Worst Mistake Ever?

[asbestross]

Hey all,

Just wanted to introduce myself first and foremost. New to the forum, so erm... yea... Hi! 

Back 2012, I decided that I would invest in Bitcoins; buying ~95BTC @ £4.50 each (somewhere around that price mark). Several months later when the price jumped to nearly £17 per BTC, thinking that this was the highest they were gonna go, I dumped my stock for a nice return (or so I thought). Naturally, Ive been kicking myself for the good part of the year for this but am thankful that I actually managed to turn a profit, however small in comparison to what I could have made.

Have recently secured funding for a +1TH/s rig and will be soon setting up 24/7 mining, with intention of dumping profits back into more powerful mining equipment.
I work for a "large" telecommunications company within the UK, on their 2nd line technical team; have the ability if needs be to secure rackspace at a large databank at cost price. Although the only benefit I can surmise from this would be the UPS' and 1Gb/sec fibre link so undecided on this as I doubt i'll need more bandwidth when mining than my residential 100/40 FTTC connection can offer.

At this stage am a little unsure whether to go solo or pool up, any opinions you can offer would be greatly received.

Asbestross

[DrG]

Unless you can mint a coin in less than about 7 days I would not solo mine.  With 1TH you cannot do that.  Better to pool mine.

[BlockChainLottery]

Unless you can mint a coin in less than about 7 days I would not solo mine.  With 1TH you cannot do that.  Better to pool mine.

I agree, then you have to wait on average 50 days to find a block. And if you're very unlucky much longer then that.
Furthermore with increasing difficulty it would take longer and longer.

[Shadovka]

This is definitely not the worst mistake ever You seen that guy who bougcht 2 pizzas for 10k bitcoins xD?

[shorena]

If you have access to rackspace, use it. The bandwith is not the point but these things tend to eat up a lot of energy and produce plent of heat. Serverfarms usually get good deals regarding electricity and have good cooling allready installed which is less investment on your site.

[asbestross]

Yea suppose it could have been worse. 10k BTC for two pizza's, thats insane lmfao. Better have been bloody good pizza's lol.

Didnt think about the heat implications etc with the databank and electricity costs; so i'll have to revisit my calculations and work out if it will be more profitable 

As for soloing, tend to agree. Calculations on current difficulty peg average block taking ~45days to solve. Could be way way more, or slightly less. But all in all thats an average of 25 coin per 45 days; whereas pool PPS calculations at 1TH/s would give an average of around 1.2 per day... definately more profitable.

Thanks guys

[shorena]

Yea suppose it could have been worse. 10k BTC for two pizza's, thats insane lmfao. Better have been bloody good pizza's lol.

Didnt think about the heat implications etc with the databank and electricity costs; so i'll have to revisit my calculations and work out if it will be more profitable  

As for soloing, tend to agree. Calculations on current difficulty peg average block taking ~45days to solve. Could be way way more, or slightly less. But all in all thats an average of 25 coin per 45 days; whereas pool PPS calculations at 1TH/s would give an average of around 1.2 per day... definately more profitable.

Thanks guys

If you need ~45 days to mine a block solo, you wont get one ever. The main reason is that with every finished block (~10 minutes) you need to hash something different and still match the difficulty. So every 9 minutes you start at zero, youd have to be extremly lucky to find a match.

Edit: The chance isnt that bad actually, but id rather have consistant income with a pool instead of a 1/6480 chance to get the big price

[roricmusic]

If you made money it is not a mistake.

A similar situation happened to me when I bought into Tesla Motor's stock earlier this year.
In at $20 and out at $50 thinking it would not go higher...

and then it went up almost triple that.

enjoy your profit.

[majorX]

As for soloing, tend to agree. Calculations on current difficulty peg average block taking ~45days to solve. Could be way way more, or slightly less. But all in all thats an average of 25 coin per 45 days; whereas pool PPS calculations at 1TH/s would give an average of around 1.2 per day... definately more profitable.

You made mistake somewhere or pools donate PPS mining 

[kuverty]

Unless you can mint a coin in less than about 7 days I would not solo mine.  With 1TH you cannot do that.  Better to pool mine.

I agree, then you have to wait on average 50 days to find a block. And if you're very unlucky much longer then that.
Furthermore with increasing difficulty it would take longer and longer.

Difficulty is rising so fast, and will rise that fast in the near future that it would be most probable that he would not find a block in years.

[darkjoker]

At least you're not him (or are you ?) http://metro.co.uk/2013/11/28/man-loses-4m-bitcoin-fortune-after-chucking-out-digital-wallet-hard-drive-4205600/

[PyroTekNeks]

Ah my mistake was knowing that BTC was going to take off, but didn't buy when they were still "low" at $200USD. =/

[AniquA]

Must be a sick feeling.

Well atleast you got a piece of the pie

I just wish i had heard of bitcoin before.

And i am 24/7 on the internet for over 10 years, how the heck havent i noticed?

[PyroTekNeks]

Must be a sick feeling.

Well atleast you got a piece of the pie

I just wish i had heard of bitcoin before.

And i am 24/7 on the internet for over 10 years, how the heck havent i noticed?

If you started 10 years ago...you'd be a multimillionaire right now! =D

[Ardenyham]

Must be a sick feeling.

Well atleast you got a piece of the pie

I just wish i had heard of bitcoin before.

And i am 24/7 on the internet for over 10 years, how the heck havent i noticed?

If you started 10 years ago...you'd be a multimillionaire right now! =D

Bitcoin first block mined in 2009

[PyroTekNeks]

Must be a sick feeling.

Well atleast you got a piece of the pie

I just wish i had heard of bitcoin before.

And i am 24/7 on the internet for over 10 years, how the heck havent i noticed?

If you started 10 years ago...you'd be a multimillionaire right now! =D

Bitcoin first block mined in 2009

Main word; IF.