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While it most certainly can be a a learning experience, mining Bitcoins using your CPU is terribly inefficient these days. Even the older generation of Block Erupter ASIC miner (USB stick) will produce in excess of 300 Mhash (not quite 1000x of what you can do with your CPU).
You can have some equally interesting learning experience using a whole lot electricity in the process.
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I continue to hear this "Boy the network will sure be more secure if the hash rate goes up", or the inverse. So does that mean if the hash rate goes up by 100 PH, because Antpool adds 95PH things will be "more secure"?
I really don't understand why "more hash" == "more secure". How much is enough?
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Yeah Phil, that's what we all hope. I was just thinking "I sure hope the price of Bitcoin FALLS so that Phillip can buy back in if he sold some...."  As for what started the decline, it might have been your sale, or perhaps the BitFury lamp triggered it, or maybe since the NSA can't scoop up as much today, they dropped the price. Thanks again for continuing to run these. Any time you want a break from the -1.11% spot, just let me know. |
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You might be able to re-purpose a low-end TPLink router for this, but I don't know that it will really be any lower power than a Raspberry Pi Model B (or B+). There a few other single board Linux machines (e.g. Beagle Bone, Banana Pi, etc), , but they usually cost even more than a Pi and/or draw more power.
Try using Google for "TP Link router Bitcoin miner" and then look at some of the results. I have had good success with a Raspberry PI, but I never tried to do it with solar power. I kept it supplied with continuous power and it literally ran for months. If your solar setup will power down at night, you may not want a Pi, since I think the biggest risk to the SD card is abrupt/frequent shutdown.
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Besides, why worry about additional public disclosures? It seems like they already got their $116 million. What more is there to gain from additional disclosure? If we see more it may be because they are trolling for more money.
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What would be thinking behind a "mad rush at the end" in terms of mining, particularly if it's almost a lock for a negative adjustment? If you were staring at a +10% adjustment, then maybe it would make sense. If your hash rate is almost certain to get more "valuable" in a few hours, might it make more sense to dial-back or coast to the next adjustment? Or did the landlord call, and they needed a few more coins to pay the rent for June? |
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IF I were to win, it would be a 3-peat. Based on the following it may well be "NO peat" for everyone.
Bitcoin Difficulty: 48,807,487,245
Estimated Next Difficulty: 47,552,289,802 (-2.57%)
Adjust time: After 11 Blocks, About 1.9 hours
Hashrate(?): 344,735,529 GH/s
Block Generation Time(?):
1 block: 10.2 minutes
3 blocks: 30.6 minutes
6 blocks: 1.0 hours
Updated: 12:50 (11.9 minutes ago)
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First the lava lamp miner... now wifi switch. O gNasty what is your next invention? While these "inventions" are cute, they pale in comparison to the NastyFans Minted Seats in my opinion. Aren't you the guy that did the "special $10 ATX paper clip jumper"? If so, is there a combo deal? Maybe you need to work in marketing at BitFury or 21Inc! |
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The more cynical view of 21Inc is that this "miner in every appliance" is strictly a dog and pony show for investors, and the real plan is to make large scale efficient miners and either sell those, or mine for themselves. I have to believe it will be a real hassle to deal with a variety of different gadget makes and try and fit some of their technology into it. That's a lot of work. And in many cases the money won't come up front, it might even cost something by 21Inc to "encourage" somebody to include their stuff, kinda like the "bloatware" that's present on most Dell computers these days.
It's got to be simpler to just build a kick-ass miner and then decide what to do with it (sell or self-mine). Who want to try and deal with GE or Comcast, or whoever to wedge your $5 part into their design and not pay to much to get it in. It would look better to sell $1000 efficient miners, wouldn't it?
Just my fairly cynical view of 21Inc's "everything is a miner" plan, regard less of how unrelated.
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Just a late update from Minnesota: Bitcoin Difficulty: 48,807,487,245 Estimated Next Difficulty: 47,836,430,479 (-1.99%) Adjust time: After 70 Blocks, About 11.9 hours Hashrate(?): 338,339,067 GH/s Block Generation Time(?): 1 block: 10.2 minutes 3 blocks: 30.6 minutes 6 blocks: 1.0 hours Updated: 3:40 (9.1 minutes ago) Price: $234 Of course if you wanted to call it early, that would be fine with me! |
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Yet another crazy question: Did you have a static IP address on the SP20, or is it using DHCP? Any chance you have an UN-intentional overlap between your DHCP range and any static IP address devices, including tablets, media players, cell-phones? I know that with TCP, all hell breaks loose when you have two devices with the same IP address. It's ugly, mysterious, and very confusing. You could run an IP scan a few times and see what/who shows up, and if it's consistent from one scan to the next, and if makes sense.
I am wondering if some aspect of the surrounding networking environment changed while the SP20 was powered down, and now that it's back up, it's struggling in that regard.
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So how is it that you know how many chips are hashing without the GUI? Are you making a calculation based on a pool side measurement or what?
It's really odd since the controller board that supports the GUI is the same one doing the interactions with the pool as well.
One wild idea: Have you tried a different computer to access the GUI, or perhaps a different browser (e.g. Chrome or Firefox instead of Internet Exploder)? I wonder if perhaps the problem lies at the browser end in some way. Just a crazy thought.
