Is solo mining possible with the 500 GH/s Bitcoin Miner from butterflylabs??

[twistelaar]

Hey guys, Im not yet into mining, but I'm really interested and somebody would like to invest in hardware perhaps. What do you recommend? He got like 25k to invest in hardware… I was thinking to buy the 500 GH/s Bitcoin Miner for 22k for him and mine bitcoins solo, is that possible? or do you have any other suggestions? Thanks a lot!

[tron1082]

The network currently has 6.2 million GH/s. Join a pool.

[tagged]

It is possible to solo mine Bitcoins, but he would need to be extremely lucky!  At current difficulty it should average him 63 days to mine a block. That could mean he gets one tomorrow, or in 1.4 years!   Also, difficulty will move most likely up to at least 868,760,862 in six days, that will move the average time to find a block to 78 days. In two weeks it goes up again and again makes it more difficult for him to find a block.

I would set it up to mine in a pool if I was investing in hardware. $22k is quite a premium on the mining rig in question, and looks to take 75 days to pay for itself at current difficulty and Bitcoin/USD conversion.

If you took $22k and invested it in BTC 30 days ago you would have $62,000 worth of bitcoin (while we are in a dig too!).

Mining is fun, money is not currently best invested there (but I have a machine on Pre order, a KnC Jupiter, and 2 BFL 60ghs...., wish i had that money into coin instead some times)  

[twistelaar]

The network currently has 6.2 million GH/s. Join a pool.

But how many coins will I receive If I put in the 500gh butterfly lab miner you think? I need to know numbers, he is an investor… thanks

Can somebody make a calculating and is the 500gh butterfly lab miner the best option? thanks a lot!

[Leehoya]

The network currently has 6.2 million GH/s. Join a pool.

But how many coins will I receive If I put in the 500gh butterfly lab miner you think? I need to know numbers, he is an investor… thanks

Can somebody make a calculating and is the 500gh butterfly lab miner the best option? thanks a lot!

This one would be a good calculator: http://mining.thegenesisblock.com/
And i placed in some calculation. It is expected never to ROI. (At the worst scenario)

[Stinky_Pete]

Using a pool instead of mining solo gives a much smoother return. That means you start getting coins now, instead of waiting for weeks or months wondering if the machine is running properly. If you mine solo by the time you find a block it may be worth even fewer coins. Having coins now will open other investment opportunities. Thinking you are saving by not paying pool fees is a false economy.

You will have a long wait for any hardware from Butterfly Labs. Long wait -> increased difficulty -> reduced return. Buy some coins now. Buy some cheap mining equipment now. Get to know what happens with small transactions before spending large amounts of money.

Don't give advice to someone else with a lot of money unless you know a great deal about the investments concerned.

[twistelaar]

Thanks for the replys! So If I just want to mine by myself and I have a budget for 3.5k which coin should I mine?

[sameev29]

Be careeul,now a days negative reviews from BFL is very common.

[vpasic]

Don't even think about BFL!
Best solution for you is Black arrow 2th $6000 late februar delivery.
Today with difficulty so high you can't do anything with $3.5k.

[driver]

22K for 500GH/s ? Wow . I just bought hashfast 400 which he just told me came out to be 500 just by luck for 2268.39 including shipping . end of Feb.

but then my bad luck also kicked in and I bought bitcoins at 735 and they just dropped to 672 . Earlier when I was at work and could not buy they were around 650 .

[driver]

The network currently has 6.2 million GH/s. Join a pool.

But how many coins will I receive If I put in the 500gh butterfly lab miner you think? I need to know numbers, he is an investor… thanks

Can somebody make a calculating and is the 500gh butterfly lab miner the best option? thanks a lot!

This one would be a good calculator: http://mining.thegenesisblock.com/
And i placed in some calculation. It is expected never to ROI. (At the worst scenario)

nice calculator . too bad it will not work on my system for some reason . Will not even load most of the page in IE .
well it does work as long as do not change any values like the cost that it has thousands of dollars too high . How ever that is not too much of a problem .  I am guessing that this calculator is based on solo mining ? It shows 400GH/s hashfast not making but 7 bucks a month by Nov .
 All other calculators show it making thousands even at 3 billion difficulty . Someone is wrong

something else I noticed that does not look right . Monthly revenue in 14,600 Monthly profit  14500 . How can you profit that much when you have not broke even yet ? It would be 14600 minus equipment costs

[SoNic67]

This one would be a good calculator: http://mining.thegenesisblock.com/
And i placed in some calculation. It is expected never to ROI. (At the worst scenario)

This is sooo sad...

I did input the data for a RedFury (2.5GH/s at $200). Current exchange rate $737 per bitcoin.
In first month it makes $30, second $15, third $7, so on, for a total production of $58. Net loss $142.
No wonder everyone tries to unload their ASIC miners on ebay! At current hardware prices, in a few of months will be no more money to be made with those.

