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Author Topic: Introduction and what I want to achieve  (Read 725 times)
halix2000
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April 05, 2012, 04:24:13 AM
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Hi, I'm Halix. I have been mining bitcoins on and off for almost a year now. I haven't done much advanced, mainly just been reading and mining using slush's pool. I have just come into some money, and decided I am going to buy a Butterfly Labs Rig Box. It costs $29,890, and according to my calculations, (I pay no electricity) It will pay for itself in 2 and a half years, mining nothing but bitcoins. I want to be able to mine other cryptocurrencies as well, but just don't know where to begin. I have heard of p2pool, and might be interested in going that route, but I want to be able to add whatever cryptocurrencies I wish to as they are released. Is there a guide to do this somewhere? I am ordering the rig next week, as soon as my check clears. If I can get this figured out maybe I should spend some of the remainder of my money on creating a pool so people who want to be able to mine the newest released currencies could join me. What do you all think?
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koin
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April 05, 2012, 04:59:30 AM
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decided I am going to buy a Butterfly Labs Rig Box. It costs $29,890, and according to my calculations, (I pay no electricity) It will pay for itself in 2 and a half years, mining nothing but

what will the exchange rate and difficulty be in two months?  twelve months?   30 months?

two and a half years is 30 months out.

what if the profitability stays exactly the same for those 30 months but then fpgas become obsolte for mining. if they have no resale value then, you basically mined thirty months and broke even, exactly.

What do you all think?

unless you have way more than the 30k, this is probably not the best use of those funds.
buy 2 bfl or 4 bfl, buy a few hundred btcs and then maybe hook up with someone looking for a little capital to build something.  then put the rest into anything else but bitcoin. diversify.
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April 05, 2012, 05:34:54 AM
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I'm thinking along Koin's route myself. The mining game is starting to be BIG business, and will get to be much lower margins than right now. It looks really attractive right now, but I'm cautious about investing in mid-sized gear. Small gear should be nice, and lots of little guys are very beneficial for bitcoin. I'd be hesitant about spending $30K right now on a rig box.

I wouldn't hesitate to buy 20 mini rigs if I had the cash.  

With a full diversified plan, you might be able to make a go of it, but there's a fair amount of risk involved. At the moment, I would be uncomfortable with more than 30% of my portfolio in on-site mining operations (and gear)

I see a thread on a potential large ASIC mine going in (min 1THash). The threat of arms race escalation in mining is significant. The effects on difficulty, and change in block reward are risky variables.

FPGAs are changing the game, but ASICs will do it completely - this will separate the men from the boys (and the women from the girls!) - The days of mining bitcoin in your house as a money making hobby are gone. $30K is a lot to find out you've spent on a really expensive, kinda boring, hobby. I'd buy a horse instead Wink

There are businesses to invest in, funds, leveraged trading...hell yeah, even naked Credit Default Swaps if you're into that sorta thing. And mining. Lots of mining issues available (stocks and bonds).

50GHash sounds super sweet, but there is a lot of hardware on order that won't be shipping for several weeks that will start to hit the network all at once, and likely punch the difficulty

Good luck!

EDIT: One point I disagree w/ Koin on: I'm all in - This is something I believe in, and I have no trouble risking everything on it. Shocked But I am diversified within bitcoin Grin

Mine at the Maza Club! with ShastaFarEye Prospectors! Mazacoin PPS & P2pool mining, and more services coming soon!
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Please contact me  on my  OTC registered GPG (A54E87F2) Key's email address or guruvan@shastafareye.net  and encrypt all correspondence.
halix2000
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April 05, 2012, 06:31:27 AM
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Okay, so ASIC is going to be better. Is it more efficient in terms of money spent per GHash? I ask because I have $176,000 US right now. I have another $50,000 or so coming in within the next month. With all the power that is about to hit, is the price of Bitcoins on the verge of another major drop? I still want to do this, but like I said I want to be able to add whatever new blockchain I want. perfect examples: Geistgeld and Liquidcoin both look extremely tempting right now. I wish I could mine those in addition to the ones currently listed in P2Pool.
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April 05, 2012, 06:38:42 PM
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Is it more efficient in terms of money spent per GHash?

nobody who has seen one or knows is saying yet.  the architecture says it is more efficient in terms of power consumption, but the price of the hardware per mhash/s isn't known yet.

I ask because I have $176,000 US right now. I have another $50,000 or so coming in within the next month.

oh, ignore what i said then.  hell, why buy just one?  Smiley
5850Guy
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April 05, 2012, 11:11:49 PM
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Is it more efficient in terms of money spent per GHash?

nobody who has seen one or knows is saying yet.  the architecture says it is more efficient in terms of power consumption, but the price of the hardware per mhash/s isn't known yet.

I ask because I have $176,000 US right now. I have another $50,000 or so coming in within the next month.

oh, ignore what i said then.  hell, why buy just one?  Smiley

Agreed.  Especially if you are a geek.  If you are a geek then you love the public/private key cryptography aspect of Bitcoin, the decentralization, the blockchain, etc, etc

If you are a geek then this is your hobby.  Do as you please.

I bought a used Radeon 5850 and the GPU fan died within 2 weeks :-(
Help me get back in the game (send some spare BTC!):  1MZtrwLp95HG9MXgrFroki6PZ61ttLtg2v
Thank you!
halix2000
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April 06, 2012, 03:55:28 AM
 #7

Still doesn't help out answering the questions put forth. is there currently a way to mine other bitchains at the same time, not supported by p2pool such as geistgeld and liquidcoin?
5850Guy
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April 06, 2012, 04:04:34 AM
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Still doesn't help out answering the questions put forth. is there currently a way to mine other bitchains at the same time, not supported by p2pool such as geistgeld and liquidcoin?

Hmm, there might be.  Right now you can mine BTC and NMC at the same time, it's called "merged mining".

It might be possible with those others you mentioned, it would be a feature of the pool.  The pool will give you the work.  One of the pools I used had a lot of different chains you could mine against, and it would even automatically give you different blockchain work depending on which had the best profitability for you based on your mhashes, current difficulty, etc.  I forget what that one was called.

[quick check]

Ah, it was called Coinotron.  What you want is merged mining.  You just need a pool that supports the blockchains you want.

I bought a used Radeon 5850 and the GPU fan died within 2 weeks :-(
Help me get back in the game (send some spare BTC!):  1MZtrwLp95HG9MXgrFroki6PZ61ttLtg2v
Thank you!
John (John K.)
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April 06, 2012, 04:08:49 AM
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See here: http://mmpool.bitparking.com/pool

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jasonseibe
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April 06, 2012, 04:25:35 AM
 #10

It is needed to register the alternate chain addresses for mining here. What if the same chain is used ?


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halix2000
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April 06, 2012, 04:45:08 AM
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@jasonseibe
Not sure if I read that right, but I think you meant the addresses to be paid to. Each chain has it's own adress scheme for their wallets. You need to have a wallet for each type that you mine in order to recieve the payment for the coins you help mine.
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