getting into bitcoining?

If bit coin ever got legitimized and there was an easy wa to buy and sell quickly then I'd be all over it. I'm waiting for a us exchange
 
gigatexal said:
If bit coin ever got legitimized and there was an easy wa to buy and sell quickly then I'd be all over it. I'm waiting for a us exchange
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Coinbase is probably the closest thing right now. 1% transaction fee, but will deposit right into your bank account.
 
kirbyrj said:
I got a 30Ghash miner for just over $3000. I figure that in 6 months if it's worth $1000, I'd have gotten my money out of it. Makes about $35/day currently, and I figure it will still make $10 a day in 6 months. $2000 for a 7Ghash is way too expensive.
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that post was from at least a month ago, and if you look, that is what they were going for on ebay at that time. Regardless of if YOU think that's an awful price, that's what the market value was.
 
I was just giving a more current update of what bit coin mining hardware is looking like.
 
kirbyrj said:
I got a 30Ghash miner for just over $3000. I figure that in 6 months if it's worth $1000, I'd have gotten my money out of it. Makes about $35/day currently, and I figure it will still make $10 a day in 6 months. $2000 for a 7Ghash is way too expensive.
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I doubt it... in six months it'll probably be down to $5 a day or less and at some point it's going to cost you more in electricity. If you can't ROI in a few months any ASIC miner is a poor investment as the difficulty keeps rapidly increasing and we haven't even seen 28nm mining hardware hit in the market yet, in December it will.

Although if you are in it for long term, the 28nm hardware might be a good buy since any advancements in efficiency will pretty much top out at that point for awhile.
 
x3sphere said:
I doubt it... in six months it'll probably be down to $5 a day or less and at some point it's going to cost you more in electricity. If you can't ROI in a few months any ASIC miner is a poor investment as the difficulty keeps rapidly increasing and we haven't even seen 28nm mining hardware hit in the market yet, in December it will.

Although if you are in it for long term, the 28nm hardware might be a good buy since any advancements in efficiency will pretty much top out at that point for awhile.
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I think if you're not getting into the 400-600Gh/s miners for a under $5k, you're not going to make any money in the next 6-8 months. I'm looking at the Cointerra 2TH/s miner, but I don't know if they're going to deliver on time. Always hard to tell who is going to deliver their products on time (really nobody so far) and who isn't (BFL).
 
I wouldn't trust BFL with your money, they shipper their asic line of products 7 months past when they claimed to initially start shipping...
 
elite.mafia said:
I wouldn't trust BFL with your money, they shipper their asic line of products 7 months past when they claimed to initially start shipping...
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I know...especially the people who ordered the 60GH/s miners last year and still haven't received them yet. By the time they actually get them they won't make back the original investment.
 
I expect my 4.5ghash Jalepeno to ship in the next couple weeks at most. They are almost caught up to my order date.I paid 163 including shipping.

Not sure how much 4.5gh will be worth now that the difficulty is skyrocketing.
 
The current difficulty is fucking disgusting...

Well, it was fun while it lasted!
 
Terrahash...and I guess more specifically Avalon, is screwing me...I tossed them 1200 for 24Gh back in May with an expected delivery of the last week of August. Avalon has stalled on the chip delivery from my understanding...all the while BTC difficulty is SOARING.....at least LTC seems pretty happy hovering around 900 (with the exception of that huge spike from admgn)....that pays the entire electric bill each month with a bit to spare...nots not much but its still a profit.
 
kirbyrj said:
$146 on Gox right now. It hasn't been that high in quite some time.
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i was looking at btc-e. and that's another crazy thing is that there can be such a large difference in price between the two major exchanges.
 
robble said:
i was looking at btc-e. and that's another crazy thing is that there can be such a large difference in price between the two major exchanges.
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If there was only an easy way to buy BTC at BTC-e, transfer to Gox and then transfer money back into BTC-e...$20 is a huge difference in pricing.

I have a feeling when LTC hits Gox, the prices between the two will stabilize.
 
