Bitcoin Forum

I'm one of the newbs who got a bunch of 6870s and have em running.. 3.6 gigahash installed, and im calling newegg monday to see what i can return unopened.  I may keep a small farm going just for shits and grins but at chicago power rates of 15 kWh and 20% difficulty increases every 14 days I will never recover my costs (not even close).

Extra equipment i bought:

700$ electrician work, (individual circuits, breaking out circuits near a window for good airflow, etc)
100$ various fans
50$ tables/benches
80$ 16 port switch
10000$ computer equipment (6870 radeons, motherboards, semprons, 1000w power supplies, PCIe risers, ethernet cables etc)
40 hours work setting it up
(insurance, risk of fire/flood damage, massive heat generated, the 50 flies that are in my house because i opened a window near my set up to deal with heat)

Chicago electricity:  15c/ kWh (this is my #1 cost and its MAJOR)

Basically I'm in hell.. I'm praying for a miracle and all i see is MORE posts about people buying 6990's and other cards that are even LESS efficient than mine.. and I now realize that i'm basically up against a bunch of enthusiasts who really dont care about the economics of this at all, they just think its 'cool'

If anyone needs any of this equipment please make me an offer near newegg type prices, I will give advice on how to set it up, etc.  You can pay me paypal, bitcoin, cash, however.  I would like to move this stuff in bulk if possible, if you are planning on starting an operation or are a reseller, etc.  

I can help with running it, I have a about 3.5 gigahash mining right now rest is in boxes, unopened.  If you are in a lower cost state or mooching off a college campus you can probably run this profitably.

Take the long view. We haven't hit the actual peak yet. Mine and hold, if you can afford to.

If your electricity costs are too high, cut back mining until you can afford it.

It's going to hurt, in the short term, to eat that $10k of computer hardware, but in the long term, It will be worth it. In the meantime, you could, I donno.. cure cancer with folding@home or something.

if you wanted to go through the work, I bet you would actually make money if you bought better processors, installed them and then sold the rigs (with one graphics card each) as souped up gaming computers locally and then sold the extra graphics cards individually on ebay or bitcoin auction sites etc.

No comment on not doing enough due diligence that you wouldn't freak out a couple weeks after you invested >10k in a business though!

Holy crap, you spend 11 grand and are only netting 3.6 ghash?

Still, if your electrical costs are $0.15/kwh, you should be profitable as long as coins don't dip below $4.  And then, increase that number proportional to however difficulty increases from here on out.  Seems a bit premature to call it now... but with deadlines for returning stuff approaching, I can see why you'd want to stop now.

3.6? Really? I've spent 1.8k and have a good 3 ghash power with 10 5830s.

Doesn't have all the hardware running, most is still boxed. If he brought it all online, he'd have a lot more.

the total hashing output should be around 12 ghash, but it would be coming online in the next few days (and im sure for others too)

1) some risers are getting here slow i bought from hk
2) my power supplies are missing cables, so buying those from amazon, getting here in a day
3) one power supply blew up, and a few mobos ran out of stock, and one was DOA.  Was missing a few CPU fans
4) only have 14/40 cards up running @ 250 ghash (havent figured out overclocking on ubuntu yet)

So this limited alot of what i could do because i had 6/7 key components, and waiting on bottlenecks.  they're arriving over the next few business days, but im not going to open any boxes due to return policies.  The price drop isnt so much what killed me as the difficulty.  The 55% pretty much skipped ahead 6 weeks in my schedle - assuming 20% increases over 14 days, in 8 more weeks i will not even be able to pay power to break even.

I have a partner in this so i have 6k@ risk but I dont want him to lose $$ either, I'd feel bad.  There's enough gamers/enthusiasts/IT techs/college dorm kids who either dont have to pay electricity, or dont care, to keep the network increasing in size as long as bitcoins are popular.  If bitcoins arent popular, then the value will go back very low, so I'm screwed either way.  This is more of a 'grass roots' thing and I was dumb to try this.

I'm going to end up keeping the 3.5 ghash i have online to recover what i can from the 'dead money', and return/sell whatever is unopened.  At this point i'm 'praying for a miracle' ( a big bitcoin price increase where somehow difficulty doesnt increase at the same time ).  But in my experience miracles are rare and just trying to cut my losses.
 

Return what you can on Monday. Mine with the rest until your electricity cost is almost what you making per day. Then stop and sell your rigs for 50% on CL/ebay. This way you will lose maybe $2k. Next catch the cash idea you have .. do the math twice then ask at least 3 other people who seem to understand what is going on before you buy a single piece of equipment.

If you can't even afford $2k loss and you did what you did, idiot isn't the right word for you.

