S1s were getting about $120 or less last week. Now with the difficulty increase they should be sub $100 easily. |
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Unfortunately all the altcoins have dropped in price following the recent drop in BTC price so it doesn't make sense to mine pretty much any altcoin (especially since you're electricity sensitive).
Since you have higher electric rates BTC mining is also out of the question, for the time being anyways, so consider purchasing coin now instead.
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Can the old boards be utilized as well?
The old boards are the part that is being replaced because they are inefficient. You can undervolt them to get a little more life out of them and that's why the upgrade kit is considered a bad idea. I was just asking since I have 4 S1's and wondered if I could repurpose them. I'm really not worried about the cost of power... Solar on the house. If power is irrelevant then just continue to keep mining with the S1. The only reason to drop the S1 then would be the noise issue. |
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I have heard, no way to confirm though, is that the modus operandi of Chinese miner equipment manufacturers (maybe all) are to use their new machines THEMSELVES for 2 months and then sell them off. Would be a logical thing for them to do but if true, they are the only ones going to make money for sure!
There is a way to confirm. The very first ASIC company (Avalon) did just that. Here's proof: http://www.coindesk.com/avalon-accused-of-mining-with-customer-asics/They configured the miner to mine to an address and didn't bother to clear it before shipping. Customers can see how much Avalon mined just to that one address. Right now what most manufacturers, not just the Chinese ones, are doing is they are taking customer profits and building their own farms to compete with customers. For every miner you buy they buy 2-5 miners at no cost to them other than space and electricity. |
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Do you think that if i do buy some miners, let's say 1-2 TH/s t start off with, will i be able to pay them off with mining ?
No. Did you notice that difficulty jumped 20% today? That's 20% less earnings for the rest of the miners life since difficulty is probably not going down until 2016 when the 1/2ing occurs. In 12 days there will be another increase. If you like mining and are willing to lose money to do so then feel free to do it. Unless you have free power it's not currently viable to make an ROI. |
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I don't understand how anyone can make a profit now, even with cheap electricity and no VAT.
You can still make a small profit running your existing equipment, but no way investing in new equipment can be justified.
Is the current spike in hash rate due to:
Randomness?
Hardware turned back on after summer?
Investment back log?
Irrational investors?
Or people buying miners for heating?
Bitfury keeps adding the most mining capacity. People have been saying this since last year. First batch S3's bought 1 month ago have already mined ~0.35 btc and can be sold for ~1btc so about 200% ROI in one month.
Who would pay 1btc for an S3 when you can order it directly from the BITMAIN for 0.58 for September delivery or when he could pay 0.66 for August delivery? I'll give 50BTC to anybody who can give me an S3 back in 2011. So you not understand the importance of time sensitivity? |
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Can the old boards be utilized as well?
The old boards are the part that is being replaced because they are inefficient. You can undervolt them to get a little more life out of them and that's why the upgrade kit is considered a bad idea. |
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It was almost never profitable to mine bitcoins when compared to electricity costs.
