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Author Topic: Mining extinct?  (Read 1383 times)
Scorscribler
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October 28, 2013, 10:08:03 PM
 #21

It is still possible to enter into mining. There is the occasional gem of a piece of equipment on ebay, I was lucky enough to get a few 60gh/s, which i have traded and am now running free. I was lucky, right place at the right time.

The biggest hurdle, I think, in the UK is the liquidity of BTC.

The trading makes the money not the mining. I made a few £ as well, but only from buying and selling equipment at the right time and taking mining income inbetween.

The bottom line is if some hardware could be just plugged in and make money no one would sell it., they would keep it and mine.


Good point, do the hardware manufacturers do as you have? Build, mine, then sell? It makes economic sense. And is what I am doing at present as well!
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co5hike
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October 28, 2013, 10:08:21 PM
 #22

make asics be able to mine scrypt coins.. someone could figure it out I'm sure
No, SHA 256 asics will never be able to mine scrypt coins.


Thats true but Scrypt ASIC will be able to mine scrypt coins Smiley

But as pointed out already, development+manufacture costs are huge and there is not big enought price of Scrypt coins to make this venture profitable
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October 28, 2013, 10:17:59 PM
 #23

It is still possible to enter into mining. There is the occasional gem of a piece of equipment on ebay, I was lucky enough to get a few 60gh/s, which i have traded and am now running free. I was lucky, right place at the right time.

The biggest hurdle, I think, in the UK is the liquidity of BTC.

The trading makes the money not the mining. I made a few £ as well, but only from buying and selling equipment at the right time and taking mining income inbetween.

The bottom line is if some hardware could be just plugged in and make money no one would sell it., they would keep it and mine.


Good point, do the hardware manufacturers do as you have? Build, mine, then sell? It makes economic sense. And is what I am doing at present as well!

I don't know, but I would if I was them  Wink

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October 28, 2013, 10:46:18 PM
 #24

It is still possible to enter into mining. There is the occasional gem of a piece of equipment on ebay, I was lucky enough to get a few 60gh/s, which i have traded and am now running free. I was lucky, right place at the right time.

The biggest hurdle, I think, in the UK is the liquidity of BTC.

The trading makes the money not the mining. I made a few £ as well, but only from buying and selling equipment at the right time and taking mining income inbetween.

The bottom line is if some hardware could be just plugged in and make money no one would sell it., they would keep it and mine.


Good point, do the hardware manufacturers do as you have? Build, mine, then sell? It makes economic sense. And is what I am doing at present as well!

I don't know, but I would if I was them  Wink



Especially if they have money upfront and so bad reputation they cant loose even reputation  Smiley

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nynexx
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October 29, 2013, 01:10:02 AM
 #25

I've done the math repeatedly... It's not about up front costs, it's about price per Gh/S and how profitable said Gh/S are.
Mobile got it right with the idea of renting Gh/S or trading for them over at cex.io.

Even with an investment of .35 BTC, you can make 0.01 BTC/day. That was my first "trial" there and it was worth it. I'd invite you to check it out as well, because while I am "plugging it"... It's free to sign up and absolutely worth having Gh/S in your portfolio (they pay you!)

https://cex.io/r/0/neuros/0/

At time of writing, CEX.io (the service mentioned above) is 0.1045 BTC/Gh/S. This equates to about ~20 USD at current market rates. This option would not break even in under 30 days (I like tight schedules!), except you have the option to trade Gh/S back for BTC, so your initial investment is "refundable," depending on Gh/S to BTC market rates. You can also continually buy in to further Gh/S with your earnings, compounding your income.

That said, when we're looking at bigger hardware, anything that costs less than ~$6.50/$7.00 USD will break even in 30 days or less at current BTC/USD market rates. However, looking at being "paid back" in USD or other fiat shouldn't be important - the BTC should be.

I myself have ordered a large machine with a friend (less than 1Th/S but not small) and estimates show it should "pay itself back" within 30 days. The machine is $6.50 USD per Gh/S. Even if BTC falls to $100 and we assume a ridiculously high profitability decline of 0.1 or even 0.04 (unrealistic by the worst math), the machine pays itself back and turns a profit in a 90-day period. However, we are not looking to recoup USD, as we are looking for a set amount of BTC to break "even." Much of this BTC will go into EMA trading and Gh/S rental for continuing compounded income, hashing speed, and holdings.