The real question to ask is how much of an impact the HD 9xxx series will have on Scrypt coin network hashrates.
 
atp1916 said:
The real question to ask is how much of an impact the HD 9xxx series will have on Scrypt coin network hashrates.
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I'm interested in this as well - currently mining with 3X 7970's and a 7950. Small potatoes I know vs some of the setup's I've seen. I do have the Texas heat to contend with it's hard enough keeping the house cool without dumping 1000W of GPU energy into the air as it is.

Not really liking the difficulty shooting up on LTC -- 1000-1200 it seems in a day or so. Value isn't really rising along with it so it's hurting bottom line without any benefit.

I missed the initial BTC train -- I remember back when I could mine 2000 LTC per month with two 6950's - holy crap I wished I'd have hoarded away. (Was furiously mining BTC before the asics hit)

just looked -- 100million difficulty with 20% jumps every week. Jeeze. I will say I finally made one good LTC move the past 2 weeks... sold off my last batch of LTC->BTC when the price was sitting at 137. Very happy with the move since it pretty much fell 20 dollars a few days later.
 
GPU mining for bitcoins is all but dead now. I wouldn't cover the cost of electricity. I do have a jalapeno on order (mid march order) that I expect to have within the next couple weeks. A year ago a Jalapeno would have been awesome. Now I wonder how long it'll take to pay off it's $169 price tag.

edit:

This calculator http://dustcoin.com/mining says I'll make .02 btc / day at current difficulty. 4.5 Gh
 
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difficulty is usually jumping 10-20% per week -- so that 2-3 months actually turns into 6 quite easily.
 
This seems like a tolerable place to ask - does anyone here actually buy anything with BTC, or do you just exchange it? I'm a bit wary of spending BTC to buy something, given the likelyhood of being taken for a ride.
 
u3b3rg33k said:
This seems like a tolerable place to ask - does anyone here actually buy anything with BTC, or do you just exchange it? I'm a bit wary of spending BTC to buy something, given the likelyhood of being taken for a ride.
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I wouldn't worry too much about that as long as you use one of the more reputable looking sites. Most sites....if not all...use BTC/LTC because they want to support the economy and believe in the coins ability to retain value. I bought some PCI-e risers from cablesaurus.com a few months ago...with the exception of some supply hiccups on their end, it was a positive experience.
 
Does [H] have a list of reputable places? I'd love to replace my aging 6k cards with some newer 7k stuff with BTC - PPD is way, way better on the 7k cards.
 
Appears we have a miner/group of miners that are exploiting the system, coming in when the diff is low (900s), mining the shit out of it till the next diff adjustment that shoots up to 1100+ and then they bounce till the next adjustment back into the 900s...rinse and repeat....this is really throwing off my profits...little bastards. Question is though, I've seen a single user doing 2Gh....that's massive on LTC with the big dogs only doing around 100Mh. I mean, a 7950 stock only does around 550-600Kh and a 7970 up around 750-800Kh...that's like 2,500 7970s...how are they pullin those kinds of power...NSA must be targeting the network :p
 
USMCGrunt said:
Appears we have a miner/group of miners that are exploiting the system, coming in when the diff is low (900s), mining the shit out of it till the next diff adjustment that shoots up to 1100+ and then they bounce till the next adjustment back into the 900s...rinse and repeat....this is really throwing off my profits...little bastards. Question is though, I've seen a single user doing 2Gh....that's massive on LTC with the big dogs only doing around 100Mh. I mean, a 7950 stock only does around 550-600Kh and a 7970 up around 750-800Kh...that's like 2,500 7970s...how are they pullin those kinds of power...NSA must be targeting the network :p
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They probably jump around to FTC or some other scrypt based coin that makes the most bang for the buck that day.
 
The future looks grim for miners - even those buying expensive asics..

Here is the graph for the Jalapeno I ordered (and haven't gotten yet). At most it says I'll make $40 in profit before the difficulty is so high that electricity costs more than your earnings. I tried plugging in the numbers for big units too. Same types of curve - massive income the first months and drastically dropping off every month after that until a year from now it isn't earning anything.

http://img18.imageshack.us/img18/1493/xp6k.jpg
 
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robble said:
The future looks grim for miners - even those buying expensive asics..