In what way can't you get to the GUI? Any chance you aren't using the correct IP address?maybe while the SP20 was off something else on your network took over it's old IP address, and it now has a new one?
Maybe you've already thought of all this stuff.
Please don't take my questions as instructions. They are out there to open up new lines of thinking you may not already have considered.
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I think the risk of 51% attack is wildly overblown these days. Given that the current Network Hash rate is say 300PH, you can't just add 30PH (a stunning feat by itself) a week and get anywhere. After 2 weeks (actually less), the difficulty ratchets up, and boom your next 30PH doesn't get you as far. At that point, you are just chasing the difficulty increases every two weeks.
I think the only way to mount an effective 51% attack is quietly build, but don't actually mine, your 300+ PH mining data centers where ever. Once everything is ready, your actually launch the attack after the next difficulty adjustment. And hope and pray you achieve your objective in 7-10 days. You won't have 14 days if you massively increase the hash rate, because those 2016 blocks will fly by quickly.
Assuming you can get to 51% what do you do then? Bitcoin still requires people to trust it in order to accept it. If it appears to be compromised in some way, those "Bitcoin Accepted Here" stickers will disappear right quick. My personal feeling is that a 51% attack will crash Bitcoin, and render it unusable.
Yes, I would be sad that my Bitcoin expenditures were wasted.
they will be able to add much more than 30PH, they can actually do a 100% attack, think about, it if even 1 house is running 50 giga multiply this for even a mere 1M house and you have already 50peta, then you just need x10 that to surpass the whole network, not something that difficult to achieve, if you operate on a massive large scale like the entire worl How long will it take to distribute and get those 1M miners working? 2 months? Six months? A year? Unless they can actually co-ordinate the start of that massive number of "mini miners" then they dribble in over time and their ability to get to 51% is blunted by difficulty increases and other miner sales. Of course maybe they can convince the other mining farms to just turn off their equipment and let 21Inc "run the table". I am also curious about the actual impact of a 51% attack. Does it persist forever? Do we end up with more than the 21M Bitcoins at the end? What actually happens under that scenario? I have simplistic view that it allows somebody to produce "counterfeit Bitcoins". What's the practical impact on the Bitcoin economy? Does the whole block chain collapse, or does it become un-trustworthy in some way? |
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What's your cost for electricity, and how much noise/heat can you take?
You need to know this to decide if any miner is financially reasonable. If it's over $.12/KWh, then the S5 is a no-go. I don't know about the Scrypt miner.
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I think the risk of 51% attack is wildly overblown these days. Given that the current Network Hash rate is say 300PH, you can't just add 30PH (a stunning feat by itself) a week and get anywhere. After 2 weeks (actually less), the difficulty ratchets up, and boom your next 30PH doesn't get you as far. At that point, you are just chasing the difficulty increases every two weeks.
I think the only way to mount an effective 51% attack is quietly build, but don't actually mine, your 300+ PH mining data centers where ever. Once everything is ready, your actually launch the attack after the next difficulty adjustment. And hope and pray you achieve your objective in 7-10 days. You won't have 14 days if you massively increase the hash rate, because those 2016 blocks will fly by quickly.
Assuming you can get to 51% what do you do then? Bitcoin still requires people to trust it in order to accept it. If it appears to be compromised in some way, those "Bitcoin Accepted Here" stickers will disappear right quick. My personal feeling is that a 51% attack will crash Bitcoin, and render it unusable.
Yes, I would be sad that my Bitcoin expenditures were wasted.
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I think I'll wait until about 6 months after they go "on sale" whatever that means. There should be some real steals on Ebay when folks try and unload those "electricity guzzling" mining light bulbs. I'll then buy one to put alongside the USB Block Erupter, the U1/U2, and the Blue Fury. Of course now that I'm a Hero kinda guy, maybe they'll give me one to review. Maybe I better shut up about how stupid they are..... I hope BitFury make many thousands!!! |
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Just what I was hoping for: Wall Street'r "recognition" of Bitcoin. Brought to you by the same guys that crashed the US economy in 2007.
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Bitcoin as a retirement account is very very risky but if you can afford a total loss you can try it. if Bitcoin will succeed you will really have a good retirement time  How good can it be, if there are less than than 21 million coins in circulation when you retire (i.e. this century)? Oh, and by the way, there about another million folks wanting the same thing out of that 21 million coins. |
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It would seem to me that Bitcoin is going to have get way more "valuable" compared to the USD. Assume for the moment Bitcoin stabilized at $10. When the last of 21 million coins are "minted", you now have a total money supply of $210 million to work with. That's seems way to small to me to support any significant economy. Based on current number, the US has 1.36 Trillion dollars in currency in the form od Federal Reserve Notes. I assume that's actual bills in circulation.
So where does $210 Million fit in? It's smaller than a rounding error. Make it $100 or even $1000 and it still isn't significant. I expect it fares equally poorly to other major currencies (e.g. Euro).
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I think the price stagnation is primarily a reflection of how people treat Bitcoin. It's a commodity, and not a currency. The actual usage for currency purposes is miniscule, and fraught with peril in terms of fraud and what-not.
I have no idea when (or even if) Bitcoin will be a treated like a currency.
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