Bitcoin Forum

hi i am planning to earn some soney by mining bitcoins.can some one suggest me wheather it will be profitable or not.
and is there any one from india mining bitcoins and can you guys plz guide me
thanks
and i am currently mining a 200MH/s which i know is very low

Option 1:
If you have an ATI graphics card (used $85-$150), you can setup a computer to mine. Some places in India have "free" electricity. You recoup your investment, but you will only make a little money.

Option 2:
You buy dedicated ASIC based mining hardware, when it becomes available (entry $400-$1200). But the payback time is longer and you may wait 6 months or a year before you got your original investment back.
If you are planning to live off of it it's more like $30.000-$60.000 you have to invest in hardware, and there is some risk that the price of Bitcoin and mining difficulty will make your investment unprofitable.

Option 3:
Make your business or make a business accepting Bitcoin. Little risk, little investment, profit from day one.

mining heaven India style:
http://1.bp.blogspot.com/-Wdm_lyaf5XQ/UBiioQwzsCI/AAAAAAAAC20/unDPISM_f-A/s640/dangerous+power+lines.jpg

thanks for the reply.
i thought i would be cheap :)

What do you mean ?

In poor neighbourhoods people just hook up an extension cord to the power cables that run from street lamp to street lamp.

with BFL ASIC getting real. other option for mining going to extinction. In India cost of electricity different in different states and free for farmers in many states. Also electricity is heavily subsidized. So it can quite profitable.

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In poor neighbourhoods people just hook up an extension cord to the power cables that run from street lamp to street lamp.
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Read a recent report where the BESCOM is clamping down on illegal connections.

But electricity is dirt cheap in India. It has potential to be an outsourcing destination for Electricity for Mining.

BFL heats up a lot poor farmer would require HVAC System.

This page seems to have some Info.



https://www.facebook.com/BitcoinIndia

@Luno --- Nice Pic, and yes you do get to see a lot of these in India  ;D

BTW about GPU mining it will be difficult to earn soon with those ASIC monsters being flooded to market soon. I wish I was in US could have bought a BFL Jalapeno :'(
But if I am correct they haven't even shipped one of those ???

That is correct, none shipped as yet.

I have received a bunch of mails from people who either wish to buy or manufacture ASICS in India.

Does anyone know what the custom fees will be for importing ASICs to India?
Avalon batch #3 pre-ordering has just opened.

Where are the batch 3 orders opened? I do believe that it was a teaser to show the prices and then remove.

They seem to be planning to open the 3rd batch on Friday.

(price is about 88BTC-115BTC, 1BTC= 360RMB,SO the batch3# avalon price is 31680-41400 RMB (5000-6666 USD) .)

Yes - it was a teaser.
I thought it was opened because the translated post in Chinese said it would be Friday (and the Chinese post was published before this last Friday.)

From what I've heard, pre-ordering should open within 48 hours however...

Anyways, I've actually partnered with other forum members to buy ASICs where they handle it in China and we share the profits after the investment has been recouped.

I'm new to bitcoin mining but I'm not new to business.

Interested in learning more.

btw you guys could move to mining the other upcoming currencies. There's no reason why there won't be 3-4 major popular currencies rather than just bitcoin.

I'm interested in learing about mining

that is not that simple. I think not much information shared actually. Do some maths and try practically, then you may get a picture, if it worth mining other coins or not. with ASIC introduction and difficulty rise in bitcoins, other coins making some alternative for many miners. But even despite of difficulty rise bitcoins mining profitability on highest level ever, thanks to rise in btc/usd rate.

Alt coins can only take off once services start revolving around them.

Build an LTC casino or a FRC game and watch the prices soar if done correctly.

Bitcoins biggest advantage was that they had merchant adoption before it came out in gawker.

Do any one know how to put Scrypt and SHA256 miner on GAE.

i have used scrypt on cgminer

THIS is a thread I wanna live on !

Define High end, and lemme tell you GPU mining will earn no one any "SONEY" unless you have a FPGA card or an Asic rig.

Go for it, you never know what comes up.
If Bitcoin hashing is too low, try some other alt coins.

I'm after ASICMINER-PT shares on btct.co

any one bidding for ASICminers baldes?  https://bitcointalk.org/index.php?topic=178275.0

ASICMINER-PT  doubled in one day!

Probably another 25% jump after releasing some of these:
http://mineforeman.com/2013/04/13/asicminer-to-release-a-usb-asic-bitcoin-mining-devices/

Getting a 5850 for a little over Rs 6k - is it a decent deal?

sure good price, but if you planing to mine LTC with it, it may take a year to pay back. Do your maths before shopping for cards. One biggest misconceptions about bitcoins is that miner is the ones who make most money,I think rather traders is ones who get most money. At least with recent fluctuations from 250 to 50 and everyday trading volume in 600K btc, traders done pretty well.

