Bitcoin Forum
June 17, 2024, 10:02:51 AM *
News: Voting for pizza day contest
 
   Home   Help Search Login Register More  
Pages: [1] 2 3 4 5 6 7 8 9 »  All
  Print  
Author Topic: Three Men Mine $200,000 In Bitcoin Every Month  (Read 11920 times)
BADecker (OP)
Legendary
*
Offline Offline

Activity: 3822
Merit: 1373


View Profile
August 15, 2014, 06:48:09 PM
 #1

http://www.businessinsider.com/warehouse-men-200000-bitcoin-monthly-2014-8

From the article: "They have 'a couple of bitcoin' each for their efforts (Smith says they’re “heroes that keep our precious bitcoin network safe”). They spend most of their time checking, wiring, installing and rearranging – or playing video games."

Smiley

Cure your cancer at home. Ivermectin, fenbendazole, methylene blue, and hydroxychloroquine (HCQ) are chief among parasite drugs. Find out that all disease is based in parasites or pollution, and what you can easily do about it - https://www.huldaclark.com/, https://thedrardisshow.com/, https://thehighwire.com/.
Spearmint
Member
**
Offline Offline

Activity: 112
Merit: 10


View Profile
August 15, 2014, 07:05:04 PM
 #2

fuck me! now thats how its done  Cheesy Cheesy

ShameOnYou
Full Member
***
Offline Offline

Activity: 238
Merit: 100



View Profile
August 15, 2014, 07:13:47 PM
 #3

That's the dream  Cheesy Puts my GPU rigs to shame.  Lips sealed
BADecker (OP)
Legendary
*
Offline Offline

Activity: 3822
Merit: 1373


View Profile
August 15, 2014, 07:14:09 PM
 #4

fuck me! now thats how its done  Cheesy Cheesy

Not only that, but, from the article: "There’s many more – and more sophisticated – giant operations around the world, including this one in Washington, USA, which generates about $US8 million a month."

Smiley

Cure your cancer at home. Ivermectin, fenbendazole, methylene blue, and hydroxychloroquine (HCQ) are chief among parasite drugs. Find out that all disease is based in parasites or pollution, and what you can easily do about it - https://www.huldaclark.com/, https://thedrardisshow.com/, https://thehighwire.com/.
BADecker (OP)
Legendary
*
Offline Offline

Activity: 3822
Merit: 1373


View Profile
August 15, 2014, 07:15:26 PM
 #5

That's the dream  Cheesy Puts my GPU rigs to shame.  Lips sealed

You still have a chance. From the article: "Currently, you can buy a rig that returns a single bitcoin every nine days for around $2500."

Smiley

Cure your cancer at home. Ivermectin, fenbendazole, methylene blue, and hydroxychloroquine (HCQ) are chief among parasite drugs. Find out that all disease is based in parasites or pollution, and what you can easily do about it - https://www.huldaclark.com/, https://thedrardisshow.com/, https://thehighwire.com/.
ShameOnYou
Full Member
***
Offline Offline

Activity: 238
Merit: 100



View Profile
August 15, 2014, 07:16:44 PM
 #6

yeah, but I'm not so into the ASIC game. I feel like the only people who can truly profit are the ones who have endless amounts of money to continuously dump into the newest and most efficient ASIC miners. I'll be sticking with my GPUs mining alts for the time being. The downside is having to do the research to find the right coins to mine.
CripLib
Full Member
***
Offline Offline

Activity: 175
Merit: 100

Crypto Liberty


View Profile
August 15, 2014, 07:17:28 PM
 #7

WOW, this is amazing! The huge electricity bill, the terrible noise and this:


Now I can understand why mining is not for everyone.

