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Author Topic: Wondering out loud: how do most of the miners use their mined Bitcoin  (Read 1646 times)
kaiser11
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May 14, 2015, 06:01:45 AM
 #1

Do you purchase goods ?
Do you keep the Bitcoin in a wallet, in hopes it will appreciate in value someday ?
Do you immidiately trade it for fiat to cover costs, and use up the remainder ?
Do you keep the BTC and use it to daytrade in the Exchanges ?

P.S - side question :  Do you refer to Bitcoin as a plural form or do you prefer "Bitcoins" as the plural form ?  just wondering if there's a strong inclination one way or the other


** EDIT:   typo BT changed to BTC
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Amph
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May 14, 2015, 06:24:43 AM
 #2

yeah, my goods before where only mine equipment, no it's not worth to mine so i purchase regular stuff, that has nothing to do with mining
a small amount on my desktop, those are ready to be spent, the others on cold storage
only when they are needed
no, not for now, too much market stagnation, but i sold at 280 a small amount(6-7 btc), for a loan, to my family, if could retreive those now, i could earn 1 btc, not bad

i like to refer it as a bitcoin, satoshi for plural
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May 14, 2015, 09:09:20 AM
 #3

Do you purchase goods ? YES
Do you keep the Bitcoin in a wallet, in hopes it will appreciate in value someday ? YES
Do you immidiately trade it for fiat to cover costs, and use up the remainder ? YES
Do you keep the BTC and use it to daytrade in the Exchanges ? in good old times yes, now I don't have enough nerves and patience:)

P.S - side question :  Do you refer to Bitcoin as a plural form or do you prefer "Bitcoins" as the plural form ? just bitcoin.
Zeroxal
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May 14, 2015, 12:11:11 PM
 #4

If the mining is still profitable I will reinvest the profit into mining and get a bigger profit in long term
jonnybravo0311
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May 14, 2015, 02:15:17 PM
 #5

Do you purchase goods ?
Yes, I purchase goods and services with BTC.  Mining hardware, cloud contracts, rental gear, gift cards, etc

Do you keep the Bitcoin in a wallet, in hopes it will appreciate in value someday ?
Absolutely.  Just like I keep cash in savings accounts, mutual funds, stocks, etc.

Do you immidiately trade it for fiat to cover costs, and use up the remainder ?
This is one thing I typically do not do.  I guess maybe indirectly I do, since I use the BTC as explained above in purchasing goods/services.

Do you keep the BTC and use it to daytrade in the Exchanges ?
Rarely do I play around on the exchanges.  I do it from time to time, but I'm not too experienced in trading, so I usually don't do so well Smiley

P.S - side question :  Do you refer to Bitcoin as a plural form or do you prefer "Bitcoins" as the plural form ?  just wondering if there's a strong inclination one way or the other
I suppose it could go either way, and I've probably used both forms in written and verbal communication.  I think I typically stick to "bitcoin" for both the singular and the plural, but I can certainly see both uses.

Jonny's Pool - Mine with us and help us grow!  Support a pool that supports Bitcoin, not a hardware manufacturer's pockets!  No SPV cheats.  No empty blocks.
kaiser11
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May 15, 2015, 07:12:18 AM
 #6

People, Thank you for the knowledge sharing
Much appreciated!
trendax
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May 15, 2015, 10:50:47 AM
 #7

Do you purchase goods ?

YES. Developers, Mining rentals, Mining contracts, VPN services and Usenet indexes. I'd pay my Usenet provider if they would accept but they don't..

Do you keep the Bitcoin in a wallet, in hopes it will appreciate in value someday ?

YES. I typically split accross a few cold wallets depending on volume but I like to use bitvc.com's yubibao accounts to earn bit of interest too.

Do you immediately trade it for fiat to cover costs, and use up the remainder ?

YES & NO. Typically I'll exchange to fiat whenever costs aren't covered by mining equipment sales. I usually Buy, Mine, Sell over a 8 weeks cycle. Any profits made on the sale usually cover my expenses unless one of the miners breaks for good, that might offset turnover forcing for the exchange. I also have a few hosted servers in datacenters which don't accept btc.

Do you keep the BTC and use it to daytrade in the Exchanges ?

