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The rapid block sequences will tend to occur right before a difficulty change if we're growing rapidly. Look back to those increases where we had 30% jumps and the last couple of days they wold come out rapid fire.
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15 year old will soon learn that those proceeds will be taxed (if he hasn't already learned this).
His goal is to make a million by 18 or DIE trying.
Death and Taxes...
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ROI depends on how big you see your system. If it is limited to a crypto hardware and supporting CPU then your system input constraints (such as elec prices) will smash your ROI into the floor. On the other hand, expand your vision to include the energy source and derive a method to control it, such as adding a solar panel / wind turbine to power your hardware, then your system might take longer to break even but the ROI is ongoing. Yes the ROI is diminishing however it does allow you to continue using older generation miners and updating them through profits. This is the approach I have used and although I am not packing a 10THs facility, I do own my 1.5kW solar array plus the Jally plus the R-box plus the 3 * 6770s plus the 2 * AMD 6 cores that were ALL paid for out of an initail $500 investment. Yes, this is less profit than having bought just BTC however I am more comfortable working with and understanding hardware/ software than I am with world economics... P.S the 1.5kW array is more than enough to power sufficient ASICs to make it worth my while as each gen improves more hash for less watts. As the current 3rd gen stabilises, I will grab a few more to my collection.  Overall, work out a business plan that works for you and stick to it! The problem with that is that it's so geographically limiting. Very few people would call Southern California technologically backwards and yet mining is essentially not happening here due to the insane power prices. Even if we wanted to go off grid and put up our own solar there is so much red tape with the state gov because of environmental BS. This is why everybody is colocating. For me it's not worth the hassle of setting up solar for $50k. I would rather buy a house in WA and then make a business of running other people's eq than mining myself  |
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So final update on the PSUs:
10 ASIC acquired. 2 died. 1 replaced by BFL RMA (only took 11 days costing me about 11 BTC). 2nd one was not RMAed because BFL refused to answer PMs/emails/phonecalls - should have sent it to lightfoot. All 10 PSUs that came with the units are now dead. 3 caught on fire or smoldered. 1 killed a Gigabyte moherboard and USB mouse/keyboard (mobo was fortunately replaced under warranty).
So Josh can keep with his less than 1% failure rate BS. In my possession 2/10 ASICs have died (not counting PSUs). Counting PSUs the failure rate passes 50% at 12/20.
Unfortunately I have no ref to compare to other ASICs since I neither bought others nor have I bothered to tracked how well/poorly they have faired.
Not heard or seen a lot of brick problems in the threads of other fabricators. Really the PSU issues are a localized BFL nightmare. You did RMA the two messed up ASICs right? Yeah the first one was my day 1 Single. When it died it was down for 11 days and cost me about 11BTC. Only after 37 attempts at contact did BFL_Emily finally save me. BFL refused to respond to the 2nd RMA request in Dec, I gave up. They must have been busy getting the locust ready to ship those new Monarch. |
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A year ago people (including me) would have begged Avalon to ship our Batch 3 units used and not sit on them mining. Well at least it's an improvement.
Did bitmain advertise them as new? Are they so dusty that it would be considered a possible health issue (ie allergen spewing)? If not I would just ignore it and just not do business with them again.
It's a global commerce. Although I in the western world have become accustomed to getting new items when I buy them unless they're labeled as used or refurb I guess this may not be the case everywhere else.
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So final update on the PSUs:
10 ASIC acquired. 2 died. 1 replaced by BFL RMA (only took 11 days costing me about 11 BTC). 2nd one was not RMAed because BFL refused to answer PMs/emails/phonecalls - should have sent it to lightfoot. All 10 PSUs that came with the units are now dead. 3 caught on fire or smoldered. 1 killed a Gigabyte moherboard and USB mouse/keyboard (mobo was fortunately replaced under warranty).
So Josh can keep with his less than 1% failure rate BS. In my possession 2/10 ASICs have died (not counting PSUs). Counting PSUs the failure rate passes 50% at 12/20.
Unfortunately I have no ref to compare to other ASICs since I neither bought others nor have I bothered to tracked how well/poorly they have faired.
