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721
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Bitcoin / Mining speculation / Re: Mining bitcoin with 1st gen hw doesnt seem to make sense at all by next year
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on: July 23, 2013, 05:48:57 PM
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In terms of BTC difficulty makes no sense to mine late next year even as next gen hardware will simply "keep up" into this spiraling hardware race. A KNC Jupiter for example, It loses profitability once you touch november so for that matter once you touch week 2-3 of october (the calculator doesnt go as far as weeks into difficulty). This calculator brings a very realistic and different picture from the known bitcoinx.com/profit calculator showing a miner. I'm starting to believe that this is truly a "shovels" industry that mining companies are doing and that you can't win unless you buy in early enough. This is just like the "block eruptor" argument...even if you had 4000 block eruptors, they still cost you 3-4k bitcoins...will you make ROI? NEVER - the efficiency curve is just too high due to too many current asic first entrants.
Does it make sense to take that same money to various exchanges and buy up a pleathora of Alt coins - Probably not, but maybe if one or two skyrocket and you chose them then you have still gained from those bubbles. Just make sure to cash in on those bubbles. Others have noted that the same money can be used to hold bitcoins instead and to sell them at appreciated gains and of course acquire them at low values. Soon if not yet so, Mt Gox is supposed to also carry litecoin so hopefully that helps bring crypto to mainstream.
What kind of difficulty are you expecting we will hit by November. I'm guessing you are waaaay off if you don't think a KNC Jupiter will be profitable then! Alt coins are the WORST investment. None of them will ever be worth anything. They are an extremely risky way to invest your money. And Mt Gox will NEVER trade litecoin. Yes, I know what they've said, but believe me, it will never happen. |
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722
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Economy / Computer hardware / Re: [WTS] Bitfury ASIC 25GHs Starter Kit - August Ship Date
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on: July 23, 2013, 05:37:21 PM
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This is a serious question for anyone who can answer as I feel I am missing something. Why in the world would people buy blade and block erupters with no chance of a ROI, yet I post a bitfury ASIC and I don't get a peep?
I don't think this is overpriced, if prices stay stable you'll get 2 - 3 month ROI and if they dip you could see 6 month. The power usage on bitfury's chips are lower than any of the competitors so you will be able to mine longer with this as well.
I must be missing something.
Because these haven't shipped yet, while the block eruptors are actually available. Block eruptors aren't a good investment either. But the fact that they aren't doesn't make your deal any better. Furthermore, who knows if this starter kit is actually going to be available in August, and WHEN in August. August 31st is a long time away and we will see a HUGE difficulty increase before then. They might not ship in August, or might not even ship at all. Finally, you are selling it for almost twice the price you bought it for, and it didn't go on sale that long ago. Yes, they are sold out now, but those who really wanted them had plenty of opportunity to buy them when they went on sale not that long ago. |
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723
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Bitcoin / Hardware / Re: Avalon ASIC users thread
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on: July 23, 2013, 05:42:44 AM
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So I attempted to upgrade the power supply on my 3-board Avalon...
It had a 750w Corsair in it already so I don't think it actually needed to be upgraded unless I decided to add a 4th board. I was getting a lot of invalid shares, though, so I figured a bigger power supply might help.
I bought a 850w OCZ ZW power supply and installed it and it didn't work! I'm not sure what was wrong. I could connect to the Avalon through the web interface, log in, and edit the configuration but the fans never spun up and it never started hashing.
I thought maybe I had broken it but I put the old power supply back in and it was fine.
I thought maybe I was missing a cable or something but I guess I just had a defective supply?
I plugged in:
The very wide main connector
The 8 pin connector that said "CPU" on it
The two red cables (GPU) that plug into the side of the supply.
The supply also had an additional connector, 8-pin but a different layout from the CPU power, I believe that looks like it would fit into another connector across from the CPU connector. It wasn't plugged in with the old power supply, so i didn't plug it in for the new one. Not sure what its for. Power supplies were always a mystery to me.
I wish there was a schematic or something that explained it. I haven't been able to find one for the Avalon miner.