INSTANT GAMBLING  .!..PRIMEDICE.... 0.91% HOUSE EDGE
▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▀▀▀▀▀▀▀▀▀▀▀▀▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄               HIGH BTC FAUCET EACH MINUTE!                    SELL YOUR SIGNATURE SPACE FOR BITCOINS!
THE WORLD'S MOST POPULAR BITCOIN GAMBLING WEBSITE
BADecker (OP)
Legendary
*
Offline Offline

Activity: 3822
Merit: 1373


View Profile
August 15, 2014, 07:19:41 PM
 #8

yeah, but I'm not so into the ASIC game. I feel like the only people who can truly profit are the ones who have endless amounts of money to continuously dump into the newest and most efficient ASIC miners. I'll be sticking with my GPUs mining alts for the time being. The downside is having to do the research to find the right coins to mine.

I agree. I passed it by as well

Smiley

Cure your cancer at home. Ivermectin, fenbendazole, methylene blue, and hydroxychloroquine (HCQ) are chief among parasite drugs. Find out that all disease is based in parasites or pollution, and what you can easily do about it - https://www.huldaclark.com/, https://thedrardisshow.com/, https://thehighwire.com/.
BADecker (OP)
Legendary
*
Offline Offline

Activity: 3822
Merit: 1373


View Profile
August 15, 2014, 07:20:54 PM
 #9

WOW, this is amazing! The huge electricity bill, the terrible noise and this:


Now I can understand why mining is not for everyone.

Some of the scrap in that pile is way ahead of the best computer I ever had!

Smiley

Cure your cancer at home. Ivermectin, fenbendazole, methylene blue, and hydroxychloroquine (HCQ) are chief among parasite drugs. Find out that all disease is based in parasites or pollution, and what you can easily do about it - https://www.huldaclark.com/, https://thedrardisshow.com/, https://thehighwire.com/.
Koko
Sr. Member
****
Offline Offline

Activity: 294
Merit: 250


View Profile
August 15, 2014, 07:24:59 PM
 #10

I'm not sure if that thin black stripe will help protect their identities.
franky1
Legendary
*
Offline Offline

Activity: 4256
Merit: 4528



View Profile
August 15, 2014, 07:25:10 PM
Last edit: August 17, 2014, 02:45:34 AM by franky1
 #11

fuck me! now thats how its done  Cheesy Cheesy

EDIT: original maths was based on $40k electric. now edited to use coindesks quoted $60k electric

$200k in BTC is only 400btc
which equates to 13btc a day
which equates to 0.55btc an hour
which equates to 0.09259259 a block

which is 0.4% of network hash or 640 terrahash units or 2500 avalon3 units

just a shame the equipment is obsolete quite quickly and having to endlessly keep buying more
the 0.59btc per avalon unit x2500 units=1500coin cost.

so lets work out if they will break even:
with hashrate at 100peta in june, then last month averaging 125peta this month 150peta
=roughly 25% increase per month(ill use this as bases of simple math calculations per month).

so this months 400 coin will be made, 300 next month. 225 in october.
168btc in november
126btc december (cut off point as 126btc is where the 120btc of electric ("in excess of $60k" at $500per btc=120btc+ in electric))
=about 1219 coin by christmas
minus off the 120btc electric costs per month (600coin electric cost from now till christmas)
=619btc by coin hoard by christmas if selling coin for electric. or 1219 if hoarding all coin.

either way the avalon3 miners are not profitable, which they will realise by the time it gets to christmas

I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
BADecker (OP)
Legendary
*
Offline Offline

Activity: 3822
Merit: 1373


View Profile
August 15, 2014, 07:27:29 PM
 #12

fuck me! now thats how its done  Cheesy Cheesy

$200k in BTC is only 400btc
which equates to 13btc a day
which equates to 0.55btc an hour
which equates to 0.09259259 a block

which is 0.4% of network hash or 640 terrahash units or 2500 avalon3 units


Good math. Seems to me that they said something like 2500 units running at all times, didn't they?

