BTCGuild had a 2PH witholding attack earlier this year. Are you saying that withholding attacks over a certain hashing size are not true, worthwhile, or both? It's also been alleged that in the withholding attacks, that the miners aren't really mining either.
Withholding attacks don't make financial sense - that's easy to prove with math. The thing is, however, that sometimes people do things that don't make sense. Like mining at a loss instead of buying coins. Somebody with a grudge may very well want to see certain pools get hurt. It is also possible that the attacked was genuinely stupid and didn't know his custom CGMiner wasn't working - although many people doubt somebody with 2PH/s would be that stupid, but as we all know money doesn't buy intelligence  |
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Any ASIC manufacturer that is currently alive has already sucked money out of miners and they're sitting on tons of cash and possibly viable efficient chips. Why would they bother wasting money and shipping miners to consumers when they can just build a farm and mine their own BTC. They already raised their capitol with their little pre-order games - now they just need to figure out if they think BTC will stay alive.
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I have a 14 x 20 space and I'm thinking of setting up a btc mining farm. What kind of rigs and systems do I need to pull this off. At current btc prices I would like to haul in a net profit of 50 k per year. This would be under a legit business as I could write off costs.
In Canada if that matters.
Thanks
280m 2 is a fairly substantial amount of space (at least I'm presuming it's in meters since you mentioned you're in Canada). Since you seem to have that covered, your next objectives are to secure power and cooling / ventilation. What is your average cost per kWh? What is the cost to own the space (either rent or mortgage)? A net income of $50k per year would mean roughly BTC80-90 at current prices. Let's assume your ongoing operational expenses (energy, cooling equipment, rent, internet, miscellaneous maintenance) amount to the same amount...meaning in 12 months you've generated BTC180 ( BTC90 for expenses, BTC90 net profit...all assuming a stable BTC/USD or CAD price). For an entire year, the Bitcoin network of miners will generate roughly BTC1,314,900 until the next block reduction in ~2016. To generate a revenue of BTC180 over the course of 12 months, you will need enough equipment to constantly maintain 0.0137% of the network, or approximately 19.18TH/s at the current network rate (~140PH/s). This would mean 45 BitMain S3 miners to start, increasing your amount of hardware over time to compensate for the difficulty increases. This is just a very brief overview of course, and the caveats in this game are plentiful. Thank you for the info but the space was in feet not metres. Me bad. I'm old school when it comes to dimensions. The space is paid for and electricity is 10.05˘ per kWh + a $20 per month service fee. This give me a framework to build around. Time to cash in my RRSP because the fucking government and banks will just take it anyway! Your electricity cannot be $10.05 per KWH - that would be the highest rate on Earth. Please clarify - did you perhaps mean $0.10 as in 10 cents per killowatt hour? Even that is on the higher side now as many miners have most to areas with $0.02/KWH. |
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The S3 is considerably quiter than the S1, but it still won't be as silent as a computer. You will still know it's in the room - you just won't have to walk out to take a phonecall  I hear Bitfury gear is pretty quiet since it's pretty efficient gear and has nice cooling. |
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I find that cex.io is really not profitable at all. By the time you actually make a visible profit, the price will have fluctuated. The price of GHS almost makes its own mining irrelevant because you will either lose or gain a lot more money by trading the GHS in the market.
If you are lucky you sell higher than you bought but it is what I said : luck For the price to increase, you need higher demands. Since most people already know that they will never make ROI there, the price is likely to decrease since not much people would want to buy there. The difficulty is going to skyrocket soon, making ROI even worst than no profits. You have new people signing up everyday and buying new shares + reinvested profit which push the price higher but not enough to have a stable price or to even make money It is a game of hot potato. Anybody holding right now is hoping for a 5 or 10% increase so they can get out (assuming they're not delusional and thinking they can profit). The ones selling are willing to cut their loses. It's a game of chicken on a race to the exit - those left holding at the end will be crying. |
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I think they've found a way to ensure there isn't a smidgeon of corruption... destroy the evidence entirely and have it done by dept heads. Why not just drop napalm on DC and be done with it?  |
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The Obama regime has 'lost or destroyed 'the emails, of 20 witnesses...according to Darryl Issa. I am going with 'destroyed.' Absolutely unbelievable. Out in the open, in your face criminal destruction of evidence. Where is Eric Holder??? Too busy protecting the Liar-in-Chief. And the media still carrying the water for Obama....so pathetic! Lost emails scandal spreads to top Obamacare official The Obama administration admitted Thursday that it has lost emails from the key official who oversaw the botched federal Obamacare rollout last year, and the health department may have broken the law by failing to report the lost emails to the National Archives. Marilyn Tavenner, head of the Centers for Medicare and Medicaid Services, thought she had saved the emails as official records but now realizes they “might not be retrievable,” the Health and Human Services Department said in a letter to Congress detailing the problem. Cont'd.. http://www.washingtontimes.com/news/2014/aug/7/lost-emails-scandal-spreads-top-obamacare-official/You're stupid as fuck. Obama is being hung out as a scape goat to disguise what is really happening. Care to elaborate on the intricacies of this matter? Who's hanging Obama (pardon the racial undertone, r3wt said it)? Holder? Kennedys? Sebelius? |
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The closest I've ever been and would ever want to go to New Orleans was watching "The Princess and the Frog". The way the city carried itself leading up to Katrina shows why it shouldn't have been rebuilt. Chocolate mayor is now behind chocolate bars  |
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I will send 1000BTC to anybody that can convince Obama to go to Chicago and stand in front of the families of those 20 dead from the July 4rth weekend and say "The world is less violent than it has ever been."
