Home / Channel / General Tech / Selling Bitcoin mining hardware is lucrative, for everyone

Selling Bitcoin mining hardware is lucrative, for everyone

While a handful of investors no doubt made a killing in the past month with the meteoric rise of bitcoin's value, those making hardware specifically to mine bitcoins are doing pretty well too – but they aren't the only ones.

While Avalon's ASIC systems have all pretty much sold at around $1500 (£980) – with 1,500 units, that's a lot of cash – making the creators a very rich few in just a short time period, some of those that pre-ordered hardware and have yet to receive it, have also been making a killing. One such buyer, who paid the near £1,000 earlier this year, has put his pre-order up on Ebay and the bids are already over $30,000.

But for whoever wins this expensive auction, will it be worth it? Those that got in early with this specialist mining hardware – circa start of 2013 – have definitely done well for themselves. Wired is reporting those users with first batch Avalon systems have been cranking out four or five bitcoins a day for several months. Even today at the reduced bitcoin pricing, that's around £400 per 24 hours.

avalonasic
That's a hell of a turnaround from a $1500 investment into something he hasn't even received yet

Just a few years ago when Bitcoin first launched, you'd have been able to do the same with a standard home CPU. GPU computing added a bit more processing power when Bitcoin mining grew harder, but doing so with your home system these days is impossible – it's just not geared to handle the algorithms necessary to be in with a chance of winning a bitcoin. Really, don't think about it unless you're willing to invest in real hardware, but even then you're looking at a big wait as those selling the pickaxes in this gold rush are making a killing, but they're well behind schedule.

KitGuru Says: I'm sure many of you are kicking yourself for not getting in on Bitcoins earlier, but there was no way to know. Until this year's explosion it was still a pretty fringe currency that wasn't doing much. It was also shown to be volatile based on last year's crash from $30 to $3 in one day. 

Become a Patron!

Check Also

Intel names Lip-Bu Tan as its new CEO

Intel has appointed Lip-Bu Tan, former Cadence CEO and Intel board member, to lead the …

We've noticed that you are using an ad blocker.

Thank you for visiting KitGuru. Our news and reviews teams work hard to bring you the latest stories and finest, in-depth analysis.

We want to be as informative as possible – and to help our readers make the best buying decisions. The mechanism we use to run our business and pay some of the best journalists in the world, is advertising.

If you want to support KitGuru, then please add www.kitguru.net to your ad blocking whitelist or disable your adblocking software. It really makes a difference and allows us to continue creating the kind of content you really want to read.

It is important you know that we don’t run pop ups, pop unders, audio ads, code tracking ads or anything else that would interfere with the KitGuru experience. Adblockers can actually block some of our free content, such as galleries!