BADecker (OP)
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August 15, 2014, 06:48:09 PM |
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http://www.businessinsider.com/warehouse-men-200000-bitcoin-monthly-2014-8From 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."
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Spearmint
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August 15, 2014, 07:05:04 PM |
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fuck me! now thats how its done
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ShameOnYou
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August 15, 2014, 07:13:47 PM |
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That's the dream Puts my GPU rigs to shame.
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BADecker (OP)
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August 15, 2014, 07:14:09 PM |
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fuck me! now thats how its done 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."
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BADecker (OP)
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August 15, 2014, 07:15:26 PM |
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That's the dream Puts my GPU rigs to shame. 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."
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ShameOnYou
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August 15, 2014, 07:16:44 PM |
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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.
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CripLib
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Crypto Liberty
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August 15, 2014, 07:17:28 PM |
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WOW, this is amazing! The huge electricity bill, the terrible noise and this: Now I can understand why mining is not for everyone.
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BADecker (OP)
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August 15, 2014, 07:19:41 PM |
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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
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BADecker (OP)
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August 15, 2014, 07:20:54 PM |
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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!
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Koko
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August 15, 2014, 07:24:59 PM |
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I'm not sure if that thin black stripe will help protect their identities.
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franky1
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August 15, 2014, 07:25:10 PM Last edit: August 17, 2014, 02:45:34 AM by franky1 |
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fuck me! now thats how its done 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
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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
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BADecker (OP)
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August 15, 2014, 07:27:29 PM |
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fuck me! now thats how its done $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?
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iCredit
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August 15, 2014, 07:56:09 PM |
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Good example of "Work Hard, Work Smart"
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truthstalker
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August 15, 2014, 07:57:56 PM |
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fuck me! now thats how its done $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!
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Beliathon
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August 15, 2014, 07:58:28 PM |
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"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 Puts my GPU rigs to shame. 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
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Bigbear8
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August 15, 2014, 07:59:19 PM |
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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?
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jjc326
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August 15, 2014, 07:59:37 PM |
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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.
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Satan666
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The love of fiat is the root of all good
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August 15, 2014, 08:00:10 PM |
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I'm not sure if that thin black stripe will help protect their identities.
It didn't. They've already been identified and blacklisted.
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Satan666
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The love of fiat is the root of all good
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August 15, 2014, 08:04:03 PM |
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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?
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Koko
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August 15, 2014, 08:40:55 PM |
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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.
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