NO. I'm happy to put my btc into a fund to earn interest or a syndicate that knows how to trade and will then share in the return but on my own trading hasn't been all that successful.

P.S - side question :  Do you refer to Bitcoin as a plural form or do you prefer "Bitcoins" as the plural form ?  just wondering if there's a strong inclination one way or the other

Bitcoin, I would rarely refer to the payment system or the coins in the plural configuration. But as written, instead of 'Bitcoins' I do use 'coins'.

kaiser11
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May 15, 2015, 12:36:19 PM
 #8

Thanks trendax, I appreciate your Insights.
It seems to me there's a substantial doctrine around mining, that I have to catchup with. Shocked

Another question that came to mind is about collaboration between miners and/or exchange of information:

1. To what degree do miners collaborate with each other (for example: purchasing miners in bulk, purchasing datacenter services , electricity etc) ?

2. other than Bitcointalk, and reddit forums,  are there additional "spaces"/forums/groups/other that miners use to catchup on things and/or use for discussions  ?


Thanks !
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May 15, 2015, 12:38:55 PM
 #9

Hello,

I think most of miners use their BTC for purchasing, and i will do the same. Smiley
jonnybravo0311
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May 15, 2015, 01:14:32 PM
 #10

1. To what degree do miners collaborate with each other (for example: purchasing miners in bulk, purchasing datacenter services , electricity etc) ?

I'd say it depends on from where you are getting your hardware and/or services.  For example, unless you're purchasing a large quantity of hardware from Bitmain, chances are you're just going to hit their website and place your order.  On the other hand, when Spondoolies started selling their SP10 last year, I spoke with Guy (the CEO) via email a number of times, and worked with Zvi (their lead engineer) with some firmware problems that led to the gear not working on p2pool.  He addressed the issue and provided me with a fix within 24 hours.

If you're purchasing gear used, then there's typically quite a bit of interaction and collaboration.  I'll continue using the SP10 as an example here.  When I sold it, I communicated quite a bit with the buyer, and reconfigured the miner to point to his pools prior to shipping it to him.  Also, escrow services provided by a number of the trusted users here on the forums lead to greater collaboration between folks.  There are also users here who sell services (like providing hosting, power supplies, etc) and run their own hardware projects (GekkoScience is one I can think of off the top of my head).

2. other than Bitcointalk, and reddit forums,  are there additional "spaces"/forums/groups/other that miners use to catchup on things and/or use for discussions  ?

There are a number of sites out there dedicated to crypto in one fashion or another.  Most coins have their own boards and websites.  There are dedicated news sites.  Twitter is another large forum for spreading information.

Jonny's Pool - Mine with us and help us grow!  Support a pool that supports Bitcoin, not a hardware manufacturer's pockets!  No SPV cheats.  No empty blocks.
kaiser11
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May 15, 2015, 02:46:07 PM
 #11

Thank you !

One clarification to the latter answer you've provided :


There are a number of sites out there dedicated to crypto in one fashion or another.  Most coins have their own boards and websites.  There are dedicated news sites.  Twitter is another large forum for spreading information.

are there additional site/board for advice/collaboration specifically for and/or about Bitcoin miners that you know of  (other than twitter)?
jonnybravo0311
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May 15, 2015, 03:15:57 PM
 #12

Thank you !

One clarification to the latter answer you've provided :


There are a number of sites out there dedicated to crypto in one fashion or another.  Most coins have their own boards and websites.  There are dedicated news sites.  Twitter is another large forum for spreading information.

are there additional site/board for advice/collaboration specifically for and/or about Bitcoin miners that you know of  (other than twitter)?
Even this site isn't exclusively dedicated to Bitcoin miners.  There are plenty of other discussions going on about alternate coins, services, markets, etc.  I don't know of a site that is absolutely exclusive to Bitcoin miners.  Maybe it exists, but I've never been there Smiley.

If you're going to broaden the scope a bit and allow for discussion of other coins, in addition to Bitcoin, then you can include sites like cryptocointalk, gethashing, etc.

