Small time miners - What do you do when ASICs hit and you don't upgrade?

[bels]

Are you going to switch to LTC, PPCoin, etc... or just cash out your hardware by selling on ebay or similar?

[1714683805]

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[1714683805]

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[os2sam]

Are you going to switch to LTC, PPCoin, etc... or just cash out your hardware by selling on ebay or similar?

Non of the above.  I'll solo mine full time as soon as it isn't profitable to pool mine anymore.
Sam

[BitBlitz]

^^^^^^^ Was never a math major 

[jojo69]

finally turn the fans down and play a game when I feel like it?

[crazyates]

finally turn the fans down and play a game when I feel like it?

+1

I upgraded to a 7970 so I could play games for many years into the future, and if I make a few BTC in the process, what the hell?!

[dooferorg]

Yea, really. I am only mining with the cards I have available in the machines that I use for other purposes, and the beefier cards were for gaming. I just happened to have been buying ATI (now AMD) cards for years

[helloworld]

Sell aaaaaall the GPU!

Is it possible that ASIC can be used for something other than bitcoin mining? I know the whole point is to develop a very specific chip to do a very specific task, but maybe just maybe someone could take what the ASIC does and utilize it in a game or other software that's not bitcoin related?

[fcmatt]

The gold rush of getting asic first will be brief. Think in terms of a few months. No diff then those who used gpu first.
Eventually everyone who wants to mine will get asic or back then gpu.
So one can sell their paid off gpus and buy asic. Yes they miss the gold rush of quick earnings but you take less risk, get the lay of the land, and can buy the best hardware for the buck once determined.

Many here started mining after june 2011 and by then gpu was dominant. Did you not make money, pay off hardware, and have fun?  same thing with asics. The difference is software was the key back then. Now it is hardware.

Plus for those who simply held onto their btc have been rewarded with a 100% profit pretty much since the mad rush to buy bfl hardware. Your btc can buy two of what they bought for the same price in btc.

[bels]

The gold rush of getting asic first will be brief. Think in terms of a few months. No diff then those who used gpu first.
Eventually everyone who wants to mine will get asic or back then gpu.
So one can sell their paid off gpus and buy asic. Yes they miss the gold rush of quick earnings but you take less risk, get the lay of the land, and can buy the best hardware for the buck once determined.

Many here started mining after june 2011 and by then gpu was dominant. Did you not make money, pay off hardware, and have fun?  same thing with asics. The difference is software was the key back then. Now it is hardware.

Plus for those who simply held onto their btc have been rewarded with a 100% profit pretty much since the mad rush to buy bfl hardware. Your btc can buy two of what they bought for the same price in btc.

This is what I am thinking about doing.  My gpus have been paid for by mining and I imagine I will sell them to raise the money to go buy asics.  I just hope that I can raise enough money to buy enough hardware to make around the same amount of BTC that I do now.

[os2sam]

^^^^^^^ Was never a math major 

Very true .

But I figure if allot of, what will be low end miners, start solo mining that would go a way's into decentralizing the network.  And random chance will pay off once in a while.

Anyway that's what I'm going to do IF the difficulty skyrockets.  I'm too stubborn to just quit.
Sam

[Detritus]

^^^^^^^ Was never a math major 

Very true .

But I figure if allot of, what will be low end miners, start solo mining that would go a way's into decentralizing the network.  And random chance will pay off once in a while.

Anyway that's what I'm going to do IF the difficulty skyrockets.  I'm too stubborn to just quit.
Sam

You could just put a space heater out on your porch, it'll use about the same amount of electricity, it'll be cheaper to buy, and it'll generate just a many bitcoins.

[os2sam]

^^^^^^^ Was never a math major 

Very true .

But I figure if allot of, what will be low end miners, start solo mining that would go a way's into decentralizing the network.  And random chance will pay off once in a while.

Anyway that's what I'm going to do IF the difficulty skyrockets.  I'm too stubborn to just quit.
Sam

You could just put a space heater out on your porch, it'll use about the same amount of electricity, it'll be cheaper to buy, and it'll generate just a many bitcoins.

Well my GPU's will be space heaters in the living room this winter and be available for games too.  Maybe solo mining won't pay off but maybe it will.  My meager 500Mhs has found 3 blocks via pools which has garnered me 100BTC.  Maybe I would have earned more solo, maybe not.  That's the great thing about Bitcoin, higher hash rate only increases your chances of finding a block.  Lower hash rate does NOT eliminate you from the chance of finding a block.  It is all just random chance in the end.

If the jalapeno's do come to fruition I will can certainly afford at least a couple of those which will decrease my power consumption.  But 3.5Ghs in a 400+Ths network is still miniscule, but I still won't just quit.

My .02BTC worth
Sam

[wknight]

Well I am not a small time miner.. well with the new diff yeah i guess i am.. hahaha

honestly i haven't upgraded anything yet.. no pre orders in place.. show me the hardware before i lay down the money.

Will i be left behind in mining? Probably.. so will many others.. I will just buy and sell Bitcoin.. i seem to make more that way anyways..

[Soros Shorts]

I am a small time miner with 5 Ghash/s. Half of those hashes are already supplied by FPGAs which willl be upgraded to ASICs when they become available. At that point in time my 7970s will be auctioned off on ebay. I don't understand why a small time miner won't or cannot upgrade to ASICs. Going by price point, a Jalapeno would be the new 5830/6870.

Unless you are talking about the really small time miner, like someone who mines part time with his gaming rig when he is not playing games. Not sure if their hashes would still make any significant contribution to the security of Bitcoin . They might as well save electricity and buy BTC with cash.

[crazyates]

I plan on picking up a few 7970s for dirt cheap either here or on ebay when the market gets flooded with people getting out of GPU mining. Maybe a 2nd for crossfire. Maybe throw one in my brother's computer to replace his 7770. Who knows?!

[Syke]

I just turned off my 6990s. They'll be for sale shortly.

[fcmatt]

I just turned off my 6990s. They'll be for sale shortly.

Why? Mining is more profitable right now then it was some months back...

[Syke]

I just turned off my 6990s. They'll be for sale shortly.

Why? Mining is more profitable right now then it was some months back...

I don't think realize how expensive electricity is here.

[Eiii]

I'm just going to sell my cards for as much as or a little less than I bought them for. I bought them used and worked out how much they'd make before the block halving/ASIC hit, so I have no qualms about just selling them off and taking my profit.

Of course, if the ASIC thing doesn't pull though how it's expected to or somehow GPU mining is still even a little bit relevant, I'll just keep mining away. Having free electricity helps!

[kwoody]

Mine through the winter since GPUs will serve a 2nd purpose(space warmers) which is what made it so cool to begin with(gaming). When 2013 begins to warm up, I'll stop. Possibly buy an ASIC if production at that point doesn't require a multiple month waiting period for delivery.