Here is the graph for the Jalapeno I ordered (and haven't gotten yet). At most it says I'll make $40 in profit before the difficulty is so high that electricity costs more than your earnings. I tried plugging in the numbers for big units too. Same types of curve - massive income the first months and drastically dropping off every month after that until a year from now it isn't earning anything.

http://img18.imageshack.us/img18/1493/xp6k.jpg
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At that point, people will stop mining, network difficulty will drop and then people may come back.
 
robble said:
The future looks grim for miners - even those buying expensive asics..

Here is the graph for the Jalapeno I ordered (and haven't gotten yet). At most it says I'll make $40 in profit before the difficulty is so high that electricity costs more than your earnings. I tried plugging in the numbers for big units too. Same types of curve - massive income the first months and drastically dropping off every month after that until a year from now it isn't earning anything.

http://img18.imageshack.us/img18/1493/xp6k.jpg
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You have to have a plan. Buy for $X...sell for $X with X time frame and make X amount of bitcoin. Also, there's always room for an alternate crypto currency using SHA256. PPC gets a nice boost everytime BTC difficulty jumps. Probably the best thing you can do to make money with jalapeno is to sell it as soon as you get it unfortunately.
 
USMCGrunt said:
Appears we have a miner/group of miners that are exploiting the system, coming in when the diff is low (900s), mining the shit out of it till the next diff adjustment that shoots up to 1100+ and then they bounce till the next adjustment back into the 900s...rinse and repeat....this is really throwing off my profits...little bastards. Question is though, I've seen a single user doing 2Gh....that's massive on LTC with the big dogs only doing around 100Mh. I mean, a 7950 stock only does around 550-600Kh and a 7970 up around 750-800Kh...that's like 2,500 7970s...how are they pullin those kinds of power...NSA must be targeting the network :p
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Yeah, I noticed the same thing. But it's still profitable for me and will be for the next 9 months because I will use my gpus instead of the heat pump this winter.

I have no idea how some of those guys have so much hashing power for one account. It just doesn't make sense; we both know how hard it is to deal with the heat; let alone that is well over 200A of power... I think around 100 gpus would tap out a 200A panel.

So who the hell are these guys and how do they have so much power & gpus?
I wonder if the gpu manufacturers run them for a month for testing before shipping. That's the only thing I can think of.
 
The two theorys I have heard are that it is a CPU botnet or one of the overseas small/medium sized GPU farms located where electricity/cooling is next to nothing that switched from BTC.
 
If I was going to run 200A (22kW) worth of GPUs, I'd run them OUTSIDE. obviously with a roof over it (or some other easy method of mitigating rain). Why spend money on cooling when you don't have to?
 
u3b3rg33k said:
If I was going to run 200A (22kW) worth of GPUs, I'd run them OUTSIDE. obviously with a roof over it (or some other easy method of mitigating rain). Why spend money on cooling when you don't have to?
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That's basically how mine is setup...though I am pumping in outside ambient into a box containing my systems and then exhausting it back out.

Can't wait to see what kind of savings ill get this summer when I am pumping that extra heat back through my home :D
 
kirbyrj said:
Anyone use OKpay to get USD? Look like 1% transfer fee.
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Take your bitcoins to coinbase, and they will wire it to your US bank account.

Standard wire fees apply, but i get my payouts in 3-4 business days max.
 
atp1916 said:
Take your bitcoins to coinbase, and they will wire it to your US bank account.

Standard wire fees apply, but i get my payouts in 3-4 business days max.
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Same here, been using Coinbase since Gox/Dwolla stopped working together.
 
Well, my rigs have officially gone dark on cryptocoin mining. Dropping values and skyrocketing difficulties have dropped my profits from well over 1k a month in April to less than 200/month for Sept.

All my rigs are up for sale if anyone's interested.
 
bound to happen with all those cards going dark from bitcoins. gotta put'em some where
 
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