I can 'afford' to flush 2000$ down the toilet, but I dont particularly like it.  Maybe somehow someone else can make this work.
Please see the title ... i was an idiot.. i got caught up in the gold rush.. and got greedy.  LOL.  No need to rub it in, not exactly feeling great right now.

On the bright side, you have around 2-3 months until Mining is totally unprofitable with electricity costs. You could try looking for a co-location data center.

The electricity is what is destroying you. 15c/kwh is just way too much. Gotta love those greedy city public utilities.

Going forward the name of the game is going to be whoever has the lowest electricity and most efficient setup for converting that electricity into hashes. The person who has that setup will ALWAYS make money. Why? Because if that person isn't making money then no one else is! There will be people who will run at a loss but they'll eventually wise up and pull out.

When figuring to mine or not the first thing you should look at is the electricity cost. If you can't get less than 10c/kwh, definitely don't mine.

beeph, I'm not rubbing it in. I want you to have a reality check and maybe realize its better to go the SAFE WAY and potentially eat $2k loss vs doing something stupid which would cost you even more in the end. If you do everything right, you could get your loss down to a minimum.


killer2021, you are dead wrong in thinking people won't be mining and eating up electricity loss. There is still 14mill coins to be made. If you guys think the bitcoin project can survive and live, it won't be from people running 50 GH dedicated rigs, but it will be from a million of random Joe's running 300 MH who won't mind the extra $10 in electricity per month.

Unless BTC rate crashes really hard, you are not going to lose money. You may not earn much at all above your costs but mining is still fairly profitable:
http://bitcoin.atspace.com/income.html
The good thing is that if the profitability drops, difficulty increase slows.

If you really want to look at the long term, think of it this way. Eventually, an equilibrium will be reached between the people who can't maintain profitability and back out, or people discouraged with the btc values and back out, and those who stay in. Difficulty will level off, and eventually profitability will return with you at an advantage. This is in the long hall. Bitcoin has had one boom so far and I don't believe this is the end for it. I'm at about 1ghash/s and I'm satisfied to hold it out.

you guys must be kidding. we pay around 0.30 US-$ here for 1 kWh. and it's still profitable

As someone who suffers from mental illness, don't let this get the best of you, if you are getting too stressed consider a psychologist. (probably overboard to recommend this but mental health is important :D)

Is there a calculator which will allow u to put reasonable difficulty increases in the formula?

Send me a pm with your Skype address, maybe we can work something out. I'm starting mining, and just bought a bunch of equipment and intend on expanding.

I think the power is your main problem, you pay more 2x than i do at peak, my electricity on the west coast is 4-8c at peak

Thank the loving liberals

beeph, http://www.alloscomp.com/bitcoin/calculator.php (http://www.alloscomp.com/bitcoin/calculator.php)

I think its reasonable to think difficulty will go up lets say 30% until electricity costs will eat up most of the profita, for now we are still far from that. What you need to calculate is the ratio between bitcoin price / difficulty for how long you are still making some profits.

Well now I feel bad for yelling at all the people who made those little spreadsheets and proclaimed doom on mining. Some people need to read those things I guess. I also feel bad for laughing a little bit while reading the OP (mostly the bit about flies).

So anywho. Yowza. 10 grand that's an ugly figure. It sounds like you built somewhat inefficiently, but better than most (1.2Mhash/$?) are doing these days (6990s will be < 1Mhash/$, sigh). It's bad to make rash decisions though, as evidenced by where you are now.

Stop, breathe deeply and calmly consider your situation. How much will you eat in terms of return restocking fees and whatnot? How much of your sunk costs are you never going to recuperate unless you mine? As others suggested, can you repurpose some of the things you cannot get a good return on?

I personally wouldn't say mining is dead yet, you might still eek out some returns. I pay 40¢ (yes FORTY) / kWh, and while its true that I built super efficiently and got in months ago, that's still a heavy cost, and I'm still way in the black. And if you can make a modest return (say 50% ROI) and then drop the hardware to cover the rest in a couple months that's not something to panic about just yet. Might even come out ahead.

So stop and calmly analyze the situation and your options. That's my advice.

Mine does that, it defaults to the current estimated difficulty increase.  http://bitcoinstuff.appspot.com

Imagine if you had that same 10k at mtgox with the prices dropping. Buying and holding is so much easier on your life in everyway possible. I learned the hard way as well. Luckily I got in earlier than you it looks like and I'm not facing huge losses for my mistake. But I could have easily made triple what I recovered from mining + equipment cost had I just bought outright.  :-\

Should've read my threads first, idiot.

Was there a reason of efficiency to go full capacity with no incremental purchases?

Check your power company, if they offer night/day rates you can save 15-20% of your electric bill.

Also if you want be more efficient, run fewer machines but overclocked (you get 10-15% more efficient with the cost increase included).

