You will look like a genius if this does happen and you are able to buy back in. I will be impressed  . Also I will be VERY happy if we get 2 negatives in a row, that would be great mining. Bitwsidom: Bitcoin Difficulty: 47,589,591,154 Estimated Next Difficulty: 46,236,511,050 (-2.84%) Adjust time: After 1851 Blocks, About 12.9 days Hashrate(?): 331,796,958 GH/s I'm still waiting for our first double digit negative, that will be a good sign. In 2011 difficulty dropped 50% just before btc bottomed. the equivalent % decrese to 2011 would be ~$72-85, which would be horrible. At these numbers, i would assume that bitcoin died or has no future. In fact all these debates about 1mb vs 4-8-20mb makes it look a bit bewildering to almost any outside observer. In addition-how can something could be supposedly decentralized, when five, two or even a SINGLE person decide(s) one of the most important parameters?  |
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Lastly are your inside the wall wires 12 gauge?
Not 100% sure, but I think that all 15A outlets are wired with 14 gauge instead of 12, which I think was what prevented me to change outlets from 15A to 20A before. I am not sure about outlets on 20A circuit, but i suspect that they are also 14 gauge, but I never run more than 12.5A on any outlet anyway. 14 gauge is the issue long (120 days) runs cause issues with them. be careful . Interesting-what exactly did you observe re long runs and 14 gauge? i assume that you had some experience. |
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Lastly are your inside the wall wires 12 gauge?
Not 100% sure, but I think that all 15A outlets are wired with 14 gauge instead of 12, which I think was what prevented me to change outlets from 15A to 20A before. I am not sure about outlets on 20A circuits, but i suspect that they are also 14 gauge, but I never run more than 12.5A on any outlet anyway. |
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A wall outlet should not be hot to the touch or change color.
of course The case of "burning inside" outlet with nothing plugged in is especially bizarre. I will open it up tomorrow and take a look |
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after >15 mo of pretty much constant mining in the house I noticed the following:
1. wall outlets with constant current draw (even at permissible 12.5A for 15A outlet) has changed color to brown and I see some plastic partially melted on the outside of the outlet plug.
2. i think that I also saw some sparks from "mining" outlets during thunder-strikes that kicked the power out
in addition, i had a supremely bizzarre occurrence when one outlet basically started melting without anything plugged in.
It could be a spontaneous short, I just don't see how this short could have developed. the plate became extremely hot and i could see something burning or at least red hot inside the outlet, so i had to cut the power.
My point is-be safe with mining equipment and electricity. i was surprised that even a supposedly safe outlet could basically put you in danger.
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Most successful complex systems are linked in a way that works to the benefit of both (or multiple parties).
example:
plants use energy of the sun, CO2 (carbon dioxide) and H2O (water) and produce O2 (oxygen) as waste plus carbohydrates (sugars). Plants are producers in general.
animals consume plants (and/or other animals) and produce CO2 and water as waste, which then can be used by plants again.
As such, one kingdom of life is linked to another in a relative balance (at least chemically)
Going back to bitcoin, everyone strives to produce bitcoin (mining, etc), but there is no "natural" sink for it.
Something has to be there to "consume" and recycle bitcoin into the ecosystem, as pure numerical accumulation in the vaults/wallets would not be sufficient.
A long term plan of 21 inc in basically that such "sink" would be automated or semiautomated systems trading bitcoin for services, but in order for these systems (and humans) to be engaged in such trading, they have to be endowed with a lot of bitcoin (and bitcoin eventually has to be much higher in value, obviously).
So, these fractions of bitcoin that gadgets might accumulate is in part for them to be able to exchange services in a network that is 1000Xlarger.
The equivalent of the unexpected (or expected?) benefit similar to animals use of oxygen (a plants waste product) would be LARGE VALUE accumulation (btc appreciation), which would benefit the existing owners of 2/3 of bitcoin mined so far, aka us. As per Metcalfe's law, we should expect at least 10^6 bitcoin appreciation if network expands 1000-fold (square of number of nodes)
Conclusion: In my opinion we should buy/mine while we still can and then allow companies like 21 inc create an ecosystem which might not result in more numerical bitcoins to us as they will be used by devices, but will result in a large value appreciation that would be beneficial in the final analysis.
