With BTC dropping down to ~$300 USD, this seems like a good time to buy via fiat. Looking to pick up at least another... PM'd !
Correction: Now well below $300 (i.e. closer to $265). |
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Not only will difficulty continue to increase but block reward will halve again to 12.5 towards the end of the year from what I understand.
I think the next "halving" will actually be in 2016. Since it's "block count" based, it's date is determined by the pace at which blocks are mined. The last estimate I saw was July 2016, but if difficulty continues at this pace (meaning mined faster than "desired"), that will probably pull it earlier into 2016. |
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If difficulty doubles, it means that effectively the value of bitcoin mining equipment is cut in half, which means that either the price of bitcoin needs to double, or machines need to get cheaper
I would also add that besides the value of the mining equipment is "cut in half", more importantly the income derived from it is cut in half. This matters a great deal to some folks in that their expenses to actually run the mining equipment (e.g. electricity, salaries, rent) may exceed the income. That's when folks are actually losing money the longer they run. For some operations that can't be done for long. |
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At this time the best bet is to simply buy bitcoin and hold it. That will most likely yield you the greatest return.
Just make sure you are prepared to hold it. Bitcoin just recently was at $280. If you had bought it a week or two ago, you would have paid more. |
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well some people get free ebay money in the form of ebucks and they can buy a few sticks and attach them to a pc at work that gets free power . So cost is zero. at zero cost why not. There is no such thing as free power in your context. That is called theft and misappropriation of employer resources. In general I have to agree with this. If you have talked with your employer and gotten the green light, then go right ahead. Otherwise proceed with extreme caution. Many employer's take a really dim view of running a Bitcoin miner on the company dime. You might well find them more sympathetic to using paper and pens for your kid's art project. Just my $.02 on the matter. |
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I expect the "reward halving" to have a significant, negative impact on large mining operations. Another way to phrase this is "income halving" (in terms of bitcoins). Virtually everything that goes into a mining operation is priced in fiat (USD for me). That means electricity, hardware, staff salaries, cooling and so forth. Unless bitcoin doubles in value, a large operation will likely lose half it's "income", and have zero reduction in it's cost of operation. Show that to any large industrial operation (e.g. auto manufacturer), and they will all say it's time to do something drastic (e.g. close plants, lay off folks, etc).
I don't see how a large bitcoin mining operation can avoid this, unless they start to "wind down" in some way prior to "reward halving".
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Approximately 6200 watts if you count the watts also used from the 14 inch exhaust fan, modem, switch and wireless router. 5400 watts with just the 16 rigs and PSU's by themselves.
The Air Conditioner is not on. If it was on, it would add another 800 watts, for a total of 7000 watts. The AC is off during the winter of course. It may be that I keep it off during the summer as well. The reason I say this is because I'm new at mining.
I bought 16 S3's inside of two weeks and did this closet the next week after that. I may find that I don't need the AC on during the summer because the air from the AC in the house sucked in through the closet door vent [16" x 25"] may be sufficient.
I just ordered my first S4 a couple of hours ago. So, it's on the way.
Don't be surprised if your home cooling costs go up in the summer. If your house is the source of air to the closet, then it will no doubt draw warm air in from outside, which will get cooled, at a cost, by you house AC. Probably less than 800 watts, but unlikely zero cost. |
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it makes some effect for bitcoin prices or not if 1 of the big pool closed?
No. Mining is affected directly by the price of bitcoin. The price of bitcoin is not directly affected by mining. This has been stuck with me for a few days. Is it due to the volatility, arbitrage market, that miners see an affect from fluctuations? Large scale miners are affected because most of their inputs to mining (e.g. electricity, rent, cooling, staff, hardware) are priced in USD (in the USA). That means when it comes time to pay the electric bill, or staff wages, or rent, they may need to sell some BTC to do so. They may find they have less, or possibly no, BTC left over. Small scale home miners don't have the same constraints, but they may also decide not to subsidize their mining "hobby" forever. |
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Any estimate on what to total Bitcoin netted to him was? I personally was tempted, but didn't actually partake of this one. It always seems like a group buy of a pre-order is risk squared or something like that.