When we were mining with CPU, the electricity bill was 100x more expensive that the coins we won.Same when the GPU mining started, 100x more expensive. Of course afterwards when the bitcoin price rose many many times, it was profitable  Same as now, it you calculate your mining costs with a bitcoin price of 500, you're not going to have a positive ROI. But if you hope for bitcoin price of 3, 5 or 15 thousand, the numbers look really different. As for the kits, no i'm undervolting (10k pot mod) my S1's to add to their lifespan. If you can get defective S1's for free, that would be a good option. First of all that is outright false. If you were CPU mining with electricity 100x the profit, maybe you should have upgraded that 486-DX2  . Same with GPU mining. Unless you were paying on the order of $30 per KWH (and this is coming from somebody paying $0.35/KWH at home). If electricity costs more than you earn, IT ALWAYS MAKES MORE SENSE TO BUY the coin outright. ALWAYS. The only reason to mine at that point is to support the network or get newly minted coins by solo mining. |
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I'm thinking about investing into cloud mining but i don't know where...  Can someone explain to me why the ranking on these two sites is so different? http://www.cloudminingreviews.com/ http://cryptoverse.org/cloud_mining/ On cloudminingreviews 808 mining is on rank 6 and at cryptoverse 808 mining is on rank 26 (the last one). Should i trust any of them? PBmining is rank 1 on cryptoverse but only rank 8 on cloudminingreviews !? I went to both sites. The reviews from cloudminingreviews all seem to be from May. 1/2 the users reviewing 808 mining have latin names - so either they got a bunch of friends to spam reviews or the site is catering to South American customers. For PBmining to be rank 1 it needed people to click thumbs up or thumbs down. If the owner of PBmining has access to 40 IPs he could have done all the positive ratings himself. The ratings are meaningless. Look at my 2nd post in this very thread - people paid by these mining sites will come to this board and post spam promoting their sites without disclosing that they work for the website. Why would you trust a user with 4 posts who makes 3 posts promoting a cloud mining site? |
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@DrG you're probably right. I have never thought along this lines as during beta we are focused rather on functionality and marketing plus a number of other technical issues. After all most of the cloud hashing undertakings are anonymous not transparent at all. Just to address a few points you have raised... In beta the silver coins will remain in my drawer as I am the man behind it. I do not think there will be any situation I would need to use them as I believe hashing will be profitable long enough to cover the costs and bring profits to the users. Once we implement the full version I have two options: I am happy to escrow them or I would still keep them and store them in place like merrionvaults.ie Personally I would prefer to escrow them to a trusted person from the bitcoin community and I know such person but never discussed it. Escrow would require also distribution of the coins to those users who would be able to collect at least 1TH/s as per our T&C. This would require further arrangements etc. Actually there is only one person I would trust in this respect but I am not going to disclose his name at this moment. Once we sort out the fiat payments we will be selling only for fiat and only thorough third parties, be they exchanges or businesses or any other company who would be interested in buying from us GH/s in blocks and re-selling them to the public. We do not intend to be selling long term on the platform as we do at the moment. At that stage the whole busines will be transferred to our company registered here in Dublin. If someone is interested in details I am happy to provide registered name and copies of the certificates, which date back a few weeks. In this respect full transparency no problem. It all actually depends on two factors: how long would it take to implement fiat payments into beta and how successful beta version would be. As I have stated before we have our mining operations located in Poland and in China. Polish DC is not going to be developed too much any further (apart from the KnC Neptics in the pipeline) as the equipment and hosting prices in China are basically unbeatable and we believe things are going to be that way for long if not forever. I am expecting the photos with our logo from the Chinese DC shortly thanks to courtesy of our counterparts there. And to be honest with you I am happy with the situation as it is now because I am sure that at the end of the day we will be as transparent and reliable as it should be. I will not be struggling now trying to convince everyone who I am whether I have any miners (some photose in the main kryptologica thread) and whether there is any silver in my posession or escrowed. I am happy that the people can judge by themselves. In the mean time I will keep calm and continue mining and promoting kryptologika  Thank you for your candor. It is always helpful for a business to see things from the customer's perspective. Think of a 15 year old who would have to work 3 months mowing lawns to earn 1 BTC. Why would they be willing to give out their money to somebody who's face they don't know, whose name they don't name. If you can instill confidence in the customer by proving your are a legitimate operation then they may consider using your business. Be careful in who you choose as escrow. If your escrow runs away with money that was supposed to be for the protection of your customers you are still legally liable. Most customers should not fault you other than bad judgement, but that won't stop he mob mentality people develop. If a cloud mining business is honest in what they provide and they follow-through with what they promise it should be celebrated as an upstanding business even if it may not be profitable for the customers. |
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It will not work for you if you take it as an investment. But if you buy them, keep them a while and sell them for the same or higher prices you will make a very good profit. Please note that the price on CEX is a market price. There are people willing to pay 0.0038 per GH/s. And there are thousads of them. At kryptologika the market prices are much lower, the maintenance costs are also lower and we add silver price protection for the GH/s.
