Bitcoin Forum
December 09, 2016, 07:33:36 PM *
News: To be able to use the next phase of the beta forum software, please ensure that your email address is correct/functional.
 
   Home   Help Search Donate Login Register  
Pages: « 1 [2]  All
  Print  
Author Topic: What Do You Think $1,000,000 USD Worth of Hashing Power Would Do?  (Read 3049 times)
_s3v3n_
Member
**
Offline Offline

Activity: 110


View Profile
June 18, 2011, 05:30:45 PM
 #21



If I have $1,000,000.00 right now, I would not be mining. I'll probably in one of those vacation spots, bahamas or those islands.




RDD RjBUYX75fvQ1yeSDJPkuB5wU35etvZ9JES
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1481312016
Hero Member
*
Offline Offline

Posts: 1481312016

View Profile Personal Message (Offline)

Ignore
1481312016
Reply with quote  #2

1481312016
Report to moderator
1481312016
Hero Member
*
Offline Offline

Posts: 1481312016

View Profile Personal Message (Offline)

Ignore
1481312016
Reply with quote  #2

1481312016
Report to moderator
Mousepotato
Hero Member
*****
Offline Offline

Activity: 896


Seal Cub Clubbing Club


View Profile
June 18, 2011, 05:32:44 PM
 #22

If I have $1,000,000.00 right now, I would not be mining. I'll probably in one of those vacation spots, bahamas or those islands.

I would invest half of it in low-risk mutual funds and then take the other half over to my friend Asadulah who works in securities...

Mousepotato
computerparts
Sr. Member
****
Offline Offline

Activity: 350



View Profile
June 18, 2011, 06:55:36 PM
 #23

Thanks you mrb for the well thought out reply. Remember guys, I said nothing about gpu, just hashing power in general. It could be gpu, FPGA, ASIC, or something only the military has their hands on at the moment. So it looks like he would only have ~3% of the total network, that's interesting. Just gives me perspective to how big the network is already. So what if the million dollars went toward an ASIC or FPGA or quantum accelerating processor (I made that one up) setup?

To the person who said there were already people who are millionaires from bitcoin. That may be true, but doesn't Mt Gox have a daily withdrawal limit of $1000? If that's the case, they would be withdrawing $1000 a day for over 2 years before they cleared their first million  Shocked
vborets
Full Member
***
Offline Offline

Activity: 180


View Profile
June 18, 2011, 07:25:36 PM
 #24

To the person who said there were already people who are millionaires from bitcoin. That may be true, but doesn't Mt Gox have a daily withdrawal limit of $1000? If that's the case, they would be withdrawing $1000 a day for over 2 years before they cleared their first million  Shocked

you (he) may make 100 accounts *1000 = 100 000/day  Grin
iamzill
Full Member
***
Offline Offline

Activity: 139


View Profile
June 18, 2011, 08:07:11 PM
 #25

Thanks you mrb for the well thought out reply. Remember guys, I said nothing about gpu, just hashing power in general. It could be gpu, FPGA, ASIC, or something only the military has their hands on at the moment.

gpu
Impossible. There are not enough cards left on the market for this.

FPGA
Again, impossible, Xilinx and Altera do not have enough stock to fulfill a order this large. Their production lots are large but parts needs to be binned.

ASIC
1 million isn't even enough to get the masks designed, let along starting mass production. Even assuming unlimited funds and they somehow kidnapped the all the brightest ASIC designers to work 24/7 on this project, it will still take at least 3 months for the prototypes to start rolling in. At the current rate of difficulty growth (40% every 10 days or so), I'm guessing myself (and most other miners here) would have recouped their costs, made a handsome profit, and quit already.


something only the military has their hands on at the moment.
I cannot argue against this because there are no evidence to confirm or deny these claims. I personally think that NSA has FPGA farms dedicated to password cracking, but I have zero evidence of this so I do not bring it up in discussions.

Clavulanic
Member
**
Offline Offline

Activity: 85


View Profile
June 18, 2011, 09:03:23 PM
 #26

God, if I had that kind of money I totally would for fun. I'd get a good contractor, have them draw up some plans for a small building next to my mansion, design all the electrical stuff and get an industrial AC unit installed. I'd hire some local geeks and plan up a super huge build, order it all in bulk then put it together with all of the geeks. Of course a security guard would be needed too.

Man that would be fun. Of course it would be fun to have that kind of money regardless lol...
triforcelink
Member
**
Offline Offline

Activity: 112



View Profile
June 18, 2011, 10:49:47 PM
 #27

If I was going to dump 1000000 into bitcoins, I would probably get $500k in coins, and spend the other $500k developing the usability/security of bitcoin as well as doing some marketing. Then I would sit back and watch the bitcoin prices explode further.

AngelusWebDesign
Sr. Member
****
Offline Offline

Activity: 392


View Profile
June 19, 2011, 01:26:02 AM
 #28

If a tycoon spent $1 mil on mining hardware?

He would get it all running at his secret location, but not connect it to the network until it was ALL READY.

Then he'd pull the switch and connect it to the network!

And then I, in my best Lando impersonation would have to say...

"That blast came from the Death Star....THAT THING'S FULLY OPERATIONAL!"

 Cheesy
Pages: « 1 [2]  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!