Smiley

Cure your cancer at home. Ivermectin, fenbendazole, methylene blue, and hydroxychloroquine (HCQ) are chief among parasite drugs. Find out that all disease is based in parasites or pollution, and what you can easily do about it - https://www.huldaclark.com/, https://thedrardisshow.com/, https://thehighwire.com/.
iCredit
Newbie
*
Offline Offline

Activity: 41
Merit: 0


View Profile
August 15, 2014, 07:56:09 PM
 #13

Good example of "Work Hard, Work Smart" Smiley
truthstalker
Full Member
***
Offline Offline

Activity: 136
Merit: 100


View Profile
August 15, 2014, 07:57:56 PM
 #14

fuck me! now thats how its done  Cheesy Cheesy

$200k in BTC is only 400btc
which equates to 13btc a day
which equates to 0.55btc an hour
which equates to 0.09259259 a block

which is 0.4% of network hash or 640 terrahash units or 2500 avalon3 units

just a shame the equipment is obsolete quite quickly and having to endlessly keep buying more
the 0.59btc per avalon unit x2500 units=1500coin cost.

so lets work out if they will break even:
with hashrate at 100peta in june, then last month averaging 125peta this month 150peta
=roughly 25% increase per month(ill use this as bases of simple math calculations per month).

so this months 400 coin will be made, 300 next month. 225 in october.
168btc in november
126btc december
95btc in january
72btc in february (cut off point as 72btc is less then 80btc of electric ($40k at $500/btc=80btc electric))
=about 1393 coin by february
minus off the 80btc electric costs per month (560coin electric cost from now till february)
=833btc by coin hoard by february if selling coin for electric. or 1393 if hoarding all coin.

either way the avalon3 miners are not profitable, which they will realise by the time it gets to february

Wow you worked that out quick, well done mate!
Beliathon
Hero Member
*****
Offline Offline

Activity: 784
Merit: 1000


https://youtu.be/PZm8TTLR2NU


View Profile WWW
August 15, 2014, 07:58:28 PM
 #15

"They have 'a couple of bitcoin' each for their efforts
so basically these guys are wage slaves and there's one capitalist who owns everything, DOES NO ACTUAL WORK, and gets 99.5% of the profit?

Sounds about right.

That's the dream  Cheesy Puts my GPU rigs to shame.  Lips sealed

You still have a chance. From the article: "Currently, you can buy a rig that returns a single bitcoin every nine days for around $2500."
-At present mining difficulty (which will increase, cutting into your profits!)
-DOES NOT ACCOUNT FOR COST OF ELECTRICITY TO RUN IT

Remember Aaron Swartz, a 26 year old computer scientist who died defending the free flow of information.
Bigbear8
Member
**
Offline Offline

Activity: 77
Merit: 10


View Profile
August 15, 2014, 07:59:19 PM
 #16

They mine $200k of bitcoins every month but what is the pure profit from this? Electricity costs and they invested in rigs a lot too?
jjc326
Hero Member
*****
Offline Offline

Activity: 700
Merit: 500


View Profile
August 15, 2014, 07:59:37 PM
 #17

I think to really profit you have to be one of the first to get any sort of new technology that comes out.  As you saw with BFL they screwed their customers and their customers didn't make squat even though they thought they would because they were getting an ASIC.  Now in a sense unfortunately it's become like an IPO, you have to know someone to get new tech and make good BTC.
Satan666
Full Member
***
Offline Offline

Activity: 123
Merit: 100

The love of fiat is the root of all good


View Profile
August 15, 2014, 08:00:10 PM
 #18

I'm not sure if that thin black stripe will help protect their identities.

It didn't.  They've already been identified and blacklisted.
Satan666
Full Member
***
Offline Offline

Activity: 123
Merit: 100

The love of fiat is the root of all good


View Profile
August 15, 2014, 08:04:03 PM
 #19

so basically these guys are wage slaves and there's one capitalist who owns everything, DOES NO ACTUAL WORK, and gets 99.5% of the profit?
What profit?
Koko
Sr. Member
****
Offline Offline

Activity: 294
Merit: 250


View Profile
August 15, 2014, 08:40:55 PM
 #20

I'm not sure if that thin black stripe will help protect their identities.

It didn't.  They've already been identified and blacklisted.

If they wanted to conceal their identity, they could have at least blurred their faces or better yet, not include that picture at all. Weird.
Pages: [1] 2 3 4 5 6 7 8 9 »  All
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!