Been mining for about 2 years now and I've been using the S5 since its release with positive results. Even with free electricity the difficulty increase is grinding my payouts to a halt and I've been considering another miner but nothing seems to have the hash power to offset the difficulty for long. Currently the S4 looks good as I've seen prices as low as $495. Is anyone considering buying any new hardware or is the consensus buying bitcoin outright now that the difficulty is so high? Thanks for any insight!
This site is supposedly selling 6MHs scrypt miners for $4700 that consume only 120W. Think it's vaporware? Considering a dualminer has one gridseed chip for 100 bucks and this thing apparently has 80 chips for 4700 it's not out of the question but if it's true it seems like a good deal to me.
I received a call from Ebay today saying that I was not allowed to list bitcoin related hardware on their site. They stated that this type of product does not fit their "risk profile". I asked them for clarification and the lady seemed to think I was selling bitcoins. I'm selling ASICMINER USB Block Erupters. I told her that I have the product in hand and tested and she said it did not matter. She said that listing ANYTHING related to bitcoins violates their terms of service at this time. I then had all of my outstanding auctions deleted, even though I have recently sold several usb miners. They are not rescinding the auctions but I am doubtful they will let me list again. Has anyone else had this issue? Are there any alternative places I can sell this hardware? edit* - Recently found this thread on bitcointalk where someone had their paypal account frozen: https://bitcointalk.org/index.php?topic=202431.0
Okay guys. I have a 24 hour deadline to finish this project and need some help from the Reddit community. I bought a raspberry pi 3, a 5 inch lcd, and this usb asic miner off of ebay. The usb miner will be ready tomorrow, but I was wondering what I can do today to make sure that I can properly demonstrate that the computer mines bitcoin. So here are some things I need help with. I know that I will hardly earn any money, but I am not creating this project for that reason 1) What pool should I be using? 2) Will the pi be able to handle the power needed by the miner? Thanks!!!
TL:DR: Don't bother mining if you want to get rich yo. You're way too late to the party. Welcome to the exciting and often stressful world of bitcoin! You are wondering what looks like a once in a lifetime opportunity to get rich quick. Of course you guys probably heard about this "mining" process but what is this? Simply put, a bitcoin mining machine that performs complicated calculations and when deemed correct by the network, receives a block which contains 25 bitcoins (XBT). This is how bitcoins are generated. So your brain instantly thinks, "Holy shit, how can I get on this gold rush?" Before you proceed further, I would like to explain the concept of mining further. Bitcoin is limited 21m in circulation. It is coded to release a certain number of blocks at a certain time frame, ie: this year the network will release close to 500,000 bitcoins. What this means is that the more people (or specifically the amount of mining power) mine, the less each person gets. The network tries to keep to this time frame through the process of difficulty adjustments which makes the calculations harder and this happens every 2 weeks. So every 2 weeks, you get less bitcoins with the same hash rate (mining power) based on what the difficulty changes are. Recently, the changes have been pretty staggering, jumping 226% in 2 months. You can see the difficulty changes here. Now, why are these changes so large? A bit of a simple history. Bitcoin's algorithm runs on SHA-256. This algorithm can be solved using many hardware, from CPU to GPU and dedicated hardware (Application Specific Integrated Circuits). When bitcoin first started, mining on CPU was a trivial process, you can pretty much earn 50 XBT (the block size then) every few hours between Q1 and Q2 of 2010. In late 2010, due to the difficulty increase that is reducing the effectiveness of CPU mining, people started to harness GPU mining. Only AMD GPU's architecture design are better optimized for bitcoin mining so this is what the community used. Immediate improvements of more than 10x was not uncommon. In time of course, GPUs reached their limit and people started to build dedicated. In the same vein as the CPU to GPU transition, similar performance increase was common. These ASICs can only perform SHA-256 calculation so they can be highly optimized. Their performance mainly depends on the die size of the chips exactly like CPU chips. In general, think of bitcoin mining's technological advancement no different to mining gold. Gold panning (CPUs) vs pickaxes (GPUs) vs machinery (ASICs) and we are still in the ASIC mining race. ASIC mining started with ASICMiner and Avalon being first to the market, both producing 130nm and 110nm chips. The technology are antiquated in comparison to CPUs and GPUs which are now 22nm with 14nm slated for Q1 next year by Intel but they are cheap to manufacture and with performance gains similar to the CPU to GPU transition, they were highly successful and popular for early adopters. At that point in time since there were less competing manufacturers and the low batch runs of their products, miners became really rich due to the slow increase in difficulty. The good days came to an end mid August with an unprecedented 35% increase in difficulty. This is due to existing manufacturers selling more hardware and many other players coming onto the market with better hardware (smaller die). Since die shrinking knowledge and manufacturing process are well known along with a large technological gap (110nm vs 22nm), you get an arms race. Current ASIC makers are closing in on our technological limit and until everyone catches up, the difficulty jumps will be high because it is just too easy to get a performance increase. Most newer products run at 28nm and most chips are not well optimized, so it will be around another 6 to 9 months before we see hit a hard plateau with 22nm or 14nm chips. The estimated time frame is because manufacturing chips at 22nm or 14nm is a more difficult and expensive task. In the meantime most manufacturers will probably settle at 28nm and we will reach a soft plateau in about 3 months. Now, you might ask these questions and should have them answered and if you have not thought about them at all, then you probably should not touch bitcoin until you understand cause you are highly unprepared and probably lose lots of money.
