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Author Topic: ASICMINER: Entering the Future of ASIC Mining by Inventing It  (Read 3914548 times)
Vycid
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July 06, 2013, 04:15:25 AM
 #9441

So what am I doing?  Putting in buy orders at 4 with every BTC I can find Smiley  I might even buy into BTC with USD (something I have not done seriously since 2011, since I have had no need to) since prices are so low.

I don't want to discourage you from investing in what you believe in - if you want to stay invested in AM and BTC because you believe in the fundamentals, by all means do so - but as I recall you've got student loan debt.

First rule of investing: do not invest with borrowed money, which is a corollary to "only invest what you can afford to lose". You cannot afford to lose anything if you owe money.

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July 06, 2013, 04:27:25 AM
Last edit: July 06, 2013, 09:01:05 AM by RMT2J
 #9442

I do not see how ANY alternate hashing system solves the centralization problem long term.  Data centers are more efficient then a home office... no matter what you are running, your margins will be better in an optimized space.  Electricity/Cooling costs also are different in areas.  You are not going to start a mining farm where the grid goes down 4 hours a day.  You are not going to start a mining farm in death valley.

Limiting the mining to only CPU's or some mix of hashing functions puts a band aid on the problem.  Long term when margins get thin and you need every ounce of optimization to turn a profit, you will centralize.

Does this ruin bitcoin?  Who knows.  I know that bitcoin will NEVER be as centralized as current money.  Sure we wont have everyone mining on every computer device they have all the time distributed over the whole world... but just because we can not achieve the ideal, does not mean we are horrible.  We can be far from the ideal system, and still be the best solution out there.

Bitcoin solves far more problems then it has.  The other example people bring up is how early adopters have an advantage in bitcoin.  Sure, that may be bad... but would having latecomers benefit be better?  No... who would drive the adoption and the innovation?  It may not be the ideal to have early adopters get super rich, but its better then the other options as I see it, so we have to live with it.

So to tie this in, what does this all mean?

It means we are in a good position.  We have the current mining leader shown to be someone who seems to understand his place as was discussed last week.  Their deployment and sales are set to bring in profits, whilst leaving ample breathing room for competition.  Hell, chances are that if some bad actor did spin up a bunch of asic's with the intention of doing a 51% attack, chances are Friedcat may be able to crush them.

So what am I doing?  Putting in buy orders at 4 with every BTC I can find Smiley  I might even buy into BTC with USD (something I have not done seriously since 2011, since I have had no need to) since prices are so low.

Just to clarify, I have nothing against early adopters making fortunes. I believe they deserve it. I also agree that Bitcoin solves more problems than in creates. You have some fantastic points. But I still believe this is a VERY valid topic.
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July 06, 2013, 04:43:46 AM
 #9443

can we get back to talking about solar power and islands?

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July 06, 2013, 06:12:46 AM
 #9444


good evening, Mickey Mouse chips from China I hope you guys realize the blockchain difficulty is rapidly increasing and this is at best a novelty item..Ira

Depends how many you have.
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July 06, 2013, 06:58:34 AM
 #9445


good evening, Mickey Mouse chips from China I hope you guys realize the blockchain difficulty is rapidly increasing and this is at best a novelty item..Ira

Depends how many you have.
Also, price can be lowered , up to a point, to compensate for difficulty increase. Then, more than 1 chip per erupter is possible with miniaturization.

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July 06, 2013, 07:00:21 AM
Last edit: July 06, 2013, 07:11:25 AM by Vexual
 #9446

I don't think anyone was mining US$0.54 per day in 2009.
You don't need a time machine, it's still early days.
ASICMINER: Entering the Future of ASIC Mining by Inventing It
the future extends further than a week from now.

1VEX7x76pJdreV1nJW8bXpotbCNggDxG5
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July 06, 2013, 07:36:00 AM
 #9447

question: if this dividends week have not yet paid to me , who i need to report this? (first time this happends)  Undecided
AMuppInTime
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July 06, 2013, 07:39:13 AM
 #9448

question: if this dividends week have not yet paid to me , who i need to report this? (first time this happends)  Undecided
If you previously bought the share from someone and have never received a dividend yet, speak with them.
If you are trading on one of the current exchanges with passthrough share, speak to the exchange holder.
If you used to receive divs at that address via a direct share, check with friedcat himself.

GL
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July 06, 2013, 07:41:50 AM
 #9449


good evening, Mickey Mouse chips from China I hope you guys realize the blockchain difficulty is rapidly increasing and this is at best a novelty item..Ira

And they sell like hotcakes!  People buy bottled water, people are not rational.  These things are cool, people want them, and they will pay for them.  As long as that happens I am a happy investor.

And WHO is to say these wont/can't pay for themselves?  We know little to nothing about their lifespan, the estimates on future transaction fees are impossible to make, although difficulty is climbing, it may go down... maybe people hop onto some ALT Coin in mass.   Maybe an asteroid hits china?

Either way, I imagine the price of 1btc each, even with the recent USD/BTC events, is far above cost.  We can afford to drop the price more, and sell more... at a profit.