Some people are selling mining contracts. You already have the gear, if you feel that the bitcoin value might go down, you can sell your hashes for dollars, getting power bill money in advance.

How much are the 6870's?  ;D

Very bad advice and total speculation.  As difficulty increases and people generate less BTC and money per day the excitement will fade and so will peoples use and interest in bitcoin, the price will drop, use of bitcoin will drop.  This is only one scenario and is just as likely as the value of BTC increasing, no one knows.  If I have ever seen anything that resembles the Tulip Boom though, this is it, do some reading if you are not familiar.  The mere fact that you bought at the peak with no notion of a crash or difficulty increase is evidence enough you are not cut out for this endeavor and should return all merchandise IMO.

My long opinion is that the value of BTC will hold fast to at or below the average cost of power required to mine them, all value above that currently is massive speculation and when that unwinds the price will drop.  The value will go below power cost because of utility of already generated coins and many people don't have to pay for power or hardware.

Another very large unknown is security, with no government to create laws and more importantly enforce them with regards to stealing bitcoins, it is just like the wild west, people are stealing them and then the victims are creating lynch mobs and trying to go after them, except with absolutely no recourse as there are no laws pertaining to bitcoins.  People tout the decentralized nature of bitcoin as its greatest attribute, that may be true, but is also its greatest weakness.

WOW and here is me being tight about thinking about spending £300 to give me 1k+ mhash. Im 100% going shopping. at worst I get left with a good gaming rig

I Already have a room that has its own 32a 240v line well I say room more like outbuilding. (was for another project but never finished because of time. so heat noise etc is not an issue.

Really I should try and get a few investors to limit my loss if any to go in with me on hardware on some kinda share not for just 1k mhash tho. For quite a bit more power.

for me to hit around 10kmhash I worked it out at around (this is a quick est)

£2400  for gfx cards
£270    for cpu's
£550   motherboards
£160    Ram
£400    power
£270    HD
and say an extra 500 or so for cables extras etc . I already have loads of networking kit spare
£4550

and that would make me If the market stayed around what it is now with the hardness increase. 2 months back for my investment. Just money I would not risk myself. And I doubt any Investors are coming forward any time soon :)

per Day   ฿11.47   $174.62
per Week   ฿83.60   $1,273.30
per Month   ฿348.56   $5,308.59

But for anyone that has done this and made there cash back + extra well done to ya. Wish I got in there earlier.

Here's my experience.

I bought my first rig for about 850 and it pushes 1.2Ghash nicely.  I felt it was very efficient.  I had this up and running on Wednesday the 8th.  As soon as I had my first paid out coin I ordered two more.. However 5830's were out of stock so i went with 6870 which do the same hash rate, but 25watts less energy, I belieive.  However they were quite a bit more expensive then the 5830's.

I essentially spent 1800-2000 more dollars to get the other 2 rigs setup.  I have some money coming back in rebates, so I almost got it down to as cheap as my first one.  

I'll admit, when it was at 32 i'm singing in my head.  But when it dropped to 9, I was beginning to get really nervous.

Luckily my friend called me that day and said, how much to build me a miner.  Knowing that difficulty was going up fast I agreed to let him be co-owner of one of my rigs for 575.00.  He is half owner of the equipment, and houses it at his house, since I am about out of juice in my tiny apartment.  We are splitting power costs and doing 55/45 split on the coins.  This made me feel a lot better as, a little of the weight had been lifted.  But I still have enough confidence in bitcoins that now i'm wondering if I screwed myself by giving away some hashing power.

Either way, I think 3000mhps for me is good.  I am a total computer nerd (system admin as a living) and I am super fast and efficient at learning new things.  Hardware was essentially cake walk.  Overclocking/Underclocking through the BIOS was a 5 minute session.  You need to get that stuff up and running if you have it.... or get rid of it if your not efficient enough.  I thought mining would be easy, but it is a challenge, I will not lie.

I just want you to feel better, knowing there are plenty of other people out there, in your situation.  and $910 per 1200mhps is a decent build!

Get the ones you have running more efficient, build whatever your comfortable with and sell the rest.  I think if you get up and running now with minimal downtime you still have a chance.

but me.... I am comfortable eating a little depreciation on a few thousand dollars.  I figure if worse comes to worse bitcoin profits will covers the depreciation and then all i've lost essentially is my time.

Like I said before, the best answer to the important question "to Mine, or not to Mine" is personal, and varies by individual.

I built my last rig essentially on my lunch break yesterday! Actually, I threw together TWO systems yesterday; one was in an actual case and involved building from scratch; the other was an old Dell motherboard that just needed a few things plugged in and an OS installed. But I got two systems built, running Linux AND mining software, in a couple hours. I have actual experience and talent in this department, just like many others on this Mining sub-forum.