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you forgot:
IT IS A FACT THAT OVER 10% OF THE FTC COMPLAINTS ARE DUPLICATES.
Another fact is that you aren't hashing with your Monarch! Kind of hard to hash with something you've requested a refund on. Welcome to the stupid club. Was that an invite to a club of stupids? Getting back to the topic, my final SC Single power brick died today. Remember I was running on these just to see how deadly they were (I have spare PSUs sitting around). |
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I made a day SC Single order in June 2012 and by the time I realized the lies coming out of BFL I pretty much wrote off the 209 BTC I paid since even if BFL somehow gave me a refund it would buy less than 12BTC at the time the Single was delivered 13 months later in July 2013. So people have ordered last year are basically repeating what happened with the 65nm stuff (just without the Jalapeno vs little single vs single drama).
So should we be expecting Luke to get 1 and BFL to claim they have started shipping? Are they going to send units out to every tech blog under the sun?
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so its not profitable to buy antminer s2  It costs 2167 $ right now without discount coupon @ bitmaintech. You saying that in a few months earnings will drop from 26$ / day to 11$ / day or less So whats the point of buying a 2167$ machine? The point is the company is selling you a machine that will mine $26 a day! Think of it! After 3 months you'll be getting pennies a day and be several hundred in the hole. The seller of the ASIC now has $2167 which they could have used to buy more BTC than you mine. |
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IMO its very hard to make ROI now better buy bitcoin directly.
I disagree with that assessment. You sound just like a broker who says "Invest in these mutual funds from our company, they are better", and then gets paid commission for it. Anybody that says to just buy BTC and hold it is just advising people to buy BTC so that more demand is created, so that they can sell the BTC they already have mined at a higher price. haha. While that may very well be true, the OP proposed an idea and asked for input. We're all giving our opinions - intelligent or asinine. Feel free to buy up miners and mine away. As long as you're not pushing GHash.IO I'm OK with that. Sadly if people weren't so competitive (I refrained from calling them greedy since almost all will be losing) then people wouldn't be forced to colocate and everybody could have a simple miner at home to support the network. Now everybody has to have their miners hosted  |
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The best mining equipment is that which be delivered soon, or in Two Weeks! I hear they have less than 1% failure rate. Zomg!  |
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Well I guess they're just trying to fulfill the requirement that BTC have some crisis at all times. Mt Gox invalid papers, BTC fork, China bans BTC, Russia bans BTC, MT Gox hands away their customer's funds, Mt Gox blames BTC devs for critical flaw, GHash.IO decides 51% attack (the 2nd time) is not so bad.
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And the one before that was only 4 minutes apart... The difficulty of the network is set so that, on average one block will be mined every 10 minutes. This is an average and like all averages, each data point will be different. If the hashrate of the network decreases after the difficulty changes then it will take longer then 10 minutes per block (on average). The opposite is true as well. That magical day will not be coming for quite some time. Not with BFL orders for 2014 being delivered in 2016 |
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Meh that's nothing. Botnets back in 2011 and 2012 were making more than what 650GH/s can do today  Still, 650GH/s is an insane amount for a single computer. Wonder how much power it uses though... 3.9 Megawatts. 3,900,000/650=6,000 6 KILOWATTS PER GIGAHASH Only 6KW/GH!?! Wow, now I can finally max out my fuel rods You can eat soup with a fork, but why... |
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Meh that's nothing. Botnets back in 2011 and 2012 were making more than what 650GH/s can do today |
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75 min pauses happens quite frequently. Now a 8 hours pause, that would be interesting  |
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A sign that intelligence is not required to have power or wealth. The fact that Ghash.IO does nothing about it and scares the community shows how apathetic they are for the community's concern. May their servers suffer a thousand EMPs |
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Les Miserables
The longest book I ever read and probably my favorite. I read the unanbridged version which had 200+ pages of historical annotation in the middle which was relatively boring.
Pygmalion was also good.
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I'm sure one of the people who voted has at least 50K BTC but I doubt 4 people do (they lurk but don't vote).
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I learned 2 things from this thread:
I should choose what I click on more carefully
I'm not as bat-shit crazy as some of you
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