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I actually think the overall vibe of this device fits Bitcoin mining. It's got the fins and cool green lights on the stand. Since Bitcoin is so mysterious to most folks, most people would just believe this makes sense. Of course it's possible he just got confused and had actually intended to post this on the "Kryptonite Mining" forum. Looks like it would fit well there also....  |
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Some vendors are not based in the USA, so I wouldn't expect an FTC investigation to worry them in the least.
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If you are comfortable in taking out a loan to buy lottery tickets, or to go to a gambling casino, then sure taking out a loan to buy mining hardware is a swell idea.
Heavy sarcasm in the above statement. All the "No" answers are the most accurate short answer.
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These days it looks only profitable if you go by several tera hash per sec. Just saying, this month if you have 1th you'll make $200 USD, next month $175. The competition is going high, so you better brace up with the latest hardware out there.
That is a common myth. Mining returns scale perfectly linearly, so unless you can get a better deal on hardware by buying in bulk or have lower operating expenses, there is no advantage for the bigger miner. Bitmain and Asicminer margins both look like they are razor thin at the moment, so I doubt many hardware manufacturers are offering bulk discounts. Most of the time, the miner that has 10x the hash power also pays 10x as much for hardware, 10x as much in operating expenses, and earns 10x as much in return. At the end of the day, either the little and big guy are both profitable, or they both lose money. The only way this can change is if one has a significant competitive advantage over the other, like a lower cost to acquire hardware or lower operating expenses. +1 The myth is perpetuated by the fact that many large mining farms have one or both of the advantages (miner cost or electricity cost) in play for them. Their hardware depreciates at the same rate as everybody else's. |
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Thanks very much for your openness and candor about your mining experience. I think 27 TH/s is a substantial mining effort, and something I'll never see on my own. This is an approximation to a "big time" mining operation, with a lot of insight that you won't get from any body else. It's becoming more and more clear to me that "power cost is king" in terms of mining long term.
Thanks again!
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While it's a big effort, I would think "immersion cooling" would solve the problem for the FET's. The fan and radiator could be lifted from the structure, and the actual hashing board could be immersed. This is all off the cuff on my part, since I have never actually done, only seen it done on the Cray-2 Supercomputer in the 1980s.
Just my $.02 on the topic (which is EXTREMELY interesting).
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Everything I've seen here suggest that the "New Rbox" is roughly the equivalent of 3 "Old Rbox" devices that have been repackaged into a single box and such. the 10A 12V current draw, the 110GH/s speed, and chip count all seem to fit in line with that analysis. While the current cost in $$/GH is better than last June, the Watts/GH are pretty much the same. This is essentially a re-packaging, without any technology change over the "Late May Rbox".
Is this pretty much correct?
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And in two weeks from now, you'll need about 10% more hashrate to maintain that .1 BTC per day.
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Usually "insurance" has a fairly specific meaning, and is designed to protect the purchaser of the insurance from loss as a result of the defined. "Difficulty insurance" seems like a pretty much a non-starter to me, since it's almost certain to increase (i.e. it's a probable event). Secondly, why would I have confidence that the issuer of the "insurance" could actually afford to pay the claim when the event happened?
This whole adventure sounds more like some of the crazy things that were done if the financial sector to "insure" folks against interest rate changes, or mortgage defaults.
Personally I wouldn't pay anything for it, since I don't believe it would be "real". Kinda like paying for insurance, and then finding out there is nothing to back a claim.
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I don't know if the Hashlets will ultimately breakeven, by my cursory examination of Litecoin difficulty is that it increases, and decreases, though it's long term trend is upwards. It doesn't however seem like the relentless upward increases that Bitcoin has. Just my opinion.
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As I recall, there isn't any real buffering n a hub, so if all the devices attached are actually USB 2.0, then having the link to the PC be USB 3.0 doesn't help. For the duration of any transfer, it all runs at the slowest link in the chain (e.g. the device if it's USB 2.0).
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