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Title: BFL only works for mining bitcoins? Post by: tronsom on June 03, 2013, 03:52:05 PM I ordered some BFLs last week and im wondering if they will be obselete once I get them....
Will they work for mining LTC or other currencies? If not out of the box, any chance they can be modified to do so? Title: Re: BFL only works for mining bitcoins? Post by: evilscoop on June 03, 2013, 03:53:30 PM nope and nope...
sha-256 based coins only Title: Re: BFL only works for mining bitcoins? Post by: BitcoinBoss on June 03, 2013, 04:29:25 PM LTC are scrypt based so ASIC won't work for mining them.
ASIC's that are being produced now won't become obselete overnight, it is the hash rate capabilities that will probably be superseded, but the BTC mining difficulty will have risen significantly by the time your order gets to you (if BFL ever ship it that is). Title: Re: BFL only works for mining bitcoins? Post by: Svennisen on June 03, 2013, 05:34:15 PM As previously posted. No.
ASIC (Application Specific Integrated Circuit), is created with only one purpose and cannot be made to do other task via firmware. Title: Re: BFL only works for mining bitcoins? Post by: Inglewood on June 03, 2013, 06:36:02 PM If you ordered last week doubt you're getting it anytime soon :-\
Title: Re: BFL only works for mining bitcoins? Post by: pluMmet on June 03, 2013, 07:21:06 PM What else beside BC will BFL mine?
Title: Re: BFL only works for mining bitcoins? Post by: zeocrash on June 03, 2013, 07:33:29 PM Would you not be able to use BFL asics to mine any SHA256 based altcoin?
Title: Re: BFL only works for mining bitcoins? Post by: DeathAndTaxes on June 03, 2013, 07:38:25 PM Would you not be able to use BFL asics to mine any SHA256 based altcoin? Yes you can. The "application specific" part of BFL's (and other) ASICS is a double SHA-256 hash used by Bitcoin. Any current or future coin which uses the same hashing algorithm would work fine. The chip has no idea what Bitcoin is. It simply is programmed to increment through nonces, and perform a double SHA-256 hash of a blockheader and current nonce. It does so very fast having a specific purpose. If (and it is highly unlikely) the hashing algorithm of Bitcoin were ever to change then the ASICs would be unusable for Bitcoin mining because the specific purpose isn't Bitcoin mining it is a double SHA-256 hash. Title: Re: BFL only works for mining bitcoins? Post by: BitcoinBoss on June 03, 2013, 09:44:13 PM Would you not be able to use BFL asics to mine any SHA256 based altcoin? Yes you can. The "application specific" part of BFL's (and other) ASICS is a double SHA-256 hash used by Bitcoin. Any current or future coin which uses the same hashing algorithm would work fine. The chip has no idea what Bitcoin is. It simply is programmed to increment through nonces, and perform a double SHA-256 hash of a blockheader and current nonce. It does so very fast having a specific purpose. If (and it is highly unlikely) the hashing algorithm of Bitcoin were ever to change then the ASICs would be unusable for Bitcoin mining because the specific purpose isn't Bitcoin mining it is a double SHA-256 hash. Thanks for this very informative explanation. :) Title: Re: BFL only works for mining bitcoins? Post by: evilscoop on June 04, 2013, 07:35:58 AM Would you not be able to use BFL asics to mine any SHA256 based altcoin? I already answered this...do you not read .... Title: Re: BFL only works for mining bitcoins? Post by: medinscot on June 04, 2013, 07:39:38 AM by the time BFL delvers, your ROI will probably be so miniscule that it would take a lifetime to recover your "investment", let alone making any meaningful profit.
Title: Re: BFL only works for mining bitcoins? Post by: awesome31312 on June 04, 2013, 07:45:08 AM BFL will use your money to make their own chips that will be utilized in mining for themselves, then when the difficulty becomes too high, they'll send you the trash you ordered.
Title: Re: BFL only works for mining bitcoins? Post by: theehat on June 04, 2013, 08:43:25 AM If BFL do ever deliver, i think that people with order numbers 5000+ will not ever see their ROI :\
i got out of the BFL game after a month of hearing trash talk from Josh @ BFL Title: Re: BFL only works for mining bitcoins? Post by: J35st3r on June 04, 2013, 09:49:20 AM by the time BFL delvers, your ROI will probably be so miniscule that it would take a lifetime to recover your "investment", let alone making any meaningful profit. Do the math. If difficulty is increasing at 20% per two weeks, after just 8 weeks it will have doubled (1.2*1.2*1.2*1.2 ~ 2.1) So your return halves every eight weeks. In the rest of eternity you will only mine the same amount as you mine in the first eight weeks. It never pays for itself. But plug in your own prediction for the difficulty spiral and see if you like the ROI.Title: Re: BFL only works for mining bitcoins? Post by: tronsom on June 04, 2013, 05:39:23 PM thx everyone for the replies!
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