ACTUALLY, I should rephrase that. It didn't take 2 hours from start to finish -- it just took 2 hours of my time. You see, I work from home so I can keep the Linux install "cooking" while I do my day's work. I can also keep an eye on my miners -- even the rigs themselves (cooling, etc.) which comes in handy!

If I actually worked outside the home, I wouldn't have the option to install software while I work.

I feel for you bro, I guess it will come down to getting your 30 day return policy or gamble on bitcoin going up (difficulty wont drop). just keep in mind why the bitcoin went up in price in the first place... "Silk Road" and the media frenzy, I dont see them pulling another media wild card out of the hat, Faith is what keeps these dreamers alive, but truthfully it will go down and stay down for a long time before it goes up again...

P.s I am in similar situation but only sacrificed $3000 on 1 system (3 x 6990). I worked out I would loose $2000 if I keep mining, but I end up with a really cool gaming machine :)

P.s.s thats if I don't melt my cards they reach temps of 100c+... im using hashkiller so it disables the 100c+ GPU's while it lets the others work. and yes I have a very well ventilated box "coolmaster HAFX" but temps still rocket...

Your statement reads to me as confusing. If the OP had bought in @ $30 and watched the coins plumet to $15 he'd have $5000 worth of coins now. Bitcoin prices can go... anywhere. Back to 30, up to 10000, or down below 1. OP doesn't sound like the patient optimistic type with $10,000 he can have lying around without regards for months or whatever potential time it would take to get back above $30.

Perhaps you bought in around march? In what way would you have made triple? In march prices were about $1 per coin? Let's say that. And prices were $30 per coin around Jun7th right? Difficulty was around 70,000 I believe.

So lets say you bought a mining rig on whenever and got it running march 7th, and you bought some coins on whenever around march 7th as prices were pretty flat until around april.

You could build mining rigs for about 1.7Mhash/$ pretty easily back in march, so let's compare a $10,000 buy:

$10,000 -- 10,000 coins vs 15GHash (bein generous with overheads other than rigs to compare to OPs costs), and use 15¢/kWh like OP, $26.64/day costs.

March 7th: Miner 0BTC $10000Debt , Buyer 10,000BTC $10000 Debt.

2 difficulty changes, both minor, avging to 80k difficulty generates 5,733 bitcoins in a month

April 7th: Miner 5,733BTC $10799Debt, Buyer10,000BTC $10000 Debt.

2 difficulty changes, both reasonable, averaging 90k difficulty generates 5,096 bitcoins in a month

May 7th: Miner 10,829BTC $11598Debt, Buyer10,000BTC $10000 Debt.

Here is where things got crazy, 4 difficulty changes, ending at 400k difficulty. for ease of my lazy brain will calculate whole month at 300k to be generous again.  Generating 1528 coins in a month.

June 7th: Miner 12357BTC $12397Debt, Buyer10,000BTC $10000Debt

If the buyer cashes out on June 7th smartly surmising the $30 bubble line, he is still $70,000 behind the miner. If you assume the miner cashed out to cover his costs each month the miner still has 11292 coins on june 7th, putting him $40,000 ahead of the buyer. This is a far cry from making 1/3rd as much. Not to mention even at todays difficulty rate a 15GHash machine produces 125BTC/wk

Your scenario is only true if you assume a miner must cash out immediately the moment he has generated coin all the time. Which doesn't make sense. If you have $ you can just let sit in the market, why couldn't you let your $ sit in easily resalable machines? If you were so finnicky about money that you need to see it recovered INSTANTLY would you really have been able to see bitcoin prices surge up, then make huge drops and not sell off? In the optimum scenario of a terrified miner vs a super bold coin investor maybe your statement makes sense, but otherwise not.

yep,  I think they are also in love with the idea and its broader implications.

I spent 1000 and my hashing power is 1.2 ghash. Well, what can I say.... Mining is not for the faint of heart.

How the hell did you manage to spend what, $12,000 on 3600mhash?

It seems like you didn't research computer parts at all to be frank. The *only* thing that needs to be of pretty high quality is the motherboard and PSU. The graphics cards can be anything from 5770s and 5830's to 6990's. The processor can be a sempron, the RAM can be some cheap 512MB stick etc.

*All* my expenses so far have been a little over 8,800€ euros (give or take) and I run a total of 15ghash/s, plus I've paid a monthly rent at a datacenter for a long time.

Wow some of you guys haven't even read his post. He has EXTRA costs along with equipment and doesn't have most of his equipment setup yet. Anyway, I would sell while you can. Difficulty is going to sky rocket and the prices will be remaining as they are. That 25 BTC per block is coming sooner than you think because of over mining. When that happens, everyone is going to take a 50% loss compared to what they are bringing in now regardless of how much hashing power they have.

