getting into bitcoining?

At this point, I cannot see any reason to get into mining bitcoin. Every projection I've seen on new mining equipment shows that they will never earn back the initial investment. That includes the 2TH/sec miners coming from Cointerra.
 
kirbyrj said:
At this point, I cannot see any reason to get into mining bitcoin. Every projection I've seen on new mining equipment shows that they will never earn back the initial investment. That includes the 2TH/sec miners coming from Cointerra.
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I have told myself that 3 times now, and each time BTC has made an order of magnitude jump in value.

If your strategy is to mine and cash out you are probably correct. If you intend to mine and hold on the other hand...
 
jojo69 said:
I have told myself that 3 times now, and each time BTC has made an order of magnitude jump in value.

If your strategy is to mine and cash out you are probably correct. If you intend to mine and hold on the other hand...
Click to expand...

Cheaper to buy coins with cash vs. mining for them if that's your strategy I would think.
 
kirbyrj said:
At this point, I cannot see any reason to get into mining bitcoin. Every projection I've seen on new mining equipment shows that they will never earn back the initial investment. That includes the 2TH/sec miners coming from Cointerra.
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This is why you don't mine straight BTC or LTC, but rather a multicoin pool that automates mining / auto-dumping of most profitable altcoin into BTC.

...like middlecoin, or hashcows.
 
kirbyrj said:
Cheaper to buy coins with cash vs. mining for them if that's your strategy I would think.
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It may be cheaper up front to buy coins, but it's an extremely risky all-or-none approach.

Going straight USD -> BTC means that your USD investment is unshielded and unhedged if the situation goes south. You basically lose it all. Oh yeah, you also can't predict were markets are going. Have fun with that.

Going USD -> GPU -> BTC means that your USD investment is still present and viable in the form of the hardware you have. You may not be able to get 100% of your investment back selling the hardware off, but you sure as hell are in better shape than the guy who went USD->BTC.

Now, if you think that i'm advocating straight BTC mining using GPUs, you're wrong. The clever individuals will find multiAltCoin mining pools that autoswitch / and autodump their alts into BTC. These altcoins are hundreds of % more profitable than BTC, so unless you're getting shafted by electricity costs, USD->GPU->BTC is still viable.
 
USMCGrunt said:
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.
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Did your electricity go up?

Did you ever try one of the multicoin pools like middlecoin or hashcows?
 
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atp1916 said:
Did your electricity go up?

Did you ever try one of the multicoin pools like middlecoin or hashcows?
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No and No but electricity alone for the rigs was in the neighborhood of $140 and I only made 110 coins in all of September...maybe woulda hit 115 by the end of the month.
 
No, it is too late. Ever since the twins, who got booted from Facebook said they were getting into it, well, it was all over then...
 
USMCGrunt said:
No and No but electricity alone for the rigs was in the neighborhood of $140 and I only made 110 coins in all of September...maybe woulda hit 115 by the end of the month.
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I'm confused

110BTC*$140=$15400
 
You only spent $140 on electricity for running 22mhs?!

Wow, i spend (@.13kwh) $175/m for 4.1~4.2mhs..



@JoJo Grunt meant LTC earned, not BTC.
 
USMCGrunt said:
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.
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What rigs are you using? Are they GPU based? If so, have you tried switching to Litecoins? The difficulty has gone up a little bit lately (When I started mining LTC it was 850~ difficulty, now up to a little over 1000). You get way better yields with GPU then with BTC.

If your BTC income is less than $200/month now, you should calculate your LTC income (using GPU hashrate lookup guides), and see how big the difference is.

If on the other hand you're already mining LTC, then never mind :p
 
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dalekphalm said:
What rigs are you using? Are they GPU based? If so, have you tried switching to Litecoins? The difficulty has gone up a little bit lately (When I started mining LTC it was 850~ difficulty, now up to a little over 1000). You get way better yields with GPU then with BTC.

If your BTC income is less than $200/month now, you should calculate your LTC income (using GPU hashrate lookup guides), and see how big the difference is.

If on the other hand you're already mining LTC, then never mind :p
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That was mining LTC :D
 
USMCGrunt said:
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.
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just curious, where do you have them listed?
 
um... are you guys paying attention to the news?

Silk road is shut down.

So the million dollar question is:

Can cryptocurrencies survive without the silk road?

When will another avenue come along to replace the silk road, and consequently help restore stability to BTC/LTC/usd trade markets?

What fraction of BTC/LTC is being used to purchase items, vs. mining & selling
 
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Silk road domain seized

Dread Pirate Roberts in custody

BTC down $10
 
Good. Very glad to see the Silk Road go.

One less thing the ignorant anti-BTC idiots can use against those of us mining BTC as an investment opportunity.
 
J Macker said:
So the million dollar question is:

Can cryptocurrencies survive without the silk road?

When will another avenue come along to replace the silk road, and consequently help restore stability to BTC/LTC/usd trade markets?
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Atlantis will most likely take over and they're using BTC and LTC.
 
29104368.jpg
 
My BFL Jalapeno has shipped and is on its way. I can't imaging how long it will take to earn back my $169 I paid for it 7 months ago.
 
robble said:
My BFL Jalapeno has shipped and is on its way. I can't imaging how long it will take to earn back my $169 I paid for it 7 months ago.
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lol. I've had mine since July... Make sure you grab an AVR dragon and flash it for more gigahashes
 
robble said:
My BFL Jalapeno has shipped and is on its way. I can't imaging how long it will take to earn back my $169 I paid for it 7 months ago.
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Best ROI is to throw it on eBay as soon as you get it.
 
jojo69 said:
sad but true

single here has been churning for a month...be lucky to break even
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I had a 30GH little single. Won't break even with current difficulty jumps. Even more "shocking" was the realization that the 2TH/sec CoinTerra machines at $7000 shipping in Jan won't break even either. Right about then was when I decided that SHA-256 mining is over and I sold everything I had before it wasn't worth anything. I'd sell that single before the 400GH/sec KNC machines start shipping in force.
 
nah, makes a nice little heater, plus bitcoinzz going TO DA MOONNNN!!!!!
 
jojo69 said:
nah, makes a nice little heater, plus bitcoinzz going TO DA MOONNNN!!!!!
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heater? these things run extremely cool if you remove the horrible case and have the fan blow down onto the heatsink. Mine is at 30C and has been up for several weeks nonstop....
 
Carl224 said:
How is bit coin mining these days? asci chips are prob a better bet
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Um...no. ASIC mining is dead unless you can magically get your hands on stuff for free and pay 0 electricity costs.

The only shot in the dark anyone has these days is #1) having cheap electricity #2) using GPUs on multi-coin pools such as Middlecoin, Hashcows etc. Even LTC is worthless to mine which wasn't the case even just a few months ago.

My net is about 50% after electricty @ .10 khw on Hashcows.

I've worked off my initial investment costs and it's all profit at the moment until i get new hardware.

Still makin' cash! $$$ :)
 
atp1916 said:
Um...no. ASIC mining is dead unless you can magically get your hands on stuff for free and pay 0 electricity costs.

The only shot in the dark anyone has these days is #1) having cheap electricity #2) using GPUs on multi-coin pools such as Middlecoin, Hashcows etc. Even LTC is worthless to mine which wasn't the case even just a few months ago.

My net is about 50% after electricty @ .10 khw on Hashcows.

I've worked off my initial investment costs and it's all profit at the moment until i get new hardware.

Still makin' cash! $$$ :)
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I tried Middlecoin, but the payouts weren't very high compared to multipool.us. I was literally making double the coin on multipool compared to middlecoin.
 
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