Wonder why nobody is using the cex.io calculator
Assumptions 100 GHs 1800 diff start (tomorrow) 2% diff increase/day
Diff Profit Profit cumulated Jan-14 1800 895 0.84 0.81 0.81 Feb-14 3150 1566 0.48 0.45 1.27 Mar-14 5513 2740 0.28 0.25 1.51 Apr-14 9647 4796 0.16 0.13 1.64 May-14 16882 8392 0.09 0.06 1.70 Jun-14 29544 14686 0.05 0.02 1.72 Jul-14 51701 25701 0.03 0.00 1.72 Aug-14 90477 44977 0.02 -0.01 1.71 Sep-14 158335 78710 0.01 -0.02 1.69 Oct-14 277086 137742 0.01 -0.02 1.67 Nov-14 484901 241049 0.00 -0.03 1.65 Dec-14 848577 421836 0.00 -0.03 1.62
Tells you 1 GHs is max 0.017 btc and the price of 1 Ghs will be 0 btc in Jul 2014.
Going by this calculation even the next gen miners will be useless by July 2014, and they only start to sell from April. Not much hope for anyone thinking of buying an X1 from Black Arrow for example. If you try 1TH/s you get a similar profit forecast. If this is true, then almost everyone will stop mining in the next 6 months. Let's just see if that happens. As for Cex.io and not being able to make a profit....I am making one, although very slowly.
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I would disagree, the difficulty does have an effect on the price of BTC. Maybe not directly, or intentionally, but it would appear that many casual miners give up as it gets more difficult to mine. The hardware they have does not make it cost effective. Which leads to less flooding of the market with low prices.
I am sure we will see such behaviour again with the next wave of miners. All the current 65nm tech will be next to useless, it will probably cost more to run them than they will generate.
As for cloud hashing / cex.io, assume you bough 1 GH/s @ 0.049 BTC, mined for 2 weeks, then sold it again for the same(ish) price you paid for it. You would have make a profit...without the expense of the hardware. Ok, not much profit, but some. Will the cost per GH/s continue to climb? I don't think so. But then again when there is only limited hardware available, other 'cloud hashing' companies turn out to be scammers, little point buying 65mn tech when it will be obsolete in 2/3 months, and cex are limiting their hardware to prevent exceeding 51%, who knows...anything could happen over the next few months.
In my opinion, the cost per GH/s should not be compared to the revenue it generates, but should be compared with the cost of equivalent hardware (factoring in delivery times, etc). All being well, you can sell you GH/s back and recover some, if not all, of your investment.
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All interesting, but missing a slight point. When the difficulty goes up, and new hardware comes out, many people stop mining...and the value of BTC increases. If it doesn't, there really is no point in buying hardware anymore. Imagine ordering a next gen miner, lets say 2THs. You probably won't get it before May. Going by the predicted revenue you would only earn about 1.5 BTC....and the hardware would cost you 6 BTC.
EDIT: Let me just add, I understand cloud hashing will never be good value compared with owning the equipment, but when you take into account delivery times, product failures, scammers, it can be a way to make some BTC.
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So you think your asic will give you positive ROI how fast?
ROI is a funny thing. So far I have paid about £1000 for my various miners (erupter usb, blades, and 3 jally), and have made over 3 btc...at today's price £2100. However, if I calculate the ROI for any individual asic I am always seriously disappointed.
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Well, I can't really complain. I have 3 x 9.5 Ghs Jally's running happily. 2 separate orders, first was pre and took forever, but second one took just a few weeks.
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I hope you have solved this problem by now, but just in case here is something I recently found. After 3 months constant use the number of stale shares was increasing...a lot. I opened it up and found the problem....poor thermal paste. A little MX5 later and the jally is as good as new again
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Probably the PSU is on its way out
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It is always sad to hear stories of this kind where someone steals from others. I guess I am just more cautious than some others, I see bitcoin investing as a gamble, and only use what I can afford to lose. The bitcoin I invest is bitcoin I have mined...so in a way, costs me nothing if all goes wrong.
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I would recommend Cex.io too, at least while you think about hardware. The price per Ghs is rubbish compared to purchasing the equipment yourself, but with cex.io you can withdraw your investment at any time, and hopefully make a profit on the Ghs alone. Plus whilst you invest, you get rewarded from the mining
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Sure, you could make a loss on your original investment if the price per Ghs goes down...but you can too by trading your bitcoins. Cex.io is basically just paying you interest on the bitcoins that you invest.....in the form of GHs.
For me it is a no brainer. Why keep bitcoin in a wallet earning nothing when I can get interest on it?
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I do have a jally, and is not going to make me rich...but when added to the 30 erupters and 2 blades that I also have, it is turning a small but nice profit. Lucky for me I bought all when the price was lower, and now I could sell all miners for 3 times what I paid....but at the moment they pay for themselves every 5-6 weeks. There is money to be made....provided the exchange rate holds. But with all the extra interest, there will be turbulent times ahead. Litecoin? Sure, it is profitable again. AMD GPUs are selling out in all flavours it seems
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They can all use the same worker
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Or you can currently sell it for more than you paid
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I have 2 blades working fine with Slush's pool...maybe I can be of help.
It sounds like mining_proxy is working fine, so I would suggest logging in to the blade and checking the user:pass field. Make sure it is set to your user and pass for the pool....twice (separated by a ,)
Connect to the blade via [ip address]:8000
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What a great miner Is there any correlation between the launch configurations and the number of shaders on the gpu?
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If it was all a scam, wouldn't BFL have continued to sell FPGA miners?
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Yeah, you are right....but I will like to think they were part responsible for the recent price hike
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"$11 million purchase of one percent of all bitcoins" "own approximately 108,000 bitcoins" So, not 1% of ALL BTC, just 1% of all currently mined Still at least they paid $100 average
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Shhhhh...you mine, they buy...win win
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best exchange I found was 1000 FC = 1BTC So 1 BTC per day doesn't seem too bad http://coinex.cc/
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