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2861  Bitcoin / Mining speculation / Re: New to mining, Help with everything. on: January 12, 2016, 06:59:23 PM
Hello everyone.
So I always new about Bitcoin and Bitcoin mining but never really looked into it in great detail. My friend and I are thinking of starting a miner and have £200 starting money. If any of you guys could be useful and recommend us anything it would be appreciated.
What miner do you recommend? Also I don't understand fully about the psu is it necessary or what?
Also whatever miner you recommend what profit do you think we could get, assume the electricity costs are free.
Any additional information that you can add for us.

Thankss.

Why not reserve some play money.
Buy a cheap S1 or S3 miner to play with your miner.

Then buy some cloud mining or even better some bitcoins and learn about it.

These miners will not give much profit though as big beasts like S7 are eating the whole network.
Cloud mining is a better idea, but which one to choose is a question.
OP should do research before getting into mining field.

Be careful with cloud mining so many scams out there. If you do it just go over to hashnest (research it but I think you will find its currently best).    But anyone looking into cloud really do some serious ROI math.

As far as EU mining I suggest sending to a data center in a place with no import tax, and cheap electricity.  It is not as fun as mining yourself and playing with machines.  But EU is a tough place to ROI for the most part with extra fees and electricity tends to be on high side.
2862  Bitcoin / Mining speculation / Re: Dec 31 to Jan 12 Diff thread picks closed. on: January 12, 2016, 06:56:02 PM
I'm just happy it appears we will be under 10 this week:

Bitcoin Difficulty:    103,880,340,815
Estimated Next Difficulty:    112,938,422,791 (+8.72%)
Adjust time:    After 79 Blocks, About 11.4 hours
Hashrate(?):    900,227,328 GH/s

I hope next change is even smaller and btc price goes up. It seems pretty steady in mid 440's on value this week.
2863  Bitcoin / Mining speculation / Re: Stupid powering question on: January 12, 2016, 06:54:36 PM
I expect some laughs at this, but I have seen inventions used in third world countries like a car battery connected to a bike. Battery is connected to a bulb to light the house and people ride and pedal the bike in order to charge the Battery.

Without having any idea of electricity at all... Will something like that be possible for mining? That would be sort of mining by human effort and not just energy consumption from the net.



I thought this was going to be stupid from topic Smiley.  But it actually is a interesting idea.  It would not ROI or even make sense finacially, but would be interesting to see like a RPI and a compac powered by human.

So neat idea.  Hope someone does it for the fun of it, as it will not be a ROI project one just for fun.
2864  Bitcoin / Mining speculation / Re: Avalon 6 Vs Antminer S7, which one you will choose? on: January 12, 2016, 06:51:44 PM
I use fedex because it is cheaper shipping by at least 10$ and always smooth deliver. I know it depends on location whether UPS or fedex is cheaper for the individual.

I sent an email to UPS late last night basically telling them I should not be responsible to pay for a mistake made by one of their employees.  I also told them I'm using another carrier until and/or unless they make the proper refund I am due for their tariff mistake.

They responded with the following reply:

---------------------------------------------

David
 
I am writing regarding the filing of the Post Entry claim that we have in our office. We will be filing this within the next couple of weeks to CBP and at that time we will credit your account. Unfortunately, we cannot file until the 15th business day after the month in which it was entered based on CBP guidelines
 
Walt is sending a notice to accounting to let them know the entry is in dispute, although you may get another bill from UPS you can short pay the bill by 780.09 and we will adjust that amount once the claim is filed…it looks like you will owe 109.54 for Customs Merchandise Processing fee and disbursement fee. The duty amount will be in dispute
 
I have also asked my Philadelphia partners to reach out to you regarding future shipments and how you want them processed.
 
Please let me know if you have any questions, and I apologize for any inconvenience this has caused you.


---------------------------------------------

I'm fine with the $109.54 charge for Customs Merchandise Processing fee and disbursement fee.  No problem with that at all for $30,000 worth of merchandise.



