Bitcoin Forum

First of all.
Hello everyone! I just joined!

So I'm completely new to BitCoins, but I've made up my mind to get money from them. I'm wondering exactly what I'll have to do. So I have a few questions...

1.) What is the best mining program? (ASIC compatible?)
2.) What is the best free guild?
3.) My computer is a steaming pile of you-know-what, that won't affect my ASIC will it?
4.) How hard is setting it up?
5.) Should I get a 'secure' BTC wallet?
6.) Did I miss anything?  :)

Okay so if you answered any of those, thanks a lot!

Now here is a scenario... Just tell me everything I got wrong, if it's not too much trouble. And if something will be really hard. (I'm what I'd call tech-savy, but not a genius)

I make an MtGox account and link it to my bank for selling.
I make a BitCoin wallet. (secure?)
I download the GPU miner of my choice.
I get the Jalapeno.
I install the software, plug it into the wall and my computer.
Somehow link it to my BitCoin wallet and GPU miner? (hard?)

That about right?
Thanks so much everyone! Now I can finally go to sleep.

I doubt that the Jalapeno will even arrive...
And it will take waay longer than you expect for you to breakeven.

My advice is not to do that, and instead buy bitcoins with the money
and trade stuff.

They will probably deliver but ~5 Gh/wont be of much a short while after they are released. They are good right now though

I would only order a Jalapeno if you want to contribute to the bitcoin network. (which is totally cool btw)

 Besides that, it is not a good investment compared to simply owning bitcoin.  By the end of this summer, the difficulty will be so high that 5 GH/s will give you very little.  Additionally, if you order now, you shouldn't expect to see your miner until almost 2014. 

Unfortunately I have heard and seen the math that says a 20% difficulty increase every month for the next few will happen. About the point where you break even is when you will be getting the same amount of btc as with a modern GPU. Best to buy btc and trade/ hold or buy a gpu it will have resale value and it can game!

Alright, thanks guys.

How much will 5GH/s get me? I was expecting around $700 per month.

So when will the Jalapeno be released to the public? Is there anything else under $650? Where would the best place to order it be?

Also, I have devised a get-rich-quick scheme (nobody ever got rich quick without one!). I am going to buy a new ASIC machine EVERY single time I get enough money. When BitCoins get too hard for the average Joe, I want to have a section of my house filled with ASIC machines.
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Also, did I have everything about right with how I'll do this? Nothing there is too hard right? And any recommended programs?

By the time you receive it? Maybe 30 bucks a month.

By the time you get your jala, the difficulty will be x10 x20 or x80. Hard to estimate, but you will not make much money on it.


Sorry, you missed the boat.

My advice.
Look out for new offers, be first to order.
Watch out for scams.

In the meantime, buy btc if you want to be involved.

But if you really do buy a Jala. Buy a raspberry pi and run MinePeon on it. Running with your laptop will draw quite and amount of power.

If you are still thinking of getting one, I believe CGminer is suppose to be a good program. There was a discussion on this the other day in the mining section. You may want to go and look at that. (I know you can't post, but all the answers will be there).

Unfortunately its this attitude (yes, I know you're only j35t1ng) that has caused the spike in ASIC pre-orders, subsequent price hike and is contributing to the huge rise in difficulty. In a Gold Rush only those that sell the shovels get rich. Take care and do the math on your ROI.

The huge rise in difficulty is very good for Bitcoin. Thanks for the gamblers who preorders months (sometimes a year) in advance the ASIC devices. If everyone took my conservative approach, wait and see when the ASIC devices are in stock the difficulty would be a lot lower = less secure Bitcoin

lmao, congrats

Diy Klondike miner better than waiting for the Jalapeno.

Your going to eat a jalapeno?? Goodluck.

Bitcoin, bitcoins. No capital C. This makes me stupid gooly eye crazy.
Perhaps this is advanced trolling and I am not in on the joke.
Anyone feel like clarifying?
Wish I could anawer them there questions.

Haha, I just saw it spelled like that somewhere.

Any way, aren't there any ASIC machines for under $600 that I can buy right now? And what will 5GH/s get me now?

If you had one in your hand right this second? 536.37$ per months. 2 days ago it was still 600$ per month.