I read that you can mine with a CPU/GPU, should I do so?
No. If you have to ask, please do not touch bitcoin yet. You will spend more on electricity cost than mining any substantial bitcoin. Seriously. At all. A 7990 would produce a pitiful 0.02879 XBT (USD $14 @ $500/XBT exchange rate) for the next 30 days starting 23 Nov 2013 at 35% difficulty increase. And if you think you can mine on your laptop either on a CPU or GPU, you are probably going to melt it before you even get 0.01 XBT.
I get free electricity and I have existing hardware, should I still mine?
Probably not because you probably forgot that GPUs and CPUs produce a ton of heat and noise. You can try but I see no point earning < $20 bucks per month.
Should I buy an ASIC machine?
No, because your machine will probably not mine as much as buying bitcoins. This situation is called the opportunity cost. While you can still make money if XBT rise in value, it is a fallacy.
IE: if you start mining on 1 Dec 2013, a KnC Jupiter running at 450Gh/sec (KnC lies as not all chips run at 550Gh/sec) will yield you a total revenue of 9.5189 XBT with a profit of 0.7859 XBT in profit by 30th Jan 2014 at a constant difficulty increase of 35%. The opportunity cost is: 8.5910 XBT @ USD $580/XBT with USD $5,000 which is the cost of a KnC Jupiter. This is the best you can earn and it's a bloody optimistic assumption because:
You are assuming your pre-order will arrive on time. (I do not think any first batch pre-order from any manufacturer has arrived on time).
All pre-orders are sold out for 1 Dec.
You are assuming your chips will run at 450Gh/sec minimum but many miners here will tell you their chips have been under performing.
Electricity cost have not been taken into account.
Shipping cost and time has not been taking into account.
Import Tax or VAT has not been taken into account.
Risk of downtime due to DOA or warranties has not been taken into account.
You are assuming the difficulty increase will be a constant 35% which is very unlikely because Cointerra with a team that has worked on some of the world’s highest performance CPUs, GPUs and chipsets for NVIDIA, Intel, Samsung, Qualcomm and Nortel has pre-sold an absurd amount of hash rate. Difficulty increase of 45% or more (which we have seen when a small player, KnC shipped their 1st batch) will be repeated commonly. This is only 1 company, imagine what the rest will come out with. I have failed repeatedly and so have many in estimating future hashrate. You wont be able to do better.
Even if you earn some profit, it will be < 15% and will probably be not worth your risk or your trouble. I can buy and hold XBT with no risk of losing them.
The only circumstances where you will earn money is when XBT exchange rates is so high that it makes the opportunity cost pales in comparison. Unfortunately this is not the case. If XBT stabilized at 900/XBT today (20 Nov 2013) then we might have a good case. The risk is just generally not worth it. Unless you have at least a hundred thousand and can make a contract with a manufacturer for a lower cost, do not bother. Just wait until the arms race is over then you can start mining.
I understand I probably won't earn any money, I just want to do this for fun/hobby...
Okay, go buy an AsicMiner USB Block Erupter. They are cheap and pretty fun to have.
I want something with more omph and still do not mind losing money
Sure, just read the answer below on who NOT to go for. You are doing bitcoin a service by securing the network and you have our (the users') gratitude.
Who are the manufacturers?
You can check out the manufacturers and their products below along with a calculator here. If you still insist on buying, do not to go for BFL. Their track record is horrid and borderline scammish. KnC fucked up a lot with defective boards and chips. Personally, I think CoinTerra is the best choice. Alternatively, you can go on the secondary market to buy a delivered product. You can get a better deal there if you know how to do your "return on investment (ROI)" calculation. Personally, I will go for a 45%-50% difficulty increase for the next 3 months for my calculations and a 2% pool fee. However, most products on ebay are sold at a cost much higher than it should. bitcointalk.org is a cheaper place because everyone knows what are the true value is so you will find less options. If you are unclear or need assistance, please post a question.
Which pool should I use?