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I too am going to "manage for power" my single SP20. I am at about 540W (measured), that yields about 1080-1095GH. I expect to reduce that down further to less than 500W here in the next 2-3 weeks. I think I may be able to go as low as 450W and still keep it reliable and steady. Right now it's in the lowest level of my house (i.e. the basement), and the noise is completely unobtrusive now (fan at 30). This is a new experiment for me as I didn't have this much hashrate, or power draw, last summer. I'll be waiting for that fabled 21e6 "power meter" that produces 200GH at 10W..... I run mine right where you are at but I run the fan in Auto. This has the fan speed at 6 after the initial run up of about 5 min. My ambient temp is ~75-80F in the space these are located and they run below 60C recorded from the exhaust temp. I can't remember the chip temps right now but can provide later if you would like to know. somehow my sp20 works better just at fan 10 instead of auto. on auto it keeps fluctuating in fan speed, hence difference in noise, which could be irritating. when you set at low fixed, like 10, noise is steady and your brain basically subtracts it after a while and it feels like no noise at all. |
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Until the next gen of machines comes out I would suggest just buying hash on hashnest. You can keep it for only a day and sell it back it you want. I feel it is a lot less risk than buying an s5.
I want to buy an s1 just for fun, not really to make money. If you want an s5 for money wait for the new gen, they will be cheaper then. But who knows when the next gen will come out? Could be weeks, or months.
If the BTC price rises , you will not get your money back by selling Hashnest GH/s.currently, S5 1155 GH/s costs Price: 1.63492467฿ I also purchased 1155 GH/s at a price: 1.41540542 ฿ 2015-03-09 and 1.80835 ฿ 2015-02-22 I bought a total of 251 Antminer S5 from Hashnest. 2015-02-12 - 2015-05-21 This would be 289905 GH/s . Currently I have only 52 000 GH/s in Hasnest. I've been selling out my Hashnest S5 miners many times and started again, buying they back a cheaper S5 price . However, if the BTC price rises back to 275 USD, then I am still at a loss by selling GH/s. 0.2 BTC from each miner , makes 9 BTC. i am not sure how this work. Don't you need to spend BTC to buy? what's this play advantage vs just simply buying BTC? One and done. |
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1947 - the transistor
1969 - unix
1971 - the first single chip microprocessor
1973 - Cerf/Kahn TCP paper
197x ... 199x - emergence of ARPAnet, internet and WWW
1991 - linux
2008 - Nakamoto bitcoin paper
2013 - $USD 1200 bitcoin
2015 - bitcoin micro mining introduced by 21 inc.
2020 - total collapse of large scale centralized bitcoin mining
I hope so... Most people don't realize that centralized mining=bitcoin demise or its transformation into something worse than regular banking. |
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A lot of you i see are new to investing. It does't matter what bitcoin does the next 5 to 10 years its going to grow through businesses but doesn't mean it will go up. The best wy to invest in it is through a business not through bitcoin itself. The market will be manipulated by big wigs who will kill the price buy it low sell when it reaches 1000 and constantly let it go down over an over again. Look at gold it should be well over 100k an ounce and its 1200 an ounce over all these years people invested into it. Silver what 15 bucks it should be in the 1000s as well. Rich people will constantly kill the price of it so you wont get rich off of it. But they can't kill the businesses that monopolize the bitcoin market. So if you want to get rich go after a bitcoin business not bitcoin itself. Its gone up to 240 dollars thats pretty good a lot more then what peple expected last few years if it holds this value you should be happy with that.
But I think it can go up to 500 in next 5 years and hold a stable value as the market grows. But expecting 10k a coin wont ever happen big wigs will sell off so it kills the price and then you will see how investing works. They already done it several times over the last year or 2. And also businesses are putting in loop hole fees for buying things with bitcoin now so its not free transactions anymore. But it has a big future maybe in 50 years holding bitcoin will make you rich. I keep reading these articles people think its just gonna go up cause its growing doesn't work that way when the market is easily manipulated over and over again. And its the easiest market to manipulate the people have no identity.