Well yes for old traders DEFINITELY, but for new ones like me, well we still need to purchase our coins from *SOMEWHERE* and hence the profit margin isnt that much currently .. most of it just evaporates as transaction fees.

Its good if you are planning to overclock.

somebody created team India on btcguild.com and to join you need to know PIN. any ideas who it may be?

Unable to find any details. Any link?

btcguild.com   - if you will register, you will see team India in settings, it require PIN to join, but who created it and where to get that pin ... unclear.

only my 19,086.79 MH/s will put team India on top of Finland in team ranking.

Team China doing very well  - 1,064.55 GH/s  ::)  with 789 members.
 

oH THE Irony ;P PIN wheel asking for PIN :D ;D jokes apart Good luck :) Desh ka naam roshan karo :)

it is how pathetic situation is actually. ASICminer added in few days 7000Ghs. And from India some ham adami put PIN on hamara group.

made Team India on btcguild.com no PIN, no Wheel, no donation, everybody CPU, GPU, FPGA, ASICs are Welcome

here is  some ASICminer Eruptor blades on offer

auction
https://bitcointalk.org/index.php?topic=194650.0

sale
https://bitcointalk.org/index.php?topic=195431.0


Team India  Rank  24 !!

Very nice, I will work on a short tutorial on how to join Team India.

that was big mistake for many not to jump into GPU mining, when it was a time. Electricity is cheap in India compared to West. For example in Russian electricity also very cheap and GPU mining went on big scale there. Now 3 Russian teams on btcguild minng 274 btc per month

Russian Federation   84.94 GH/s
Krasnoyarsk   73.39 GH/s
OverClockersRu    23.78 GH/s

most of this hash is GPU farms.

I'm considering to order batch of 10000 Avalon chips, any idea who can make boards in India. 20 chips board from burnin (Germany) will cost 100 Euro aprox, If it will be possible to make boards in India I will def order chips.

There  musht  be a lot of  companies that does this. try http://bitmapper.org/ they are local to you .

thanks a lot, already talking to them

Cool what they  say?

nothing, they do not pick up phone, not sure but feels somethgin wrong

http://bitmapper.org/careers : if their vacancy list if true , shows that they have at least some amount of devs and designers.

Nice to see 3 miners contributing to Team India.
Anyone can join, CPU, GPU, Pressure Cooker, etc.

And  also looks like they have a good FPGA experience. ,may be i should  also try to contact them .

sure you should, interesting to know more. they have board with Spartan 6 processor, same which used for bitcoins mining. if not expensive that can be on high demand in India and locally made.

I spilled my morning coffee here (rofl)

Cheers

there is actually huge potential for CPU mining in India. why not create sort of legal botnet. people will download and run a bot, bot will mine and people get paid let say 30-40%  In India people real good in counting money even if some one will get 200-300 Rupees in few months he will run that bot on his comp. make the bot open source and let any one to run proxy nodes.

let say one CPU will give 50mgh  x 1000000 = 50TH/s   usd 8 mil per month with current difficulty

This could be a great idea for Litecoin instead of BTC.

Also doubt if an average CPU can give out 50 Mhashs

just an idea  ;)

My view is to the contrary,
One real botnet(they would easily outnumber Indian PC users, let alone mining adopters) using the CPU mining it to advantage would kill the coin. Every coin tries to keeps away from CPU mining fearing Botnets. Botnets currently are irrelevant due to GPU mining. A CPU mined coined would invite trouble.

I thought that idea too but i doubt normal indian pc's will even give that much hash and after some time (ASIC) difficulty will go more high.

not sure if I understand you correctly but why contrary. if it is legal and people clicked - "I agree" button. You pay them money, CPU GPU, whatever, cofemaker. First you make pool, then connect it to another pool.

Indian PC are not much different from PCs in other countries at least from outside. But  if you will compare number of PCs in India and for example in Spain. Well Spain does not have chance.

Botnet .. of fuck , those thing  are  killing the  litecoin mining. some of these  botnets  are targeting  high end  computers  with gpu,  mines using the  gpu when the user is  using the computer ,  and  when on idel mode  uses both the gpu and the cpu.
killed off my  mining  rig .

Legal  botnets  will not be allowed.  to much legal  mumbojumbo  regarding  privacy  laws.

Well there are many legal botnets are running and they didn't got any problem

eg.

http://50miner.org/
http://rublik.com/

Yup, i use 50 miner as well. Has inbuilt over clocking, etc.
But 50 miner does not support CPU only mining of alt coins or Bitcoins.

Has an error that the system is not fast enough.

Something wrong with the Team reports at btc guild Pinwheel?

I was assuming that you meant creating a CPU only coin. I get your idea now, A CPU pool for India.
What i meant is a botnet like confiker (10,500,000+) joining us on our legal pool, they would take away a large share the rewards, even if we don't factor that, lets compute profits.