Glad to hear it all worked out.  Only problem I ever had was a weight issue.  UPS somehow picked my package that was a Bitmain PSU for checking... and it weighed more then declared.  So I had to pay like 10 dollars was not bad.

That is all i have had to pay for mistakes.   US is pretty good overall on importing compared to a lot of the EU costs.
2865  Bitcoin / Mining speculation / Re: Safe way to buy my first S7? on: January 12, 2016, 02:25:05 AM
I think we would all agree buying direct is better option then buying that Craigslist he mentioned.  And that is before you take in fact it sounds he wants BTC 1/2 in advance for Craigslist ad.... which sounds scamy to me still.

Even at the higher B8 price I would still do that over his offer he had.  It is true he could get lucky or not lucky on B9 shipment date no way to say for sure.  So it is a gamble.

Its not much Gambling with craiglist however, its a garanteed "Throwing BTC down the drain." Regardless, the buy now price of S7 is still better than best case scenario with Craiglist so there is not much point in considering the craiglist offer. The PSU from Bitmain is arguably cheap. I would go with an alternative, however. Especially since it need 240v and there are better options here.

For 120v i'd go with Avalon6 no contest, since ATX PSU at that capacity range are still affordable.

I would not consider 240 a lesser option or PSU's that run on it.  It is actually a really good option just not everyone is set up for it.   But for those who can I would go 220/240 go for it.  I really like it in my hobby mining area.  

S7 could go on 120 to, its just for a ATX psu with 10 PCIe is so expensive.  There are not many and they are a lot higher then a 240 server psu that is as good if not better on some.
2866  Bitcoin / Mining speculation / Re: Safe way to buy my first S7? on: January 12, 2016, 01:44:45 AM
Why don't you buy directly from Bitmain. B9 is less than $1100, they may ship earlier than the 20th. My B8 was shipped 2 weeks earlier. Bitmain PSU only works with 240 V, so make sure you have a 240v outlet at home.

If op has the btc a direct purchase from bitmaintech is pretty safe.

But thats more expensive than an Avalon6. Also no import fee with the A6 as it is domestically located. You may also not receive the S7 it for 2-3 weeks and the Avalon6 is a better quality unit.

So its not that much of a clear distinction between which is the best one to grab.

I am guessing OP is based in US, so no import or other fees to pay. You get 1.13 TH more for the same price with Bitmain, and it gets here within 2-3 days after shipment.

What? The B8 is the only thing that could get to the US within a week from Bitmain and the price is much higher than the Avalon 6 AND there are other fees by dealing with Bitmain.

My last B8 was shipped within 24 hours of payment and I got it on the 3rd day. They are selling from stock now, didn't someone already received a B9.

A few have already received batch 9

The possibility of maybe getting a B9 early does not change the fact that it is a 200$ difference with B8. If you want to gamble with B9, go ahead.

I think we would all agree buying direct is better option then buying that Craigslist he mentioned.  And that is before you take in fact it sounds he wants BTC 1/2 in advance for Craigslist ad.... which sounds scamy to me still.

Even at the higher B8 price I would still do that over his offer he had.  It is true he could get lucky or not lucky on B9 shipment date no way to say for sure.  So it is a gamble.
2867  Bitcoin / Mining speculation / Re: Safe way to buy my first S7? on: January 11, 2016, 09:54:38 PM
Quote
So shying away from this forum is at your own risk. I would take the same concept, go google research for escrow services which they are out there in your own state and usually serves more then one location.

Yeah I've offered up possibly using an escrow service here (OGNAsty I think is who I see a lot?) so maybe he will go for that. And beyond that I've offered paypal as an option. Not sure how much protection would be afforded to me thru Paypal but its better than just sending him the BTC or $$$ directly.

Avoid paying 1/2 upfront though craigslist it sounds highly scamy.  Is he asking for you to pay him in BTC?   Or did he take paypal?

