[ANN][AUTO-SWITCH] Profit-switch auto-exchange pool: CleverMining.com

[comeonalready]

...In addition, that hardware is going to be worth only a small fraction of what he paid for it initially by the time it becomes obsolete.

All of our hardware, GPUs included, will be worth only a small fraction of what we initially paid for it by the time it becomes obsolete.

How much do you really believe your video cards will fetch on ebay when they are lost within thousands and thousands of other video cards just like hem for sale by former miners just like you?  Have the recent events in the scrypt mining world taught us nothing about the economic laws of supply and demand and how markets function?

A month ago I sold a 6870 I bought over 2 years ago for 25% more than I paid for it in early 2012. In the future, there will always be people looking for video cards at lower prices for gaming. There will never be people wanting to scrypt mine with obsolete equipment that doesn't provide any ROI. So to answer your question, getting 50% of what I paid back is much better than 0 to 10%. Not to mention, I use my 280X for gaming as well, and only have one other card I got practically free. While your argument holds truth to a certain extent, that extent is substantially lower than you are probably aware.

With regards to the residual value of your hardware, your optimism will only be tempered by time.

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[PCMiner]

...In addition, that hardware is going to be worth only a small fraction of what he paid for it initially by the time it becomes obsolete.

All of our hardware, GPUs included, will be worth only a small fraction of what we initially paid for it by the time it becomes obsolete.

How much do you really believe your video cards will fetch on ebay when they are lost within thousands upon thousands of other video cards just like them for sale by former miners just like you?  Have the recent events in the scrypt mining world taught us nothing about the economic laws of supply and demand and how markets function?

It must be said though, this isn't completely true.     Look back almost exactly 1 year.   ASICs were just hitting the BTC world, and everyone claimed the same scenario.   Lots of people closed out their GPU rigs and sold them, but the market didn't "flood".

Also you need to factor in resale because it's legit in recouping costs.   I bought 25 of the little 1st gen 333Mh USB miners in late Aug for about $13-$15 each.  They happily mined away making me (some) BTC through the spike in Dec, when I sold them for $45-$55 each.  
Made a profit and they made me money from mining.   Even if I had waited, and held them until now I could fetch around $13 each still.


I've got cards that have been mining hard for over a year, they are starting to show their age.  I sell them on eBay, saying I mined on them, and people are still willing to pay 75-90% of what I paid.  Each 7950 I sell fetches around $350 on eBay and has easily made me $1,000 in mining profit over the last 18 months.

[no1ninja]

It's not the power that is the problem with the gridseed, they got that sorted out, its the price.


Instead of the power company juicing you, you get to pay up front to gridseed (AMD:180/450=40 cents a Kh, vs gridseed .$1 or 60cents, if buy in bulk like the user above).


The thing about paying for power, is that you get to keep your power in bitcoins.  Hence, if my power usage of running my cards is 25%, that does not disappear, its stored in my bitcoins.  Rather then me buying bitcoins at the exchange, I buy power from the power company and make my own currency.   So in the future, I can salvage my power bill because ALL power used is sitting in my bitcoin.

 

The above example, starts to diminish with gridseed, but because of the steep up front costs, thats not going to happen for a long long time.


Also, those of us who have invested in renewable energy, are not selling it back to the grid at the bulk rate, we sell it at the going rate and get it in bitcoin. (think about that)


Believe it or not the technology to lower your power costs was out before bitcoin/gridseed, both of these strategies have to be employed by those mining for truly effective returns.  Get solar panels, get wind turbines, let your mining pay those technologies off.

[comeonalready]

...In addition, that hardware is going to be worth only a small fraction of what he paid for it initially by the time it becomes obsolete.

All of our hardware, GPUs included, will be worth only a small fraction of what we initially paid for it by the time it becomes obsolete.

How much do you really believe your video cards will fetch on ebay when they are lost within thousands upon thousands of other video cards just like them for sale by former miners just like you?  Have the recent events in the scrypt mining world taught us nothing about the economic laws of supply and demand and how markets function?

It must be said though, this isn't completely true.     Look back almost exactly 1 year.   ASICs were just hitting the BTC world, and everyone claimed the same scenario.   Lots of people closed out their GPU rigs and sold them, but the market didn't "flood".

Also you need to factor in resale because it's legit in recouping costs.   I bought 25 of the little 1st gen 333Mh USB miners in late Aug for about $13-$15 each.  They happily mined away making me (some) BTC through the spike in Dec, when I sold them for $45-$55 each.  
Made a profit and they made me money from mining.   Even if I had waited, and held them until now I could fetch around $13 each still.


I've got cards that have been mining hard for over a year, they are starting to show their age.  I sell them on eBay, saying I mined on them, and people are still willing to pay 75-90% of what I paid.  Each 7950 I sell fetches around $350 on eBay and has easily made me $1,000 in mining profit over the last 18 months.

