Should I mine Burstcoin? Is it worth that much? Check out my thought!

• NOTE: Bellow calculations are based on assumption. So please don’t take it seriously or do your math yourself.

Burstcoin Mining difficulties:

For a new one it looks bit difficult to set all nodes together but it takes couple of days for a non-tech guy to set it up and start mining. But it took a week for me to understand plotting and mining in Linux/Mac environment. I started with a Youtube video and finished with almost all of Forum posts. The community is very helpful so anyone can overcome any obstacle to start mining.

Is Burstcoin Mining could be a secondary income?

Honestly, I don’t think so in 2016. Why? Lets see what I got by a case study of myself.

I opened first account(only one) on 16th June 2016. Start mining with 100GB on 22nd June then added another 1TB on 24th June what is my only backup HDD. Till now I got 50 t0 160 Burst per day. Yes, I’m lucky enough to win 2 block what paid me 1,207 and 1,719 Burst accordingly. I wrote a post on Mining on Mac environment and the Admin reward me 10 Thousand Burst(Awesome!!!). I've bought burst-team’s pool’s share(Asset) with all of my Burst and received 113 Burst as profit. Now lets calculate:

With 1TB = 100 Burst per day = Price of 1 TB is around \$45 in Amazon.

I’ve seen the price of 1K Burst = \$0.19 to \$0.32 between these days so to earn(mine) \$1 worth Burstcoin with 1TB takes minimum a month as today’s value.
Yes, need 45 months(3.75 years) to earn the money I spend to for my HDD, I didn’t calculate my i3 computer, electric bill and the effort for this time.

Don’t be frustrated. If you mine with larger HDD you can get more Burstcoin. But my question is how large?

4 TB internal HDD = Around \$130 in amazon
5 TB internal HDD = Around \$200 in amazon

I see serious miners go with 50 TB worth around \$2000.

Let’s assume if 1 TB give you 100Burst/day, is 50TB give 5000Burst? No, more than that because with larger space you’ll win better ratio. How much better? 2 times? 3 times? 4 times? I don’t know. Lets set 2 times. So then what about ROI(Return of Investment)?

Let assume if you mine 50TB then per day you could mine 10,000Burst(is it true? please let us know who mine with 50TB).

10K burst x \$0.31(7th Jul 2016 rate) = \$3.10/day

\$2000(Investment)/\$3(per day earning) = 666 days = more than 1 and half years.
And within this time your hardware’s price goes down to half.

Do you think you like to invest in such area where ROI take more than 1 and half years?

Do I still want to mine Burstcoin?

Yes, I’m. Why?

1. It’s fun.
2. Anyway I affected by it, it’s like "fall in love".
3. There could be a bright future as some other Hero coin. Though there are lot of dead coins and lot are dyeing.
4. (Dreaming) If I can mine Million of Burst this year then I could be a owner of Million Dollar next year.

What’s the plan right now then?

Stop mining with poor 1TB. Work harder to save more money to get a computer and 4 TB(worth \$200 where I live) and Keep work harder to increase plot size.

Sell my skill(as a freelancer) by Burstcoin so the community will grow.

Plan to make some Asset to do something good with the community.

Stay tuned.

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So guys it’s not to tell but to hear. Speak loud and let the community know what are you thinking?

-- Happy mining!

• Your thoughts are alright, except:

@robert said:

Let’s assume if 1 TB give you 100Burst/day, is 50TB give 5000Burst? No, more than that because with larger space you’ll win better ratio. How much better? 2 times? 3 times? 4 times? I don’t know. Lets set 2 times. So then what about ROI(Return of Investment)?

This is not true. It grows linear. 50 TB will even find less Coins than 50 People with 1 TB because of read time and other bottlenecks. Big miners have also a second disadvantage against small miners: They need to run a dedicated machine only for mining - which is a significant overhead compared to small miners.

Because of this Burstcoin is decentralized by design for me.

Bitcoin is the other way round.