Paypal is reversible if he never sends it.   Bitcoin is not reversible, so if he wants BTC I would avoid unless good escrow of your choice, not his.  Also what is price?  I'm wondering if it's too good to be true and he tries from everyone 1/2 up front as a scam.
2868  Bitcoin / Hardware / Re: Modify S5 Antminer to watercooling on: January 11, 2016, 09:36:19 PM
.........

In your vision, what are the benefits to use Water cooling system?

........

Only benefit is quiet 2,3 TH/s miner.

It does make it quiet but instead of going with water cooling S5 go with Avalon 4.1's.  If you need quiet they will do it with no modifications.  

Watercooling sounds great but I can say it truly is a pain to mess with compared to normal fan's.  Listen to videos of 4.1's they are about the most quiet stock miners with just underclocking. At least that I have used (I'm talking full miners like Dragon 1T or newer, not including stick miners).
2869  Bitcoin / Mining speculation / Re: Any suggestions on bitcoin mining on: January 11, 2016, 09:30:26 PM
If you have the capital, you can make a lot of money. The larger scale you go, the more you make. Thinking of buying a single s7 to mine with at home? Probably not worth it unless your states residential electricity is very low. Investing $10,000 - $20,000 could net you tens of thousands of dollars a year. Rent a warehouse cheap that has 200 or 300 amp lines running to it, pay low cost commercial electricity rates, and you can make a lot of money. Keeping in mind this is all based off of the current price of Bitcoin. I, and many others, predict Bitcoin has no where to go but up, especially since we're in 2016. I know as soon as I have enough saved up, I'll be setting up a mining operation.

I think starting slower and then build up.   Starting at home is not a horrible idea depending on electricity price.  I think you underestimate costs associated with a "cheap warehouse".  You will be spending quite a bit on setup of such a place.  There is the electrical, and cooling is two biggest things I can think of.  And finding a "cheap warehouse" that allows the modifications you need for such might be hard.  

10,000 in this idea would not get you even close to big commercial opperation that's less then 10 S7's and PSU's.  And that does not include the initial startup costs.  I think someone with ability to mine at their home and make a mining area is ahead by far in the 10,000 - 20,000 dollar area on investment.
2870  Economy / Speculation / Re: 1 BTC = 1000$ in 2016 on: January 11, 2016, 09:24:29 PM
I really doubt this would happen even by end of 2016, at most reaching $700 I think if all the factors goes on our way and reaching those number doesn't matter if it's going to down after it so hoping for a stable price, I would even be happy with $500 at most though.

If you are a miner you want more and more.   I don't see any speculation acurate enough to say what it will do in a year.  A year is a LONG time in crypto time.  Anyone that say's they can predict accuratly... is most likely lying.  As there is not even a good equation they could say they have had.

There are also a lot of factors.  I just don't see how this can be done accurately.
2871  Bitcoin / Mining speculation / Re: Dec 31 to Jan 12 Diff thread picks closed. on: January 11, 2016, 09:19:05 PM
hopefully, next diff increase will finally be flat or - !

You can hope for that, but chances are very slim.   I expect another at least high single digits.  I don't see what will stop that.

The only great thing is the ones I mined at 220 and held onto now in 440's look a lot nicer.  So past mining is paying off more and more.
2872  Bitcoin / Mining speculation / Re: cheap electricity so what now? on: January 10, 2016, 11:14:01 PM
I don't think the S7 will get you a decent profit within a decent timeframe.
Just the Antminer S7 will take you 130+ days to get profit:
http://www.coinwarz.com/calculators/bitcoin-mining-calculator/?h=4700&p=1180.00&pc=0.10&pf=0.00&d=103880340815.45600000&r=25.00000000&er=449.94760000&hc=0.00

This is without difficulty increase and the PSU.

Coinwar is not great.  I highly suggest using https://bitcoinwisdom.com/bitcoin/calculator .  So much better with difficulty option.  Coinwarz is good for this period only.