The 50Mh/s approximation for a CPU, doesn't seem right, I seem to get only 1.7 Mh/s on my core i5 mobile 540M .
A Core i3-2100 gives out  8.28 Mh/s, being the most popular CPU that would be the average.
Source:https://en.bitcoin.it/wiki/Mining_hardware_comparison#Intel


Calculations for Bitcoin
Assuming PPS rates of the Indian pool to be similar to that of BTC guild(since we will be joining a larger pool)
Assuming Average hash rate per CPU @ 10Mh/s
Asssuming current difficulty

BTC/day : 0.0005
Days/coin : 2000 days for 1BTC
Assuming exchange rate of 100$/BTC
$/day :0.05 ~Rs 2.75
Rs/Month : Rs 82.5
Overhead expense: Power charges ?
Any advantage arising out of BTC price increase could be negated by Difficulty increase when ASICS ship.



Calculations for Litecoin.
The same system giving 10 MH/s will give 10Kh/s for scrypt mining (actually 10% increase is expected)

Assuming Average hash rate per CPU @ 10Kh/s
Asssuming current difficulty

LTC/day : 0.0214
Days/coin : 46 days for 1LTC
Assuming exchange rate of 3$/LTC
$/day :0.06 ~Rs 3.6
Rs/Month : Rs 110
Overhead expense: Power charges ?
Any advantage arising out of LTC price increase will not negated by Difficulty increase (Till ASICS are designed).


50miner seems a working example of your idea.

And if you have 2000 people on the net, then it is 1 BTC a day.

We also need to know that miners reject shares from botnets. This may be a major challenge unless done with consent of the user.

Ah.., you mean 1BTC for the pool,
That doesnt change the per month income of a user?
Did i go wrong somewhere in the calc?

For the pool 1BTC/day .
Per user (1BTC/2000) = 0.0005 BTC/day = Rs2.75 /Day

I dont understand the argument?

Was reffering to this.


Of course, numbers need to recalculated even for payouts.

21   Team India   24.65 GH/s

been busy, but now finally overclocked my blades not so happy with results so far one doing 128800 MHS another 11966

if you will pay in India to people for running their computers, that will grow like avalanche. 20-30 mil subscribers no problem. accounting and  making payouts in btc not a problem too. That can be some interesting way to spread bitcoins awareness in India. Software mostly exist. Think big !

one way to start mining is to buy shares it mining company. In April I purchsed some ASICMINER-PT shares. PT - mean pass trough, means holden for me by another person (in my case by BTC Trading Corp. https://btct.co/ if I'm not happy with them I can transfer it into permanent shares on my own name or sale it, or transfer it to another PT manager.

one ASICMINER equal to 47mhs, instead of buying equipment and having all troubles with setting up maintaining, repairing ect, you can buy shares and get your dividend paid to you weekly.

Main difference is that if you buy equipment your equipment will give you 10GHS today and two months later same 10GHS. With shares your hashing power per share will rise continuously. ASICminer hash power rose from 5TRH one week ago to 19TRH today, it will be 50THR in few next week. That way your hashing power per share rose 10 times in less then a month. Company getting mining revenue over 3 mil usd per month and expanding soon to well over 8 mil usd per month with very low overheads, that worth to consider investing.

I also own two ASICminer blades, fact is that in 2-3 weeks my income from shares will be better then from me mining my self.

Cant agree more :)

Cheers

one more thing in favor of shares. Your equipment will not cost more after one year, but shares will cost much much more. For those who cannot afford to buy 1 share for about 1.35 btc now, there is also shares called TAT.ASICMINER  it is 1/100 of one whole ASICMINER share.

congratulations to americandesi for wining in ASICMINER blades auction!!

http://deepfriedcat.com/

Date               Shares Held             Per Share                 Total
2013-05-15 20:32:48    224            ฿ 0.03622410            ฿ 8.1141984

this week dividents 8.11

profit from rise of share price btc 112.048474  plus dividents  14.85880634 = 126.90728034

total paid for 224 shares 277.711526

Buying TAT with dividends. Is it a good idea?

most people reinvest dividents. that is  why share's price on Wednesday when dividents paid usually go up. I wuold better wait till demand on shares subside and then buy on around Sunday.

Ok, I shall wait for Sunday too.

I invested in TAT.ASICMINER.. i dont have enough btc to get a PT ASICMINER share and i think investing in TAT is better coz u can later sell 100 of those shares individually at profits rather than a single share at profit. I am thinking of buyin in for the long term. What do you guys think??

Thanks to Pinwheel advice , I bought 3 ASICMINER-PT shares @ 1.45BTC each , got 0.1 btc dividend.  Lets see how the share price fares in future :)

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