Also ROI is not a good adviser. I don't understand why it is so common here in crypto to use ROI - and even in a wrong way. How long is ROI for a Stock at the NYSE ? It doesn't make sense at all.

I prefer to measure interest rate: (Example for July 2016):

You buy one 4 TB HDD for \$ 100 and you mine with it exactly one year.

(And we say prices and network growth are fixed - which is not true)

Then you mine around \$ 5 a month -> \$ 60 a year.
Your HDD is still worth at least \$ 75 with 1 year warranty left. (HDD prices are more stable in value than you might expect)
Electricity costs for a year are \$ 10 (simplification, depends on your region)
So you made \$ 35 in one year out of \$ 100. This is an interest rate of 35%.

Now imagine we have volatile prices and a growing network difficulty and userbase.

So nobody can tell you the future, but you should look into the past and understand how much the price of Burst can change even during a short time. A strategy for making a better return could be to trade your mined coins after 1, 3, 6 or 24 months or even hold it longer instead of trading it directly into other goods. Depends on you - depends on so many factors.

Burstcoin as a currency goes up and down in value. Your national fiat currency knows only one direction. :D

• Thanks for you thoughts, everyone that came here, thinking that he can just kind of print money with a few hundred GB, needs to understand, that it is not that easy.

AND always remember, the ones currently working on burst, are just miners (in most cases i guess) like you. They not only mine but try to increase the value of their burst earnings, with doing what they can, to make this project a success.

• @daWallet Thanks for this reply. I liked your view. Yes, if we think that way it's really good.
@luxe Thank you too. Yes, only mining is not all. There are assets, marketplace and more things that can increase the value what we mining.
I love to hear more from this community and I know there are more people coming to Burstcoin and they should know what are they doing. Keep an eye on it. Keep using burstcoin in various way.

• @robert nice thoughts...i currently have 4.5TH/s in BTC cloud mining but, the cost to mine BTC is so high. I found Burst by Youtube and I finally can mine from home.
It freaken great. I was calculating myself for 4TB-5TB but, the number was unclear due to lucky block miners....
Therefore I going to buy 5TB or 8TB soon and the numbers will show us. Also I have bought some Burst on Poloniex. I bought at 0.0000035Btc and now it around 0.0000047Btc. I been putting videos up on Youtube and maybe this will help others learn about Burstcoin. My goal is the have 1000000 Burstcoin one day.
P.S. Youtube video under BritVR name.

BritVR

I've seen your video on youtube. Yes, keep uploading videos, that'll help new people a lot. It's seems that you gonna be a very serious miner. Thanks.

• @bvadams1835 Are you Adam Guerbuez? If so, thanks for showing me this wonderful coin...

• @robert So for late response. Yes I'm going to mining with more TB soon. I just getting the money together and research for the prices. The money is not a problem. Getting 50TB for a good price is.

• @gpedro LOL I wish. I do follow him. I actually have made 0.1 BTC with this video the last couple of days.

But I stop the polit roll everyone win.

• my thoughts on should you mine burst and is it worth it. first of all all crypto at this point is a form of a gambol and a hobby. so reverse your thinking a little. you make 35 a year and could make more or less. The question i ask is did you have fun doing it. for me its a hobby i have started enjoying. say i do make a big profit even better. most poeple do this for the statement that the gov's cant run everything and a hobby. few are really trying to get rich at it. but hey we might.

• You buy one 4 TB HDD for \$ 100 and you mine with it exactly one year.

One factor that does not seem to come up enough here is the hard-drive Warrantee. The cheapest HHDs only offer one or two years. But the best include 5-years, and of course they cost a lot more (initially anyway). So Bursters (Burstards?) have to evaluate the value of front-loading (with cheap drives), while the mining difficulty is less - Or taking a long-term view with less down-time (& stuff).