In order to make some return ($36 for life of device), a 10GH/s miner would have to cost $200.
A 500GH/s would have to cost only $11k in order to generate $905 for life of device. That means that if you pay $12K for it, you are losing money.

[driver]

It says my 400GH/s will make some money but only a few thousand profit over the next 6 months or so and then a loss .
 I think this calculator my be another ploy in the " Do not mine bitcoins " posts that are all over the place . all other calculators I used said 5 or 6 grand a month for the 400 even at 3 billion difficulty it was almost 3 grand .

One thing to think about is the price of coin . bitcoin is being pushed and promoted just like scam penny stocks . Shooting the price sky high in just a few months . same scam they use to rake in huge money on penny stocks and then after everyone buys and drives the price up the scammers sell all theirs and the fake stock falls like a rock and the money is lost . I fear this is exactly what is going on with bitcoin.

I am just hoping the 400 ( turned out to be 500 ) baby jet makes me some profit before it is too late and that I can then mine other coin with it .

also note the price of bitcoin this week . Still under 700 . I screwed up and bought two coins at 725 . I bet they never go up high again . I plan on selling mine as soon as they get close to 725 again unless by chance they go up higher .

[LightningBlade]

Hey guys, Im not yet into mining, but I'm really interested and somebody would like to invest in hardware perhaps. What do you recommend? He got like 25k to invest in hardware… I was thinking to buy the 500 GH/s Bitcoin Miner for 22k for him and mine bitcoins solo, is that possible? or do you have any other suggestions? Thanks a lot!

It is possible, but you really need a lot of luck for a block..

[rammy2k2]

The network currently has 6.2 million GH/s. Join a pool.

what he said

[vpasic]

The network currently has 6.2 million GH/s. Join a pool.

But how many coins will I receive If I put in the 500gh butterfly lab miner you think? I need to know numbers, he is an investor… thanks

Can somebody make a calculating and is the 500gh butterfly lab miner the best option? thanks a lot!

This one would be a good calculator: http://mining.thegenesisblock.com/
And i placed in some calculation. It is expected never to ROI. (At the worst scenario)

nice calculator . too bad it will not work on my system for some reason . Will not even load most of the page in IE .
well it does work as long as do not change any values like the cost that it has thousands of dollars too high . How ever that is not too much of a problem .  I am guessing that this calculator is based on solo mining ? It shows 400GH/s hashfast not making but 7 bucks a month by Nov .
 All other calculators show it making thousands even at 3 billion difficulty . Someone is wrong

something else I noticed that does not look right . Monthly revenue in 14,600 Monthly profit  14500 . How can you profit that much when you have not broke even yet ? It would be 14600 minus equipment costs

you know you are really suck at reading numbers!
let me try to explain you something!
I have BFL 3x60Gh miners and if I had them, let's say July or August I would make a small fortune with them till now! from tomorrow diff will be around 1.2 billions and I will make with them around 1btc in 15 days! difficulty will kill you! lifetime of miners is shorter and shorter with each batch and with each day! by the time your hashfast miner arrive it will not be so powerful and would not make you some serious money unless bitcoin value jumps over 2000-3000 dollars! believe or not it will barely make you ROI.
and yes!!!!!! by November, even sooner diff will be so high that your "super fast" hashfast baby jet miner will earn you $7 a month! but don't worry, you will power it off long before that because it will start consuming more power that it will earn in bitcoins sooner that you think!
welcome to the world of bitcoin and difficulty!

[vpasic]

swcglitch, do you know anything about economy???

do you know why btc have been skyrocketing to $1200 in a last month or so??

do you know why it plunged down couple of days ago???

"The value of bitcoin eventually reaching several thousands of dollars is a reasonable enough possibility"
yea, in about couple of years from now!

[driver]

I will stick to my assumption that bitcoin is being artificially inflated by big money guys . The price hit high enough for them to start selling off and the the price plummeted  as a result . I did not look up this info just seems logical . the price jumped up way to fast and high to be a natural occurrence of the market I think . I see no way this will ever jump back up .  I think all of you holding these for the future are going to be in a sad state when they drop like a rock back to 30 bucks .
 If I had these I would sell them off at the best profit I could and then play day trader for a while and make money 5 or 10 bucks at a time 30 times a day or how ever many times the price swings . Then all you have to loose is some money off the coin or two you might end up with selling for less when the price plummets to nothing .

Just my opinion . this seems an awful lot like a stock scam .

I am actually planning on using the baby jet to mine some bitcoin to start off with and some namecoin . I heard namecoin could only be mined with bitcoin as a by product ? ?  then mine ppc . I think I can make about 80 a day on ppc minus power cost .

[freddyfarnsworth]

400+ TH is why I use Bitminter pool, to get a percentage of the work, derived from what we put in.
So since I would Never be able to afford 2th I can use pool to collect some amount always, slowly.

Using tossed out hardware as I grow.

Only way I can make sense of it, way to late to be bleeding edge on this.