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Author Topic: ASIC Miners have screwed me over.  (Read 4747 times)
mesquka
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October 16, 2012, 01:09:22 PM
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I have just bought a new Graphics card for bitcoin mining and realized that ASIC's were going to be released in a short while. Shocked
Graphics card overheats from over clocking and knowing the cable for the cooling fan out while installing sound card leaving me with a nvida geforce 840gs.  Cry
I want to get into the Bitcoin mining business. Any ideas?
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jojo69
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October 16, 2012, 01:13:49 PM
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there is no "business" mining bitcoins any longer, that ship has sailed, get a job

This is not some pseudoeconomic post-modern Libertarian cult, it's an un-led, crowd-sourced mega startup organized around mutual self-interest where problems, whether of the theoretical or purely practical variety, are treated as temporary and, ultimately, solvable.
Censorship of e-gold was easy. Censorship of Bitcoin will be… entertaining.
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October 16, 2012, 01:26:57 PM
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I have just bought a new Graphics card for bitcoin mining and realized that ASIC's were going to be released in a short while. Shocked

Yes the small-time gpu miner ship probably sailed for good. I hope you have learned from this and inform yourself about something in the future before you run and spend money on it.

I want to get into the Bitcoin mining business. Any ideas?

You can still buy (prepurchase) a Asic. Although you might consider my statement above. You will probably just be better of buying BTC.

All previous versions of currency will no longer be supported as of this update
HolyScott
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October 18, 2012, 02:14:23 AM
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Always fun to take a chance.
nobbynobbynoob
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October 18, 2012, 05:05:25 PM
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get a job

Not a politically correct polite expression during recessions depressions (and the job market is exceptionally severe).

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jojo69
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October 18, 2012, 05:29:14 PM
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get a job

Not a politically correct expression during recessions (and the job market is exceptionally severe).

OK fine, blow all available capital on a mining farm...or better yet zeek rewards, oh wait...

This is not some pseudoeconomic post-modern Libertarian cult, it's an un-led, crowd-sourced mega startup organized around mutual self-interest where problems, whether of the theoretical or purely practical variety, are treated as temporary and, ultimately, solvable.
Censorship of e-gold was easy. Censorship of Bitcoin will be… entertaining.
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October 18, 2012, 05:35:38 PM
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politically correct

I hire people to follow people using that phrase and hit them upon the back of their heads. Anyone interested in that job, please send 10 BTC to the adress below to receive your first target and equipment.
nobbynobbynoob
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October 18, 2012, 05:49:34 PM
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politically correct

I hire people to follow people using that phrase and hit them upon the back of their heads. Anyone interested in that job, please send 10 BTC to the adress below to receive your first target and equipment.

Now now, there's nothing wrong with a bit of PC. Cheesy Granted, too much is toxic, as with anything.

I'm not generally obsessed with PC myself but telling people to "get a job" is just not good form in economic times like these, especially. There are no jobs, or at least employers tend to have excessive requirements - because they can, basically. Loops back to that "economy" thing again. Companies might not all be laying off their staff, but they're concerned about the economic future and want to conserve as much moolah as possible and therefore are being extraordinarily stingy about hiring, thus high unemployment and lack of new job opportunities. Some think it's as bad as the 1930s now but whether they're right or not, the principle of "depression economics" is clear.

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October 18, 2012, 06:07:14 PM
 #9

Competition in mining, like in any industry, will mean that the average person is unable to make a profit. Only those who invest the most time, are the most efficient, and stay ahead of the curve will make money long term with Bitcoin mining, and this should be expected.
nobbynobbynoob
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October 18, 2012, 06:11:33 PM
 #10

Competition in mining, like in any industry, will mean that the average person is unable to make a profit. Only those who invest the most time, are the most efficient, and stay ahead of the curve will make money long term with Bitcoin mining, and this should be expected.

