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Everything in medicine has risks and benefits. You do a screening colonoscopy and you can perforate a colon and die. You get a vaccine and can go into anaphylaxis and die. You get prepped for getting your blood drawn and even before a needle pokes you the phlebotomist's latex gloves give you anaphylaxis and kill you.
If there was a some concrete evidence showing causation I would be worried.
The people who don't take it are selfish pigs enjoying the benefits of herd immunity. I say we spray them all with measles salve.
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I don't see Cex.io as a profit center in it's own right but rather I use it as a place to store some of my BTC
if I have my BTC sitting in a wallet, it earns nothing
if I use some of my BTC to buy GHS then it makes at least some BTC
when and if I need the BTC, I just sell the GHS and withdraw the BTC back to my wallet
I don't have all of my assets in this primarily because I don't want to trust any entity too much lest I get Gox'd
so far, it has worked out positively for me...your mileage may vary.
Oh God no, don't do that. Look at the graph for the price over the last 6 months. It will just keep going down faster than anything you might be mining. You're basically giving money away to the flippers. If you're going to get into CEX you HAVE to flip to make a profit. Otherwise just put your money in cold storage. |
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Well I congratulate you guys on taking the risk when I was saying it won't ROI. I got burned by BFL who kept parroting 2 more weeks for a 51 period. I think your profitability came from KNC delays, hashfast and Cointerra's failure.
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This is why the earnings in the first month of mining are so important. If you have downtime or delay getting your miner up you will have lost significant profitability.
Agree, and manufacturer likes to use the first six months for testing. Or if you're BFL you fake incompetence assembling a PCIe mining card while shipping the chips off to an outside company who uses said chips to mine away with. Funny how they make a batch of chips and then they all disappear. |
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Glad it's not just me! I've become an RMA/store exchange expert these days. Tip: even if the store says they only make returns for 30 days you can always play dumb and bring something in later hoping to get that clerk that just doesn't care (saved me the hassle on a motherboard & 2 video cards once).
p.s. it is too fun.
It is fun until you awake at 2:47AM to the smell of fried PSU with your smoke detector going off and the lights in the house are out. yeah good times  Ahh I remember sitting next to my BFL SC Single and 5 days after I got it the damn thing went POP and smoke came out as the fans spun down. Then it started to crackle a little, I yanked the cord out of my UPS. Good times indeed  |
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Jeebus, the trolls are trolling themselves or might even have multiple personality disorder. Could you imagine somebody screwing up their brain posting so much garbage as different alts they lose their own identity.... Karma served.
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Wow, what are those 2 giant fans just above me call. I dowanna quote the picture again.
I think they are giant AC units that are probably at least 5 tons each. They are just chillers. Just fans and a large copper coil. I am going to run a water/glycol mix through it to radiators inside my immersion cooling tanks inside. Wouldn't water/glycol mix be electrically conductive? You're just going to drop all 50 in there and use a large pump I take it. What are you using for a radiator? |
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If you "solo" mine on a pool you're relying on the pool OP to not run away with your BTC (just like with traditional pools). Not too many traditional pools have popped up in the last 6 months. Everybody seems content where they are.
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BTC was at about $100 when you ordered, making your order cost nearly 50 BTC. Now you can earn back .02 BTC per day (and dropping), making your RoI 2500 days assuming no further difficulty increases. Ouch! Even better. I ordered a SC Single from them on 6/22/2012 for 209 BTC. It arrived 53 weeks later in 2013. I was able to mine a total of 17BTC until I shut them off earlier this month. A loss of 192BTC. Never order anything from BFL... not even a coffee mug. |
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Um, no. I won big using the martingale system. Why are you so against people making money this way? I didn't say it was foolproof. Any way is a gamble and throwing your money at it the 'regular' way isn't exactly safer or even more 'fun'. I'd recommend people not even gamble at all to be honest.
