Try a 1TH instead. Because its more likely you'll be struck by lightning multiple times over hitting a block.
Well that's not really true. His chances of hitting a block in a month of mining is about 1 in 14. But those still aren't good enough odds for me to recommend solo mining. This is my thoughs, I might be wrong, but this is my math Lets say 12/24 months pool mining vs 12.24 months solo Pool mining 12 months = 7 BTC, 7 * $375 = $2625(profit) 24 months = 10 BTC, 10 * $375 = $3750(profit) Solo Mining 12 months = 25BTC * $375 = $9375(profit) 24 months = 25BTC * $375 = $9375(profit) 36 months found a block still make profit (may be at this time btc price is sky rocket) Your math is off. The averages over the long term will be exactly the same. |
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Try a 1TH instead. Because its more likely you'll be struck by lightning multiple times over hitting a block.
Well that's not really true. His chances of hitting a block in a month of mining is about 1 in 14. But those still aren't good enough odds for me to recommend solo mining. Did I miss something? 1 in 14 chance? Its 7% Chance to find a block with 60GHs? Did you not watch the current speed of the entire network? You might have missed the "in a month" part? Otherwise, I don't know what your surprise is... at the current difficulty, anyone has a 1 in 14 chance of finding a block in a month of solo mining with 60GH/s. |
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Bitcoins are back as a prize on www.gamerholic.com. Set the high score in a game of tetris, go on a 50 game win streak and you win 1 bitcoin. each time other players fail to beat your score your win streak is +1 It costs you $1 to play. This means you could win 1 bitcoin for $1. Gamerholic I'm confused about the "50 game win streak". How do you go on a win streak with Tetris? Isn't it a game that never ends? |
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Try a 1TH instead. Because its more likely you'll be struck by lightning multiple times over hitting a block.
Well that's not really true. His chances of hitting a block in a month of mining is about 1 in 14. But those still aren't good enough odds for me to recommend solo mining. |
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Got single 60GH about 2 mon ago, got my ROI back and plus about 2 btc profit, with in the last 2 months my single found 2 blocks. I am thinking of going solo, please advice If I keep mining with the pool, ATM my average btc per month will be around 1.7 btc and of course it will be lower with the dif increase, should I go solo  ? If you like risk, sure. But with only 60GH/s, solo mining will be like trying to win the lottery. You could go a year and find nothing, quite easily. |
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It can only be given as a % of your portfolio.
I would say 30-50% would be fair for holding long term. 50% is pretty adventurous imo.
The problem with bitcoin is that, as it goes up so does it's % of the portfolio. I find myself at 50% now and i think that is way too much. I also don't want to sell... Bitcoin is creeping close to 90% for me... only vs my 401k, but that's the only other investment I've ever had. |
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i could do this within an hour for .375 BTC
Kind of expensive i could do .37 pm me if you accept and i will pay you You're really haggling over $1? |
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Coinbase is the easiest method for US-based persons.
As you've found, MtGox is slow and Localbitcoins is unreliable. Coinbase requires a few days to verify your bank account (in some cases though, it is instant), but then you can buy and sell with a click of a button.
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Many people say that the difficulty follows the price, and not the other way around. While this is largely true, it is also true that an increase in the difficulty will help drive the price up. Let me explain.
If I am someone who believes in Bitcoin long-term, I want to invest. But investing doesn't have to be just buying Bitcoin directly - it can also be buying miners that produce Bitcoin. A rational investor will look at both options:
1) Should I buy Bitcoin directly OR
2) Should I buy a Bitcoin miner that can turn my USD today into even more BTC down the line than what that USD would buy me today?
All the way from when BFL announced their ASIC products up through July-ish 2013, mining looked to be a potentially better option than simply buying BTC directly. It looked as though an investor could potentially receive more BTC through mining than they could through buying BTC outright. But now? Now, mining is a pretty terrible investment (though it gets better with the price increase). Investors looking to acquire BTC will simply buy BTC outright instead of buying mining machines for it. And that will drive the price up, whereas buying miners will not.
Conversely, if the price goes up significantly without a corresponding increase in difficulty, mining will again look like an attractive option to invest in.
In this way, difficulty and price are most assuredly linked both ways, and keep each other in check.
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I think there is good reason to believe that Bitcoin really already should be at $1000.
If you look at the behavior of miners with respect to hardware, they're already behaving as though BTC is worth about $1000. Granted some proportion of the hashing power being put online now are delayed pre-orders trying to recoup some of the sunk cost on what is already a negative ROI versus outright coin buying, but there are plenty of orders happening right now under very comparable return calculations. Are we to believe simply that all miners are just greedy delusional idiots?
The behavior of miners suggests to me that there is some inherent structural bottleneck right now artificially suppressing outright buying demand, probably something to do with the barrier of dealing with exchanges with national fiat (for example the delays in electronic transfers from conventional bank accounts is absolutely killer for anyone serious about trading). I think it's unreasonable to just assume that the higher level of anonymity inherent to mining (i.e. no "cash business" reporting requirements, etc.) supports that much of a premium.
Miners are irrational right now. If they are buying machinery only expecting a reasonable return upon a price increase, then they should just buy Bitcoin itself, not machinery. |
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The MS67 first-day coin has been sold for 50 BTC. Payment has been received, and I will be shipping it shortly. The buyer may choose to reveal himself at his discretion. For now, my other coin is off the market, as I'd like to keep at least one. |
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Maybe every Lazlo Pizza day we should celebrate by tipping Lazlo the current equivalent of that original value in BTC? That seems like a great way to say thanks for having the guts to kick-off a whole economy. I'll start by tipping for last month. Sent 0.41 BTC(a little extra but the number was too cool to pass up) If you can't afford the full amount make it 0.041 or even 0.0041 or whatever the equivalent is each year. Maybe someday someone can laugh at me for tipping Lazlo an outrageous amount.  So uhm why, exactly? He's probably got more BTC than everyone else posting in this thread combined! |
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Why is no one discussing the one REALLY important question: HOW were they able to break (supposedly) encrypted wallet and syphon money from it? If we assume it was a normal BitcoinQt wallet.dat, is there some kind of method to break it that is not universally known? As a community, we better find out everything about it, and do it fast...
he told them the password and now he will be less years in prison. Exactly this. When you're looking at life in prison, what good does $25M do you? Better to give up the money and still have some of your life left to live outside of prison walls. |
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Whoa, this is THE top story at forbes.com right now...
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Link doesn't work, it's got issues. |
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We may have had a correction, but the rally isn't over yet!  |
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Why do you care what people sell things on eBay for? |
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Nice looking coins!
Cheers, thanks! |
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Didn't you get it? The last 6 month was one giant bear trap.
I should probably figure out what bear trap and bull trap mean.  Google wasn't very helpful, was it? |
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Didn't you get it? The last 6 month was one giant bear trap.
I should probably figure out what bear trap and bull trap mean. |
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