Perhaps you could make an extra mile, visit our site and compare CEX prices and kryptologika prices and comment here?
l3sny - I think the biggest point of contention, the real issue with cloud mining, is whether or not people can trust you to keep up your end of the bargain. When buying hardware from a company like KNC or Bitmain current users know they will probably get their hardware (even if it is late or worthless - they will still get it). What assurances do you provide to your customers. You said the mining is silver backed. Does that mean somebody is holding your silver as an escrow or bond? Are you a licensed business? Does your business have insurance? These are the things that would make people consider cloud mining as a viable option. Without the proof that it is a real business it may just as well be a ponzi. |
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Of course, DrG is lying as usual. But don't let his lies dissuade you from believing in idiots like him if you like doing that sort of thing.
(ROFLCopters at BFL not having taped out. What an idiot.)
You're right. His May/June estimate was idiotic. September would have been a lot closer. And what a bargain for existing customers at $1.97/GH. Super ROI there. Josh, sometimes your arrogance is truly breathtaking. Wow I didn't see the reply lol. Yes Josh, I am the idiot. I am the idiot that fell for your lies and paid 209 BTC and believed your company would ship an ASIC in October 2012 that end up being delivered in July 2013 - and died within 1 week of usage and took almost 14 days to RMA. Yes I am an idiot - only idiots get into medical school and finish medical residency you know - we can't all wear Big Boy Pants. I love the accusation of lying as usual - I would like one link to where I lied on these forms. The court documents clearly showed where you lied. How's that Monarch shipping going? Two weeks you say? |
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Looking at OoC's weekly network pool stats it seems most of the pools had bad luck. Still we are going to see around a 20% jump tomorrow. If we get a streak of luck it may go above 20%. Either way since there was bad luck this time it will continue to go up next difficulty as well unless we continue to have bad luck. Ooh look, a 13K dump just dropped the price to 309  |
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First look at the pool comparison list compiled here: https://bitcointalk.org/index.php?topic=104664.0Then get updated info on the pools you are interested here: https://bitcointalk.org/index.php?topic=77000.0and THEN go to the link johnnybravo provided and look at the pool discussions. Honestly it doesn't really make a big difference in the long run as long as you're one of the top 8 pools. Pick the one that gives you the lowest stales, least downtime and most peace of mind (all that varies by your location and ISP). |
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Shut up and buy bitcoin.
Well that was an informative post. What is he/she wants to acquire freshly minted coins or wants to help decentralize the network. Buying coins on an exchange won't help that. I post all the time telling new people to forget about getting into mining. Somebody who is buying rack mounted equipment already knows what he/she is doing (hopefully). As Dogie said whatever is the cheapest rack mounted equipment. |
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Even Bitmain who had one of the best reps out there have really left a bad taste in people's mouths with the S3, now they want you to wait until September 20th for the next round to ship and pay .66BTC for it TODAY.
.58 BTC is only $266, or $.6/ghps. That is by far the best price in the market. Without a doubt Bitmain's S3s are nice hardware that are relatively problem free (compared to competition) and have pretty much the best pricing for end users. The problem is if Bitmain wants to mine on their own it doesn't cost them 0.66 BTC but probanly something less than 0.25 BTC to make one so they can keep making them and mining as can many other ASIC manufacturers. |
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Well what I do know is that's it's nice to see the ASIC manufacturers and large farms dumping BTC for fiat get a kick in the pants. Their greed created this out of control miner growth - hopefully they will feel the consequences of their greed.
I would be perfectly OK if BTC went back to $17. I wouldn't be a millionaire, but if the exchange price stayed stable I could actually use it and not speculate on it.
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why would I even bother to look through all these threads. Its so much easier and more fun getting an answer straight up from snappy people
Lazy people get lazy results. I started a thread specificically to warn people about the threats posed by cloud mining. Please read this before considering a purchase from on of the companies: https://bitcointalk.org/index.php?topic=739510.0 |
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Or the days before that, when a single GPU could easily make 0.01 BTC per day. That was kind of nice.
No before that a single GPU was mining 1 a day, so 50BTC + fees from a 5870. Of course if you bought Bitcoin instead of the 5870 back then you would have had thousands of BTC Unless you have a time machine you can't go back to those days - you can only focus on the current time. |
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Bumping the thread. Shipping the miners in the US would cost about $50 to a residential area so it'a probably not worth shipping. If you have a business address I could ship to the FedEx and UPS are cheaper.
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