let's imagine extreme case (definitely won't happen, I'm just interested) that major mining pool will be out of game
here the case, maintenance fail (sort of total fail, cross cables, typo while oveclocking...) and whole equipment of cex will burn.
same will happen to discussfish, eligius ...
now, there is not enough hash power to make a block (at current diff)
So what will follow? lowered diff or we will wait days for new block? other scenarios?
Every miner on Earth going poof? Unless we're hit with some cosmic event it won't be happening. Having said that, if we lose computers and electricity, the last thing I worry about is my coins. I'm looking for some shotgun shells then. |
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The writing isn't Dank's style but everything else is screaming "come fly with me to the moon" and set free your soul.  |
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Over 10 wallets and last time I check I had over 1280 transactions. I still keep 3 ones with some dust only because I used those to pay for charitable donations. Can't go destroying my HDs like some other entities  |
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Yeah, that's why I tell newbies that time better spent would be familiarizing themselves with blockchain and wallet uses rather than chasing 10k satoshi at a faucet. What the hell...He sent 800 btc (about $380,000) to an address that he didn't even know what it was... You would be surprised how many times people have sent coins to the wrong place because they only look at the 1st 2 or 3 digits, or only the last 2 or 3. |
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I would suggest using an M of N paper wallet if you have a lot of coins. Keep them all over the world and make M difficult but not insane. Armory is great for this.
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Lol 50K satoshi is like 30 cents. Most people walk by quarters on the sidewalk and don't even bother to pick them. I could understand using faucets if you were in a 3rd world country where 1USD might be a significant amount of money, but for people in developed countries with high exchange rates faucets are a complete waste of time.
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Yeah, that's why I tell newbies that time better spent would be familiarizing themselves with blockchain and wallet uses rather than chasing 10k satoshi at a faucet. |
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Before you jump onto the mining train, please consider this advice from a veteran miner: https://bitcointalk.org/index.php?topic=663066.msg7514953#msg7514953Basically do it for fun, for stealthiness (which you won't get unless you plop down at least $500K), or to help support the network at your pocket's expense. Don't do it for economic reasons. One could do it for economic reasons, if he has access to cheap electricity. And more so if the miner also replaces a space heater  But of course, to profit from this, Bitcoin's price would have to go up considerably and hodling is necessary. I have access to about 20KW of free power. I was running only 5 BFL singles until 4 weeks ago when I shut them off. I don't live in the place where I have the free power so the heat doesn't even bother me. I have been mining since 2011. If an old miner like me can't see a profit in buying ASIC hardware and running it on free electricity then how can anybody else who has to pay for electricity. With the exception of people using electrical heating systems almost every miner is projected to be a losing proposition. If you're waiting on BTC to go up in price, why even get involved with mining in the first place? |
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I'm no EE, but you probably had a brown out followed by a surge or perhaps a surge went through.
I lost a couple cards when my power blew one of the phases.
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Is there a calculator somewhere that will tell me my odds of finding a block solo mining?
Everywhere I look the only calculator I find is a either a bitcoin pool mining or alt cyrto currency. Or is there some simple way to figure it out?
Well you have to specify the timeframe. If dif didn't go up and you mined for 10k years you could get a block (assuming more than 21 mil coins). Just divide your daily BTC projected income by 25BTC and multiple by 100% - that should be your percent chance of finding a block in 1 day. |
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6 months ago I would have said wowza to 3.5PH/s. Now it barely makes 0.1 BTC/day. My condolences  But I guess they did manage to stick to the Q1/Q2 promise....sort of. |
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I swear it's 2013 repeating itself all over again, just with a 1 month delay. They'll start trickling out 1 unit a day onto that USPS truck parked out back  |
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Are we in need of a new clock for the Monarch?
I don't think the Monarch will launch. It would be cheaper for BFL to buy Neptunes and partition off 600GH/s chunks for cloud mining. I'm sure they could find something to do with all those chips... |
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Man where ever i ask they say grindseed is not profitable anymore . IS it ?
What coin do u mine with them ? I can get couple for 50$ each . Is it worth it ?
