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Author Topic: High Efficiency FPGA & ASIC Bitcoin Mining Devices https://BTCFPGA.com  (Read 200572 times)
lukasbradley
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October 12, 2012, 12:58:41 PM
 #1081

After reward halving, there is only 3600 BTC per day
What limits the number of coins mined per day?
The protocol defines the difficulty to be exactly what it needs to be so one block is mined every 10 minutes.
But that's on average... It could be more, it could be less. 

I get the point, its decent math for averages.  But my point is there is no hard limit per day.
It's a pointless point to make.  A few blocks more or less in one day doesn't matter.  The protocol still adjusts difficulty automatically to make sure one block is generated every 10 minutes by average.  Can you explain why you make that point?

Well, I'm trying to understand, because maybe I don't understand the protocol.

Let me ask it a different way:

There are 1440 minutes in a day.  Are exactly 144 coins mined everyday?  If not, what is the swing?  Is it from 150ish to 138ish?  More?  Less?
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Keefe
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October 12, 2012, 01:00:31 PM
 #1082

Flip a coin 288 times. Will you get exactly 144 heads? Between 138 and 150 heads?

Difficulty adjusts every 2016 blocks. An increase in hashing can result in more blocks per day for a short period.

lukasbradley
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October 12, 2012, 01:08:46 PM
 #1083

Difficulty adjusts every 2016 blocks. An increase in hashing can result in more blocks per day for a short period.

PERFECT.  Exactly what I was looking for, thanks.  Strangely, I couldn't find that on the WIKI.

flynn
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October 12, 2012, 02:04:34 PM
 #1084

After reward halving, there is only 3600 BTC per day

What limits the number of coins mined per day?

The protocol defines the difficulty to be exactly what it needs to be so one block is mined every 10 minutes.

But that's on average... It could be more, it could be less. 

I get the point, its decent math for averages.  But my point is there is no hard limit per day.

It's a statistical limit driven by the difficulty and the network power (TH/s), it's pretty hard to me, in the sense that you have no control over these parameters and they will not let the limit wander very far from the theorical 6 blocks/hour (bell curve, etc)

The only exception is when ASIC will come in play in the game : it will offset somehow that Bell curve and you'll be able to mine a few more coins per day for a while.



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FrogBBQ
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October 12, 2012, 02:29:46 PM
 #1085

You are talking about a few days at most since the difficulty is readjusted each time 2016 blocks (50,400BTC) have been mined. If you would have a sudden jump with a doubling in the network hash rate for example, which is bound to happen with the first ASIC wave, it would take for example 7 days instead of 14 to mined the 2016 block bitcoin. Immediately after this is reached, the difficulty will be adjusted to return to a 2016 block per 14 days.

The distribution will not be offset per se, we will just see a transfer of the bitcoin mining from the GPU/FPGA to the ASIC miners. Current estimates indicate that ~100-150TH/s (AVALON + BTCFPGA + BFL) of additional network hash rate will be added by Feb-Mar 2013 with the first ASIC wave making the bitcoin distribution ratio 9:1 in favor of ASIC (~45,500BTC) versus GPU/FPGA (~5,000BTC) mining. It is just a redistribution of the pie, nothing more.
dani
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October 12, 2012, 03:54:55 PM
 #1086

With only a few asics you would Make a major part of the generated bitcoins. New everyone becomes insanely rich?

Hai
Jack1Rip1BurnIt
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October 12, 2012, 04:26:29 PM
 #1087

With only a few asics you would Make a major part of the generated bitcoins. New everyone becomes insanely rich?

Still a misconception. Don't forget about difficulty and reward halving. Price is also another variable.

Successful trades with bels, misterbigg, ChrisNelson, shackleford, geniusboy91, and Isokivi.
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October 12, 2012, 04:43:30 PM
 #1088

...and there will be no scenario with just a few ASIC rigs. It will come by waves with BTCFPGA, BFL, and AVALON (most likely in this order). You will see many ASIC rigs firing in a short period of time as they are delivered and start mining immediately detected by the network overall harsh rate. Whoever is first will have a very marginal and temporary gain I would think.
flynn
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October 12, 2012, 04:58:22 PM
 #1089

It will quickly stabilize to a point where ROI and efficiency of the most powerful devices are just about shitty and miserable.

A consequence of the 2nd law of thermodynamics, probably.

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puck2
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October 12, 2012, 05:03:19 PM
 #1090

Of course we cannot know, but I suspect that with reward halving, and more difficulty mining, there will be pressure on the only OTHER main way to get BTC in your wallet (aside from Silkroad and other exchange for goods)... exchange via fiat, hence exchange rate increases.
flynn
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October 12, 2012, 05:10:48 PM
 #1091

it reminds me what they said during the gold rush : only the shovel sellers got rich, not the miners.

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jjshabadoo
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October 12, 2012, 05:20:40 PM
 #1092

Yeah, the gold rush analogy is fine, but remember that plenty of mining outfits did well also. It depends on your strategy and efficiency. You need competitive advantages and proper timing.

Also, people like get rich quick crap, especially the crew here which is naive enough to fall for ponzi's etc.

