Buying ASICs in Today’s Market

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Posts: 26 · Reputation: 210
#1Nov 3, 2019, 04:36 AM
I've been hearing that ASIC prices are down because of this bear market. Is this a good moment to buy a miner? I don't have access to cheap electricity or space for miners, so I'm thinking about exploring hosted mining options.
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blockhubMember
Posts: 1033 · Reputation: 43
#2Nov 3, 2019, 08:45 AM
Be careful on buying ASIC units on unknown sites like the post above they are not verified distrubutor. If you want to buy ASIC units without worrying about scammers always buy directly on the manufacturers or verified distributor. CANAAN right now is the only manufacturer selling very cheap units you can check it here https://shop.canaan.io/ Also check the Bitmain here https://shop.canaan.io/
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degenpro573Full Member
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#3Nov 3, 2019, 11:52 AM
There is a risk of NOT actually owning your mining hardware, regardless of how well-established the host might seem, usually, things don't work out well, so if you don't have your own place with cheap enough power to compete against the majority of the large players which is probably below 5 cents per kWh as of now's standards -- mining is probably not for you.
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dr_blockNewbie
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#4Nov 3, 2019, 01:17 PM
If the prices are down due to the Bear market, for others who have been looking for ways to get their own equipment because they have assessed their situation and know that they can accommodate it (Power & Space), now is a great time, because the prices will go up just as bitcoins go up. It would have been nice if you properly explained your situation and challenges so we can understand you when you say you do not have any provision to accomodate miners.
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#5Nov 3, 2019, 05:35 PM
I see. Thank you
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mr_moonMember
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#6Nov 3, 2019, 09:52 PM
I think you should take notice of how others warned you about hosted mining risk. Especially if the company is relatively unknown and has no prior deal/transaction history on the forum. If you don't have enough capital to buy and manage your rig, maybe try looking for other options such as GPU mining or staking. It still has risks, but probably a better gamble compared to giving money to unknown mining sites.
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#7Nov 5, 2019, 11:03 PM
I don't have cheap electricity or storage, which is why I am looking for hosted mining solutions.
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dr_forkNewbie
Posts: 66 · Reputation: 37
#8Nov 6, 2019, 02:40 AM
There's many risk if you're looking for mining hosting, I think if you're just looking for stranger without any reputation in this forum or someone that you doesn't know on the real life, you might get scammed. Other thing is how you can sure if he's really good to take care of your hardware etc since it's need regular maintenance. I don't know why you seems to force yourself to be take a part to become a miner, just buy Bitcoin on an exchange and hold it, you will get benefit too for the return.
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shard_byteFull Member
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#9Nov 7, 2019, 10:18 AM
Welcome. No clue to where you are. But how do you heat your home? If via electricity you can use the heat byproduct to heat your home over the winter until you find a home for it. Do the math.
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keyx944Member
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#10Nov 7, 2019, 12:18 PM
Hosted mining tend to join the ranks of scams and loss making ideas. Try to steer away from them as you can't see or touch the machines. If you are looking at offsite mining you can always purchase a miner from a reputable source and find a place to house them cheaply.Mining isn't that easy anymore especially bitcoin mining.
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falconx226Senior Member
Posts: 7 · Reputation: 876
#11Nov 7, 2019, 12:59 PM
"so I'll look into hosted mining" read the story of GAW miners...completely legit company that went full scam after they switched to hosting (money was too easy, greed took over)
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