Mini Rig Purchased and Hashing .... erm, so what's next??!!

[sprint347]

You rolled the dice and had the bravery to share with the community, thank you.

I'm not sure how this will play out for you. I don't think the KNCs are your greatest (immediate) threat, lets see what happens with Avalon and Bitfury. (NB I'm invested in Avalon and KNC)

Lets see what happens I'll be watching with interest. If you want to lower your risk I'm sure you could 'float' your investment on bitfunder and sell miner shares for your 'in hand' device.

For example (don't crucify my crude maths)

Purchase price: $60,000 = ~652btc
Break into 500 shares ~ 1.3 btc per share @ cost
Each share = 1GH
Sell 250 shares for 1.5btc (recover 375 btc)
Keep 250 shares (250GH)

Purchasers will get 1GH of in hand mining power for each share and at the current difficulty would get ~0.13btc per week dividend (minus electricity cost).

Regardless, good luck!

[flyboy]

I'm still waiting on my Aug 2012 BFL Minirig order.

I just picked up 2 October BitFury kits that should equal 800 GH.

I would suggest looking into them, with the low power you can run them from home, vs. have to have them hosted..

I honestly think I will see the bitfury stuff before the BFL stuff, but only time will tell.

-Flyboy

[PuertoLibre]

so tell us the story of how you came about buying it.  from whom?  was it off ebay?  how much did you pay?

Well ... I bought a USB asic, then a Blade, and then decided in for a penny, in for a pound! Or dollar.

The miner was on sale on eBay initially for $106,000. I spoke to the seller and actually it was being hosted in KC - a datacenter that does a lot of business with BFL. I basically met one of the sellers pool members who was over from Europe and we went to look at it, hence the photos. We negotiated down - WAY down and came to an agreement. I paid well over 50k for it, and no I'm not sure if it was a good investment or not! Depends on what it's worth if I decide to sell it a couple months down the road, as they say everything has a price!

I figured if I was going to get into the mining thing then go for the fastest thing on the market, and so I did! I know of only one other ever resold, but I"m sure that'll change as time goes on.

I hope all the prophets that state BTC will appreciate are correct. I'm not counting on it, silly to really, but one can hope!

So uh, you spent 50k on a 500Ghs miner...

With a load of 500+ Jupiter miners (clocked at 350Gh/s for 7,000 USD each) coming in two months....

Wow...can I hit you up for a loan?

[e4xit]

Two months™ 

[Cablez]

Tell prapor he still made a good deal. 

[shmadz]

Congratulations Brit! (not for having a mini-rig, but for having the guts to make a big decision and follow through)

I hear a lot of panic about the difficulty but the rate of increase has consistently been lower than my expectations for going on 5 months now. Back in February when I was considering ordering batch 2 Avalon or BFL, I was basing expectations on a network difficulty of 70 million by the time it was delivered... here we are in mid July and we are not even half that. (though 70 million might be pretty close to the difficulty by the time a BFL device ordered in Feb gets delivered)

And don't listen to anyone tell you it's a bad deal because X miner that does Y GH/s for Z dollars will be arriving "soon" -- That is all uncertain and unproven, and uncertainty means higher risk (and also higher rewards if everything goes smooth)

You paid a very high premium for certainty, which lowers the risk, and reward. 

[thebrit]

Thanks for the responses ... All fascinating pov's and only time will tell who is right.

I'll check into the bit furys Flyboy, thanks for the heads up.

Sprint, the auctioning shares idea sounds fascinating. I'll look into it.

I am not going to bore everyone with daily updates but after a miserable 13 hour block I am on 48 hours and am at 23.5 btc in the pool.  So far so good!

K9 has it on the nose ... Whatever everyone is mining, may the force ... and low difficulty ... be with us all.

[macsga]

Congrats Brit; bold move. A bit of speculation here if you guys permit me. I think you'll get the chance to get even and that's before the 3 months period; more likely it will be within a month (let's roughly say before the end of August). If you don't within a month; then I'm afraid the difficulty will be exponentially higher and you will have to wait up until the end of December (maybe even more).

As per BFL; I think that they tend to hold the difficulty relatively low since they (mainly) ship Jalapenos. I don't blame them; they think all of us who once invested on a bunch of 5970s and ESPECIALLY the late adopters. Those will never have the chance to get even. A long story short; mining from now forth will be a very expensive and risky business. BTC revenue is going to be 12.5 BTC within a (relatively) short period of time, while at the same time the difficulty will rise high.

Don't blame me; I'm no pessimist. I'm still waiting for my 15 Sept. 2012 BFL Single order. My thoughts? I'll never get my initial investment back UNLESS they ship it to me before August...

Well; that's unless BTC~USD will be like 1:$1000 by the end of the year. Then I take it all back!
Good luck to us all.

[ssateneth]

You'll never break even compared to what you could sell it for on ebay or whatever. If you're in it for the money, SELL IT!