Oh, I didn't even say hello, how rude.... Hello BitcoinTalk  Wink

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ANiceJewishBoy
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October 29, 2013, 01:59:52 AM
 #26

Even if mining is extinct, you can still break into the Bitcoin market for free by using Devtome.

My Negative Rating is For Bringing a Dead Thread Back to Life, Just BTW. Click The Link To See For Yourself.
https://bitcointalk.org/index.php?action=trust;u=155011
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October 29, 2013, 02:05:00 AM
 #27

I myself have ordered a large machine with a friend (less than 1Th/S but not small) and estimates show it should "pay itself back" within 30 days. The machine is $6.50 USD per Gh/S. Even if BTC falls to $100 and we assume a ridiculously high profitability decline of 0.1 or even 0.04 (unrealistic by the worst math), the machine pays itself back and turns a profit in a 90-day period. However, we are not looking to recoup USD, as we are looking for a set amount of BTC to break "even." Much of this BTC will go into EMA trading and Gh/S rental for continuing compounded income, hashing speed, and holdings.

Pretty sure you've found yourself the holy grail there. Remember a guy who didn't something similar...

What machine was that to guarantee that sort of return with a rising difficulty?
nynexx
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October 29, 2013, 02:53:46 AM
 #28

I myself have ordered a large machine with a friend (less than 1Th/S but not small) and estimates show it should "pay itself back" within 30 days. The machine is $6.50 USD per Gh/S. Even if BTC falls to $100 and we assume a ridiculously high profitability decline of 0.1 or even 0.04 (unrealistic by the worst math), the machine pays itself back and turns a profit in a 90-day period. However, we are not looking to recoup USD, as we are looking for a set amount of BTC to break "even." Much of this BTC will go into EMA trading and Gh/S rental for continuing compounded income, hashing speed, and holdings.

Pretty sure you've found yourself the holy grail there. Remember a guy who didn't something similar...

What machine was that to guarantee that sort of return with a rising difficulty?

You know, I'm hoping so. Every estimate says we will make some sort of profit in a 5-month window, but I might be eating my words in 5 months when we have a set investment evaluation.

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October 29, 2013, 02:54:15 AM
 #29

I don't mine much any more.  The electricity is too expensive.

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October 29, 2013, 03:10:04 AM
 #30

Mining is extinct to some degree; however, we need miners to confirm blocks and pass it on to nodes.
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October 29, 2013, 03:51:52 AM
 #31

I don't mine much any more.  The electricity is too expensive.

It depends on your location, some people get as cheap as 0.02 cents a KWHs which makes me jealous..

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October 29, 2013, 03:54:54 AM
 #32

Mining will never be extinct as long as irrational participants are willing to mine with no hope for a positive return.  Just look at the airline industry if you want an example of a market where players continue to enter despite the fact that historically incumbents have only destroyed value.
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October 29, 2013, 07:29:57 AM
 #33

I've done the math repeatedly... It's not about up front costs, it's about price per Gh/S and how profitable said Gh/S are.
Mobile got it right with the idea of renting Gh/S or trading for them over at cex.io.
At time of writing, CEX.io (the service mentioned above) is 0.1045 BTC/Gh/S. ... This option would not break even in under 30 days (I like tight schedules!), except you have the option to trade Gh/S back for BTC, so your initial investment is "refundable," depending on Gh/S to BTC market rates. You can also continually buy in to further Gh/S with your earnings, compounding your income.
That said, when we're looking at bigger hardware, anything that costs less than ~$6.50/$7.00 USD will break even in 30 days or less at current BTC/USD market rates. However, looking at being "paid back" in USD or other fiat shouldn't be important - the BTC should be.

So, if you do the math correctly, you will see that 1 GH/s will never earn 0.1 BTC, so paying 0.1 BTC for 1 GH/s is a money loser. On the other hand, like you said, 0.03 - 0.04 BTC ($6.50/$7.00) per GH/s will probably earn a decent profit, and I agree that calculating the return in BTC is necessary, and the return in dollars is irrelevant.