Jonny's Pool - Mine with us and help us grow!  Support a pool that supports Bitcoin, not a hardware manufacturer's pockets!  No SPV cheats.  No empty blocks.
kaiser11
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May 15, 2015, 09:55:31 PM
 #13

Roger that !
Many Thanks jonnybravo0311 Smiley
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May 16, 2015, 12:23:01 AM
 #14

Use my coin for buying stuff for daily use and also use for trading gambling and leisure. Maybe plan to booking holiday this year and using Bitcoin only if I have enough resources to do so. If I had the option to be bitcoin dependent then I would but sadly not enough shops accept bitcoin where I am yet.

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May 16, 2015, 01:31:25 AM
 #15

I use bitcoin normaly on newegg to buy electronic stuff.

Im upgrading my farm and alway paid only with the bitcoin I have mined.

I have ROI what I invested so now its just pure profit and fun!  Grin

██     Please support sidehack with his new miner project Send to :

1BURGERAXHH6Yi6LRybRJK7ybEm5m5HwTr
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May 17, 2015, 09:53:36 AM
 #16

1. To what degree do miners collaborate with each other (for example: purchasing miners in bulk, purchasing datacenter services , electricity etc) ?

In my opinion you will find miners in collaboration almost everywhere, when thinking about it, although they serve a crucial yet relatively mundane role mining pools are the first thing that come to mind. Next would be shared service providers matching customers with others that share/rent equipment. ASIC hosting is becoming widely available and Buying Groups are very common. Maybe cutting costs is the key factor we're highlighting but if you think about Bitcoin as an open source collaboration itself you're bound to see common traits throughout all it's following.


2. other than Bitcointalk, and reddit forums,  are there additional "spaces"/forums/groups/other that miners use to catchup on things and/or use for discussions  ?

IRC, https://en.bitcoin.it/wiki/IRC_channels/
Cryptocoin news platforms allow for comment discussions, see http://www.coindesk.com/

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May 19, 2015, 08:43:55 AM
 #17

Lots of good Points mentioned here, but mining today is a hard game. You have to have a power cost less than 0,08 cent to reach ROI in a 6 month time frame. It dosent matter how. Big your farm is. I started too late in the crypto mining business, started with 50 gpus in december 2013 and used them until november 2014… .mined ltc and vericoin but never reached ROI mining,  only after selling all gpus. Then I bought 250 Mhah scrypt mining ASICS from Zeus,  those I sold 2 month ago.  Never reached ROI,  but mined more than 2500 ltc.
Made a good exchange trade and got 23 BTC out of my LTC,  never sold for cash.
When the hughe dip happend to BTC in january (165 $) I thought that a lot of miner producers would be scared and played Spondoolies and Bitmain out against each other and made a very good deal with Spondoolies buying 29 Sp20 for 10.000$… .this is the best investment so fare. After they have been shipped out for hosting,  total 35 pcs SP20 I'm making ROI. All Spondoolies are paid back and since I make around 0,5 BTC a day all BTC today are saved on cold storage . so after hosting cost im able to save up 1.500$ a month,  give or take!
Those saved up BTC is going to expand my farm with additional 50-100 Thash when Spondoolies is ready with there next miner this fall. I would never use my hard earned BTC on other brands than Spondoolies,  they are truly set and forget miners. Not a single crash on any of the 35 miners since january. Maybe because they are downclocked to 1.3 TH each.
My advice is to save BTC for the long run and only cover the running cost. BTC is still youngand lot can happen still.
So,  since you are only able to purchase Bitmain or Avalon,  stay out of purcahse equipment or cloudming and purchase your btc direct on an exchange.
Never sell for cash, not worth it before btc hits 5-600 area sometime end next year…..  I think the pizza story tells it all. 10.000 btc for a pizza,  I think that guy could kill him self today😃

BTC: 1MyJmxS9ER5ZBNvpG3LhoUXGotpzbPowed
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May 26, 2015, 12:50:04 AM
 #18

Speaking strictly for ourselves, HaoBTC (wallet + mining / 9p hashrate) pays our staff in BTC - since its their money, how they choose to do with it is none of the company's concern, but given the highly selective hiring standard - only those who demonstrate strong faith in BTC get jobs, I would tentatively say a high percentage of the salary paid out stays in BTC. But as we are fast expanding, we have to sell a considerable portion to pay for infrastructure - material, installation, etc. Whatever left, we keep them in BTC.
Eric Mu
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