As far as PSU i'm not sure on including it.  A lot of people have PSU's that last multiple miners.  And some like me have some that have already ROI'ed on.  And when I buy new I plan on more then one miner using a PSU over it's lifetime.  And I can also sell it one day if I want.

Both calculators do what they were invented for... calculating the profitable. Sure 1 tool having more features is good, but it doesn't mean it's better.

The outcome for OP is the same. Buying a S7 is not' profitable..

Having difficulty changes is better when calculating ROI.  It is a big thing overtime.  It is not just some fancy feature, it is a real variable you deal with when mining.

Coinwarz without having difficulty will never be good for more then current period.  Bitwisdom you get much better longterm which mining is a longterm investment at this point.
2873  Bitcoin / Mining support / Re: Slower Mining with USB 2.0? on: January 10, 2016, 11:10:52 PM
Unless the USB 2 is faulty i dont think there should be a difference. As far as i understand it, the miner will be transferring minimal amounts of data, in comparsion to a USB 2.0 maximum capacity

Indeed, no difference. Previous comment is incorrect. Some stick actually don't work as well on USB 3.0, but it would be a driver/software issue that simply prevent you from running the thing.

Otherwise there is no difference between USB 3.0 and USB 2.0 for this.

As far as mining transfer speed it does not matter.  The difference is 3.0 specifications it is more power than 2.0 specifications so it might have more power to run the usb stick.  But transfer speed does not matter.

Some modify 2.0 usb hubs to have more power so it's not always true on power.  But if you look at specifications usb 3 is around double on paper I think.
2874  Bitcoin / Mining support / Re: How to power antminer s7 in the USA? on: January 10, 2016, 11:04:15 PM
Ive ordered some antminer s7s and got the recommended power supplies but they are rated for higher voltage (from china) than standard usa outlets. What should I do? thanks

Hello,

Oh wish i have AntMiner S7  Sad You need transformer Before you connect AntMiner on electricity

Transformer is not really what you need.... it is more likely a breaker.   And it varies on each persons how many amps they have in main.    So some can handle a extra 220/240 no problem.  Others don't have the amps.
2875  Bitcoin / Mining speculation / Re: Dec 31 to Jan 12 Diff thread picks closed. on: January 10, 2016, 10:59:23 PM
We can only hope the chinese gov thugs shut down f2pool and antpool and bitmaintech for not paying proper taxes huehuehue.  now that would be fun times.
Putting on my speculation hat - That would be a loss of most of the network, and given the maximum difficulty adjustments allowed each period by the code it could take a while for difficulty to drop to a point where blocks were found ~10 minutes again.  Not that I would be complaining...

Were talking about HUGE pools making a lot in profits.  I don't see them being shutdown I just don't see that. I would guess Chinese government if anything would want to tax it.

But these pools have such huge backing they could easily shift countries it's based in.  For all we know they have a hot site in some other country ready to switch on.  And if they don't I'm guessing they could get up in another country pretty quick with resources they have.
2876  Bitcoin / Mining speculation / Re: Should I Buy used or new miners? on: January 10, 2016, 10:55:19 PM
just look around with b8 failure rates.

heh shiny miner yeah ?

there goes your $$$ & downtime.

those lucky gets replacements fairly quick, some i think over 3-4 weeks no response ?

all i can say GL.

I don't think we have a good estimate on this.  There is a thread and some who have had it.  But we really have no idea on  percent with B8 failures as we don't know how many units worked fine.   

I got a B8 for fun to see what was changed.  It's still working fine no issues.  But a downtime you are right is a big issue with difficulty jumping so much.
2877  Bitcoin / Mining speculation / Re: cheap electricity so what now? on: January 10, 2016, 10:51:52 PM
I don't think the S7 will get you a decent profit within a decent timeframe.
Just the Antminer S7 will take you 130+ days to get profit:
http://www.coinwarz.com/calculators/bitcoin-mining-calculator/?h=4700&p=1180.00&pc=0.10&pf=0.00&d=103880340815.45600000&r=25.00000000&er=449.94760000&hc=0.00

This is without difficulty increase and the PSU.

