Bitcoin and Making Millions

sandman87 on 08/09/2017 - 09:49

I was looking through Alibaba yesterday and came across some bitcoin mining rigs.
There were some rigs that cost $40k to $60k and some rigs which were a few thousand, like the one in the link below

https://www.alibaba.com/product-detail/Antminer-R4-Bitcoin-M…

After plugging in some calculations into this bitcoin mining calculator based upon the specs of the mining rig (see below)

https://www.cryptocompare.com/mining/calculator/eth?HashingP…

It came out as making loads of money in a very short period of time. Now I'm 100% confident that these figures are too good to be true, but does anyone know what would be a realistic expectation of the amount of Ethereum someone could mine and how much money they could actually make? I get a feeling that the specs of the mining rig in the link above are vastly overstated (8TH/s)… would a hash rate like that be even possible for such little money?

Financial Cryptocurrency

Comments

  • FFx0 on 08/09/2017 - 10:05
    +4

    If you look at the title of the first link, you clearly see that it is for Bitcoin not Ethereum.

    There is no way you can make millions a month with just 1400USD investment.

    • redfox1200 on 08/09/2017 - 17:19

      unless you bought 1400USD of bitcoin when it first started

  • airzone on 08/09/2017 - 10:21

    As I understand, Etherium is supposed to be resistant to the ASIC based modules that you see for Bit torrent.

    • Gareth on 08/09/2017 - 10:58

      There are ASIC Etherium miners, but given our high power prices, they tend to not make much money - even with Etheriums current high value.

      Check out this QZ article - cheap power with ASIC miners.

  • [Deactivated] on 08/09/2017 - 10:29
    +3

    No point mining will cost you more in power

  • Gareth on 08/09/2017 - 10:55
    +2

    As others have pointed out, this is a Bitcoin miner with 8TH/s hashing rate.

    Using the 0.27/kWh power cost in your link, it works out to a profit each day of $0.99.

    Good luck paying back your $2000AUD miner like that :-)

  • Findo on 08/09/2017 - 11:03
    +1

    Could it work out if you get free electricity ie off grid solar and batteries, or mining at work/uni under the table?

  • fruit on 08/09/2017 - 11:07

    ITT: Making money is easy

  • shandawgg on 08/09/2017 - 11:21

    Go into a mining pool with others?

  • [Deactivated] on 08/09/2017 - 11:48

    If you get free electricity; mining is quite profitable. (some inner city apartments come with free electricity… idk why…)

  • mskeggs on 08/09/2017 - 12:56
    +2

    Only making millions, pfft! You're aiming too low.

  • Ryanek on 09/09/2017 - 11:42
    +1

    Selling shovels in a Gold Rush.

  • idjces on 09/09/2017 - 13:46

    You've used a non-bitcoin calculator to make estimates about bitcoin.

    Cryptocurrency relies on market forces, if anything is profitable, people will jump onto it until that profit normalizes downwards to the point there are no new entrants. Countries like china have the competitive edge where labour and electrical costs are the lowest. You can't sustain a profitable niche in any crypto-currency without some form of competitive advantage, same as any business

  • wordplay on 09/09/2017 - 16:34

    I think at this stage it seems most profitable to simply buy bitcoin (rather than equipment to mine) and then sell as the price increases, rather than mining. But of course that relies on the market going up, or at least staying stable (which with crypto currency seems unlikely)and you not losing the coins in a scam/crash/harddrive failure/ hack/whatever.
    It all seems too good to be true and an easy way to lose money, good luck.

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