Perhaps you and I have different meanings of the word "big". Big to me would be going in with 1k and walking out with 10K. If that's what happened with you, then you must have bet 1K 10 times. But mind you that if you lost the first bet, you're out - that's not really using the Martingale system. If you did the press system in such a scenario you would have won 1k2^10 or $1 million. Please read any book on Martingale - the system relies on small bets that are repeated over and over. it's very monotonous. You can very easily come out ahead, but you don't win big like you would if you pressed your earnings. |
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We're still good on the decentralization part. The community aspect seems to be lacking with idiots flocking to Ghash.IO
I dunno it is common sense to join the biggest pool if you want a steady income from mining. In my view the way mining works has some design flaws that will inevitably lead to Bitcoin becoming centralized and Transaction fees becoming quite big, which kills the two main arguments for using Bitcoin over CCs or Paypal. No common sense would be to not shit in the same water your drink from. By mining on any pool that nears 51% you devalue the very coin you are trying to acquire. You don't need to be on a pool that is 40+ % of the network to get steady returns. You can easily have CGMiner load balance over several pools and you'll get even more stability than had you mined on Ghash.IO. |
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.....proof positive the the Obama administration is by far the most corrupt administration in the history of the U.S. And that says a lot, seeing as how corrupt Bush's administration was.
Bush's was in my opinion actually about average in this respect, although a great deal of money and effort was devoted to inflaming hatred of him on many fronts, which at the time made him seem the Devil Incarnate. What we're seeing now is only the beginnings of the enabling of lawlessness. You can blame it on Obama, but that won't fix the problems. If the IRS is this easily bent, will they be similarly bent to the next admin? Is that so if it is a Republican? As well as a Democrat? Is that so only if the Attorney General is a complete mindless tool like Holder? Does that mean all future AG will be such? In case you have not noticed, what we have going on for several years is called a "Constitutional Crisis". The above facts are why efforts are underway to increase the count and influence of "low information voters", of which the primary group will be illegal Mexicans. They come in typically with an 8th grade education.You insult 8th graders, or at least me when I was in 8th grade. In 8th grade I was able to do basic algebra like 3x + 4 = 12. I would say at least 75% of Americans natively born here would have to spend 30 seconds or more on this. In the 8th grade I knew who Magellan was, knew about 50 world capitols, and both of my state Senators - I would say less than 2% of all American citizens knows that, let alone those coming in illegally. |
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okay I recommend a multi prong attack.
40k for 60th is a monster amazing stone cold bargain .
Buy the gear sell half and host the other half.
You could sell 30th for 30 to 35 k no worries. this means you have 30th for under 10k. just mine the 30th. and pay the 290 x 5 = 1500 a month to host. you roi in under 30days.
hold those mined coins for 1 year and then decide if you want to sell them.
But if you could sell 30th for 30-35k, why not just resell 60th for 60-70k and use the 20 to 30K profit to just buy Bitcoins. This would not take more than 1 total day of your time and you could move onto the next venture instead of having to babysit 60TH for 9 months yeah but mining is such fun. Or As my wife says the fans are too loud it is too hot in the garage. Frankly I am drifting into holding btc and ltc more then mining right now. I think I have more in coins then in gear right now. Not sure . [/quote] Yes I know it's fun. I'm coming up on my 3 year mining anniversary for my original 6870s that go me started. But it's also a pain in the ass sometimes. I have 3 cards I need to RMA and 1 fan to replace. I've been meaning to RMA those cards for 3 months now. With summer here in full force on my end I won't be missing the heat that's for sure. |
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Having said that, I can't really find too many examples of where buying a miner earns you more than buying the coins. BTC dropped to $560, it's even cheaper to buy now, makes more sense than 2 weeks ago to buy as opposed to mine unless you plan on solo mining.
Unfortunately the idea that miners should just trade has never been a goer. Its a bit like telling a crack head they should just sell crack instead of using it. As for turning off mining rigs. I have this feeling that the bigger established mining farms are struggling themselves to survive with the massive increase in difficulty which hasn't been the result this time of them all incrementally increasing their hashrates as appears to be the case in the past, but rather it appears to be the result of lots of new mining farms coming online and taking away a large chunk of others earnings. I assume then that these established farms will now be hoping for a drop off of the part of the network hashrate that exists because of home mining and just may be trying to hang in there until this happens. I wonder what would happen if we just didn't turn our miners off when they cease turning a profit, and just kept on mining even if there was no ROI but just enough turn around of BTC to pay the power bill. Especially those in the northern hemisphere who are heading toward fall, and could subsidise their mining costs by using them as heat sources throughout fall, winter and spring. That might just be the proverbial straw that breaks the camels back in the next 3 - 5 months as the big farms continue their little stand-off waiting for some section of the hashing network to break first. It would be a gamble that could have little to no affect, but it might be worth considering. Who said anything about trading. I said just buy BTC for $560. When you buy a miner you're doing the same thing in a roundabout way with risk/benefit of variable ROI. |
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The first company to release ASICs to end-users was Avalon. Check this out: http://www.coindesk.com/avalon-accused-of-mining-with-customer-asics/And they blatantly lied to their customers and were quoted as saying they would never mine with customer's hardware. BFL was the first company to take pre-orders and in their current class-action lawsuit they have admitted to mining for profit with customer's hardware even though BFL promised it would use a test-net. I would assume every company is cheating unless you know them personally. Sad state of affairs  they'll mine it for some profits well, profits from selling hardware isnt a good choice for this kind of company, why? they have to keep up with the new generation, new idea, etc. which will cost them MONEY! so, its still normal if they mine using customer's hardware...