Listen to this man.

Seriously just sell whatever you can as quickly as you can. No-one here giving you honest advice to this effect is being one of those dipshits who always has to chime in with "YA SELL YOUR STUFF, MAKES IT EASIER ON THE REST OF US HURRRRR, HURRRR."

Nah man, straight to you, just get out while you absolutely can.

And I'm just going to help you through the thoughts of loss and shit.  It's gonna hurt, it really will.

I'm a chronically impulsive person myself and I've made some stupid, stupid impulse buys before. Some I recovered from, others were a total loss. Every time though, what felt the best was just that it was over and that I COULD MOVE ON.

And that's what you really need to realize if this is something that's going to be causeing you stress. Just get out, and you will feel like a new man again. Set some new goals, reflect on yourself awhile, connect with friends and family, talk about it if you need to, but just get through it.

In the end, it's just money, and money ain't shit compared to family and friends.

Be wise with your time.

try reading the thread.

HE DOESNT HAVE IT ALL RUNNING!  And what he does have running is very inefficient.  Aka... not over/underclocked.

Spending $10k, then wanting to bail a week later... Did you not do any research about bitcoin mining before spending a gratuitous amount?

I'm ok with this kind of behaviour. Not adding rationale to purchasing impulses, and not adding rationale to fear impulses, will disadvantage people that rely on their instincts instead of their education and thinking. Better "luck" next time. Life is hard.

Also, OP, read what everyone said on this thread, think first man!

Look, this guy really provided no proof he's even in this predicament and can't you all agree we've given him enough attention already?

Your scenario relies on perfect information and predicting the market, which no one has and no one can do.  "If the buyer cashes out on June 7th smartly surmising the $30 bubble line"  that is ludicrous, no one predicted $30 as the bubble line, and being smart has nothing to do with it, you cannot predict it.


If you are not cashing out immediately you are only trying to predict the market and that it will rise, which is not a given fact by any means.

Good point. I was wondering the same thing. We had some guy on here that was an obvious troll with a less sophisticated post -- but it was along the same lines.

OP -- if you could send pics of your rigs, unopened packages, etc. it would take you miles in establishing the credibility of your story. Many wonder if you're a troll -- I hate to say it, but myself included.

Doesn't have to be notarized, doesn't have to be taken by a professional photographer. You can't tell me you don't have a digital camera (if you did claim that, I wouldn't believe you!) 99.9% of people have cell phones these days. Most of those have a crude camera function.

Anyone with $10,000 to invest in PC hardware has a smartphone and at least one digital camera. They're like $50 on sale these days!

Sincerely,

Matthew

LOL are you guys for real?!  LOL why would he provide a proof of what he is saying??   If you think he is full of shit, just don't bother reading this thread. You keyboard commandos make me laugh.

I'm just tired of seeing this stupid thread, so just thought I'd draw attention to all the attention this guy's been getting with little attention paid to his real intentions.

I call bullshit.

That is all.

I totally agree with you. I keep on thinking this is over, and telling people on the forums not to bother building a new rig because there's no way they'll get their money back, but this BTC and NMC just will not give up. It just seems to keep on going and going.

The last week and a half was very nice, as I went to the NMC side, and was making a LOT of money per day (compared to BTC that is), but the good times ended with that, and we are now back to a more realistic level of income, on both NMC and BTC.

Today, again, I thought nuts to this, there's no way I'm making enough profit to warrant the hassle... I have to move the machines between rooms morning and night, but on running a test I found that my income was potentially $60 per day, with electricity @ $4 max per day, so definitely still worth mining :)

To the originator of this thread, you should just get down and mine with all that gear. You never know, you may do well.

These days most electric utilities have "time of use" rates. Here in the Phoenix area we pay US$0.20/Kwh from 1pm-8pm weekdays and US$0.06/Kwh.

Just shutting down for 35 hours/week saves me a huge amount on the electric bill - even more because I have to pay HVAC to move the heat out into 100deg+!

Our house has a lot of things that shut down for peak hours - like our water heater (US$12/mo savings!)

A simple cron job should do the trick.

You could sell or even rent out the computers as "mining rigs".

Can't say that I'm impressed, mining was always about building efficiently to break even and subsequently making a profit asap. I live in Sweden and have to deal with a lot higher hardware prices (around 20-30% over the US in a lot of cases) partially due to our stupidly high VAT and I have still managed to sit at around 800-900$/Ghash.

I was kind of in a panic earlier, based on what i've seen here I think the solution is to mine full blast until difficulty gets too high, then in a month or so go into real-time power pricing (thanks for this info) and shut down during peak hours, then finally just sell off all rigs to gamers/miners with better power situations than me in approx 2 months.

downsizing the operation from 10 rigs to 6 based on whats open and whats not, selling the rest soon probably... obviously pics will be included as that increases the sellability.