PS Damn the Chinese engineer who designed the screws on that case!
Same problem with my OCZ ZX 850w  No idea what is causing it. It's good to know that I'm not the only one with this problem. I'm going to return the power supply to the store as it's not like I need anything bigger than a 750 to overclock with just 3 boards. |
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724
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Bitcoin / Mining speculation / Re: BIG difficulty jump coming
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on: July 22, 2013, 11:53:46 PM
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And if no one do not buy new hardware, nobody wants bitcoins and bitcoins price reduce. Now everyone usually buy bitcoins for new hardware. More hardware you have more difficulty you increase and you have buy more and more hardware. But if everyone stop buy new hardware where to put bitcoins? bitcoin price will 0 $ ;/
Um no. Bitcoin is more than mining. Lets be honest here, no its not. Not really. Probably 95% of people who back bitcoin and scream viva la revolution do so as they mine, in hopes of getting rich. I mean dont get me wrong the whole concept is pretty neat and all, but its not likely to ever get too big, because if it does you can bet uncle sam will lay the smack down. Not true at all. The vast majority of people are simply buying bitcoins on exchanges, not mining them! Bitcoin mining is only a tiny part of what bitcoin is all about. And it's becoming smaller and smaller. |
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730
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Bitcoin / Mining speculation / Re: ASIC resale value
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on: July 21, 2013, 09:14:43 PM
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THis is why I do not understand why ASICMiner sells for so much. All their inventory once replaced by newer ASICs becomes nearly worthless. And the dividend is fairly small.
Their dividend is amazing!. Point me to one stock out there that consistently has >20% yearly returns from their dividends. ASICMiner reinvests half of their profits in more mining hardware. They will never fall behind. |
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732
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Economy / Computer hardware / Re: [WTS] Avalon ASIC Batch 2 150 BTC, have in hand
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on: July 20, 2013, 09:22:53 PM
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Still too high, even 125 is on the high side now.
Remember that you should subtract 1.5 BTC from the price every day as that is what this machine would be mining.
That is not a proper way to value a mining rig. Depreciation comes from difficulty adjustments, not from how many coins it has already mined. If I were in the market to buy a miner at a lowball price, I might use the same argument.  Nice try though. Yes but difficulty increases at regular, predictable intervals and it is fairly straightforward to estimate how much it is going to increase from the units that have been pre-ordered and are shipping now. My point is simply: every day you wait, the value of your miner goes down! And by quite a significant amount. The money a miner a makes on the tail end of its life, when difficulty is in the hundreds of millions and it is barely covering the cost of it's electricity is negligible compared to how much it will mine in a single day right now. |
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736
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Bitcoin / Mining / Re: Anyone thinking about the possibility to sue BFL ? Bring the scammers to justice
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on: July 18, 2013, 03:32:27 PM
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I think people are waiting until they've received their hardware to sue. No reason to sue a company, have them go out of business, and not get anything in return.
If you can prove that they didn't actually believe that they would ship in a few weeks back in October and again back in Jan/Feb when they actually announced a shipping date, then you would have a decent claim of fraud against them. Proving that is not completely though. They can play dumb and say they actually believed it would be done in time. Maybe since they didn't actually even have prototype ASICs at that point you'd have a good case. I expect there may be some class action lawsuits starting around the time they finish shipping their pre-orders or when it looks like they have stopped shipping altogether, whichever happens first.
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737
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Bitcoin / Hardware / Re: Avalon ASIC users thread
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on: July 17, 2013, 07:37:43 PM
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So I attempted to upgrade the power supply on my 3-board Avalon...
It had a 750w Corsair in it already so I don't think it actually needed to be upgraded unless I decided to add a 4th board. I was getting a lot of invalid shares, though, so I figured a bigger power supply might help.
I bought a 850w OCZ ZW power supply and installed it and it didn't work! I'm not sure what was wrong. I could connect to the Avalon through the web interface, log in, and edit the configuration but the fans never spun up and it never started hashing.
I thought maybe I had broken it but I put the old power supply back in and it was fine.
I thought maybe I was missing a cable or something but I guess I just had a defective supply?
