Indian Bitcoin Miners

[Benson Samuel]

there is actually huge potential for CPU mining in India. why not create sort of legal botnet. people will download and run a bot, bot will mine and people get paid let say 30-40%  In India people real good in counting money even if some one will get 200-300 Rupees in few months he will run that bot on his comp. make the bot open source and let any one to run proxy nodes.

let say one CPU will give 50mgh  x 1000000 = 50TH/s   usd 8 mil per month with current difficulty

My view is to the contrary,
One real botnet(they would easily outnumber Indian PC users, let alone mining adopters) using the CPU mining it to advantage would kill the coin. Every coin tries to keeps away from CPU mining fearing Botnets. Botnets currently are irrelevant due to GPU mining. A CPU mined coined would invite trouble.

not sure if I understand you correctly but why contrary. if it is legal and people clicked - "I agree" button. You pay them money, CPU GPU, whatever, cofemaker. First you make pool, then connect it to another pool.

BTC/day : 0.0005
Days/coin : 2000 days for 1BTC
Assuming exchange rate of 100$/BTC
$/day :0.05 ~Rs 2.75
Rs/Month : Rs 82.5
Overhead expense: Power charges ?

And if you have 2000 people on the net, then it is 1 BTC a day.

We also need to know that miners reject shares from botnets. This may be a major challenge unless done with consent of the user.

Ah.., you mean 1BTC for the pool,
That doesnt change the per month income of a user?
Did i go wrong somewhere in the calc?

For the pool 1BTC/day .
Per user (1BTC/2000) = 0.0005 BTC/day = Rs2.75 /Day

I dont understand the argument?

Was reffering to this.

there is actually huge potential for CPU mining in India. why not create sort of legal botnet. people will download and run a bot, bot will mine and people get paid let say 30-40%  In India people real good in counting money even if some one will get 200-300 Rupees in few months he will run that bot on his comp. make the bot open source and let any one to run proxy nodes.

let say one CPU will give 50mgh  x 1000000 = 50TH/s   usd 8 mil per month with current difficulty

Of course, numbers need to recalculated even for payouts.

[Pinwheel]

made Team India on btcguild.com no PIN, no Wheel, no donation, everybody CPU, GPU, FPGA, ASICs are Welcome

here is  some ASICminer Eruptor blades on offer

auction
https://bitcointalk.org/index.php?topic=194650.0

sale
https://bitcointalk.org/index.php?topic=195431.0


Team India  Rank  24 !!

Something wrong with the Team reports at btc guild Pinwheel?

21   Team India   24.65 GH/s

been busy, but now finally overclocked my blades not so happy with results so far one doing 128800 MHS another 11966

[Pinwheel]

there is actually huge potential for CPU mining in India. why not create sort of legal botnet. people will download and run a bot, bot will mine and people get paid let say 30-40%  In India people real good in counting money even if some one will get 200-300 Rupees in few months he will run that bot on his comp. make the bot open source and let any one to run proxy nodes.

let say one CPU will give 50mgh  x 1000000 = 50TH/s   usd 8 mil per month with current difficulty

My view is to the contrary,
One real botnet(they would easily outnumber Indian PC users, let alone mining adopters) using the CPU mining it to advantage would kill the coin. Every coin tries to keeps away from CPU mining fearing Botnets. Botnets currently are irrelevant due to GPU mining. A CPU mined coined would invite trouble.

not sure if I understand you correctly but why contrary. if it is legal and people clicked - "I agree" button. You pay them money, CPU GPU, whatever, cofemaker. First you make pool, then connect it to another pool.

I was assuming that you meant creating a CPU only coin. I get your idea now, A CPU pool for India.
What i meant is a botnet like confiker (10,500,000+) joining us on our legal pool, they would take away a large share the rewards, even if we don't factor that, lets compute profits.

The 50Mh/s approximation for a CPU, doesn't seem right, I seem to get only 1.7 Mh/s on my core i5 mobile 540M .
A Core i3-2100 gives out  8.28 Mh/s, being the most popular CPU that would be the average.
Source:https://en.bitcoin.it/wiki/Mining_hardware_comparison#Intel


Calculations for Bitcoin
Assuming PPS rates of the Indian pool to be similar to that of BTC guild(since we will be joining a larger pool)
Assuming Average hash rate per CPU @ 10Mh/s
Asssuming current difficulty

BTC/day : 0.0005
Days/coin : 2000 days for 1BTC
Assuming exchange rate of 100$/BTC
$/day :0.05 ~Rs 2.75
Rs/Month : Rs 82.5
Overhead expense: Power charges ?
Any advantage arising out of BTC price increase could be negated by Difficulty increase when ASICS ship.