I actually do not use any of the pools recommended to the left because I think they lack features. My favourite is Bitminter (Variable fees based on features used; max 2%). It has all advanced features for a pool, very responsive and helpful owner on IRC. Variable fees is good for those who do not need a large feature set, even with all features turned on, it is still cheap. Eligius (0% fees) has high value for money but lacks features. It has anonymous mining which might be attractive to certain subset of people but not for others. Many other community member and I disagree highly with the opinions of the owner on the direction of bitcoin. I do use his pool for now but I do so only because I share my miners with a few partners and anonymous mining allows us to monitor the machines without using an account. Bitminter uses only OpenID which is problematic for me. BTC Guild (3% fees) is another big pool and is fully featured and does charge a premium for their fees. That said, they are the most stable of the lot. I do use them but do so only because my hoster uses them for monitoring. I try not to use them because a pool with a very large hash rate (they are the largest) presents a large vulnerability to bitcoin's network if compromised. All of them pay out transaction fees.
New to mining. Electricity is free. What are some low cost hardware options that'll make enough for grocery costs?
I've been using nicehash on my gtx 1060 and my fx-8350 the last couple days, netting me a whopping $3.12 in 2 days. That's an extra 539 a year so it at least pays for 5/8ths of a months rent. However, I have about $450 to spare that I was going to use to buy bitcoin. I would like to, instead, buy a cheap mining rig that can at least make a couple hundred a month. At my current $46.8/month mining, I think a cheap dedicated rig could easily pull that off, right? I found a "AsicMiner Blade Block Erupter" for $50 on ebay that looks like it doesn't take much power, can be attached to my gaming rig's PSU, and gets 10Gh/s. My nicehash states im currently getting 29Mh/s, so that's a substantial, simple upgrade, right? All in all, if there are other options that I can easily attach to my computer, rather than a separate power supply, that's be amazing EDIT: i suspect my current 29Mh/s is wrong, or the online mining calculators are off, because when i plug in that rate it shows i make about $0.014 per year, which clearly doesnt match up. Can someone confirm this?
So I've been looking into Bitcoin mining, and I thought of picking it up as a hobby. I was looking into getting the Raspberry Pi 3 and getting a few Block Erupters. I've looked on eBay and Amazon, but I'm a little weary because they are sold by third party sellers, and I'm new to this. Is there any verified vendors that I could buy a good Block Erupter from? Edit: Formatting/spelling
If I were to buy a ASICMiner Block Erupter Cube, what would I need.
I was thinking about buying an ASIC miner just to try it out and see what it is like, not really looking to make money, just a little hobby. I looked at eBay (I know it's not the best place to find good quality things), and I found this ASIC. ASIC PSU Is that all I would need to use this ASIC? Do I need to plug it into a computer or modem/router etc. Is the PSU enough to power the ASIC? Also a note, electricity cost is not an issue.
Are the socalled "Bitcoin Block Erupter USB ASICminer" legitimate?
I've been interested in BitCoins for a while, but haven't quite taken the time to get to understand it fully. I recently found this on eBay, which looks a bit less complicated. Link for eBay auction Would this be a good "starting device", and would it be able to net in any profits? If so, how much (little)?
Should I buy a USB bitcoin miner? I would like to have fun with this new craze.
I just wanna have it as a novelty, I am so excited and would like to mine at least 1 coin just for my own achievement, and who knows what it'll become after few years. So the USB bitcoin miner cost around $35 on ebay. Around 333mh/s. http://www.ebay.com/sch/i.html?_sacat=0&_from=R40&_sop=15&LH_BIN=1&_nkw=USB+Block+Erupter+ASIC&rt=nc&LH_FS=1 I have an old windows p4 xp pc that I plan to use for mining for fun. Do you think its gonna work? If yes can a math expert tell me how long is it gonna take for me to mine 1 bitcoin? or at least 25% of 1 bitcoin?
Ok so after doing some reading on this subreddit and google, I learned that mining is going to become increasingly difficult as time goes on. I want to start off small then maybe grow in the future.. I don't want to toss a whole bunch of money into this right away. I just want something that runs while my computer does, which is most of the day. You know, just something that sort of does it's thing while I do mine. I was thinking maybe This. Would this be a good investment at this time considering the difficulty of mining now? I am new to mining as well as the whole bitcoin thing. Would it be good for alternate coin mining as well? (litecoins ect.). Is it even worth going for alternate coins? It seems that mining for alt coin might be profitable with the devices above. I just need someone to point me towards the right direction. I was also considering just flat out buying bitcoins and hoping the price of them rises. Iunno, any advice?
Looking to buy an ASIC miner, which one would you all recommend?
