There’s been recently so much pros and cons around Bitcoin, the all-new electronic currency. All of a sudden, there’s this new kind of currencty and everybody is apparently deeply in love with it. But before all the hypes enter into your mind and start thinking about setting up your own bitcoin farm, do you feel you’ve the necessary know-how? Have you identified what the ROI could be like?
The key reason why anybody is thinking about investing in bitcoin farm is really because they want to make big fortune from it.
Given all of the media headlines that place this new electronic currency into the spotlight, such foolish expecation is simply natural. I don’t know which story you’ve heard but one that’s been making big waves is all about a Norwegian who found his US$26.60 worth of bitcoins purchased back in 2009, suddenly worth US$886,000 in 2013. I think you wouldn’t need me telling you just how much ROI that will equal to. It’s simple maths!
Too good too be true encounters like this are what attract the fools into this new kind of currency. Everyone wish they were this fortunate guy. That applies to me too. Everyone hopes to make enormous fortune when they consider creating their bitcoin mines. But can it be reasonable? It’d have been 5 years back but, not today.
The very first thing to ask is simply how much investment capital have you got allocated to build such harvesting station? In a recent posting, $1,300 will be what you’d get after one year and this is on the basis of the assumption that you have six hundreds quadcore computers working for 12 hours a day. Mind you that this is not taking into consideration the fact that it will simply get more challenging as you harvest more of the coins.
You can find folks who argue that the simulation model used in the study has been too simplistic. The amount is based on the assumption that no optimization is carried out on the farming architecture. These are legitimate arguments, I agree. But to be fair, these optimization efforts and all the hours used on it should have to be taken into consideration as part of the entire investment cost. In my opinion when everything is fairly weighted, the picture wouldn’t be much more promising.
If you’re thinking of this say 5 years back, I believe you’re a genius. But when you’re beginning to think of it now, I think you’ve no idea about what you’re doing.