• @BeholdMiNuggets Good question if enterprise drives really worth their price ... not only burst miners but also big data centers work with none-enterprise drives due to big price difference https://www.backblaze.com/blog/enterprise-drive-reliability/ ... maybe check this link https://www.backblaze.com/blog/hard-drive-benchmark-stats-2016/ backblaze does a lot of stats about their drives, may help on making your drive decision.

...

So, Are Enterprise Drives Worth The Cost?
From a pure reliability perspective, the data we have says the answer is clear: No.
Enterprise drives do have one advantage: longer warranties. That’s a benefit only if the higher price you pay for the longer warranty is less than what you expect to spend on replacing the drive.
This leads to an obvious conclusion: If you’re OK with buying the replacements yourself after the warranty is up, then buy the cheaper consumer drives.

source: https://www.backblaze.com/blog/enterprise-drive-reliability/

• Enterprise drives do have one advantage: longer warranties...

The big three Hard Drive makers have been cutting back on Warrantees for several years. Eg.
http://www.computerworld.com/article/2500542/data-center/hard-drive-manufacturers-slash-warranty-periods.html

Sometimes, this is done quietly, with little notice. And it has become weirdly difficult to find out some of the warrantee terms, for example on Amazon etc.

There may be other advantages to the "better" drives too, when it comes to life down the Burstmine. For example, the Seagate Barracuda Pro 10Tb (five-year warrantee) - sports a 256Gb Cache, lower power use, & faster seek times. Meaning, that it may be a more efficient worker.

Thou as Backblaze say, it may not matter when the numbers come in.

• @BeholdMiNuggets Once again I'll say, the only Burst drives I've had die have been Seagates, and I've lost around 30TB due to drive failure so far.

• @BeholdMiNuggets Barracuda Pro 10Tb prices still falling https://geizhals.eu/?phist=1479512, while other drives remain stable within this time period ... looks like a good drive, but i personally try to not pay more than 25€ per TB ...
But if 'enterprise' prices, i would prefer https://geizhals.eu/seagate-enterprise-capacity-3-5-hdd-10tb-st10000nm0016-a1418879.html?hloc=at&hloc=de&hloc=pl&hloc=uk&hloc=eu with MTBF: 2,5 Mio. hours instead of MTBF: 1 Mio. hours for Barracuda Pro.

@haitch would be interesting witch seagate model failed, also drive temp. has huge impact on lifetime ... i had 3 drives fail (not just bad smart values, but not working anymore) until now ... all over 7 years old and one of them was a seagate 1,5TB ...

• only had 1 drive fail myself it was a WD 750gig that origonaly came in a 500\$ bestbuy off the shelf PC i bought back around 2009 or 2010

• But if 'enterprise' prices, i would prefer the [Seagate Enterprise Capacity 3.5 HDD ST10000NM0016 /256MB 10TB] with MTBF: 2,5 Mio. hours instead of MTBF: 1 Mio. hours for the Seagate Barracuda Pro (ST10000DM0004).

Was wondering about the difference between those two. The Seagate Enterprise HHD is about 9% more locally. I suspect that the retail version has some consumer-friendly garnish, like encryption etc.

Sure it's annoying, but even if the Plotting & file Transfer process takes a week, it's not that onerous compared to the mining life of the target drive (eg. 3+ years).

What I don't know - The additional Burst-Mining capacity of a Fast drive with a large Cache, over a slower /cheaper HHD - And if that's a significant factor?

• @luxe This one was a a 5TB model - ST5000DM000. Had been running fine in an eSATA chassis for about a year, but failed within minutes of moving it to PennyWise.

The other Seagates I had fail were all 3TB models, not sure of model number - of a batch of 8 that I purchased 5 have failed.

• of a batch of 8 (Seagate drives) that I purchased, 5 have failed.

Well, there are only Three major manufacturers of Hard Drives left. So if Seagate is out, then I guess that leaves Toshiba & Western/D. Thou I don't see much mention of Tosh' for Bursting hereabouts. Not sure why.

• @BeholdMiNuggets You missed HGST, Fujitsu, Maxtor and others. WD and Toshiba are my preferred drives though.

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