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July 06, 2013, 12:02:58 PM
Last edit: July 06, 2013, 01:35:57 PM by SmiGueL
 #9450


With this picture you'll never sell them...

$184 for the stick?  They are about $70 with the current bitcoin price....
1.79 MH/s / $  is also wrong, it's MUCH more...

Asicminer Hashrate Charts @ www.asicminercharts.com

Donations BTC: 1SmiGSGWXzD5aZhmw3jyfpBFCgiki45MT
TsuyokuNaritai
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July 06, 2013, 12:13:46 PM
 #9451


With this picture nobody's gonna buy them...

$184 for a stick?    they are about $70 with the current bitcoin price....
1.79 MHash / sec / $ is also wrong, it's MUCH more...

If they've got their numbers wrong please leave a comment on http://bitcoinexaminer.org/asic-miner-infographic/ and tell them (http://bitcoinexaminer.org/contact/)

velacreations
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July 06, 2013, 01:14:39 PM
 #9452

don't you love it when the info on an infographic is wrong?

aahzmundus
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July 06, 2013, 01:33:10 PM
 #9453

don't you love it when the info on an infographic is wrong?

In their defense, its not wrong, its outdated.  With how fast things change... this may be bad advertising.

velacreations
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July 06, 2013, 02:11:24 PM
 #9454

Looks like BFL is shipping chips before they have even fulfilled their pre-orders (some of which are a year old):
https://forums.butterflylabs.com/bfl-forum-miscellaneous/3697-sample-chips.html

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July 06, 2013, 02:13:12 PM
 #9455

Either way, I imagine the price of 1btc each, even with the recent USD/BTC events, is far above cost.  We can afford to drop the price more, and sell more... at a profit.

Marginal costs are something like $0.8 per chip. Obviously there are other costs involved, but you're correct in that the price can be dropped massively.

So ASIC can be quiet cheap when you compare them per individual chip price, but it's a big start up cost for the designer. FPGA's are more expensive individually, but you can do more with them, and on a small scale the cost is easier to pass on without hurting their accounts.

Thanks. Yes, basically the more ASICs are produced, the lower the cost per chip becomes.

I'd estimate the Block Erupter chips (just the chip) will only be $5-15 a piece ...

In fact, the margin cost per chip is less than $0.8 a piece, that is hopefully $0.8 per GH/s. Of course, if we consider the cost of heat sinks, fans, PCBs, power supplies, and the disperse of the initial NRE cost into each GH/s, it will be significantly higher, but still within a single digit dollars per GH/s.

As it stands now, at the very least it looks like that will be roughly 10MHs:1$ ...

If only considering the whole production cost, it is easy to achieve more than 100MH/s : 1$. The actual market price is another story of course.

No longer buying/selling Casascius coins. Beware scammers.
My OTC Web of Trust ratings / What's a PGP chain of custody?
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July 06, 2013, 03:24:13 PM
 #9456


good evening, Mickey Mouse chips from China I hope you guys realize the blockchain difficulty is rapidly increasing and this is at best a novelty item..Ira

Depends how many you have.


good morning sir, Alot of this is new to me. I've been mining bitcoins the past year using the university computer, what we use here is many times more powerful than anything available to the public. This forum is full of misunderstandings..Ira

Best troll Ive seen in this thread for awhile.

binaryFate
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July 06, 2013, 03:28:57 PM
 #9457

Ignore list in one single post, well done.


Monero's privacy and therefore fungibility are MUCH stronger than Bitcoin's. 
This makes Monero a better candidate to deserve the term "digital cash".
Lohoris
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July 06, 2013, 03:50:55 PM
 #9458

good morning sir, Alot of this is new to me. I've been mining bitcoins the past year using the university computer, what we use here is many times more powerful than anything available to the public. This forum is full of misunderstandings..Ira

Best troll Ive seen in this thread for awhile.
mmmmh
http://www.linkedin.com/in/irafuchs
https://en.wikipedia.org/wiki/Ira_Fuchs

Wonder if this is a case of stolen identity...

1LohorisJie8bGGG7X4dCS9MAVsTEbzrhu
DefaultTrust is very BAD.
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July 06, 2013, 03:54:05 PM
 #9459

good morning sir, Alot of this is new to me. I've been mining bitcoins the past year using the university computer, what we use here is many times more powerful than anything available to the public. This forum is full of misunderstandings..Ira

Best troll Ive seen in this thread for awhile.
mmmmh
http://www.linkedin.com/in/irafuchs
https://en.wikipedia.org/wiki/Ira_Fuchs

Wonder if this is a case of stolen identity...


If you read his posts , if he is a troll , he must be very dedicated to his role.

HOWEYCOINS   ▮      Excitement and         ⭐  ● TWITTER  ● FACEBOOK   ⭐       
  ▮    guaranteed returns                 ●TELEGRAM                         
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✅  approved!  ➡️
velacreations
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July 06, 2013, 03:55:01 PM
 #9460

Ignore list in one single post, well done.
that's a new record

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