Hoping to break even

Sounds like a good plan.

Come on now.  Are you suggesting that if you lived in say Texas and invested in Euro and someone stole your Euro that you would need to call up the police in Europe to deal with the crime?

Bitcoin are covered by the same laws which safeguard any other thing of value.  Although I do agree that the police are probably just as likely to recover stolen Bitcoin as they they would be for cash stolen from your home.  Most people use Bitcoin mainly as a sort of transfer currency.  They see something they want and then purchase enough bitcoins to purchase the item. Just treat it like cash. You don't carry huge amounts of cash into bad neighborhoods so don't keep your huge bitcoin wallet on a general use computer connected to the internet.

Hmmmm...

Why don't you switch to a different power supplier and cut your cost in half?

Can you check into that?

Find a river and construct an aqueduct. Run it through your house with a simple turbine. Problem solved.

stop feeding the troll, noone is that stupid and 3.6 ghash does not cost $10k even if the graphic cards are made out of gold...

You're competing with five groups of people:

1: Those that pay 8c/Kwh and maybe even less.  They will continue to employ $1000 worth of hardware even if it makes $3 per day.
2: Those living in dorms and other places where electricity is not metered per user.  Hey, it's free!
3: Those living with their parents.  Free power!  Until dad comes along and rips them a new one for eating money alive.
4: Those that sneak PCs into work.  Priceless power.... as long as the boss doesn't find out.
5: Those that will mine bitcoin for higher ideals and on principle, even if it loses money.

maybe you should start reading past the first post, he clearly stated 3.6 is what he has up and running right now while in total he would end up at around 12.

I don't think you read the conversation:

This scenario was a prompted response to someone who said "I would have made 3x as much money if I had bought coins instead of mining them! :( :( :( :("

Implying because of the price rise buying coins would have been more profitable. That statement already has the idea of perfect knowledge built into it. I merely created a parity situation between mining and buying, nothing additional on top of that. How people ACTUALLY act when they buy coin or mine coin is entirely up to them of course.

Seems to me a lot of your costs are over and above the actual mining hardware.  Even if you return the mining hardware you'll be out a bunch.

Me, I've shut down my miners.  Yeah, I'm small scale -- 561 Mhash/sec, cost me $209.  Not mining at this difficulty until I know if BTC will be > $4 or under .01 once the smoke from the MtGox fireball settles.  =)

I was at an earlier stage in my mining - about ready to order some hardware.

My plans too are on hold until I see just how this all plays out.

My concern is that we may have provided a whole new generation of script kiddies with superb password cracking machines!

This may yet be the main legacy of BitCoin.

This guy still hasn't given us the slightest shred of proof that he's real and not a troll.

A grainy phone pic, please. That's all we ask. Don't tell me you don't have a digital camera. You have $10,000 to spend on mining hardware. You can afford a $50 camera. And don't tell me you're such a luddite you don't have a cell phone.

I guess I'm lucky paying only $0.05/kWh. 

You know i think this guys full of shit, because if he was serious, i asked him to send me a pm and maybe buying some of his stuff, and he never sent or said as much as a peep about it.

If he was really this bad off he's want to lay off some of his "losses"

Hawaii is .26cents a kilowatt/hour.

I'll be getting out before a lot of you.  Get ready to buy all my gear.

Are you sure?

What, do you live on a government-subsidized Indian reservation or something?

Seriously -- 3 cents is too low. Are you sure that's "power cost" plus "generation & transmission"?

Just subtract the customer/statement fee (usually a fixed amount) from your last bill, and divide that by the number of kilowatts you used.

I took some pics after just spending hte last 12 hours (yet another 12 hour day) on the set up... where do u 'radical internet dudes' share your awesome pictures like faceblasters or twitterbox or what?  cuz i dont see a photo option on this forum.. i think u guys will get a chuckle of the gigantic lair of the octopi computers.

I've gotten some interest but right now we're debating whether opening a box is even worth it even after we have sunk costs in a mobo and a free slot for it.. or if its just better to send everything back as is.. also buncha lowball offers.. noone is gonna sell something that goes for 160$ on ebay for 100$ on here, etc.

And those who think 12,000$ is alot of money honestly these bernanke bucks are on their way to being worthless anyway so spend em while u got em i spose... but yeah it was an amoutn i felt safe gambling with.. i dont like throwing money down the toilet tho, which this seems to be a very long and painfully hard way to accomplish just that.

Don't sell your stuff, move to a cheaper state ! Electricity in florida is about .05 KWH, you can stay in the midwest to, some states are .03-.05KWH

Don't forget to include the cost of HVAC to get rid of all that heat!