Coinwar is not great.  I highly suggest using https://bitcoinwisdom.com/bitcoin/calculator .  So much better with difficulty option.  Coinwarz is good for this period only.

As far as PSU i'm not sure on including it.  A lot of people have PSU's that last multiple miners.  And some like me have some that have already ROI'ed on.  And when I buy new I plan on more then one miner using a PSU over it's lifetime.  And I can also sell it one day if I want.
2878  Bitcoin / Mining speculation / Re: Antminer S7+ somewho knows anything? on: January 10, 2016, 10:47:56 PM
Hi, I was reading some time ago about Bitmain was thinking to release latelly this month a new version of the s7, called s7+, but i saw that the s7 changed the design from 162 chips to 135 chips with a voltage regulator (i think).
What do you think? The S7+ is the actual S7 new design or they will release something better? Is that why they lowered the S7's price at the B9?

PS: I love speculate  Tongue

Dunno, you read about a S7+ where? I would not be surprised if they released a monster, but i'm warry of Bitmain right now, considering we're seeing several problems with the S7, like issues that we had with the S5. (Stuff burning down when internet connection is lost)

There has been nothing official that I have seen as far as a S7+.   Only thing I have seen is people talk about it as speculation.... but that does not mean anything.  The S5+ is a great miner they used it to get rid of chips quick and it did that very good.

So if Bitmain want's to release a next gen ... it's possible we might see a S7+.  But I'm not for sure on it really.  I think it's easier to just sell S7's then making a new product.
2879  Bitcoin / Mining speculation / Re: State of mining on: January 10, 2016, 10:44:45 PM
Very cool calculator. Played with it a bit, even with free electricity, seems like it would take over a year to break even with S7 efficiency + prices, default 20% diff, assuming everything stayed the same, which it wouldn't.

remember that 20%diff is a bit overkill to estimate, because the diff will not grow indefinitely, it will slow down at some point if the price remain there or if the efficiency do not come in

I would agree it's slowing down some.  Price has risen a little but not to the level of how fast difficulty is.  I think it will slow down a little until more get next gen gear... then I predict fast paced again.

So really hard to tell long term, and there is ofcourse having eventually.
2880  Bitcoin / Hardware / Re: ANTMINER S7 is available at bitmaintech.com with 4.86TH/s, 0.25J/GH on: January 10, 2016, 10:35:05 PM
With an s7, rule of thumb is :  overclock if you want, underclock if you want, find a good setting with sub 0.01% error, and then - DONT TOUCH IT EVER AGAIN.  Smiley  Also check out the luck we had at Kano.is pool SmileySmileySmileySmileySmiley

Only thing is if bitmain catches you doing overclock it will void warranty.  Current batch 8 I have not seen a overclock to make it worth losing warranty for.

Chances are they will not catch you.  But it is possible they might depending on problem you have. (Which hopefully there will be no problems and not need warranty)

It seems they won't warranty the product anyway.

I lost another b8 hashboard today. It was underclocked at 675.
Guess I shouldn't have moved it above 650.  Still no word on the 2 batch 5 boards I sent to Bitmain.
Will be 4 weeks on Monday.  This batch 8 board had been running 3 weeks.  Lost another batch 8 board running stock 700 about 10 days into mining.
Emailed Bitmain about it and again - no response.


It should be good for 3 month's.  I have luckily not dealt with RMA since S3 day's.   Honestly on batch 8 you should leave it at 700.  If you mention over/underclock that ruins warranty.  You have to get permission to do pretty much anything now.

I would email/send ticket/possibly contact US support if you are getting no where.  But they should respond to email.  How many units did you buy and how many had issues?
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