Obama is so into basketball....who does he think he is... King James?
I don't think even the SS could handle that threat.
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Damned if you do, damned if you don't. This is all Hitler's and Hirohito's fault!
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BTW thank you for this - that is my pic of the week! |
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We are, unfortunately, the closest to WW3 that we've ever been.
Nonsense. Ever heard of the Cuban Missile Crisis? We came very close to WW3 there. http://en.wikipedia.org/wiki/Cuban_missile_crisisThe crisis is generally regarded as the moment in which the Cold War came closest to turning into a nuclear conflict You can't expect a 19 year old to know (and definitely not remember) something as trivial as the Bay of Pigs/Cuban Missile Crisis. I don't think it has been integrated into CoD yet |
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I wouldn't take one even for free.. obviously this is too fishy.
Before criticizing others please take time to: 1) Look at the user's trust rating 2) Look at his post history 3) Look at responses from others in this thread, many of whom are not noobies. Now Bob might very well go full tilt and take us all to hell, but any one of us could do that |
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Please. That professor's supercomputer would be green with envy sitting next to a KNC Neptune. The swing is only about 15% from the midline. That's been the norm since 2009. |
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Wow that was unbiased on the crane ad lol (((( shilling intensifies ))))  Agree with Bitsaurus, Dogie's list is probably the most appropriate to view at the moment. Good catch on the shilling cloverme. Ooh, a link from a new user who registered just to spam a website that they "discovered". I swear this place is the wild west - fortunately we have decent mods who edit out links pretty quick. Stick to Dogie's list. If you know of another legitimate company that is actually shipping PM Dogie and he will add it to the list. |
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As noted above, never send a payment from an exchange if you think that you might need a refund at a later time. The person sending the refund will usually insist on sending coins back to the address they came from and the exchanges will not credit you for that payment.
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So it looks like it was a power issue. As noted above the 4 making 1.2-1.3GH/s is correct (they won't do 1.6). Unfortunately they now burn more in power than they generate in BTC and they're considered obsolete.
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So long story short, I'm looking at a mobile Mifi for the miners. I should be getting my second S3 tomorrow. This is why I'm so concerned about transfer size. There's virtually no unlimited plans and they have hidden throttling etc.
I'm headed down to T-mobile at lunch to discuss the plan. They seem the most reasonable. It is seriously hard to Google wireless plans. All the comparisons are from 2012-mid 2013 and on each site the plans contain different tidbits for each plan for the same carrier!
Hopefully I'll be up to 880GH/s tomorrow.
AFAIK, Sprint is the only carrier which doesn't have extremely harsh bandwidth caps and does actually have an unlimited data plan at a reasonable price (with "Framily," the price can become ridiculously low). They also don't seem particularly interested in cracking down on unauthorized tethers. The downside is that the actual bandwidth put out by their towers is iffy, esp. outside large cities. On both 3G and 4G, it's a good day when I can reliably get over 100kb/s. -But if you're constantly using a small-moderate amount of bandwidth (mining, full-node syncing), it's the only way to go, really. I'm in OC and using T-Mobile (Sprint network). It's pretty decent. I had a drop in anaheim briefly for data yesterday but that happened with Verizon as well. Getting near Disney seems to mess with phones. I'm going to get a 5gb hotspot and I'll measure my usage. Once you hit 5gb it goes down to 2g so I'll expect more fails if I hit it. The phone itself is the unlimited data plan. It allows a 5gb hotspot on my phone. If I'm high on my usage what I can do is just use the phone's hotspot for the 50hrs/week I'll be around the miners. That should be more than enough. Both Tmobile and Verizon have interference issues near Disneyland (probably from the high power lines). I can never get any data sent on either network when standing outside the entrance. |
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