I see where there are some very large data centres opening up in places like Iceland for that region.

Random thought there is a HUGE hydro electric project in N. Quebec - I wonder how it would work for a co-location site? You could even sell the "waste heat" to help heat buildings.

Just the same it really does depend on the ratio of Difficulty Factor to BTC "value" in the currency where you pay the bills - at US$0.01/BTC and today's Difficulty Factor I doubt if there is any combination which would work.

Well I hate to turn this into my own personal sales thread so let me show u the pic at least HAHAhttp://
http://www.flickr.com/photos/64331187@N04/5858492956/in/photostream


biostar TA890FXE 150$
radeon 6870      170$
radeon 5830   150$
sempron 130 +fan     40$
sempron 140 + fan 40$
kingston 1gig DDR SRAM  13$
PCI-e risers (16-16x from cable2000 but shipped from chicago not long ass hong kong!)  Im not gonna run around shipping these 1 by one, but if u want to add them to an order i'll charge 10$ each which is a good deal.

I want to sell the mobo + cpu + fan together as a barebones, if possible.. anything not sold is going to continue mining, so order priority to those buying more of a 'total rig' set up.

8g flash drives with ubuntu + mining stuff:  14$

I'll give tech support anyone trying to get a rig up and running.
cards have not been overclocked, original bios, etc.

I will take paypal, probably to my old company paypal many of you may recognize the company if u are mmorpg gamers ;)
It is 5000+ verified.
I will take bitcoins too but charge like 10% or so + the last tradehill/gox price - but hey small price to pay for the privilege of using the CURRENCY OF THE FUTURE.

min order 200$, I am in schaumburg area, chicago. Prices are all negotiable but dont lowball... all this stuff is tested and works together.
yahoo me at bitcoinlover (instant mesenger)
 

Will you take BTC equivalent?

Edit: Just noticed you do!

YGPM!

shows some people got more money than sense.

good luck with sale. i hope this becomes a trend so the difficulty doesn't increase as fast/much.

more pictures please

Except you'll notice that all this equipment is going to be bought by someone on Bitcoin.org -- it probably won't end up sitting on a dusty shelf somewhere...

if selling hardware comes the trend, either a) big fish eat the little ones or b) miners dont buy it and difficulty goes down.

why wouldnt a miner buy it? decreasing profits, becomes risky. hopefully this is the case, id hate to have the top10% miners buy all of the jazz.

Yes, more pics pls

I'm from The Netherlands.. its about 0.23 euro here. Roughly translates to 0.33 dollar at the moment :P

they are talking about .26 cents... that is 0.026$ which is around 15 times cheaper than yours

They made a typo. It's 26 cents, not .26 cents. Nobody gets it that cheap, except freeloaders.

Are you guy who posted to Reddit saying something like "just some casual mining" and showed box after box of computer equipment in a rented storage locker?

What's with the box of gpu's on the bottom left? Seems like a strange way to stage.... I smell something strange here....

This could be a bunch of used gear being resold or already mined to death and he wants an upgrade. Could you also post a copy of your invoice with sales date please.....?

Proceed with caution. Not accusing him but.....just sayin'.

lol... u guys are retarded.. I've been on the phone with several buyers, taken people into my basement in person and am still selling as i speak on another thread.. why is it so hard to believe that someone is selling bitcoin mining gear on a bitcoin mining forum?  Where do u think this 10 terahashes is coming from god?
 
Exactly what is the supposed grand conspiracy here?  Am i suppose to be with the New world order selling 10,000$ worth of crap online to discredit bitcoin to prop up bilderberg group or what?  And exactly how does shit accomplish that anyway?  LOL..

I'm a genuine nice guy and i really wanna see the people buying my stuff put it to good use I took the picture because the machines you see there do mine and are mining right now, on btcguild.. and oh by the way my btcguild accoutn got hax0red and thank god for payout locks.  In the land of bitcoin one must use 20 letter passwords with a buncha weird ass symbols in it.
 

You shouldn't take it personally especially considering there may be (may) a theft in progress. Someone selling gear through the forum.....

http://forum.bitcoin.org/index.php?topic=21325.100;topicseen (http://forum.bitcoin.org/index.php?topic=21325.100;topicseen)

so why are you posting this in my thread?  I've done nothing wrong to anyone and I think all the people I've dealt with would agree.  I'm a guy just trying to sell crap.. I dont need you fucking slandering my name and making groundless accusations or hinting that a pile of graphics cards in a box is what a scheme to do what exactly?   I'm not a fucking scammer, im not a troll, I'm not fucking selling fake shit.. that is my shit in the damn photograph right there, what more fucking proof do you idiots want?  If you got money you can come to my house and see it running IN PERSON.  I live in SCHAUMBURG IL, right off I-90, I'm not taking you into my 400,000$ house to try to pull a 200$ graphics card scam.

