Bitcoin Forum

About a year ago, I was big on bitcoin mining. I made a decent three or four bitcents a day, until an unfortunate accident damaged my (very expensive) computer. This was slightly depressing, as not only did I lose a supurb graphics card, but also my entire bitcoin wallet. I decided to take a break from the mining gig for a while.

The other day I felt like looking up the value of a bitcoin, and I gasped as I watched it pass the $400 mark. So, using my 7950 GPU, I decided it was time to get back in the game. Ufortunately, now I only make a fraction of what I used to. 0.00003 per block on average (Slush's pool.) A total of one or two pennies by the end of the day, not even enough to break even with the electricity cost. This is disappointing, seen as how it's one of the better cards on the market, and it's over clocked.

I really don't have a spot in my budget for an expensive asic miner at the moment, but the "pay per GH" product on butterfly lab's website caught my eye. I'd like to request a loan of 0.13btc to preorder 5gh/s of hardware from their website. With the equipment expected to be up and running by the end of the year, I hope it's understandable to request 4-6 months for a full return.

I've never asked for a loan before, so I don't have any references; but I'm an honest man and I promise to pay back the full amount asap, with interest if nessicary. Just let me know if you're interested, and I'll pm you with my new wallet address.

Thanks for reading; I appreciate any help!

You need to do more research... you won't make a return on investment on what you described.

Butterfly labs is either just plain scammers too, or they just take forever to ship the product.

Wish I could help...  :)

It won't be shipped; it's basically cloud mining. I never see the hardware. Now, why won't I make a profit? It's about 10 times as much power as I have now, and I'll probably end up making about a dollar a day.

I'm sorry I didn't properly read your post.... I will do further reading on their site.

But please do further research on butterfly labs, they have had many customer complaints.

Right now I am mining in the cloud with cex.io...

Check out the website in my signature, if you want to see a cool banner of how many gh/s I have.

Hmm, I looked at the cloud service you're using; although it's already here, it's way more expensive than what butterfly labs is offering.

Go ask for a loan in the lending section and as long as you provide collat. you should get one. Sorry to hear bout your troubles

find new coins to mine and dump it after diff rises sounds like your only option

Haha, unfortunately I still have to post in the newbie section :)

I've been reading in the loans subforum, and it appears there's a lack of trust for someone of my status. I'm not sure what I have that I could provide as collateral, but I'm open to suggestions. :)

Spending your own money that you wouldn't mind losing at a casino on BFL is a bad thing. Spending someone else's money that you borrowed on BFL priceless! ;D

True.  :) However, more oft then not, BFL does pull through on their promises.

The unfortunate reality of the situation is, the average Joe can't make a profit bitcoin mining. If you were lucky enough to hear about it back in the day, and were wise enough to cash in, that's a whole different story. (It was also possible to mine with a CPU.) Nowadays, even a few GH/s is on the low end of mining.

I'm really not asking for an amount that could put me in debt. Worse comes to worse and BFL screws me over, I'd go through the hassle of buying the 0.13 with a credit card, and repay the individual that lent it to me. (I'd have to buy a prepaid visa in order to do that though, because I don't use a credit card for the reason of debt.)

Small scale mining isn't profitable anymore.

Only semi-true. Someone with an old laptop who aspires to make a profit at 50mh/s, is obviously not going anywhere anytime soon. Whereas, an individual with a 5gh/s asic miner could pull in a dollar or so a day. I plan on starting at 5gh/s, and gradually working my way up. BFL cloud mining is perfect for this reason, as I can cheaply add more power as I mine.

(https://products.butterflylabs.com/homepage-new-products/1-gh-cloud-hosted-bitcoin-hashing-power.html)

Have you explored all your options? I also buy a few shares at http://bit-miner.com

This is from that link you posted:

This is a Pre-Order product which is not yet live.  If you're uncomfortable waiting until the development is complete and the miners are active, do NOT pre-order this product.

Butterfly labs is known for not delivering on time with their pre-orders....

Thanks for the link; I think that might actually be a better option at the moment. Considering it's only $3.80 a share, it would only take about 0.09btc for 5gh/s.

-EDIT-
Just curious, does this service allow you to use your shares towards mining pools, or is it basically a solo mining gig?

It's PREorder cloud mining you mean.  You will be investing our 0.13 BTC in the cloud mining, why can't we just do it ourselves?