World's Most Elaborate Bitcoin Mining Operation?

Galvin said:
You think a gtx titan could mine at least one bitcoin a month?
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LOLOLOLOLOLOLOLOLOLOLOLOL

Sorry. No. Not a chance. Not ever. The only GPUs that were ever efficient for mining were ATI, not NVidia. And even the most powerful card that ATI puts out today could not possibly produce a coin a month on its own. The difficulty is way past that.
 
Galvin said:
You think a gtx titan could mine at least one bitcoin a month?
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Lol....no... hmmm... A Titan would mine about 0.008 of a bitcoin per month at current difficulty. Not worth mining litecoins either on nvidia hardware.
 
What hardware would it take for a regular (as in not a millionaire) person to mine 1 or 2 BTC's or LTC's in a month?

Is BTC too far gone for regular people and LTC the only real (speculative) alternative?
 
MasonD said:
What hardware would it take for a regular (as in not a millionaire) person to mine 1 or 2 BTC's or LTC's in a month?

Is BTC too far gone for regular people and LTC the only real (speculative) alternative?
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1 Bitcoin a month = 40 GH as of right now.

1 USB block erupter off of Amazon or EBay will cost you 50 bucks on average and will give you about 330 MH.

So, you'll need about 120 of those. That's about six grand just for the erupters. Plus, you'll need a dozen hubs at around a hundred bucks a piece. There's another grand. Then there's the power consumption to take into account, as well as a potentially cool room to run those bastards in.

Right off the bat, we're talking the better part of ten grand. That's for one Bitcoin a month, right now. After one month, assuming the difficulty doesn't increase(and it will), you will have paid off maybe 10% of your initial investment after a month, if you are lucky.

Each successive month will mean greater difficulty and therefore a lower payout. So you're not going to get the same ROI every month. It will diminish each month. We're talking maybe a year to pay off the whole setup, and that's being very optimistic. That's also dismissing the possibility of a Bitcoin crash in the next year, which is very likely.

You really like Bitcoin and the concept? Buy a couple of block erupters, plug them into free USB ports, and just let them do their thing for pocket's worth of change in electricity every month, and be patient. The moneymaking opportunity for the average joe died over a year ago.
 
Oh...and checking today, it looks like the price of block erupters is beginning to push the 60 dollar mark. Glad I got one for 40 a few days ago.
 
Youn said:
Do you think it more a waste of resources than current paper money and stamped coins?
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Depends. Can I buy a sandwich with bitcoins? or is it one of those worthless 3rd world currencies that I take a wheelbarrow full of to the store for bread?
 
weebling1 said:
Depends. Can I buy a sandwich with bitcoins? or is it one of those worthless 3rd world currencies that I take a wheelbarrow full of to the store for bread?
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There have been brick-and-mortar businesses including restaurants and bars accepting Bitcoin since the last surge in 2011.
 
At the rate of rising prices, you would actually lose money buying things with bitcoins. Better to sell them +/- before the latest bubble bursts, then buy low again at huge profit. Then with some of the money set aside, buy a few hundred or thousands of chocolate bars.
 
Yakk said:
At the rate of rising prices, you would actually lose money buying things with bitcoins. Better to sell them +/- before the latest bubble bursts, then buy low again at huge profit. Then with some of the money set aside, buy a few hundred or thousands of chocolate bars.
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Yup, kinda like playing the stock market. Buy low, sell high. No need to spend time mining them.
 
Yakk said:
At the rate of rising prices, you would actually lose money buying things with bitcoins. Better to sell them +/- before the latest bubble bursts, then buy low again at huge profit. Then with some of the money set aside, buy a few hundred or thousands of chocolate bars.
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Yep. Only when the crash comes, it's probably likely that people will have the same reaction as before: sell off, dumb crypto currency, was nice while it lasted...etc.
 
The whole idea of "mining" for bitcoins still seems like nonsense to me. I can't wait to see who's left holding the bag when this whole scam collapses.
 
Super-D said:
The whole idea of "mining" for bitcoins still seems like nonsense to me. I can't wait to see who's left holding the bag when this whole scam collapses.
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1. Explain how it is a scam, since I'm guessing you don't even understand what bitcoins are, where they come from, or how they are mined.

2. How is it nonsense? People, including myself, have mined bitcoins. I had 75 over a year ago but sold them when I was hard up for cash. Had I held onto them, I'd be debt-free, have a new car, and put a down payment on a house.
 
If people walk away from Bitcoins, difficulty will drop making it easier to mine, more profitably.

That works for me also. :D
 
Yakk said:
If people walk away from Bitcoins, difficulty will drop making it easier to mine, more profitably.

That works for me also. :D
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Yes and no. If people were to suddenly walk away from Bitcoin mining, it would mainly be the small-time people who hadn't invested much, and so wouldn't account for much of the total hashing anyway. And even if a significant amount did walk away, the difficulty might decline, but not a whole lot.
 
Bitcoin mining is like the gold rush of the old days, the only people who are now making money are the ones selling the shovels to the miners.
 
Bigballingpr24 said:
http://www.coindesk.com/asic-miners-litecoin-soon/

Just an FYI, FPGA are about 3 months out, and ASIC is about 6.
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Yep, and these people will be (if they claim as such) the first BFL.

