South Africans are still buying cryptocurrency miners – Here is what’s most popular

Daruk

Honorary Master
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Jul 18, 2008
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39,614
Sorry guys, it has to be said

This is according to Bitmart CEO Jacques Serfontein, who said cryptocurrency mining still provides the miner with a great return on investment.
1535188198304.png

Just because people are buying them, doesn't mean they should.

Jacques Serfontein said:
“People are still buying miners, a 7%-30% ROI per month based on the different cryptocurrencies out there is still a great ROI,” Serfontein told MyBroadband.
Talk is cheap, now please back that up with real world figures so we can all see?

“You can buy an Antminer Z9 that mines Zcash with an ROI period of four months, where Bitcoin miners and Ethereum miners are now sitting with much higher ROI periods.”
But that ROI does not take into account difficulty increase as Z9s hit the floor, right?

1535189947450.png
Whattomine estimates profits at R17.2k per month, and even if you were the only one mining with a Z9 (and we know they sell thousands), it would still take just short of 5 months to ROI. Now add difficulty increase to the equasion and you're looking at 2 years + in my experience (if you even ROI)... and that's hoping it lasts beyond the 6 month warranty and assumes nothing will go wrong in those two years.... with Bitmain products, things ALWAYS go wrong. The heat generated means there's a lot of condensation on those boards. All 4 of my machines have experienced issues, and the conditions are pretty good on my premises. Power supply fans pack up, miner fans pack up (R1k each), miner hashboards pack up, interface boards, controller boards.

Nah. Mark my words, invest in a Z9 today and you will not get your money back, despite the current profitability estimates. You're competing in a pool with tens to hundreds of thousands of people who have access to cheaper electricity and hoping to hit the jackpot without doing the math. Bitmain are very likely already mining with Z9s - they're now selling the hardware as they see mining profits drop.

Comments, Jacques?
 
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bratwurst

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Oct 15, 2008
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3,887
At current mining returns you'll run a loss if you for example invest in a second hand 6x 1070 mining rig.
Not I used R27k for 6 cards. You'll probably end up paying more.



It can change daily however. But the hype is over and I doubt we'll see bigger profits anytime soon.
 

ActivateD

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Joined
Jun 7, 2004
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1,356
At current mining returns you'll run a loss if you for example invest in a second hand 6x 1070 mining rig.
Not I used R27k for 6 cards. You'll probably end up paying more.



It can change daily however. But the hype is over and I doubt we'll see bigger profits anytime soon.
Can you give me the link to this website please.
 

ekske1

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Joined
Apr 22, 2017
Messages
5,073
Sorry guys, it has to be said



View attachment 548159

Just because people are buying them, doesn't mean they should.

Talk is cheap, now please back that up with real world figures so we can all see?


But that ROI does not take into account difficulty increase as Z9s hit the floor, right?

View attachment 548171
Whattomine estimates profits at R17.2k per month, and even if you were the only one mining with a Z9 (and we know they sell thousands), it would still take just short of 5 months to ROI. Now add difficulty increase to the equasion and you're looking at 2 years + in my experience (if you even ROI)... and that's hoping it lasts beyond the 6 month warranty and assumes nothing will go wrong in those two years.... with Bitmain products, things ALWAYS go wrong. The heat generated means there's a lot of condensation on those boards. All 4 of my machines have experienced issues, and the conditions are pretty good on my premises. Power supply fans pack up, miner fans pack up (R1k each), miner hashboards pack up, interface boards, controller boards.

Nah. Mark my words, invest in a Z9 today and you will not get your money back, despite the current profitability estimates. You're competing in a pool with tens to hundreds of thousands of people who have access to cheaper electricity and hoping to hit the jackpot without doing the math. Bitmain are very likely already mining with Z9s - they're now selling the hardware as they see mining profits drop.

Comments, Jacques?
Jamie McKane
 

airborne

Executive Member
Joined
Jul 13, 2007
Messages
9,522
Bitmart is the last one you want to shill, MyBB...
Lol, wonder if they pay Jamie a little pocket money to shill what has been shown to be an obviously useless proposition.

It can only be shill because Jamie clearly has done zero investigation about the company and what they sell, he just put on his "paid for" blinkers and posted the info they sent him.
 
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leon.davibe

Active Member
Joined
Feb 3, 2009
Messages
52
They just sell bitmain products at a markup

Yes if you what you are buying will exceed the customs rules of more than 3 purchases a year

Keep in mind bitmain ships the power supplies sepperate so 1 purchase will probably count as 2 already

Or more than 20k

And not registered as an importer then yes

If not buying from bitmain direct is a better proposition

As they order from bitmain the waiting times is just a copy pasta from whatever bitmain says

If anybody is buying from bitmain I have some vouchers I will not use that can be gifted I think 50$ each
 

leon.davibe

Active Member
Joined
Feb 3, 2009
Messages
52
Sorry guys, it has to be said



View attachment 548159

Just because people are buying them, doesn't mean they should.