[shmadz]

You'll never break even compared to what you could sell it for on ebay or whatever. If you're in it for the money, SELL IT!

dude, he just bought the thing second-hand, so he's already paid the premium. Selling this on ebay would be the same as asking for a refund (and he would probably not get as much as he paid, but you never know)

At latest update he had earned 23.5 BTC in 2 days already, and that was almost a week ago! (admittedly a far cry from the roughly 500 BTC to justify a $50K price, but well on his way)

btw Brit, an update would be appreciated, if you're still watching this thread...

[mgio]

He made a good deal!

It's like paying 86 BTC for a 82 GH/s Avalon, and you can't find an Avalon that cheap anywhere! They are going for at least 120 BTC right now.

Do the math. He spent 526 coins. Hes making 9 a day. He'll at least break even as he has time before the difficulty goes way up.

[User705]

Brit you mentioned in two posts that you don't expect BFL to ramp up from what I assume personal visual evidence.  Can you elaborate?  My back story is I got interested around Avalon B2 ordering time and was going to get BFL and Avalon to cover both.  Ended up buying a couple BFL but couldn't get coins fast enough or trust sending nonrefundable btc to China.  Would've gladly made a deal in person like you did but hardware in hand just wasn't around at that time.  Obviously BFL didn't deliver what was promised since then and aren't looking even close to doing so by their own shipping estimates on their own forums.  I'm just looking for facts not BFL flame wars here.

[thebrit]

You'll never break even compared to what you could sell it for on ebay or whatever. If you're in it for the money, SELL IT!

dude, he just bought the thing second-hand, so he's already paid the premium. Selling this on ebay would be the same as asking for a refund (and he would probably not get as much as he paid, but you never know)

At latest update he had earned 23.5 BTC in 2 days already, and that was almost a week ago! (admittedly a far cry from the roughly 500 BTC to justify a $50K price, but well on his way)

btw Brit, an update would be appreciated, if you're still watching this thread...

I would be happy to update - just didn't want to bother people with constant #s!

The past week was a little lower than I wanted, but only just! Couple of rough spots on eclipse, but my first week results in right at 68 BTC. Total so far = 74.4 BTC.

[MrHempstock]

Kudos, man. Living the dream!

And don't worry too much about bothering people with constant #s.

In this regard most of us are happily living vicariously through you ;}

[batt01]

Kudos, man. Living the dream!

And don't worry too much about bothering people with constant #s.

In this regard most of us are happily living vicariously through you ;}

I look forward to your updates as well. Ignore the haters. This has got to be an exciting time for you. I wish you luck in this endeavor. I have the balls to do what your are doing, but not the money. Are you gonging to set aside some BTC for new hardware, are just going balls out for ROI?

It would be nice to have a KNC Jupiter sitting next to the Mini Rig in Sept or Oct. I am trying to scrape a few nickels together to buy a Mecury. Looks like it may be 2014 before I see my BFL order.

[DPoS]

just make sure to save up your btc till you get 500 of them and let us know to sell just before you dump them..  then we'll buy after the drop

thanks

[thebrit]

Well thought I would throw a ten day result out there ... disappointed I didn't reach my goal by you can't have everything.

My target was 100BTC in ten days flat ... and we managed 99.4 BTC!

Okay so that's a truly excellent result, and well within my 250BTC expectation for the first month expectation with (just) one difficulty rise coming in that period. Looks like it might be <20% as well ... we can all wish!

[mdbssm]

Well thought I would throw a ten day result out there ... disappointed I didn't reach my goal by you can't have everything.

My target was 100BTC in ten days flat ... and we managed 99.4 BTC!

Okay so that's a truly excellent result, and well within my 250BTC expectation for the first month expectation with (just) one difficulty rise coming in that period. Looks like it might be <20% as well ... we can all wish!

Where are you mining now? Not on EMC any longer?

[thebrit]

Well thought I would throw a ten day result out there ... disappointed I didn't reach my goal by you can't have everything.

My target was 100BTC in ten days flat ... and we managed 99.4 BTC!

Okay so that's a truly excellent result, and well within my 250BTC expectation for the first month expectation with (just) one difficulty rise coming in that period. Looks like it might be <20% as well ... we can all wish!

Where are you mining now? Not on EMC any longer?

Haha you noticed! I actually have it balanced mining between EMC and Slush's pool.

[Beastlymac]

Well thought I would throw a ten day result out there ... disappointed I didn't reach my goal by you can't have everything.

My target was 100BTC in ten days flat ... and we managed 99.4 BTC!

Okay so that's a truly excellent result, and well within my 250BTC expectation for the first month expectation with (just) one difficulty rise coming in that period. Looks like it might be <20% as well ... we can all wish!

Where are you mining now? Not on EMC any longer?

Haha you noticed! I actually have it balanced mining between EMC and Slush's pool.

Continue on Slush's pool