nvm, cant blame them, they're trying to deliver the best to usAre you OK with a waiter eating some of your soup before serving you? Are you OK with a store using the light-bulbs they're selling for a couple hundred of hours and putting them back in the box. EU laws actually state this is illegal and in the US items for sale that have been used need to explicitly say they are not new. I'm OK if they say they are going to mine with hardware until it gets sold, but you place a pre-order and they spend any time mining with it outside of a short reasonable burn-in time they're committing fraud. Unfortunately this has been happening quite a bit since BTC is the Wild West apparently. Are you insane enough to actually condone it? Perhaps you meant to say you understand why they would do it  |
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I still don't get the fact that my few antminers are faster than this supercomputer in whatever I'm doing.
Still calculations right? I know I don't know what I'm talking about but stilll, arrgggg... The unknown info...
The simple analogy I use is the spoon/fork analogy. Think of a supercomputer as a whole bunch of forks. You can try feeding yourself soup with 25 forks at once and it will work but it's not efficent. ASICs are Application Specific Integrated Circuits - basically they were engineered for this one task and one task only which is to hash SHA-256. The ASIC would be equivalent to a spoon. One little spoon can feed you soup faster than even 25 forks stuffing your mouth at once. So ASICs are made solely for this purpose so even though they're clocked lower they do this one job damn well. The spork would be FPGAs  |
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My wife and myself both run professional business that have records going back 7 years. I also have receipts going back 7 years in paper format. I'm going to get a neat scanner, scan everything, and move all my monetary transactions records onto a Seagate 30GB hard drive from 1999. I will then keep this hard drive sitting on the carpet and let my kids run over it. I'll make sure the sun warms it up to a toasty 120F everyday. Whoops, hard drive crashed. Gotta recycle it now. No soup for you! How can the average American with limited resources be expected to do something the multi-trillion dollar government can't do. Why don't they just make soldiers buy their own drones and Hum-Vs |
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Hey Guys;
I have 2 rigs one 6 280x with only five operating and the other 6 7950 only five operating (the sixth is defective)
I am currently mining vtc and according to calculator it will take me more than 4 years to break even which is ridiculous.
I wanted to make some pocket money on the side but this looks like a failure.
Any ideas to which coin to switch to or is mining died?
What is ridiculous is how much was "made" in the past by early miners. Unfortunately I don't have a time machine. Most business in real life would be happy if they have a profit from their total expenditure after just 4 years. Mining should be no different. But consider this, those who mined 100BTC with a single 5870 back in 2011... if they sold the card they could have bought well over 500BTC with the proceeds and they could have skipped all the headache of mining (and yes in the early days it was a headache). Unfortunately you are late to the mining game. If you enjoy mining keep the rigs running - most people can't even run at a profit like you. Otherwise sell all but 1 card and enjoy gaming. |
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It is an arms race and will be very difficult to ROI.
I would buy bit coin outright.
I used the arms race remark in a conversation with a friend the other day. Buying outright means working at market value hoping for an increase in price. Mining direct means losing money at market value hoping for either a ROI or price increase. I somewhat see them as one & the same except they both have additional benefits. Buying outright also stimulates price exchange rates and liquidity of the coin, however, mining secures the network and introduces new coins to the overall amount distributed (not to mention distributes network hashrate). They're both good options, but mining can't be completely eliminated from the equation either. I used to post the 5 main reasons to mine. It has really dwindled down to 3 now since most veteran miners agree unless you get an insane deal no miner will + ROI in BTC terms. The only reasons to mine are: 1) you just have too much fun doing it. Well than hats off to you and enjoy your shiny new toys  2) you want to support the network and help keep it distributed. Make sure you don't mine on a near 51% then 3) you want to solo mine to get untainted coins which you use to make physical coins or just want untainted coins So mining has its purpose, but it's just an economically losing venture at present. Having kids means losing money too since you could earn so much more and not have to "waste" money on them but I still chose to have mine |
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