1. a "regular" person cannot easily invest in bitcoin business because 99.9% of them are private. 2. people don't realise that with 'just' 3bil market cap, bitcoin is pretty much useless as a "real" currency. Currencies trade ~5.3 tril/day, so bitcoin is just too small. For example, some investment company wants to sell $5 bil $$ and buy the same value of bitcoins without disturbing the price-it simply can't, even if every single owner released all their bitcoins. A single modest size transaction like this would send bitcoin literally into ATH. 3. Serious people thought that bitcoin would become currency-ish at ~$40-50K/BTC |
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do you mean that you connected it to the controller? I am not sure what do you mean by "related". Is there only one way to plug it in (if not, than try in reverse) In addition, it uses almost 4A (3.9A; ~47 W). Is S5 controller capable to provide this much? I am not sure. If it will not work, you would have to power it directly from PSU through molex adapter, but you will not have PWM feature then, just maximum speed |
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It's quite stable, around -2.0
>snip images<
thanks for an update. scraping the bottom? Previous downtrend was reversed with a V, but this time it looks different so far. |
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I would say the offshore deposits will have the most significant impact if we want to see the price going up insanely one day. Imagine tax dodgers moving around the fund and practically these people would not mind paying whatever price is shown on the screen as long as the money goes through to its intended account and fulfilling its objective.
Not tax dodgers, but people with lots and lots of money who want to diversify. Due to unique properties of bitcoin, Xapo is now basically an offshore fund/bank/depository in the middle of Europe (Switzerland). No wonder that three highly placed (as high as basically possible) former officials are now on board: The founder of VISA (Dee Hock), the chairman/CEO of Citibank (John Reed) and the Secretary of Treasury (Laurence Summers): https://blog.xapo.com/announcing-xapos-advisory-board/ |
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Hello
I just bought one more SP20 used (No. 3), but I can not come in contact with it.
I have taken psu and network cable from one of the other that works. but it does not appear on myminer.io.
fan running as it should, but after a few minutes flashes the green LED green.
PSU = 2x CX750
/Bruno
Have you looked on your router at connected devices? See if you can find it there. If you can that is another way to find it. If that does not work and you truly cannot find IP. There is a sd card image to reset. 1. did you try advanced ip scanner 9for PC) or iNET (mac)? 2. give it more time. one of my SP20 took at least 5 min to situate itself on the network. 3. who knows, maybe it is something with myminer.io, but I doubt it. |
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In fact, if 21 inc is already in possession of a significant % of bitcoin (and they might be since they were mining the last two years), and once millions of devices are distributed, they can run a promo whereas they distribute, say, 1-5% (or even more) of their stash in one go, like a super-faucet, giving few million people $1-5 in btc, thereby endowing a large market. With a proper ad campaign it would be an impressive feat.
This plan to increase btc adoption through mass advertising/giveaways sounds a lot like something Josh Garza would come up with. Here's my idea to increase adoption: what about creating services/features for bitcoin that people actually want to use? what people? 10K miners? internet: create new services, but people can use "old" money(credit cards) Bitcoin: create new services, but people can only use "new" money 9bitcoin). solution: give most people a direct opportunity to get bitcoin What's wrong with USD? Why can't we have both Bitcoin AND USD? 1. you cannot transmit actual dollar over the internet. 2. you can program bitcoin, but not a dollar you can use USD to much of other things, of course, hence there are many tens if not hundred of trillions worth of $$ and only $3 bil worth of bitcoin. So your goal is to have Bitcoin take over a currency that existed since the beginning of time? I don't necessarily disagree with what you said, but maybe you'd like to rethink what you said. We have a long time before our main currency is digital. read my post below to see what Reid Hoffman, CEO of LinkedIn, a company that might have helped you to get a job, or will help to get a job in the future, said: https://bitcointalk.org/index.php?topic=1067631.0direct link http://www.wired.co.uk/magazine/archive/2015/06/features/bitcoin-reid-hoffman/viewall |
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In fact, if 21 inc is already in possession of a significant % of bitcoin (and they might be since they were mining the last two years), and once millions of devices are distributed, they can run a promo whereas they distribute, say, 1-5% (or even more) of their stash in one go, like a super-faucet, giving few million people $1-5 in btc, thereby endowing a large market. With a proper ad campaign it would be an impressive feat.
