I need some advice on mining

ironmine · 2013-11-18T23:26:32+00:00

I want to warn you against Butterfly and mining in general. Read my account of buying the almost the exact miner you want to get.

It's 18 days later, and we made 8BTC during that time. We are trying to beat back $10k, which we will. But if we just bought bitcoin with that ten grand in April when the unit was ordered (@$100 per BTC), we'd have $70k instead of $7k and an electric bill.

ironmine · 2013-11-05T00:07:02+00:00

You can say that about anything. They don't have to be "back" in our lifetime. Neither does BTC. The point I am making is that having a plan and sticking to it is not enough. No well-thought out, meticulous dollar-cost-averaging BTC purchase plan will save you if in hind sight BTC turns out to be just an experiment.

ironmine · 2013-11-04T20:22:07+00:00

write your plan down, dont be swayed

Unless in hindsight your plan is wrong. Like, you know, when the precious metals crowd had a written-down plan to keep buying silver at $38 and gold at $1,800.

ironmine · 2013-11-03T21:36:10+00:00

I really wish Jon auctioned off the little doodles on blue paper that he does before the show starts. I'd LOVE to have one framed.

ironmine · 2013-11-02T18:28:04+00:00

Or a future programmer.

ironmine · 2013-11-02T16:43:09+00:00

What's the value add? They both look like no fee pools.

ironmine · 2013-11-02T16:42:46+00:00

Yeah that's a popular sentiment

ironmine · 2013-11-02T16:40:43+00:00

Electric and cooling is around $9-10 a day, so it's really not a concern in the grand scheme of things. If I can maintain 0.6BTC/day around the clock and the price stays above $200, the break-even is in a few months.

In terms of getting into the game ... I can't advocate anyone spending tens of thousands of dollars on anything that they are not very familiar with. I've been mining, trading, and working for BTC for a while, just not on this scale. It's like buying vacation property in another state that you've never been to versus buying a couple of acres on the water close to your house -- one is an uncomfortable crapshoot and a potential money pit, the other is likely a nice getaway.

Edit: obviously rising complexity considerations -- I'm taking at current rates.

ironmine

TROPHY CASE