Rethinking ASIC mining

[Harrogate]

Hello everyone, my name is Harrogate and I'm new here. I thought I'd introduce myself by sharing my thoughts on the current situation of the low level ASIC miner, such as myself.

I ordered 30 GH/s of mining power from Butterfly Labs (little single and jally) on June 3 of 2013; this hardware arrived four days ago. I've been mining at BTC0.02 a day. At this rate my gear would pay off in about two months. With difficulty viciously rising, I'm not sure when it will actually pay off.

My plan is to sell the miners, as people are still buying them (if you're interested pm me). Until then I'll keep using the slow trickle to fund my cpyptsy trades.

What are your thoughts on the validity of home mining in the "warehouse miner" age? If bitcoin mining becomes less viable, will the miners be useable for altcoins? Are there SHA-256 currencies that don't increase difficulty as power is added to the network? Can BFL ASICS solve anything but SHA-256?

Please introduce yourself and lend me your thoughts. I'm glad to be a part of this exciting community.

[1714952990]

1714952990

[Remember remember the 5th of November]

Hello everyone, my name is Harrogate and I'm new here. I thought I'd introduce myself by sharing my thoughts on the current situation of the low level ASIC miner, such as myself.

I ordered 30 GH/s of mining power from Butterfly Labs (little single and jally) on June 3 of 2013; this hardware arrived four days ago. I've been mining at BTC0.02 a day. At this rate my gear would pay off in about two months. With difficulty viciously rising, I'm not sure when it will actually pay off.

My plan is to sell the miners, as people are still buying them (if you're interested pm me). Until then I'll keep using the slow trickle to fund my cpyptsy trades.

What are your thoughts on the validity of home mining in the "warehouse miner" age? If bitcoin mining becomes less viable, will the miners be useable for altcoins? Are there SHA-256 currencies that don't increase difficulty as power is added to the network? Can BFL ASICS solve anything but SHA-256?

Please introduce yourself and lend me your thoughts. I'm glad to be a part of this exciting community.

All Bitcoin ASICs work only with double SHA-256, so long as any altcoins out there use the same proof-of-work algorithm, you can use it there, yes, otherwise no. And the difficulty is there for a reason.

[grosbill]

Hello

Considering how it works, to not increase the difficulty as power rise doesn't make seems.
This would means that the more power you put in the networks the more rapidly you mine the coins. This would lead to deflate the money as power is added.
This wouldn't change much on the whole scale except that every coins would be mined faster.

By the way ASICS are engineering for one thing only (hence the name : Application Specific Integrated Circuit), the application being sha256 in our case, you can't get this hardware to do anything else. This is why they are so great are doing it.

[Remember remember the 5th of November]

Hello

Considering how it works, to not increase the difficulty as power rise doesn't make seems.
This would means that the more power you put in the networks the more rapidly you mine the coins. This would lead to deflate the money as power is added.
This wouldn't change much on the whole scale except that every coins would be mined faster.

By the way ASICS are engineering for one thing only (hence the name : Application Specific Integrated Circuit), the application being sha256 in our case, you can't get this hardware to do anything else. This is why they are so great are doing it.

More orphans, 100% chance of double spends and whatnot, a higher chance of somebody rewriting the blockchain at will. The list goes on.

[Harrogate]

I know there's a coin where the only mining reward is the transaction fees, so there is no difficulty factor for discovering blocks. How does this work?

[Remember remember the 5th of November]

I know there's a coin where the only mining reward is the transaction fees, so there is no difficulty factor for discovering blocks. How does this work?

I have no clue which coin you might be talking about,  I haven't been interested in alt coins for a while now.