I think you need to see how long the order queue is.

This is the list of people waiting for their order before you: http://bfl.ptz.ro

Note this is only the small part of orders that we know about. There's lots more we don't know about.

Okay then. What the heck is up with this? http://www.ebay.com/itm/Bitcoin-ASIC-USB-Miner-not-BFL-or-Avalon-In-HAND-not-preorder-/271218634803?pt=LH_DefaultDomain_0&hash=item3f25e3f033 Is it a scam? It says 336MH/s!

EDIT: Nevermind.  >:(

If you really want to get started on $600, buy two 7950 GPUs and put them in your existing computer (it can't be any worse than the old P4 I'm using for mining). They'll break even before you ever get an ASIC that you order today.

I don't think BFL is going to deliver and if they do it'll be way out of spec and really late. You should consider the new USB miners on the market instead or if not then maybe take a look at the offerings my group is making soon.

for sure, BFL says they will catch up on all backlogs within 2 months (which will probably turn into 4). So why spend $275 and get delivered about 2 weeks earlier than the in-stock buyers when you can buy a $275 GPU now and break even in about 3-4 months. At least you can resell a GPU when it stops paying, but ASIC miners can only do 1 thing.

I'm viewing my April 2013 order of 1 jalapeno as a device I can learn to mine on.  It will be the first device of many in my farm.  Everyone has to start somewhere.

I ordered a Jalapeno and I'm not expecting it to arrive any time soon, maybe before the new year.  By then the difficulty will be pretty high, and I don't imagine I'll break even on it for quite awhile, but it's a fun idea and I look forward to playing around with it.

BFL Says all Back orders should be filled in 90 days... (will see if it really happens but they are shipping more and more each day)

Lets say if Diff is 100,000,000 in 90 days, which I doubt it will be that High(My Estimate is 100,000,000 by Nov 2013)

At 100,000,000 My 4  7 MH will get about $480 per month...  I can live with that..  But yes it is a gamble and cutting it close..

Congrats to all those who took a chance and ordered last June..  They and doing real well right now..

Alright, now I'm getting this one:
https://products.butterflylabs.com/homepage/25-gh-s-bitcoin-miner.html
No matter the difficulty of BTC.

How fast is mining getting harder? Like, if I bought that 2 months from now, how much would it make compared to now?

The fact that BFL is endlessly sucking in fresh money from poor noobs it's upsetting indeed.

I hope sooner or later Theymos gets up one day and says... "WTF, screw them!" And just removes their ads.

Lol, they wouldn't even fit in my case! I was using the $600 to buy a new computer for gaming.

I'm going to put together a Bitcoin mining PC build, and put it through y'all and see what you think. Bit it seems that ASIC is the way to go.

nothing goes up in a straight line. bitcoins bubbled and will eventually crash hard. Remember you need new money into the system to maintain the current levels as most miners rush to cash in their coins. They are in fact taking money from the system that needs to be replaced with new money. As more large ASIC's go live the problem will only grow bigger.  I can't guess where bitcons will end up trading, but it will not be pretty. This in return will shut down many mining operations, ASIC or GPU, that will lower the difficulty until a new world event will bring new scared money and the process starts all over again. So plan ahead, byte the dark days that are coming, when miners jump ship is the time to jump in. Run a mining operation at a loss, it may take awhile to cash in your bitcoins for a handsome profit, but I can assure you it will happen. I suspect within 6 month to a year you'll see ASIC's being dumped on Ebay. All IMO

Are you sure you did the math right? Using the calculator http://coinish.com/calc I get $3.09 (0.028BTC) per day at diff 100,000,000 for 5.5GHash/sec Jalapeno (ref https://bitcointalk.org/index.php?topic=227101.0 which is a nice post). That's a lot less than $480 per month. Don't forget to play with expert mode to see the effect of difficulty rise on ROI.

I agree with your last point, the early orders will make a killing, just not anyone ordering today.

[Edit]Or maybe you meant to say you've ordered four BFL 7GHash/sec (the upgrades). That would be about right for $480/month (but you'' still need to account for difficulty rise in ROI calculation). How much did you pay for them?