Concerns about ordering Antminers from Bitmain

@Peter and I have had a lot of discussion lately about purchasing an ASIC mining rig from Bitmain/Antminer. Below are a list of concerns:

  • Order Shipment - The fact that your order doesn’t ship for 2+ months. With the changes in difficulty, the “as advertised” earnings at the time of purchase are not the earnings to be expected once the rig makes it to your house.

  • Payment method - Payments must be made in crytpo or wire transfer. We all want crypto to be the new form of payment, however, sending crytpo overseas to a company who’s country is restricting the use of cryptos is cause for concern. Pay now and wait 2+ months to get it…

  • Warranty - If it breaks, they say you can send it back. How long does that take? Everyday you aren’t mining with it, you are losing money.

  • Customs - I’m sure getting this unit through US customs is not a problem but the potential for it being rejected and sent back is concerning.

How about The Pub, do any of you have the same concerns? I know some of you are expecting your June purchase to be arriving any day or already arrived. Do you share the same concerns? Have your worries been put the rest? How about those of you who put in August/September orders?

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These are the exact concerns that have kept me from purchasing one.
I have thought about paying the premium on Amazon for one, but my ROI calculation doesn’t follow the one you use in your mining for noobs post.
I am looking at mining as just a hobby and not a business. A way for me to have fun and make some profit or just get back the majority of what I invested as my enjoyment in doing this is part of the my profit, but I digress from your post.

My biggest concern with ASIC’s is that once they are outdated I cannot use them for anything else as to where the GPU’s I can use to build new computers for my friends church or for other family and friends.

A few guys over in the BitBeTrippin discord received their L3 ASIC’s and many were expressing your concerns above but everything came through. Maybe you can hit up that discord and ask them about their experience that community follows the same mentality as the Pub crawlers here.

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It’s just too sketchy… what we’d really like is if anyone is willing to donate a used miner for us to do videos on and SCIENCE!

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no risk - no reward

That is how everyone does it, without issues.

Why not just use some of the 20k of ltc profits you made to buy one…?

Do it for science!

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Yup, i voiced most of these same concerns in the antiminer threads.

Antminers are a cant miss goldmine in early batches. the late batches im still really iffy on. with their resale value they are still a great investment… but from bitmain then mark it up 2x to 3x on the secondary market. i dont have confidence in late batch antminers being super profitable.

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I did my first order of a L3+ a week ago i payed 1 for me and 1 for my brother. First thing happen was that my bank called me and told me thay had other customers had problem whit this company and almost asked if i knew what i was doing :stuck_out_tongue: I told the it was okay! It says order is payed now on the website, so im happy for now just have to wait to late novermer /dec and hope it is all good:D

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Bigger risk = bigger reward :wink: hehehe

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Yeah, some banks don’t even like their customers buying crytpo, so… We all know how “great” banks are, sarcasm hehe. Everyone has some competition in every industry. If I have an issue with one of my D3 miners this winter, now I know who to contact, for science! Thanks for all of the support here, y’all! Happy mining! :smiley:

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I have been working hard andsaving for 4 months and just purchased an Asic miner. Once I get it up and running I will update this post. Probably won’t be till beginning of December but I am more than willing to share the experience. I did a deep dive and found some interesting links that give me confidence. I will share once hey are all compiled in and short explanation.

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you have to wonder with these, why would they sell YOU a miner when they can just run it and profit from it themselves?

certainly a consideration is that they see the return on selling it to the consumer pays out better than the potential BTC return by mining themselves. That in itself is a red flag.

the revenue liability is transferred to the customer at a time chosen by bitmain ( delivery batch dates).

you definitely have to approach it from a hobby perspective and accept you wont see an ROI. if you do, its luck

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It would seem he trusts them i suppose :stuck_out_tongue:

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Bitmain, really dodgy. Last week I was going to order some L3s at $1388 a March 2018 2nd batch. I was waiting for some funds to come through. I went back to finally order them this week and they’re up $208 more at $1596. Has the cost of making suddenly rose?

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Could be the exchange rate changed from USD to RNB.

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So here is my input on this… I bought one of the July batches, I went through the payment procedure which needs to be followed accurately otherwise the payment gets rejected. Went through the process did need to verify with my bank but other than that my order was confirmed … Yes I waited a month and a half to receive my shipment but it was delivered to my door all 100%
At the end of the first two weeks of running we had some electrical outages and possible spikes and it blew the network card. I logged a support ticket and after some q&a they shipped me a replacement part no questions asked 4 days later it arrived, popped it in and its been running perfectly ever since.
The rising difficulty levels was a concern of mine and yes the profitability does drop compared to ones initial estimates / calculations however with mining pools like prohashing.com your ASIC miner can now mine the most profitable coin.
Looking from a pure capital investment point of view I believe them to have better ROI potential than GPU mining rigs. Im currently on track to pay off the capital in 3,5 months
Yes GPU’s have other benefits (resale to gamers etc)

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Great overview @Matthav thanks for sharing!

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Or the spike in price of LTC.

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Regardless, I believe the price of ltc will go north so I placed order.

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Ja those are the same reasons here to , but I have other issues with the monopol Company Bitmain.
and i will not support them for moral reasons .

1- Crypto should be decentralized Bitmain = Biggest manufacture of ASIC Miners, and biggest mining pool in the world , that is anything but decentralized

2 - You pay now and wait 3 month’s or more , so they are sitting on your money most likely investing your money to make more and with the small amount what the miner costs they are building your miner so that they can most likely mine them self’s and after 2 or 3 months of usage they will send you your "NEW used " miner

3- If its broken , have fun sending anything to China , It is a royal pain to send anything back.

Its time that they get competition

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Yeh, I’m wondering now if I’m getting new NEW miners… I saw they had S9’s yesterday (2800 usd) for Feb 2018 delivery. As I was at work, I thought I will place order when I get home. When I got home 2 hrs later. No longer available. So yes, monopoly they have at the moment. That’s the position you have when you market first. Regardless, I’m still buying coz there is/are no other competitor. I looked at Bitfury, but they don’t have “consumer” line products per say. Where are those B8s?

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Hi @MattHav, how much did shipping cost run you? Thanks

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