Talk is cheap, now please back that up with real world figures so we can all see?


But that ROI does not take into account difficulty increase as Z9s hit the floor, right?

View attachment 548171
Whattomine estimates profits at R17.2k per month, and even if you were the only one mining with a Z9 (and we know they sell thousands), it would still take just short of 5 months to ROI. Now add difficulty increase to the equasion and you're looking at 2 years + in my experience (if you even ROI)... and that's hoping it lasts beyond the 6 month warranty and assumes nothing will go wrong in those two years.... with Bitmain products, things ALWAYS go wrong. The heat generated means there's a lot of condensation on those boards. All 4 of my machines have experienced issues, and the conditions are pretty good on my premises. Power supply fans pack up, miner fans pack up (R1k each), miner hashboards pack up, interface boards, controller boards.

Nah. Mark my words, invest in a Z9 today and you will not get your money back, despite the current profitability estimates. You're competing in a pool with tens to hundreds of thousands of people who have access to cheaper electricity and hoping to hit the jackpot without doing the math. Bitmain are very likely already mining with Z9s - they're now selling the hardware as they see mining profits drop.

Comments, Jacques?
There is a chance that those that are still buying it is regarding it as a way of getting money out of the country

Even if you don't mine at a profit ie just covering costs every Rand you spend on electricity is suddenly out of the country?

Food for thought
 

Daruk

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Jul 18, 2008
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There is a chance that those that are still buying it is regarding it as a way of getting money out of the country

Even if you don't mine at a profit ie just covering costs every Rand you spend on electricity is suddenly out of the country?

Food for thought
Not getting what you're suggesting. You still pay Eskom. You also don't make a huge profit at eskoms rate and as mentioned, won't likely make a profit at all.
 

Daruk

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Jul 18, 2008
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They just sell bitmain products at a markup

Yes if you what you are buying will exceed the customs rules of more than 3 purchases a year
A single order can exceed the Rand limit regardless. I got 1 order in and had to register as an importer for the second.
 

leon.davibe

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Joined
Feb 3, 2009
Messages
52
Not getting what you're suggesting. You still pay Eskom. You also don't make a huge profit at eskoms rate and as mentioned, won't likely make a profit at all.
When you own bitcoin it's technically outside the borders of south Africa
So of the ways to get you money out of the country mining is one of them

So let's say you mine R60 Rand a day and pay R60 for electricity

Yes you did not make a profit

But your R60 is now overseas technically
As bitcoin is borderless
 

Daruk

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Joined
Jul 18, 2008
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39,614
Lol, wonder if they pay Jamie a little pocket money to shill what has been shown to be an obviously useless proposition.

It can only be shill because Jamie clearly has done zero investigation about the company and what they sell, he just put on his "paid for" blinkers and posted the info they sent him.
All I see is an article quoting Bitmarts CEO. Nothing dodge, sometimes it's ideal to get the best reaction here and spark lovely discussions. I don't get the issue.
 

Daruk

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Jul 18, 2008
Messages
39,614
When you own bitcoin it's technically outside the borders of south Africa
So of the ways to get you money out of the country mining is one of them

So let's say you mine R60 Rand a day and pay R60 for electricity

Yes you did not make a profit

But your R60 is now overseas technically
As bitcoin is borderless
That would be doff when you can just buy offshore investments without paying Eskom lol.
 

leon.davibe

Active Member
Joined
Feb 3, 2009
Messages
52
When you own bitcoin it's technically outside the borders of south Africa
So of the ways to get you money out of the country mining is one of them

So let's say you mine R60 Rand a day and pay R60 for electricity

Yes you did not make a profit

But your R60 is now overseas technically
As bitcoin is borderless
You also obtained it by means that is not trackable if you bought it via Luno SARS would know how much bitcoin you bought

Think about it China has banned crypto

Yet most mining happens in China
Because they are spending money in China

We are all limited on how much you can move out of the country before taxes come into play

If you mine it ? Who knows how much you have mined only you
 

leon.davibe

Active Member
Joined
Feb 3, 2009
Messages
52
And you're not going to do it without halving it through mining costs right now.
Agreed
If profits are less than elec bill you would be losing

All depends when you sell it
Many Ethereum miners mined at a loss
Then held the coins
When prices rose they mined at a profit retroactively

Yes if they just bought it they would have gotten more bang for the buck

Many pay the price to lose the tracking ability of the taxman
 

PeekNPoke

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Joined
Aug 16, 2005
Messages
367
You could buy any of there equipment at roughly a quarter of the price over-yonder than what they sell it her in SA.
 
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