Either my post wasn't clear or ppl aren't reading it properly.
The $400k refers to monthly costs of an operation that mines 150 x 25 BTC in that period i.e. ~$1.5m @ $420, or a net profit of >$1m per month.
Re: halving, yes I can divide by two too.
so you really think that someone will sell to you a mining farm for a certain time frame, at a lower cost of what that farm will produce in this time frame? no way this is true it's like someone do the renting at lower cost than the profit he would have made if mined directly his coins Where did he say that? He said the monthly running costs are c. $400k and then he is asking what is it worth? Presumably to buy or sell (or invest in) the operation. On a different note I see someone above has questioned the numbers, I haven't done the sums but it certainly seems like a very low cost to run. If he truly has it to "This equates to a total cost per coin around $105." then it's a no brainer. I would even think of investing if a number like that is true. I would want to see long term though with different difficulty changes. As we really don't know how long it would take to pay off a pretty big investment of 390k, as the 105 number should only be good for one difficulty period. So it is still hard to speculate on many things. |
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Don't forget if you are running it as a business (as you would need to to be able to reclaim the VAT) then you need to allow for all the associated running costs of a business (accounting, tax returns, etc.) and presumably corporation tax will be payable on any profits.
As an aside I'd love to see the annual return for a company like the one you are describing ...
They also have a LOT they can right off the first year. With one time fees like PSU's, Electrical, Racks, Cooling, etc. They have quite the write off on taxes I would guess. And it is legitimate as it is a cost. Second tax year I would expect right off's to be much smaller. I would agree though I would love to see a mining company this size profit. But it is going to be going up against some heavy hitters. |
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I'm in the US
There's no import tax for mining gears from China in the US. Although, there was a guy here who had to pay customs fee due to paper work snafu inside UPS/Fedex/??? If it's a large number on import tax on miners make sure to get it fixed with shipper, it should be none to small (normally none) in us. With .09 cents you are still at the high side of electricity. So profits are far from guaranteed. I would suggest trying one to get into mining, but know it might not ROI. Just a tough time for miners. The S7 is not profitable for the high electricity cost miners as the difficulty is too high. That was the reason Bitmain reduced the price. This is only a half truth. NOTHING is profitable at high electricity costs. So you can pick S7 to mention, but the problem is not the S7 but the nature of mining now day's We don't know bitmains reason for reduction of price I have a feeling it was to stir up sales. I think it worked and got them many sales with coupon. But their goal was sales not to save those with high electricity costs. |
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last batch of s7 is not so much of a home miner, some say s7 itself it'a not....
also summer it's comming and heat becomes a minus!
atm:
Estimated Next Difficulty: 191,920,048,332 (+7.41%)
Adjust time: After 1887 Blocks, About 12.5 days
Hashrate(?): 1,315,156,282 GH/s
I thought the same at first but I have read quite a few stories of people going to 220/240 on a line. I know I added it in my mining area specifically for S7's. I have some 120 lines ran to as I was running some previous gen miner and A6's. (I had a lot of the parts for 120 including is why it got ran first). But after trying 240 with PDU I doubt I run anything besides it if I need more in future. For what it's worth I think home mining continues to go smaller. Hobby mining of a little bigger some went to like me. But its really the mega farms that control the game now days. |
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I got a BOT reset but I didn't receive anything .
Same here bot reset but no payment recieved. Hoping payments go out soon. The good news of reset is posts start counting again and are not on previous week. So I view reset as a good thing. |
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That's a hard hit but let's see if we can stick in this diff range until the halving  A hard hit but not a knock out. I think once next gen chips are in production and hitting specs... we are in for double digits and I don't know how long. And that scares me. I think S7's they are making last bit of profits they can before having. But once we see next gen.... I will admit I'm afraid of it for home/hobby miners. As long as they sell gear to hobby miners there will be hobby miners. Just less of us. Now I'd say they could kill us off if they only build 10000 watt miners. I can provide 30 amp 240 volt circuits. Two in my house and three in the solar array. That can do 5 kwatts 24/7/365. Most home miners can't do that. So they will be dead soon. Maybe with in a year. As many miners can do an Avalon 6 in house or an office. If you have free power and run an avalon6 you can do it for a long time. If you have free power and the gear is 6 or 7 kwatt you are dead. That is when we die as home miners. The hard part is electricity price as it is getting more and more important. We know there are mega mines in China at cheap rates (people debate on price but it has to be cheap). If they upgrade to next gen on a few cent electricity and BTC does not rise in price and difficulty continues to rise, I think that will be nail in coffin for a lot of home miners. Hard to speculate what will happen. But next gen will be interesting to watch with big mines. We could have interesting times before having. |
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That's a hard hit but let's see if we can stick in this diff range until the halving A hard hit but not a knock out. I think once next gen chips are in production and hitting specs... we are in for double digits and I don't know how long. And that scares me. I think S7's they are making last bit of profits they can before having. But once we see next gen.... I will admit I'm afraid of it for home/hobby miners. |
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can we fix these delay, because my payment was due yesterday but still no payment, and each tiem there is a delay there is a shift forward on the payment and one lose some day/days of payment
It's a great campaign. I would like to see it be changed on payment. It seems like it's manual now on payments on starting bot. Can we go back to a bot that automatically pays when it hit's the date? When it was automatic was great, only thing was making sure hot wallet was filled. |
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And someone has fired up a lot of gear https://bitcoinwisdom.com/bitcoin/difficultyBitcoin Difficulty: 166,851,513,283 Estimated Next Difficulty: 177,401,771,364 (+6.32%)Adjust time: After 129 Blocks, About 19.9 hours Hashrate(?): 1,309,140,211 GH/s Block Generation Time(?): 1 block: 9.3 minutes 3 blocks: 27.8 minutes 6 blocks: 55.6 minutes Updated: 8:55 (6.0 minutes ago) we could go over 7% at this rate Not where I wanted to be with this change i was hoping for 5 or less (perferably less). I have no proof but I really think this is tied into S7's with new 1 fan version. One would think to redesign they had plans to make a good amount of them. Price is around 424. So above 420 hopefully that stays. |
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I'm getting a spinning wheel of death trying to log into the site..