+1

Bitcoin mining isn't a get-rich-quick scheme, nor is Bitcoin itself for that matter. But if it was, it'd probably seem too good to be true and thus not be true. Grin

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October 18, 2012, 06:30:06 PM
 #11

Competition in mining, like in any industry, will mean that the average person is unable to make a profit. Only those who invest the most time, are the most efficient, and stay ahead of the curve will make money long term with Bitcoin mining, and this should be expected.

+1

Bitcoin mining isn't a get-rich-quick scheme, nor is Bitcoin itself for that matter. But if it was, it'd probably seem too good to be true and thus not be true. Grin
+1
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October 18, 2012, 06:57:22 PM
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Bitcoin mining isn't a get-rich-quick scheme, nor is Bitcoin itself for that matter.

Damn.
We need a pyramid cryptocurrency stat.
nobbynobbynoob
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October 18, 2012, 09:31:38 PM
 #13

Bitcoin mining isn't a get-rich-quick scheme, nor is Bitcoin itself for that matter.

Damn.
We need a pyramid cryptocurrency stat.

There have got to be one or two good ways to start a Ponzi scheme with Bitcoin... Grin

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October 19, 2012, 03:54:52 AM
 #14

get a life
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October 19, 2012, 06:42:07 AM
 #15

Bitcoin mining isn't a get-rich-quick scheme, nor is Bitcoin itself for that matter.

Damn.
We need a pyramid cryptocurrency stat.

There have got to be one or two good ways to start a Ponzi scheme with Bitcoin... Grin

Start a reverse Ponzi scheme where the guys who get in first receives less than the guys they recruit. If they want to continue to get paid, they must recruit more members, and the members whom they recruited don't receive the higher reward until they recruit X. Call it the RMLPS (reverse multi-level Ponzi scheme): Turning your network upside down.

(tired and going to bed, so if the above doesn't make sense, this is why)
qukkM
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October 19, 2012, 03:42:02 PM
 #16

How much are ASIC miners going for at present? I have seen figures for ROI on them as low as 10 days, is that at the current difficulty or the expected difficulty when they are released?

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dlasher
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October 19, 2012, 04:02:07 PM
 #17

I have just bought a new Graphics card for bitcoin mining and realized that ASIC's were going to be released in a short while. Shocked
Graphics card overheats from over clocking and knowing the cable for the cooling fan out while installing sound card leaving me with a nvida geforce 840gs.  Cry
I want to get into the Bitcoin mining business. Any ideas?

Buy ASIC. Buy one of -these-.

Gamble like the rest of us did when we bought piles of GPU's that we'd pay them off in 12 months.. Most of us did.  After the dust settles, enjoy the coin earned every month, and congratulate yourself for being willing the take the risk.

In the mean time, talk to your friends, come up with new ways to spend/use/promote bitcoin so that the coin you earn has more value.





qukkM
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October 19, 2012, 04:11:31 PM
 #18

Dlasher - conservatively, how long before a jalapeno earns you the $160 back? Same question for the 60Gh model? Also what is the delivery ETA on these items?

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dlasher
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October 19, 2012, 05:32:23 PM
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Dlasher - conservatively, how long before a jalapeno earns you the $160 back? Same question for the 60Gh model? Also what is the delivery ETA on these items?

Conservatively? 12 months.

Same all models, since they have -about- the same $-per-Ghash rate, approximately.

Delivery ETA is mid-to-end of November for Round 1, and guessing Mid-to-end of December for Round 2.
nobbynobbynoob
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October 19, 2012, 05:43:55 PM
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Conservatively? 12 months.

Same all models, since they have -about- the same $-per-Ghash rate, approximately.

Delivery ETA is mid-to-end of November for Round 1, and guessing Mid-to-end of December for Round 2.

Conservative indeed: I think early ASIC adopters have a good chance at a much shorter RoI than that. If you're more interested in holding than selling mined coin (which I am), then this period is of less significance, of course.

Thing is, who knows what a BTC will be worth in fiat terms six, twelve or howevermany months down the line? That might be even tougher to estimate than the difficulty level.

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