Calculations for Litecoin.
The same system giving 10 MH/s will give 10Kh/s for scrypt mining (actually 10% increase is expected)

Assuming Average hash rate per CPU @ 10Kh/s
Asssuming current difficulty

LTC/day : 0.0214
Days/coin : 46 days for 1LTC
Assuming exchange rate of 3$/LTC
$/day :0.06 ~Rs 3.6
Rs/Month : Rs 110
Overhead expense: Power charges ?
Any advantage arising out of LTC price increase will not negated by Difficulty increase (Till ASICS are designed).


50miner seems a working example of your idea.

if you will pay in India to people for running their computers, that will grow like avalanche. 20-30 mil subscribers no problem. accounting and  making payouts in btc not a problem too. That can be some interesting way to spread bitcoins awareness in India. Software mostly exist. Think big !

[Pinwheel]

one way to start mining is to buy shares it mining company. In April I purchsed some ASICMINER-PT shares. PT - mean pass trough, means holden for me by another person (in my case by BTC Trading Corp. https://btct.co/ if I'm not happy with them I can transfer it into permanent shares on my own name or sale it, or transfer it to another PT manager.

one ASICMINER equal to 47mhs, instead of buying equipment and having all troubles with setting up maintaining, repairing ect, you can buy shares and get your dividend paid to you weekly.

Main difference is that if you buy equipment your equipment will give you 10GHS today and two months later same 10GHS. With shares your hashing power per share will rise continuously. ASICminer hash power rose from 5TRH one week ago to 19TRH today, it will be 50THR in few next week. That way your hashing power per share rose 10 times in less then a month. Company getting mining revenue over 3 mil usd per month and expanding soon to well over 8 mil usd per month with very low overheads, that worth to consider investing.

I also own two ASICminer blades, fact is that in 2-3 weeks my income from shares will be better then from me mining my self.

[buysellbitcoin]

one way to start mining is to buy shares it mining company. In April I purchsed some ASICMINER-PT shares. PT - mean pass trough, means holden for me by another person (in my case by BTC Trading Corp. https://btct.co/ if I'm not happy with them I can transfer it into permanent shares on my own name or sale it, or transfer it to another PT manager.

one ASICMINER equal to 47mhs, instead of buying equipment and having all troubles with setting up maintaining, repairing ect, you can buy shares and get your dividend paid to you weekly.

Main difference is that if you buy equipment your equipment will give you 10GHS today and two months later same 10GHS. With shares your hashing power per share will rise continuously. ASICminer hash power rose from 5TRH one week ago to 19TRH today, it will be 50THR in few next week. That way your hashing power per share rose 10 times in less then a month. Company getting mining revenue over 3 mil usd per month and expanding soon to well over 8 mil usd per month with very low overheads, that worth to consider investing.

I also own two ASICminer blades, fact is that in 2-3 weeks my income from shares will be better then from me mining my self.

Cant agree more

Cheers

[Pinwheel]

one more thing in favor of shares. Your equipment will not cost more after one year, but shares will cost much much more. For those who cannot afford to buy 1 share for about 1.35 btc now, there is also shares called TAT.ASICMINER  it is 1/100 of one whole ASICMINER share.

[Pinwheel]

congratulations to americandesi for wining in ASICMINER blades auction!!

[Pinwheel]

http://deepfriedcat.com/

[Pinwheel]

Date               Shares Held             Per Share                 Total
2013-05-15 20:32:48    224            ฿ 0.03622410            ฿ 8.1141984

this week dividents 8.11

profit from rise of share price btc 112.048474  plus dividents  14.85880634 = 126.90728034

total paid for 224 shares 277.711526

[Benson Samuel]

Date               Shares Held             Per Share                 Total
2013-05-15 20:32:48    224            ฿ 0.03622410            ฿ 8.1141984

this week dividents 8.11

profit from rise of share price btc 112.048474  plus dividents  14.85880634 = 126.90728034

total paid for 224 shares 277.711526

Buying TAT with dividends. Is it a good idea?

[Pinwheel]

most people reinvest dividents. that is  why share's price on Wednesday when dividents paid usually go up. I wuold better wait till demand on shares subside and then buy on around Sunday.

[Benson Samuel]

most people reinvest dividents. that is  why share's price on Wednesday when dividents paid usually go up. I wuold better wait till demand on shares subside and then buy on around Sunday.

Ok, I shall wait for Sunday too.

[drdanishkhan]

I invested in TAT.ASICMINER.. i dont have enough btc to get a PT ASICMINER share and i think investing in TAT is better coz u can later sell 100 of those shares individually at profits rather than a single share at profit. I am thinking of buyin in for the long term. What do you guys think??

[Ashitank]

Thanks to Pinwheel advice , I bought 3 ASICMINER-PT shares @ 1.45BTC each , got 0.1 btc dividend.  Lets see how the share price fares in future

[Pinwheel]

try to up hashrate on

DO NOT OPEN LINK