A case study in entry-level mining

[frankenmint]

Fun thread.  After my Jaly's arrive (very soon) and I've mined sufficient capital, I plan to invest in Erupters as well.  Thanks for the step by step!

ur an idiot lol (that just sounds dumb to pay the same for a 5Gh/s unit as a 300 Mh/s unit)

[frankenmint]

25% wow, where would that be.    Ive never heard of virtual savings, we are far down the rabbit hole now.    If this is correct and other financial innovations, there is hope yet

https://www.coinlenders.com/interest

Dawg, I tried to warn you before about the ASICs, but you had already ordered them, so I didn't really want to get into it too much, but seriously, BE-WARE of this coinlenders nonsense. Anyone offering 25% APR is suspect.

Anyone whose website was registered March-22-2013, set to expire March-22-2014 is more suspect.
Any "business" that is run by "whoisguard" is suspect (imho).

Put all those together and you get... super suspicious.

Maybe you've done your due dilligence, I dunno, but I would really hate for this to all end as the tragic story of a guy who got scammed from A-to-Z by the bitcoin world.

I run coinlenders.

The domain is only for 1 year because it was one of the many names I was considering (I snapped up half a dozen domains, all 1 year).

25% APR is not suspect - it is possible to get this return. We lend at multiples of the rates we're offering.

World, FWIW I'm going to give them a try.  The site looks nice and its not like I'm necessarily gaining any appreciated value from a "Record High" BTC price so I say why not.  I will by no means try out anything other than 1btc as that is just too much risk imho.  Word to the wise, 25% APR wittles down to 2.08% earned interest per month - I'm looking at maybe a Dollar and change from lending the equivalent to 100 and some change...but I suppose that is what to expect from ANY cd nowadays fiat or otherwise

[flipper]

Fun thread.  After my Jaly's arrive (very soon) and I've mined sufficient capital, I plan to invest in Erupters as well.  Thanks for the step by step!

ur an idiot lol (that just sounds dumb to pay the same for a 5Gh/s unit as a 300 Mh/s unit)

It is very hard to resist jumping and grab what's available and shipping now. 5gh/s is better, but, how soon can you ship it ?

[ScaryHash]

Yeah that's the thing.

The USB miners are available NOW, and they've gone down in price too.

 

[LogicalUnit]

The rig has now accrued a current uptime of over a week, and has generated about 0.7 BTC in total. The fan has resolved the stability issues.

[isimme]

Hi LogicalUnit,

Great post!

While I think your choice of mining rig wasn't the best,
it's still fun to read and watch your journey.

If you could maybe give us an update weekly?

Best of Luck to You!

[nexus99]

I am enjoying this thread too. Please keep it going.

[wot_guppy]

I'd like to hear the ongoing story too - I hope to be mining soon myself and will probably start with a similar setup.

-wot

[readonlyaccess]

25% wow, where would that be.    Ive never heard of virtual savings, we are far down the rabbit hole now.    If this is correct and other financial innovations, there is hope yet

https://www.coinlenders.com/interest

Dawg, I tried to warn you before about the ASICs, but you had already ordered them, so I didn't really want to get into it too much, but seriously, BE-WARE of this coinlenders nonsense. Anyone offering 25% APR is suspect.

Anyone whose website was registered March-22-2013, set to expire March-22-2014 is more suspect.
Any "business" that is run by "whoisguard" is suspect (imho).

Put all those together and you get... super suspicious.

Maybe you've done your due dilligence, I dunno, but I would really hate for this to all end as the tragic story of a guy who got scammed from A-to-Z by the bitcoin world.

I run coinlenders.

The domain is only for 1 year because it was one of the many names I was considering (I snapped up half a dozen domains, all 1 year).

25% APR is not suspect - it is possible to get this return. We lend at multiples of the rates we're offering.

I just signed up, going to give it a whirl.

[prometheuss]

 LogicalUnit,

          I am enjoying this thread too. Please keep it going and just because your first rig's roi isnt the best your learning alot and that is priceless

[LogicalUnit]

Thanks for the encouragement and support, guys! I'll try to keep this thread updated

Here's an update now:

• I have mined my first bitcoin, and used it to purchase a Certificate of Deposit.
• It took 25 days to generate 1 BTC.
• The rig is completely stable.
• The offline laptop securely signed the outgoing transactions as intended.
• I had to create two accounts to buy the CD: one at coinlenders.com, and one at Inputs.io
• The inputs.io web wallet confirmed the deposit in about 5 minutes, and transfer to coinlenders was instant.
• The CD will mature in 30 days @ 25.5% APR.

I'm aware that there is a risk associated with lending my BTC, but that's all part of the experiment.

It's also worth mentioning that the price of BTC has crashed. I bought at approx AUD$135, and now it's about AUD$85.

[xgtele]

If you get you CD bitcoins back, purchase one more Block Erupter USB -- now they are sells for about 1 BTC each. You need to fight with the difficulty increase:-)

[cryptograd]

why didnt you purchase an Avalon unit?

an overclocked Avalon generates 2 coins a day

[razorfishsl]

Show me where he can purchase an Avalon off the shelf......

[BugJuice]

Hey logicalunit i was wondering some advice after reading your page. I've been wanting to do a build...pretty much identical to yours. I already have a raspberry pi and i can obtain free power. I would be getting 5 eruptors like you have. With the drop of BTC i can get them for pretty cheap to start mining. 5 for a little under 400 AUD. With these conditions and your experience would this be worth it to start mining?

[cryptograd]

Show me where he can purchase an Avalon off the shelf......

If only ALL great opportunities were that easy to come across

smh

[LogicalUnit]

Hey logicalunit i was wondering some advice after reading your page. I've been wanting to do a build...pretty much identical to yours. I already have a raspberry pi and i can obtain free power. I would be getting 5 eruptors like you have. With the drop of BTC i can get them for pretty cheap to start mining. 5 for a little under 400 AUD. With these conditions and your experience would this be worth it to start mining?

Given the drop in price of BTC, and of the Erupters themselves, I would definitely go ahead. Maybe even get 6 instead of 5 for 2.0GH/s (Assuming the hub power supply can deliver 3A reliably -- I have not tested this)

That's just me though. You have to make the decision for yourself. You would be getting a much better deal than I did.

[go4gonzo]

Fun and interesting post. Thanks for sharing! 

[flipper]

The price of these miners are dropping. You can average your cost down by buying new ones, whenever you can afford to. Overall, I think you spent too much initially.

[LogicalUnit]

Here is a graph of my first month's mining performance on my primary pool. You can clearly see the initial instability, and the two decreases in earned rate due to higher difficulty.