If some other guy is stealing shit go POST in his thread and slander his name. 

And I quote:

And then that's exactly what you did.

Classy.

why wouldnt i take it personally?  Call someone a scammer/troll/thief but 'dont take it personal'?

Then you flip out.

Then he says, "chill, this OTHER GUY looks like he's scamming, so that's raised the paranoia level some"

Then you flip out worse.

Dude. Breathe.

@OP if he can be happy @40¢ (yes FORTY) / kWh:


+1
Return nothing | Stop all sales, IMO >> Set-up >> Optimize >> Profit >> Don't panic sell either
Do some short-term trading and soon you will be amazed at your returns  :)
Sell (Some) On Rallies | Buy-Back More @ Lower Prices

You are in over $10 Grand: Stay in and enjoy the Ride!

OK 'dude' I'm breathing... scammers exist.. holy crap.. thanks for the update.


Scammers dont show you where they live.. scammers dont let you pay them with a credit card.. scammers for the most part arent 35 year old white guys selling shit in the burbs..

Jeez, man, you should have put all that together and been mining.

Would have had a nice bit of money so far. And with NMC and BTC to jump between, this mining thing may take a while to die. I've been waiting and predicting the end, but the biatch just won't give up.

It it lasts till the end of August, I'm gonna have to figure out a way to monitor my miners while on Holiday in the Dam !!!!

it's running as we speak.. the power costs are too high and the heat is too much.. its just too much hassle for me..  if you're a yougner guy who wants hardware that at least partially pays for itself, if u live in a low-cost energy state, etc.. this stuff is for you, if not.. dont buy it.  I dont want to sell it to someone and have them be unhappy with it.

the center box is running windows on an MSI and I cant get the miner to work it gives an error 'The application has incorrect configuration please try reinstalling' or some error like that, but the linux boxes are all up and running and fairly pain-free.. other than the heat and the flies and the chicago Obama-power energy rates.

I've been through the driver conflicts, mismatches, faulty power supplies, cable issues, the stuff runs and it works and im selling it pretty much at cost and going out of my way to help people get it working for them.. its a good deal if you want to get into the mining game withotu alot of heartache.  When the craze is over or difficulty gets too high, you can sell the stuff on ebay or just game with the graphics cards.  I just dont have the time and energy for all that nonsense..  

I will provide any proof or whatever pictures u need.. I prefer getting paid in cash.. if you yourself happen to be a scammer, dont bother.. I've run a business with mil+ revenues and had a fraud rate under 1%.. I take proper precuations to make sure both sides get what they want.  I get ID's and provide my own ID, etc, I have a corporation in IL with invoices, all that stuff.

All true. But you have to understand that the other thread has really driven home the whole 'Caveat Emptor' thing.

So when someone looks cross-eyed at your offering, and says, "Well, I donno...."

Maybe we don't go all ballistic on them?

('cause you know, flipping out really attracts the buyers)

It does.. by the way.. buyers arent afraid of being 'yelled at', they're afraid of not getting what they paid for.. I've sold more crap online than you'll sell in your entire life..   I've got a 5000+ verified paypal ( which by the way is the 17th paypal ever registered ), i know the founders )

Good for you. I'm sure your e-peen is very large. All I'm saying is that maybe you think for a second before calling someone a slanderer.

What are you his mother?  That guy is fucking posting random accusations in my 10,000$ sales thread and trying to scare off my buyers who are skittish as it is.

Why is this any of your business?  I will provide 100% conclusive proof of my identity, sign contracts, take photographs, meet in person, use trusted payment services, provide phone/tech support for anyone genuinely interested in getting up and running in the bitcoin mining biz..  I have a 5000+ verified paypal, credit card authorizatoin forms, 2 companies in good standing in the great state of IL, and can provide proof/documentation of all that.

The only accusation I see in this thread is:

Before that, I see him specifically stating, 'Not accusing'
and then explaining why he was a little paranoid.

Also, I donno about you, But I look for professionalism in the people I buy from.

Stuff like:
Not dropping the f-bomb at the slightest provocation.
Taking criticism in stride.
Not making personal attacks on people who try to calm things down.

Then dont buy from me.. and mind your own business.

I have some PCIe 16x-16x extender cables I will sell to anyone in the US for 1 bitcoin each (shipping paid by me).  This is what I'm using in my setup (as per the photo) it may allow u to jam an extra graphics card on your board, if space is an issue.

the graphics cards are mostly gone and i have barebones set ups for approx 200$ with the sempron+fan already installed on the board + 1 gig ram, tested and working, etc.  These are the 890FXA chipset biostars that are 100% capable of running 4 graphics cards tested and running.

bitcoinlover on YIM