I just tried it and seemed to work fine right now. You might try again and hopefully it's up for you again. |
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For those of you who encounter login issues with the SMS authentication, please enable Google Authenticator in your profile  New CoinsBank.com signatures are being designed! Hi marco. will you start a new signature campaign for Coinsbank? or Just edit this campaign and change it to coinsbank campaign from bit-x? if you start a new one I want to participate. and if you just change exist one with exist participants. please increase some slots for us.  From what he has said I think it's just a new signature, so existing campaign. Which is great as it really is same site being advertised just new name (which I like the new name for whats it worth ). No need to re-invent the wheel. It is a very popular campaign I have been in it around a year, and you will see every page has people wanting in. It is not possible to increase to point where everyone is in. So it will be just as hard to get in due to it's popularity and it being so well known and sought to get in. But thanks Macro for handling everything. Cant wait to see new sigs! |
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The question is, why have no large mining farms in places like the USA designed their own mining ASICs.
We here in the USA decided it would be a good idea if we got rid of all technical industry and manufacturing that made our country great at one time and let all that tech development occur over seas. Plus there are no large mining farms in the USA to the scale or in the number that exist elsewhere. Also US we sadly don't have good track record for mining companies making the miners. If we would have had a great consumer asic manufactuer on big scale, likely would have given us some edge. But what have we had big scale, BFL? I mean BFL is biggest one I can think of and we all know how it went. So China kinda wins on manufacture with having so many companies making it all in one place. And also having places with low electricity price many of the miners will never leave China. |
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Listen to the others, it is NOT a good investment especially with the upcoming halfing which i am sure will lower prices of current equipment + potential more efficient miners coming out soon
Its hard it depends so much on electricity price, also things that we cannot speculate well. If bitcoin takes a decent jump up... might be a good bet. If stays same or goes down... yes even worse. So we can speculate all we want but I feel it really falls on electricity price currently, as S7 are pretty darn cheap. And next gen I'm guessing will be quite a bit higher to buy. |
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Well, I see it a little more positive right now. We need another 130 PH/s to raise the difficulty up by 10% -> or in other numbers thats like 27196 of new S7's (worth $15.3 million without shipping) on the net.
I wonder what´s the total investment in bitcoin mining. Must be in the hundreds of millions of dollars. Miners plus facilities and manpower. Maybe billions. Some of it must be pretty squeezed by now what with the big difficulty increases since last year. Investments usually mean debts. Lots of companies are hurting due to bitmaintech's power in the game. Make a new miner and the s-7 drops price to knock you out. So the game changes from having good miners to having cheap power. A one cent power cost and the s-7 crushes a .125 watt bitfury at four cent power. Or a two cent power cost makes the better s-7 plus which only bitmaintech has beat any other gear. Yeah, it´s almost like they´ve been trying to wipe out the competition in the mining since last autumn. They have the best of both worlds anyway, they both make the equipment which is excellent in any gold rush, and they are a big player in mining. They have been smart on being able out out price others gear. Bitmain crushed SP20's with S5, they made a cheaper option and started a price war. And they won. It seems to be repeating looking at S7 they have made it as low cost as I think they can with 1 fan variant. I expect S7 to remain king in super low data centers as they can buy now and likely even after having is electricity 1-2 cents they I would guess make a profit still till a point. For "normal" electricity people we will need next gen chips but these mega centers likely will not even after having. |
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I don't think it proves anything on SP50. There are a few other miners I think are more likely if it really is close to next gen. I just don't think SP50 is past rendering maybe some R/D. But not near ready to sale. And I could be totally wrong all speculation. |
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I am using multibit at a moment as I think its very safe and secure and whenever I need to transfer it to my bank account I transfer a part of it to LBC.
