Over the years I have purchased a number of Bitcoin miners pre-owned. All the various models of Antminers I have purchased are still mining without fail after years. On the other hand, I purchased two Cointerra Terraminers and they both failed quickly. One failed after a few weeks. The other did better and lasted about 3 months before it decided to go into an infinite bootloop.
Due to the low price I got the failed miners for, they did end up paying for themselves, but just barely. They were easy to set up and run, but their unreliability made them not worth getting regardless of the price.
If you are considering getting into Bitcoin mining you would probably do well to avoid the old Cointerra miners. Do not let their inexpensive price lure you in. In Bitcoin mining you need reliability over a low price point. These low-cost miners will become high-cost as you are replacing them every few months or wasting your time on endless repairs.
I boxed up my two Cointerra Terraminers today and shipped them to someone who wanted them for parts for their own problematic Cointerra Terraminers. That is a hassle I am not wanting to deal with, so I got rid of them and moved on.
Getting a good price on a pre-owned miner is important, but take the advice of someone who has been in your position and get a miner known for reliability. Do not get the cheapest miner you can find unless you enjoy wasting time doing repairs and replacing units regularly.
Amazon notified FBA sellers today that from now through April 30, 2016, you can have any inventory removed for free. This is to clear their warehouses of slow-moving inventory and is a great savings for those of you with items you need to remove. Also, worth noting is the fact they mention, “If you remove units as part of this promotion for which you paid a Long-Term Storage Fee in February 2016, we will reimburse 66% of the fee that you paid per cubic foot for those units.” Below is the full email:
Hello from Fulfillment by Amazon,
You may have slow-moving or low-selling inventory. Starting today, March 31, 2016, FBA is waiving fees for any removal order for return or disposal of your inventory that is currently in U.S. fulfillment centers. This promotion ends April 30, 2016, after which time normal removal-order fees will apply.
If you remove units as part of this promotion for which you paid a Long-Term Storage Fee in February 2016, we will reimburse 66% of the fee that you paid per cubic foot for those units.
FBA remains dedicated to supporting your growth and ensuring that our U.S. fulfillment centers have the right quantity of products. This promotion is designed to free up space for products that are selling fast.
Learn more about free removals [in your Seller Central account] (sign-in required).
How will this work?
You can create a removal order from the Manage Inventory page in Seller Central. Learn more about removing inventory [in your Seller Central account] (sign-in required).
If you filed a removal order for stranded or unfulfillable inventory on or after February 29, 2016, you will be reimbursed for these removal-order fees.
If you file a removal order for sellable inventory on or before April 30, 2016, to dispose of this inventory or have it returned to you, you will be unable to send in additional units of these ASINs until October 1, 2016. If your inventory level falls below the number of units you have sold of this ASIN in the previous four weeks, you can send this ASIN to Amazon.
How can I check my inventory levels?
To view your current inventory age, download the Inventory Age report in the Fulfillment Reports section of Seller Central. If you have a Professional selling account, you can view the FBA Inventory Age page on your Inventory Dashboard (sign-in required).
You can check your February Long-Term Storage Fee charges in the Long-Term Storage Fee Charges report in Seller Central (sign-in required).
The most common method of obtaining products for resale is through arbitrage. In the context of resale arbitrage is the buying of an item in one marketplace and the resale of that same item for a higher price in another marketplace. The difference between the purchase price and the sold price is the profit.
When I was a teenager I practiced arbitrage at flea markets. I would get to the flea market before it opened and walk around talking to people while they were setting up. I would make offers on buying a large number of items from them, and then take those items back to my table at the flea market. I sold everything from toys to a car that way!
Both selling on Amazon FBA and dropshipping are forms of arbitrage where you find something at a lower price in one market and resell it for a higher price in another market. “Buy low, sell high” is the basic idea behind all retail sales, except most retailers purchase directly from the manufacturer or a wholesaler (Walmart, for example, does not go to Target and buy their clearance items and resell them at their stores. They are generally dealing directly with the manufacturers or with wholesalers the manufacturers use for distribution.)
Retail arbitrage and online arbitrage open up the doors for the small businessperson to buy as little or as much inventory as they want, and to get a return on investment that is comparable or better than the standard brick-and-mortar retailers.
Inventory Lab is a comprehensive solution for Amazon sellers. It has features for a number of aspects of your Amazon business such as: accounting, sourcing, inventory management, reporting, and listing. While the accounting, inventory management, and reporting features are great, I want to discuss the most important solutions Inventory Lab provides for an Amazon seller: listing and sourcing.
For sourcing, your Inventory Lab subscription includes sourcing built into Inventory Lab AND the popular Scoutify sourcing app. The Scoutify sourcing app is much better in many respects than the Amazon Seller App in that it provides quick links to CamelCamelCamel, eBay, and Amazon Prime. This can make your retail arbitrage much more productive as you can quickly see if an item is worth purchasing for resale. Below is the description from the Scoutify app page:
Scoutify is a robust scouting app that allows you to research competitive offers in the Amazon marketplace straight from your mobile device. Scoutify is available as part of your Inventory Lab subscription.
* View Competitive Pricing offers from all channels and conditions (Merchant, FBA, Amazon)
* Bluetooth scanner compatible
* See gross profit on every item, add cost to calculate net profit and ROI
* Add items to a buy list including cost, supplier, date purchased and more. Email your buy list to a CSV file
* View entire search history
* View an entire net profit breakdown, set sales tax rates and inbound shipping costs
* Quick links to CamelCamelCamel, eBay, Amazon Prime Comparison and more.
* Buy box clearly marked for all offers
* Sales rank, weight tier and category shown underneath title
* Quick and easy setup, login with your InventoryLab account and you’re set to start scouting!
* Developed by Inventory Lab, you will have the satisfaction of knowing you have support when you need it, and all suggestions will be taken into further consideration for later versions.
The listing functionality of Inventory Lab is where the bulk of you or your staff’s time will be concentrated. This is also where Inventory Lab is worth every penny of the $49 monthly subscription fee, even if it did nothing else. If you have listed any items on Amazon and then tried Inventory Lab you will immediately appreciate the amount of time saved when listing. If you have a Dymo Label Writer another time-saving feature of Inventory Lab is that you can have it set to automatically print the FBA label for the item(s) after each SKU you list.
If you have ever listed items that may be the same item, but different colors or styles, you can see the outstanding benefit to having the FBA labels printed up immediately after you list a SKU. Instead of looking at labels at the end of listing your items that may say, “Girls 5 Pocket Pants…” and trying to determine if that goes to the pink one or the green ones you listed, you apply the FBA label as you list. There is no hunting for items, or having to look up the items to match the FBA label to them. This cuts out a lot of time upon boxing up your items to ship after listing them. After listing all your items, instead of having to dig through your listed inventory to match the FBA labels with the items they go with, all you have to do is pack the box up with the already labelled items, seal it, weigh it, and ship it off.
The great thing is that Inventory Lab offers a 30 day free trial, one where they do not even require a credit card. So you do not have to be worried about getting charged if you decide it is not for you. I was using some other software before using Inventory Lab and am disappointed that I did not sign up sooner. I had heard from other Amazon sellers that they used it, but no one told me the time it would save and how much more efficient it would make my Amazon business. It has cut out dozens of hours in time it takes to list all our inventory on Amazon each week. This time can be better spent sourcing, researching, or even taking a break. Give the 30 day free trial of Inventory Lab a try and let me know what your impressions are of it.