Its a gamble.. maybe it is, maybe its not. yer right it is a gamble...but i'd say its a really bad gamble...everything is exploding now with asic's...really nuffin ya can do cept buy coins... As I see it, theres two options... You just mentioned the best one - and the one that'll get you in for whatever amount of money you have at your disposal.. The 2nd one is for the guys with a lot of cash. Buy in hard in asics with the best $/ghs ratio and/or w/ghs ratio. With a perdicted ROI date (if you can get gear at a price that gives you one) and make as much coin in profits as possible afterwards.. - then, offload your gear when its not viable at your power costs anymore.. maybe, somewhere in the world it is for someone whos willing to bet on coins gaining value.. +1 yep that is what i'm doing with my jups...cept i'm not ever gona sell'em...they will mine til they give out to try and get as much coins from them as i can... Don't mine until they die, but mine until your electricity costs more than the income from mining. At that point it's cheaper to buy the coins than mining. It's probably not worth it to ship a Jup now anyways. |
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It will be better to hold on to the BTC and sell after a no of difficulty increase.
If you are an expert you can ROI from mining hardware. You need a lot of thinking, you need to baby sit a lot.
or you can start a could mining company or can become an ASIC manufacturer.
For that you can outsource all the process take pre-orders. But when all process are out sourced it will be a pain if the third party company delays.
So you can do like what bitmaintech is doing, Sell already made hardware.
The risk is less since even if the hardware is not sold out your mining company can make profit from mining.
All these companies are actually miners and they sells just to limit their risk and make the income stable.
The difficulty increases should have no real bearing on the price. The price of Bitcoin is controlled by it's future vs it's current uncertainties. Difficulty determines the uncertainty, that lead me to think so. I will agree if you say it will not but after gaining much more acceptance for btc in the co-operate world. Currently the industry/bitcoin is virtually controlled by ASIC mining hardware manufacturing companies, in my opinion. In the future, the current dust will settle and bitcoin world will build up a new base of much more stability and predictability like the counterpart. Current acceptance (like Overstock, Dish, local businesses) is what drives demand for it's use as a currency. The more demand, the more people buy it and price goes up. The uncertainties are like the 51% attack (or possibility of), the malleability issue, the collapse of Gox and theft of coins, the US DOJ selling SR coins, etc. |
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Mind you I ask how do you get free electricity?
Most people get it as part of their lease or rental contract, but you need to be careful since many of those free electricity locations have stipulations that the utility not be used for commercial purposes. There are Free electricity. I know such setups. They are legit setups. Historic ears even people patented free energy making machines in us. Later, after such a persons funeral, the secret behind it was found, it was terrible he used many forced air/pumps to crease such Perpetual Motion Machines. Sorry, I was not talking about such a Perpetual Motion Machine. But some initial investments and if you have an environmental support like a water fall, a virtually free energy source can be created. Along with that solar and wind can be added. But all includes some initial investments and maintenance costs. But its worth. There are such steps practically done and being successfully. Inshort virtually we can generate free electricity at a small Either English is not your first language (which is fine) or you are high right now because I cannot understand anything you just posted. Perpetual Motion Machines are not legit. Electricity is never really free unless somebody offers to pay for your use. |
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Mind you I ask how do you get free electricity?
Most people get it as part of their lease or rental contract, but you need to be careful since many of those free electricity locations have stipulations that the utility not be used for commercial purposes. |
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It will be better to hold on to the BTC and sell after a no of difficulty increase.
If you are an expert you can ROI from mining hardware. You need a lot of thinking, you need to baby sit a lot.
or you can start a could mining company or can become an ASIC manufacturer.
For that you can outsource all the process take pre-orders. But when all process are out sourced it will be a pain if the third party company delays.
So you can do like what bitmaintech is doing, Sell already made hardware.
The risk is less since even if the hardware is not sold out your mining company can make profit from mining.
All these companies are actually miners and they sells just to limit their risk and make the income stable.
The difficulty increases should have no real bearing on the price. The price of Bitcoin is controlled by it's future vs it's current uncertainties. |
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So I've been looking for a good, straight PPS BTC pool to mine at. But so far, all the ones I've found that seem to advertise PPS have since changed to PPLNS or some other variant of the PPS system or they've offlined all together. Anybody know of any straight PPS pools out there? Preferably with a fee of less than %5...
It won't exist. The last big PPS pool with low rates was 50BTC and they ran off with customer's mining profits (or got hacked supposedly ). PPS is just too risky for a pool to run. |
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If this keeps up, were gonna drop another PH by Tuesday if not sooner.
Well hopefully some of those S3s, Neptunes and AM3 chips come this way. There was a reason those original ASICs chose to mine here. I don't think any other pool has had better uptime or as close supervision. |
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