Newmine on January 28, 2014, 01:02:22 AM

Quote from: Trongersoll on January 27, 2014, 09:30:29 PM

Quote from: jayc89 on January 27, 2014, 04:21:15 PM

All these preordered units will be worthless when they actually arrive. Unfortunate for the newbie miners, that ship has sailed.

This is not true. You do not know what the difficulty or exchange rate will be at any given time in the future. You are guessing and presenting your guess as fact.

It is true.

I was considering buying about 75GH/s for about $900 off ebay. If I received them today and mined with them into May I would only be able to get about .74 BTC if difficulty continued to rise at ~23% each 9-10 days. By May 4th difficulty will be just over 20billion. If price stayed the same, I would earn ~$625 in BTC. This means I would be $275 in the whole and that is not including pool fees exchange fees and most importantly, electricity.

But you say what if BTC goes to $10,00 by May? Well I will have accumulated $7400 minus the $900 on equip plus electricity and fees. Thus netting me just over ~$6300.

Now let's look at what would happen if I spent that $900 on BTC today. I could buy about 1.15 BTC today for $900. If BTC went up to $10,000, my BTC would be worth $11,500. I spent $900 so I would net over $10500 in profit.

Now let say I want to buy a 2TH/s miner from Black Arrow that I won't get until May. The price tag is $5900. At the expected difficulty over 20 billion I would be able to mine .049 BTC per day. It would take 10 days to mine 1/2 a BTC and then the difficulty would adjust against me. I would lose money if the price stayed the same. If it went to $10k, I would make my money back after 2 weeks of mining. But if I bought $5900 in BTC today, ~7.5 BTC and it goes to $10k I would profit $69,000 by May.

Mining is not profitable on BTC. Unless you are one of the ASIC mining developer. Then you can stay ahead of the curve by doing the preorder garbage they do.

I do believe it is still possible to profit mining new coins.

Poor man here, low life noob n all. Bought 4 5970s from ebay @ $280 each, bought 4 Pcie motherboards from OP shop for $15 each, paralleling my 2 800W psu's with 2 400w psu's
Total cost= $1400nz
Mining clever, VTC KDC UTC MAX & bit of DOGE inbetween gaps
Converting to LTC then BTC if current price suits .
Averaging 0.394BTC per WEEK! from $1400nz investment
Hahaha, I is the noob ? And if it goes tits up, Im pretty sure of getting minimum $600 back from the GPU's
Risk $700nz, Earning $250 p/wk currently (no risk) Need more GPU's

I guess you didn't read this part of my post: "I do believe it is still possible to profit mining new coins".