Those of us who are content with reasonable and consistent gains feel just fine mining as a hobby.

Hell, I've got several thousand dollars worth of paid off GPU's, motherboards, PSU's, watercooling equipment, etc. from my gpu mining farm.

Besides, Coinlab is going to be very profitable for GPU farms.
flynn
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October 12, 2012, 05:24:31 PM
 #1093

Yeah, the gold rush analogy is fine, but remember that plenty of mining outfits did well also. It depends on your strategy and efficiency. You need competitive advantages and proper timing.

Also, people like get rich quick crap, especially the crew here which is naive enough to fall for ponzi's etc.

Those of us who are content with reasonable and consistent gains feel just fine mining as a hobby.

Hell, I've got several thousand dollars worth of paid off GPU's, motherboards, PSU's, watercooling equipment, etc. from my gpu mining farm.

Besides, Coinlab is going to be very profitable for GPU farms.

.. and fpga's .. and I find hypnotically relaxing to watch these bitcoins falling in my wallet all the time.

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regular
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October 12, 2012, 09:38:04 PM
 #1094

Bitcoins are still totally speculative at this point.  Likely very few of us will get rich but most of us wont have total losses

Always welcoming donations: 1NmxEfzU4psW7DMjogWsQSDoebubTLjHST
cablepair
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October 13, 2012, 12:11:56 AM
 #1095

Just wanted to let everyone know I apologize for not being around much last couple of days, my brother who lives in Colorado and whom  I have not seen in 2 years surprised me by coming to down unexpected and letting us know he is engaged to be married Smiley

Have been busy visiting, catching up and getting to know his wife to be Smiley

I will get cracking on these emails now.

Also I think I found a design team to get my new web site up and running quickly. Thanks to everyone who contacted me on this.

Tom
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October 13, 2012, 12:40:30 AM
 #1096

No worries, enjoy the downtime. I asked a Q a couple pages back, but I'll fire off an email at some point. Low priority stuff.

https://bitcointalk.org/index.php?topic=130982.msg1401799#msg1401799 - [BTC-TC]bASIC-MINING
http://forum.litecoin.net/index.php/topic,886.0.html - [LTC-GLOBAL]LTC-DMF
http://forum.litecoin.net/index.php/topic,817.msg3279.html#msg3279 - [CRYPTOSTOCKS]AGLTC

BTC: 1Hfp99tugY4H5FYEoM3hj4JDLzShzZ9ifB

You have zero chance of changing others and only a slim chance at changing yourself. Be the change you want to see and others may follow.
kano
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October 13, 2012, 01:01:12 AM
 #1097

Bitcoins are still totally speculative at this point.  Likely very few of us will get rich but most of us wont have total losses
If you were looking for a "get rich" method ... yes you are looking in the wrong place.

Even Tom has to expend MUCH well timed effort to gain clearly hard earned good results.

Those who make the right choices and expend enough effort with BTC can make good money - but "get rich" is very much a poor term to use in this situation due to the clearly incorrect connotations it implies.

Pool: https://kano.is BTC: 1KanoiBupPiZfkwqB7rfLXAzPnoTshAVmb
CKPool and CGMiner developer, IRC FreeNode #ckpool and #cgminer kanoi
Help keep Bitcoin secure by mining on pools with Stratum, the best protocol to mine Bitcoins with ASIC hardware
PulsedMedia
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October 13, 2012, 01:10:58 AM
 #1098

what bad things?

I have used them for various things over the years and I have never had a problem with downtime. Godaddy used to be a pain with certain things because of their proprietary system makes certain types of web site setups difficult to setup - however they have improved it significantly over the years. Personally I have never had even one of my godaddy sites experience any kind of down time and I have several.



GoDaddy was supporter of SOPA, they only backed out of it because of the huge backlash.
As a hosting professional for 12-13 years now, GoDaddy is in my books one of "those trendy, fashion things", not necessarily good, but it's trendy "because everyone has it".
That being said, it's better than most of the large webhosts, like dreamhost and bluehost who oversell like crazy, provides practically no support.

If i were you i'd choose a cloud and operate a VM from there, which constantly, via secure tunnel, backups the DBs etc., maybe in a master<>master config.
Then again, i don't do that myself, i'm perfectly happy with simple DDoS protections etc. basic stuff for a dedicated server. almost no downtime during couple of years to speak of.

NEVER EVER go with bluehost or dreamhost.

Yes, i know, i'm again late to the party! grr

http://PulsedMedia.com - Semidedicated rTorrent seedboxes
Dusty
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October 13, 2012, 08:18:12 AM
 #1099

NEVER EVER go with bluehost or dreamhost.
I agree Smiley

I'm a bit late too but I suggest the use of gigahost:
https://www.giga-international.com/?show=vserver

with 40€/month you get 4 cores, 12GB (!!) of ram, 600G of disk, and great support too!

I've been unable to find a better deal yet.

Articoli bitcoin: Il portico dipinto
dani
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October 13, 2012, 12:49:19 PM
 #1100

I See it in another way. Its ans oppertunity. I will stick To it Smiley

Hai
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