This plan to increase btc adoption through mass advertising/giveaways sounds a lot like something Josh Garza would come up with. Here's my idea to increase adoption: what about creating services/features for bitcoin that people actually want to use? what people? 10K miners? internet: create new services, but people can use "old" money(credit cards) Bitcoin: create new services, but people can only use "new" money 9bitcoin). solution: give most people a direct opportunity to get bitcoin What's wrong with USD? Why can't we have both Bitcoin AND USD? 1. you cannot transmit actual dollar over the internet. 2. you can program bitcoin, but not a dollar you can use USD to much of other things, of course, hence there are many tens if not hundred of trillions worth of $$ and only $3 bil worth of bitcoin. |
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Considering their partnership with Qualcomm
We do not know the terms of that partnership. 21.co may use Qualcomm parts and/or expertise, rather than the other way around. Doesn't Qualcomm have a project for self-configuring public wifi routers? That may require some automatic micropayment system, so their interest in 21.co may be about that, rather than mining per se. Who said that Qualcomm is interested in the mining? This is not only about the mining. And yes, in order to integrate and use the micropayment system Qualcomm will put hashing cores into their chips and will try to get people used with the micropayment system so they can use it. Qualcomm will never do this unless they want to destroy their name brand in the name of a retarded experiment where their users can earn fractions of a penny over the lifetime of their several hundred dollar devices. Phone chargers sell for ~$2 on Aliexpress so I'd guess they are made for ~$1. No sane company is going to add ~$20 worth of components and an $8 chip.
How can they possibly remain competitive while paying double the $/gh and double the $/kwh?
This sort of reminds me of when utorrent decided to include a hidden CPU miner in their software so they could earn dollars per day while costing their users thousands of dollars in electricity.
You are way off the track. Their plan is to use 35$ chips for USB charging hubs which are more expensive than regular phone chargers. The 8$ chip will be used in routers, gaming consoles etc. They will remain competitive by using the approach of many consumers paying the price who will not care about the double $/gh or the double $/kwh because the amounts are very small for them. We are talking about a few dollars, not about thousands. That's not how I understand it. According to the slides here: http://imgur.com/a/q9cbL it looks like the $35 includes a: $10 controller, $5 wifi connector, $5 hardware wallet, $5 case, $2 charger, $8 chip. (numbers obviously made up but you get the point) It doesn't say the $35 is a single chip unlike the $8. The $/gh is not important for the customer, but 21 inc. If 21 inc can breaks even with double the $/gh, then their competitors have doubled their money by that point. (assuming they have equivalent chips) The w/gh is important to 21 inc but only if their plan is not to steal electricity from ignorant users. If they intend on giving their users at least enough btc to cover electricity costs then they are essentially just paying residential rates for electricity while their competitors are paying industrial rates. I think Jtoomim is right when he said this isn't their real business plan. This is just their plan to suck in the VC money from people who can't/won't do the math so they can produce Intel 14nm chips to put in a massive 20MW datacenter.sorry, but it does not compute because if they accumulated all that bitcoin, but there is NO market (sellers with no buyers) and bitcoin is at $20, then they just lost all of their investment. |
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In fact, if 21 inc is already in possession of a significant % of bitcoin (and they might be since they were mining the last two years), and once millions of devices are distributed, they can run a promo whereas they distribute, say, 1-5% (or even more) of their stash in one go, like a super-faucet, giving few million people $1-5 in btc, thereby endowing a large market. With a proper ad campaign it would be an impressive feat.
This plan to increase btc adoption through mass advertising/giveaways sounds a lot like something Josh Garza would come up with. Here's my idea to increase adoption: what about creating services/features for bitcoin that people actually want to use? what people? 10K miners? internet: create new services, but people can use "old" money(credit cards) Bitcoin: create new services, but people can only use "new" money (bitcoin). solution: give most people a direct opportunity to get bitcoin |
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Nobody answered a question so far, so I will ask again: how do you back up your mymonero wallet?
Apparently, there is a .keys file, but where is it?
Since I am not a developer and/or programmer, some relatively easy path for a "common" web user would be much appreciated.
For example, bitcoin web wallet (blockchain.info) gives you easy means to download the wallet backup file.
Thanks.
blockchain.info works differently. They store your private keys on their server encrypted with your password. Mymonero does not store your spend key at all anywhere. Your spend key is exactly your login seed words. Write those down and you are backed up. It also follows from this that you shouldn't let those seed out of your control in any way. That includes being careful who (or what cameras) can see your screen. @smooth and @luigi1111 Thanks. I guess I just misunderstood this post: https://bitcointalk.org/index.php?topic=583449.msg11422202#msg11422202Of course 13 words is probably better [lowtech] solution. Re cameras-thanks one can envision a drone in 3-5 years going around and peering into windows trying to get a screen shot  |
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