What does LBC stand for? LBC= LocalBitCoin exchange. Site: https://localbitcoins.com It is a peer to peer exchange, not a wallet service. But I guess, you are able to load your bitcoins in your account wallet of LBC if my understanding is right. Please correct me if I am wrong. Ok... I understand what you said and I would like to know if the site worth trusted? Would I keep large amounts on LBC? No I would not personally. I wish it was not mentioned in this thread but somehow a exchange with hot wallet got mentioned in it. It is more for people who buy coins and don't want them linked to them. But I would use different hot wallets personally if you need one. There are a lot of better options mentioned in this thread already. |
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They are in my untrusted feedback when I look at your name so it is not as big of deal as if they would have been trusted. But if a user deals with you, your right it does make you look bad and they would have to look into it.
This is what happens though if you get into scam busting you get a good amount of feedback in retaliation. If you don't want this I would suggest staying away from scam busting.
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Transaction fees RIGHT NOW are pretty much insignificant. This will change eventually, as the block reward halfings keep happening, to the point that the transaction fees will have to be enough to support the miners - but that point is quite a few years off.
I would not say totally insignificant they can up over time especially. Antpool keeps the transactions fee's, if they put these in cold storage for a few years hard to say what they will have for keeping just the transaction fees for pool. Most other pools spit it with miners and it does make it smaller. But a pool that keeps all of it can lead to sizeable amount. |
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I'm in Ohio but won't be mining much longer. Electric is way too expensive to continue (almost .14/kw/h after fees & taxes). As soon as it warms up I'll be shutting most if not all of my stuff down.
You can join my farm in WA state if you would like. I was mining at home until I got to about 17 S7s and a $1900 electric bill. I was running them last December to heat my house and had to keep all of the windows open. Haha. You are more than welcome to joint my farm. My big interest is in starting new bitcoin companies and would like to joint venture with others if you are interested. What is approx energy cost per KWH on your WA farm? I like the idea of sharing spaces with other miners and getting best bang for buck on electricity price to. I am good till having most likely in my own mining area. But once having hit's I likely need to find a place with cheaper electricity (it's speculation but I'm guessing a lot will need to after having). |
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Here is a challenge to any company like BW that is trying to put on the persona that they support bitcoin decentralization. Sell all your gear to nations other than China FIRST to even the hash rate out. There are plenty of people ready to buy so the ball is in your court BW.
The question is, why have no large mining farms in places like the USA designed their own mining ASICs. Where do they expect to get their miners from if they don't develop them themselves? No-one is going to sell them the latest miners if the manufacturer can make more money mining themselves. Why has 21.inc no viable miner despite raising over a hundred million dollars? Are there any large miners in Washington State capable of designing a miner? KNC in Sweden has shown it can be done. Bitfury in central Europe, Spondoolies in Israel have also done it. MegaBigPower has been a Bitfury shop/partner since early days. 21.inc has a "vision" - but ghods only knows what it really is. KNC has ... lawsuits. Spoondoolies has ... a bad deal on their merger that seems to be well along the way to killing them. Avalons has ... no committment to 14/16nm at all as of a few months ago, likely they won't even try 'till it's too late to matter. BW has ... an apparently in-production first-gen 14nm miner that is too little, too late - barely more efficient than the best 28nm miners - and an announced "second-gen" chip that is supposedly competative with the Bitfury chip, but a few months off if they don't have any issues getting it to production. If they didn't have LKetc backing them I'd be about ready to write them off - but LKetc has a track history of delivering reliable miners. Innosilicon has ... an annouced Scrypt chip that's a game-changer, an announcement that they were working on a next-gen SHA256 chip but no specs for it, and quite a few questions about what, when, and how much. They're still out there though, and they're the ONLY major player left that has a business OTHER THAN cryptocoin mining to generate money for them (there's a REASON they're the only folks in the industry that never bothered with pre-orders). Bitmain has ... dwindling sales on the S7, a large mine that's still profitable, a fat wallet from their sales of the S7 and earlier miners, and is working on a 14/16nm gen chip that could show up around the halfing, but they're pretty closed mouth so no certainties there on what and when - but I'm CERTAIN they will continue to be a player for at least one more generation. BitFury has ... a demonstrated working high-efficiency chip, farms, and partners, but a lot of questions about "when" and "how much" remaining. Who wins? Ask me again in 2 years or so. 8-) Some we can count out I think. 21 Inc vision was put chips in everyday items.... what they came out with is one of the worlds highest RPI's. Spoondoolies they have released papers due to merger. They were HIGHLY profitable and top tier employees made huge bonus. But they seem to be more interested in this merger then making more gear. SP50 specs are beat by bitfury out of gate.... they remain quiet. Innosilicon they tried to do 2 chips at once, could have paid out big. But so far really not seeing upside looks like they should have focused on 1 chip then moved on to other. So those 3 I think are ones we don't have to watch to closely for time being. |
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