There are literally thousands upon thousands of people who would buy a scrypt FGPA.

In other words, the same exact replica of the ASIC bitcoin situation will happen, just it will be in the scrypt world this time around.

GPUs mining most proft alt coin pool or straight LTC is still the way to go and it will be for a long time.
 
That thingey they're building is going to put a lot of the little miners still out there pretty much out of business if they're not already. Like any other Ponzi scam doohickey, you've gotta get in like right away if you want to get any money doing it.
 
For btc, mining isn't where the money is anymore, it's trading. Wooo Weee does it move!

LTC is still both.
 
I'm still doubting we will see $1000 tonight. That's a big barrier. I think once it breaks it it will go go go, but there's going to be a lot of hesitancy to be the first person to buy at 1k.
 
leeleatherwood said:
Yeah ok, its going to be another Butterfly Labs.
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Fuck them right in the ear, too. You order when they're assuring people that refunds can be made, then months later, they don't honor that promise. I hope they've eaten a lot of chargebacks.
 
I really hope those are ASIC boards and not GPU's. . . If they turn over to Litecoins, GG to no one group being over 51% market bandwidth share.
 
Stiletto said:
Fuck them right in the ear, too. You order when they're assuring people that refunds can be made, then months later, they don't honor that promise. I hope they've eaten a lot of chargebacks.
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BFL can eat a bag of dicks and die in a fire
 
Stiletto said:
1. Explain how it is a scam, since I'm guessing you don't even understand what bitcoins are, where they come from, or how they are mined.

2. How is it nonsense? People, including myself, have mined bitcoins. I had 75 over a year ago but sold them when I was hard up for cash. Had I held onto them, I'd be debt-free, have a new car, and put a down payment on a house.
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Because running computers does not cause money to appear form thin air. When people are getting big payouts, that money is coming from somewhere real, it's not materializing magically from the internet. When early adopters get big payouts at the expense of new people buying in, that's called a ponzi or pyramid scheme. When this system finally collapses, you're going to have a lot of people who paid real money for bitcoins left empty handed, as happens with such schemes.
 
Yakk said:
At the rate of rising prices, you would actually lose money buying things with bitcoins. Better to sell them +/- before the latest bubble bursts, then buy low again at huge profit. Then with some of the money set aside, buy a few hundred or thousands of chocolate bars.
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Or buy a few hundred or a few thousand ounces of gold.
 
Super-D said:
Because running computers does not cause money to appear form thin air. When people are getting big payouts, that money is coming from somewhere real, it's not materializing magically from the internet. When early adopters get big payouts at the expense of new people buying in, that's called a ponzi or pyramid scheme. When this system finally collapses, you're going to have a lot of people who paid real money for bitcoins left empty handed, as happens with such schemes.
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It's the same thing with people that buy stock. People dump their money into a worthless piece of paper, depending on the sheets of paper that the company makes available and the strength of the product the company offers, people put a value on that piece of paper. The company gets the money to invest in any way they want and depending on how well the company does with its future products, the value of that paper goes up or down. If the company tanks, then the people holding the once valuable paper are left once again with a worthless piece of paper. If the company pulls an Apple, then the paper's value goes nuts.

I don't see too much difference between stock and BTC, other than one of them is highly regulated throughout the world and has been in use for decades, while the other is just taking off.

Just like the early days prior to the Dot Com bust, people were making big payouts and then the bubble burst and people left with the stock in their portfolio ended up broke.

Yes, the money does come from somewhere but, this is nothing like a Ponzi scheme, I think you need to read up on how Ponzi and Pyramid schemes work. The only way I could fathom this being a Ponzi is if it was orchestrated by the semiconductor industry itself. Outside of these bubbles (and this really is a bubble, imo), small time miner profits aren't nearly as high as the hardware sales profit that the manufacturers make, and then all that profit trickles down to the individual part makers/chip manufacturers. I know that's a stretch but so is calling this a Ponzi scheme.
 
Super-D said:
Because running computers does not cause money to appear form thin air. When people are getting big payouts, that money is coming from somewhere real, it's not materializing magically from the internet. When early adopters get big payouts at the expense of new people buying in, that's called a ponzi or pyramid scheme. When this system finally collapses, you're going to have a lot of people who paid real money for bitcoins left empty handed, as happens with such schemes.
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First, you're completely pulling the "system collapsing" out of thin air, because the project is intended to go for many, many years yet. Everyone predicted that after the surge two years ago, the collapse had occurred. Now we're at prices 30-40x higher than the peak at that time.

And really? Running computers does not cause money to appear from thin air? So all that software that exists is actually worthless? Bitcoins are a digital entity, like any piece of code. Those pieces of code have value. Many people, including myself, have turned those pieces of code into real money.
 
aardvark sandwich said:
Or buy a few hundred or a few thousand ounces of gold.
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Well, if you don't need to eat! :)

Diversify is good, with a proper investment strategy . Gold value isn't going up very fast in comparison, but subjectively safer. Then you have to store it and certify you just didn't just buy plated tungsten. Or buy a certificate saying you own gold which may or may not really exist. Funny that...
 
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