So long and thanks for all the fish

[mokahless]

I don't quite understand. You find mining doesn't work for you so you quit the Bitcoin scene altogether?

[1715313876]

1715313876

[1715313876]

1715313876

[BitAddict]

People is going to leave, but don't worry they will come in the next bubble.
Cheap bitcoins before we go in the radar again

[Welsh]

Bitcoin is not useless, I have paid bills, ordered food, paid for online subscriptions.

[Unacceptable]

No I don't want to be a millionaire, I just want a return (or at least breakeven) on my investment in kit and electricity and that is now not going to happen now, ever, if I use GPU's or ASIC's since GPU's are now uneconomical and almost all the world's ASIC's are owned and operated by a bunch of sharks. When the sharks release ASIC's and sell them to the public, difficulty will have already made them worth less than their purchase price. That's not what I would have wanted for Bitcoin given the enormous potential promise and a few months of the glorious new economy that we've experienced.

Personally I think Bitcoin is doomed because of the ASIC situation and any alternative cryptocurrency (like LTC) is going to be a hard sell to the public because of the fragmentation of the digital economy that it involves, e.g. I own 100 BTC, how do I convert this to LTC - you can't your 100 BTC is now worthless, care to invest in LTC ?

The only hope is to expand BTC to allow scrypt, in addition to SHA256, as a proof of work algorithm. This would allow those with ASIC's to continue and benefit from low power devices but crucially removes the stranglehold that ASIC companies will soon have over Bitcoin since any miner can choose to use scrypt and that enables the current GPU's to continue and be competitive with ASIC's albeit with a higher power cost.





 

To get a return,you have to make an investment   You work in a bank & cannot do the math?? I'll help you a little:

ASIC-$300 (Avalon DIY) 5GH each x 4 boards(devices)=20GH-cost $1200 (approx)

Electrical consumption-32 watts per board x4=128 watts (not sure of your power rates,you can deduct this yourself)

AT current difficulty,BTC @ $107.99:

                Coins     Dollars

per Day     ฿0.64    $69.61

per Week   ฿4.51    $487.26

per Month  ฿19.59  $2,116.09



At network hashrate of 500TH,BTC @ $107.99:

               Coins   Dollars

per Day    ฿0.15  $16.54

per Week  ฿1.07  $115.75

per Month ฿4.65  $502.69

Those 4 ASIC boards should pay for themselves in about 3-4 weeks  (At the moment,a little longer as diff goes up)....................

So,no Return On Investment??

Did not read the other 2 paragraphs you babbled on..............................

Difficulty guesstamates:

19707600=150TH (network total)

26276800=200TH

39415200=300TH

52553600=400TH

65692000=500TH

78830400=600TH

98538000=750TH

http://www.alloscomp.com/bitcoin/calculator

Play with the price per BTC & difficulty & how much hashrate you may get with what you can afford  

[GSnak]

I don't know why people are complaining about the OP. The more people leave, the more profit for everyone else.

[Saturn7]

Sorry had to bring this one back...