I plugged in:
The very wide main connector
The 8 pin connector that said "CPU" on it
The two red cables (GPU) that plug into the side of the supply.
The supply also had an additional connector, 8-pin but a different layout from the CPU power, I believe that looks like it would fit into another connector across from the CPU connector. It wasn't plugged in with the old power supply, so i didn't plug it in for the new one. Not sure what its for. Power supplies were always a mystery to me.
I wish there was a schematic or something that explained it. I haven't been able to find one for the Avalon miner.
PS Damn the Chinese engineer who designed the screws on that case!
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738
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Bitcoin / Hardware / Re: Avalon ASIC users thread
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on: July 17, 2013, 06:26:27 PM
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I get a REALLY large number of invalid shares with my Avalon.
I'm not sure whats going on. It's not consistent.
One day I'll be mining and I'll get 99+% valid shares and the next day or two it will only be 88% valid shares.
I've tried mining on Ozcoin and 50btc and it seems to be bad on both.
I don't think it is my network because my jalapenos only get <1% invalid shares.
I'm using the dynamically adjusting frequency and it usually settle at about 352 MHz or so and 82 GH/s on average. Of course, according to the pool, I'm only getting 70 GH/s or so due to all the invalid shares.
I have an AC feeding directly into the intake on the Avalon and no temperature gets above 48 or 49 or so (very rarely 50).
What could be wrong?
This is normal on stratum. Every time the block changes, you get invalids. Some days burn more blocks than others. It seems like I have way more than other Avalon users, at least from what I've seen on Ozcoin. Most of them have only a couple percent invalid shares at most, while I will have 12 or 13% invalid shares. Right now I'm standing at about 94% efficiency on average, that's with 400,000 invalid shares in the less than a week I've been mining there. That is definitely far more than you should be getting. There is a good chance you're submitting heaps of duplicates which may also be a different form of instability that the auto mode can't check for. Try setting a lower maximum speed if you're using auto mode because clearly you're not doing 82GH of useful work. I also have 11% of rejected shares while HW is ~1.3% Max temp is 48 C, ambient 28 C. My command line is: --quiet --avalon-auto --avalon-freq 282-375 --avalon-cutoff 60 Last night it somehow stopped dumping rejected shares and so was till today, then I've caught blackout. After resuming it still generates 11% reject shares working at 352 MHz (autotuned). It's odd in that it will run for a day or two and get 99.5% efficiency (about 0.5% rejected shares) and then all of a sudden (might coincide with a new round) it will start getting 10+% rejected shares for a day. I tried hard rebooting that when it happens and I'm hoping that might fix it. I'm also going to play around with different clocks and see if that helps. It usually settles about 352 with max temps at around 49. It's strange that it can run like that for a day before the invalid shares start though. I've determined it is not likely to be my network as my 2 jalapenos only get <0.5% invalid shares. |
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740
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Bitcoin / Hardware / Re: Avalon ASIC users thread
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on: July 15, 2013, 09:33:55 PM
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I get a REALLY large number of invalid shares with my Avalon.
I'm not sure whats going on. It's not consistent.
One day I'll be mining and I'll get 99+% valid shares and the next day or two it will only be 88% valid shares.
I've tried mining on Ozcoin and 50btc and it seems to be bad on both.
I don't think it is my network because my jalapenos only get <1% invalid shares.
I'm using the dynamically adjusting frequency and it usually settle at about 352 MHz or so and 82 GH/s on average. Of course, according to the pool, I'm only getting 70 GH/s or so due to all the invalid shares.
I have an AC feeding directly into the intake on the Avalon and no temperature gets above 48 or 49 or so (very rarely 50).
What could be wrong?
This is normal on stratum. Every time the block changes, you get invalids. Some days burn more blocks than others. It seems like I have way more than other Avalon users, at least from what I've seen on Ozcoin. Most of them have only a couple percent invalid shares at most, while I will have 12 or 13% invalid shares. Right now I'm standing at about 94% efficiency on average, that's with 400,000 invalid shares in the less than a week I've been mining there. |
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