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Anthony1982
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October 29, 2013, 08:21:15 AM
 #34

Since the start of the year, the Japanese yen has risen by about 12 percent against the dollar. The euro has fallen by about 1 percent. Then there’s bitcoin, a virtual currency that doesn’t even exist in the physical world. In the past few months, the value of bitcoin has risen by more than 1,000 percent many months ago to more than $200 today. On today’s show, we ask: Is a skyrocketing value a good thing or a bad thing for bitcoin?

It has to be a good thing.  This indicates that people want it.  the difficulty lies in spreading the coin around so that it becomes accessible to the normal man in the street.  Then the currency will be worth so much more, but when only a few have so many bitcoins then this will stall the price rise.
.....This indicates that people want it.....
Most people are speculators, when btc rising fast they will buy it and this is the way to fall down in any time.
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October 29, 2013, 08:30:49 AM
 #35

I myself have ordered a large machine with a friend (less than 1Th/S but not small) and estimates show it should "pay itself back" within 30 days. The machine is $6.50 USD per Gh/S. Even if BTC falls to $100 and we assume a ridiculously high profitability decline of 0.1 or even 0.04 (unrealistic by the worst math), the machine pays itself back and turns a profit in a 90-day period.


Do you count conservative difficulty change +30% every 11 days ? This mean -30% mined coins every 11 days. And delivery time is important as well as you see from difficulty change

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nynexx
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November 01, 2013, 04:34:58 AM
 #36

I've done the math repeatedly... It's not about up front costs, it's about price per Gh/S and how profitable said Gh/S are.
Mobile got it right with the idea of renting Gh/S or trading for them over at cex.io.
At time of writing, CEX.io (the service mentioned above) is 0.1045 BTC/Gh/S. ... This option would not break even in under 30 days (I like tight schedules!), except you have the option to trade Gh/S back for BTC, so your initial investment is "refundable," depending on Gh/S to BTC market rates. You can also continually buy in to further Gh/S with your earnings, compounding your income.
That said, when we're looking at bigger hardware, anything that costs less than ~$6.50/$7.00 USD will break even in 30 days or less at current BTC/USD market rates. However, looking at being "paid back" in USD or other fiat shouldn't be important - the BTC should be.

So, if you do the math correctly, you will see that 1 GH/s will never earn 0.1 BTC, so paying 0.1 BTC for 1 GH/s is a money loser. On the other hand, like you said, 0.03 - 0.04 BTC ($6.50/$7.00) per GH/s will probably earn a decent profit, and I agree that calculating the return in BTC is necessary, and the return in dollars is irrelevant.
When I say "price" for Gh/S, I mean, market price. I can buy them and sell them, and make a profit on THAT as well. Unlike a mining machine, which I can't exactly call the company and return minus a 20% fee (though I COULD pawn it off on some sucker when it's not profitable, but I'm not that kind of person.)

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odolvlobo
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November 01, 2013, 05:20:47 AM
 #37

So, if you do the math correctly, you will see that 1 GH/s will never earn 0.1 BTC, so paying 0.1 BTC for 1 GH/s is a money loser. On the other hand, like you said, 0.03 - 0.04 BTC ($6.50/$7.00) per GH/s will probably earn a decent profit, and I agree that calculating the return in BTC is necessary, and the return in dollars is irrelevant.
When I say "price" for Gh/S, I mean, market price. I can buy them and sell them, and make a profit on THAT as well. Unlike a mining machine, which I can't exactly call the company and return minus a 20% fee (though I COULD pawn it off on some sucker when it's not profitable, but I'm not that kind of person.)
The market price follows the inverse of the difficulty, and the trend is down. Except for random fluctuations and ignorant buyers, you should never make a profit buying and selling (unless you can sell short). Assuming that you don't have the ability to predict random fluctuations, your average gain from buying and selling will be negative. On the other hand, you could just get lucky, but remember that for every lucky person, there is the unlucky person on the other side of the trade -- not everyone can be lucky.

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