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Author Topic: BitCoin Mining - Antminer S4  (Read 3501 times)
julyon
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October 23, 2014, 07:53:10 AM
 #1

Hello All ,

I recently join the network and became a miner myself after months of research , I do believe in what Bitcoin stands for and the future should be like this machines working for you and not you for the machines , sure at this point in time is not like that even with Bitcoin .
I did punches an Antminer S4 machine and is working 24/7 as my wife searching blocks in different pools that can't find them or don't have enough power to find them faster .
I know a lot of you will not agree with " pool hopping " but how in the world are you going to pay the electric bill at the end of the month if you don't mine Bitcoins because with " name coin " = 12 $ a day is not paying the electric bill .

I do see this network fall soon if someone or the genius who invented bitcoin does not change how things work , the mining is fun and knowing you help the network to be secured is even better , the problem is the time and money you consume each day and if your lucky you pay your electric bill at the end of the month and nothing else in plus .

Soon the difficulty will be higher even for the " huge bitcoin mining factories " and for the home miners will be useless special if your living in Chicago area a households paid an average of 16.2 cents per kilowatt hour (kWh) of electricity in August 2014.
The way i see it at this point i make with the AntMiner S4 – 0.03 daily, 0.21 weekly, 0.84 monthly ... with the current BTC difficulty and that is if i keep hopping from a pool to another, if not it goes even lower when the pool does not find a block .
At the moment more then 60% of the planet population don't know what is Bitcoin , 40% know about bitcoin but half are not interested , so how can you see this Network working in the future when Home users sell their machines because they can't pay the electricity and soon mining factories will close because will start losing money when the bitcoin keeps on drooping in price .

In my opinion the best way to keep the BTC network alive and secured plus people to actually become interested in this new currency is that miners receive payments for the electric bills depending on the machine hashing power if not 1 by 1 will close the machines and the network will fall in the hands of hackers  Sad
Why don't pools create this options or something similar so people will never jump from pool to pool and will be happy to keep the machines 24/7 knowing they at least receive enough to pay the electric bill and have something extra in BTC ?
What options do you guys have ? except solar panels lol 

 
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October 23, 2014, 10:02:03 AM
 #2

I have had to stop mining as I am losing money with the electric bills when BTC is under 400$ if btc gets back to 600$ it makes it worth it again. Sadly the only people that should be mining are people who get free electricity or its very cheap.



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Rainbot
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October 23, 2014, 10:25:47 AM
 #3

I have had to stop mining as I am losing money with the electric bills when BTC is under 400$ if btc gets back to 600$ it makes it worth it again. Sadly the only people that should be mining are people who get free electricity or its very cheap.

For some cases, even free electricity carry a lot of risk for the little reward mining gets.
Katarina
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October 23, 2014, 01:19:03 PM
 #4

I have had to stop mining as I am losing money with the electric bills when BTC is under 400$ if btc gets back to 600$ it makes it worth it again. Sadly the only people that should be mining are people who get free electricity or its very cheap.

In that case you should sell your miner while it still have value.
julyon
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October 24, 2014, 06:24:57 AM
 #5

I agree with Katarina ,

I'm waiting now for the end of the month to see how much i actually lost or gain when the electric bill comes .

The worse part is that new machines with good hashing speed for home users ...can't even make a profit , how is this network going to remain alive when everyday miners give up because of the bills and no profits and BTC mining factories are selling machines to recover costs when the BTC value drops .

Someone need to make some changes or the future will be in Hacker's hands .
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October 27, 2014, 05:49:15 AM
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there should be a limitation for miner count for the one person.

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