You might be right, you might be wrong.  Who am I to say?  I am not a time traveler from the future.  Many of us like to gamble.
I sold half of my video cards at the peak of the market just about two months ago, intending to buy them back when prices dropped.
And even though that strategy worked well for me, it was still a gamble.  I have not yet bought them back and now I am not sure I will.
But the other half are still mining away, and after selling the others at near 100% profit, this half has cost me damn near nothing to own.
If only electricity were free too.

Though you do need to check ebay for the current selling price of 7950's.

[no1ninja]

You might be right, you might be wrong.  Who am I to say?  I am not a time traveler from the future.  Many of us like to gamble.
I sold half of my video cards at the peak of the market just about two months ago, intending to buy them back when prices dropped.
And even though that strategy worked well for me, it was still a gamble.  I have not yet bought them back and now I am not sure I will.
But the other half are still mining away, and after selling the others at near 100% profit, this half has cost me damn near nothing to own.
If only electricity were free too.

Your electricity is in your bitcoin.  It doesn't evaporate.  


Gridseed does not solve the issue, by charging you $200 bucks or more above and beyond for the same KH/s.   That $200 premium can not be cashed out with bitcoin.   You need to wait, and let the system pay itself off, that will take a while.  (i know in the long run its smarter/ but there is a curve where the two lines intersect, and at this price point, that intersection is far far away)



Also like I said in the previous message, there are technologies that will help you get that power cheaper then what your power company is charging you.   You did not have to wait for gridseed to employ those, if you are mining smartly, you are thinking of reducing your costs on both ends, and power generation is one of them.   If I can pay off a turbine or some panels with this tech, than I am gaining an asset from mining indirectly.   Also, I use the heat of my miners in the winter to heat my greenhouse.  So I make money that way as well.

[no1ninja]

I am contributing to a public discussion.  I did not even notice your user name, I am simply replying to an above post, which I see is addressed to the entire forum and not a PM.
 
My apologies if it caused you grief.

[riazg]

Anyone hijacked WITHOUT using CGwatcher or CGremote?

Me! I am using BAMT and nothing more... got Hijacked to this bad IP pool.. I don't have an account on Waffle and haven't used my MultiPool.in account in ages.

[ibfragalot]

Can anyone confirm that if profitability goes <100%LTC, then even though it says eg. 87%, then we ARE in fact just mining LTC at 100%?

[jpchrist]

Can anyone confirm that if profitability goes <100%LTC, then even though it says eg. 87%, then we ARE in fact just mining LTC at 100%?

Wow, the idiocy is amazing! Everyone! If you want to know which coin we are mining, just look at the "difficulty" in cgminer. Its no big secret.

[closesat315am]

Edit: bah nevermind, some people have started to actually figure out the hack stuff, just missed it in all the FUD, these hacked pools claims have run rampant, so many people speak who have no idea how the internet works.

[grendel25]

So how much of Wafflepool's previous hashing power will CM retain after the DDOS at WP?

[VirosaGITS]

Can anyone confirm that if profitability goes <100%LTC, then even though it says eg. 87%, then we ARE in fact just mining LTC at 100%?

This question get asked about one per page on average. When we mine, its completely random whether we find coins in the work we do or not. the "100%" is the expected average. Not the value of the coin we're mining.

[SanderHelgesen]

We need to start trading altcoins!! Use Your bitcoin you earn here to buy some altcoins!!!!get Your friends innto bitcoin!!!

[jedimstr]

Oh, how I miss the old newbie posting policy 

[robertsu]

servers down?

[ibfragalot]

Perhaps you guys should add a FAQ to the front page with all the basic questions that get asked a lot. I've read a lot of this thread but not 159 pages.

Wow, the idiocy is amazing!

Oh, how I miss the old newbie posting policy 

wankers? wankers.

[jedimstr]

Perhaps you guys should add a FAQ to the front page with all the basic questions that get asked a lot. I've read a lot of this thread but not 159 pages.

Wow, the idiocy is amazing!

Oh, how I miss the old newbie posting policy 

wankers? wankers.

Don't mind so much the questions... That's what we're here for afterall.

Except in cases where the answers are either the post before or at least on the same page, then it's a bit of RTFPage.

My post was targeted more for the spam posts and non-sensical posts like MR BigFont above.

[ibfragalot]

Ah ok. Well then I take that back. I saw somebody ask the question before but not an answer. I'll do some more reading. Thanks.

[zlobaio]

Okay, one heretic question. Is it possible clever mine to start mining/trading scrypt-n/scrypt-jane and thus do a better profitability. May be it is too early for such step, there are not a lot of those coins.

[Blazed]

Really payouts with no fees sent???