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Bitcoin Discussion Thread Part 2

it is an arms race for sure

I have

1. a fairly early BFL order #

2. cheap electricity

3. belief in bitcoin's future
 
Lorien said:
Started to read/research about them. From what I've seen it looks like if you didn't get in on the ground floor by ordering early, you are gonna get screwed because by the time you get delivery of the asic difficulty will have increased to a point beyond profitability. I gotta find some free time do run the numbers right.
Click to expand...

That's how my numbers worked out when I thought about pre ordering a few BFL SCs several months ago. It was too late to get in on the first batch and the risk of making back your investment after that is just too high IMHO.

I came out a few grand ahead when I got out of gpu mining and am not looking to throw away that feeling of accomplishment lol.
 
I guess I am not as pessimistic on the ROI front. I am turning a good profit with my FPGA units now - over $450/month after electricity costs - an ROI of 7 months or so on these units. Going from FPGA to ASIC is roughly a 75x increasing in hashing power. So, I'd be profitable even with a 75x or 100x difficulty increase. I don't think we will see anything that drastic for at least the rest of this year, giving me at least 7 months of higher profitability than I am seeing now.

I guess I wouldn't balk too much at a 1 year ROI, especially if difficulty levels out and there are still several years left. We'll see what things look like later this year, but if a minirig could make you $30K per year after the first year (ROI), it would be worth doing in my opinion.
 
Who wants to take my 3 BTC and invest it into more mining? I'm looking at you Lorien...
 
EdGaRRRRR said:
Who wants to take my 3 BTC and invest it into more mining? I'm looking at you Lorien...
Click to expand...

I'll take your ~$75 worth of BTC and invest it in mining if you really want me to.

send to
1GSU378ft2GY7YjWmynsAhvNe3rgQyc4D6
 
What will happen and what will you do with the BTC? And what kind of ROI would I get?
 
Last edited:
EdGaRRRRR said:
Who wants to take my 3 BTC and invest it into more mining? I'm looking at you Lorien...
Click to expand...

Thanks for the offer (and vote of confidence), but I simply don't have the time anymore. I got myself a Surgical Tech degree and have been working like a dog.

P.S: The only reason I found out about the price bump of coins was because I was going through my browser cleaning tabs of sites I rarely visited and refreshed the page of bitcoin charts before closing it. :eek:
 
EdGaRRRRR said:
What will happen and what will you do with the BTC? And what kind of ROI would I get?
Click to expand...

Hey you offered to give it away, There is no returns on a give away. Just buy your own Butterfly Labs Jalapeno with that money and a bit more.
 
Someone give me some BTC so I can purchase a jalepeno. I'll mine for them double the amount of BTC.
 
Omegas said:
Sorry, I don't invest. I just mine and sell, mine and sell
Click to expand...

I just looked at my transaction history starting from a year and a half ago and going forward about 6 months. I sold over 700 BTC at an average of about $4.50. If only I would have known. Le sigh.
 
Rylan said:
I just looked at my transaction history starting from a year and a half ago and going forward about 6 months. I sold over 700 BTC at an average of about $4.50. If only I would have known. Le sigh.
Click to expand...

What kind of mining rig do you have? That's a ton of bit coins....and 18 grand if you had waited to sell till now lol.
 
EdGaRRRRR said:
Anyone think we're going to hit another bubble?
Click to expand...

We're closing in on $30 right now... The way I see it, is that if I hold my coins, prices will plunge within the month. However, if I sell my coins, then prices will double within the month, as that is how the universe seems to work.

I'm actually somewhat bullish valuation because it seems to becoming the defacto currency of the underworld, which increases demand...
 
T3rr0rByte13 said:
You got it.
Click to expand...

Wow....if I used my 3 6970s I would apparently be losing 50 cents a day...I thought I had cheap electricity too.


Edit: Just double checked....I was using $5.05 for cost of electricity in the formula instead of the .0505 that it actually is....that changes things quite a bit lol.
 
Omegas said:
wow, just wow. Never thought I'd see it break it's old record
Click to expand...

not quite, the old peak, though short lived in the extreme, was over 32, at this rate it will do that by Monday...or crash back to 13, lol
 
Alright just started mining again with a buddy. What are the best flags? Lost my old settings. :(
 
still mining on two 7970s - luckily I'm in a renting situation where I don't pay for electricity. I'm cool with an extra ~150 dollars a month. hell that's almost my car note!

How I wish I could go back in time and mine for a few weeks at 5 cents a coin. With a little chart on the swings bitcoin would generally take.

Amazing to think I could have bought a $250,000 home or a Lambo just generating digital currency.
 
GUIMiner and I think cgminer also:

-v -w 128 -a 10 -f 1

I think the -f is desirable, but I forget
 
Using latest version of Guiminer. Thanks guys will try those flags when I get home. Using 6950. So what type of mhash should I see. Right now getting 330mhash average.
 
330 is about it real world

I used to tweak and overclock, I would show up to 400 locally, but at the pool it never changed, I think when you push them they fuck up and make invalid shares so I pulled the volts and clocks back and just let them do their thing
 
Unlocked to 6970 specs, they do around 370 MH/s at stock speed, so your 330 sound about right for a stock speed actual 6950.
 
I wouldn't overclock them, sure it's fine if you run games on it, but mining bitcoins is extremely harsh on the graphics card.
 
OK, I finally got my unlocked 6950 back up yesterday. At 840 core, whatever the minimum for memory (using AB), GUIMiner using -v -w128 -f1 for the flags, I am seeing ~370 MH/s. At the stock 800 core, it is more like 355 MH/s. I believe the -a flag is useful if the card it the primary video display in the system. Mine is not, so I am not using the flag.
 
Rylan said:
I just looked at my transaction history starting from a year and a half ago and going forward about 6 months. I sold over 700 BTC at an average of about $4.50. If only I would have known. Le sigh.
Click to expand...

ouch

I sold what I thought was a lot at the 6 and 12 dollar marks, but more like 50 of them
 
Well, I have been accumulating for a couple months and had 11.5 coins, just sold them off for $30.05 each. Not bad.

ASICs are taking over mining now, was a fun ride while it lasted!

Easily profited $850 or so USD after paying for the hardware and electric. So I ended up with:
2 - AMD 5770s
2 - AMD 5830s
1 - AMD 6950
1 - AMD Athlon x2 250, 2 GB DDR2 system
~$850 USD

Not a bad haul for free.
 
canna said:
ASICs are taking over mining now, was a fun ride while it lasted!
Click to expand...

The fat lady has not quite sung... this upcoming difficulty bump will be fairly big - I'm guessing 30-40%, so that'll be the first note coming from the lady. A couple more like that and GPUs will be rendered unprofitable. I've got about 2 ghash going right now for a final coin grab...
 
I just need enough to get a jalepeno and then work my way up that way. Slowly but surely.
 
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