I used to GPU mine on my GTX480. It was never particularly lucrative, I just generally enjoyed it. Now I am looking to buy a USB miner (or a couple?) that will mine at a reasonable bitrate. I know that it probably won't be profitable (though with the extremely variable price of BTC, who knows), but I'm just wondering which one I should get. Looking to spend less than a hundred dollars (I also wouldn't mind getting a couple cheap USB units instead). What seller will deliver a functional product within a reasonable time frame? I don't want to wait 3 months for it to arrive, and I don't want to get a unit with horrible design flaws, as many seem to be getting. TLDR; Looking to buy a cheapish ASIC miner that will ship soon and will not break. What should I get? Thanks! Edit: Are these any good? http://www.ebay.com/itm/NEW-ASIC-USB-Erupter-Miner-USA-Seller-Bitcoin-V3-BTC-fpga-gpu-bfl-avalon-/200975270201?_trksid=p2054897.l4275
2x SAPPHIRE 100355OCL Radeon HD 7850 2GB 256-bit GDDR5 PCI Express 3.0 x16 HDCP Ready CrossFireX Support Video Card
LG 24X DVD Burner
LOGISYS Computer CS368RB Red & Black Steel ATX Mid Tower Computer Case
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Microsoft Windows 7 Professional 64-bit - OEM
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SOLD Both rigs runs Windows and comes with the installation disc (Dell branded), but I was running a live Debian-based OS from a USB drive that will be included (4gb). It supports litecoin and bitcoin, and even the USB ASIC block erupters. It has remote monitoring support, which is mainly why I used it. Will accept litecoin, bitcoin, Paypal, Dwolla, or Wells Fargo transfers. I would rather not ship outside the USA or part out. If no one is interested here, I will likely just list them on eBay.
If malicious hackers can pool together tons of phones together to reach considerable hashing power; Can a positive community crowdsource a large batch of cheap USB miners with auto-p2pool configurations? A significant amount of small parts add up to a greater sum!
We now hold the discussion about the danger of GHash's strength, let's use this energy to make a difference. Let's use frictionless money to make it easy for a bunch of small contributions to make a big difference. Ghash is popular because it's easy to mine at any amount and get a small payout, even if it doesn't quite break even. P2Pools offer the same advantage because there is no middleman to collect fees. Yet until P2Pools get larger hashing power, this makes it not advantageous for small miners to individually direct towards P2Pools.. Yet if a bunch of small miners directed towards a single pool, it can make a significant difference Developers have already created bot-net type applications that use phones to pool together and mine. It has occured on iOS, Android and has been occurring since 2011. So if developers can do this maliciously, could we use this same mentality in a beneficial way to easily and cheaply secure the network? Currently you can get small USB miners for a few bucks. And if you want to spend a little bit more, it's easy to get a hub/dock to group more then a few miners together. Yet even just running one device in the background while online would be useful if many people did this. So what can we do? Well the best way to coordinate an effort would be to crowd-fund a kickstarter like campaign to buy a bulk amount of USB miners so that people could spend a few bucks and get a miner or two to give to friends. It would be great to get a large vendor trying to rid stock could do something like this perhaps? Ideally I would like to use Lighthouse yet it is not ready. I am unaware of any other decentralized crowd-sourcing applications. If nothing else arrises then Bitcoin Starter could be a substitute for such a fund. How many people would be interested in running a small USB miner in the background while your on your computer? If everyone pitched in a buck or two to get a small miner shipped to their house, would you run it? Please give your thoughts! If you can help please stand up and if your willing to support make that known! If you think this is stupid then say so! tl;dr: let's see if we can get a community crowdsourced effort to distribute small usb miners to a crowd of people. If they all pointed their dust-amount of hashing power it could add up to a greater sum. If done with a P2Pool it could be a very beneficial action to secure bitcoin's decentralization.
Newbie, a few questions: Just need coins! If you had $200-400 what would you do? 10x Block Erupters?
http://www.bitcoinx.com/profit/ Says I'll net about $250 after power at current defaults plus 15 cent kilowatts and 100w for the total rig. (Which I'm not completely certain of but I know these don't use much power). (6 months) Thoughts? These seem to be going for about $25 on ebay. I'm OK with just breaking even here or at least not losing any money. Decent price? Which hub? How much bus bandwidth do these need on a USB 2.0 bus? (Are they USB 2 or 3?) How bad is their resale value in say 6 months time? Does moores law basically apply to depreciation or is it worse than that due to difficultly? Would I be better with a GPU? Can a GPU in this price range even compete with the erupter hash rate and it's power consumption? Which one? Which pool should I join? Windows or Linux? Would running the rig on just a USB flash disk for stability and low power be OK or are their too many writes for this to be a good idea? Not really interested in investing in an SSD. Also what are the best ebay style bitcoin markets just to sell stuff on for coins? Thanks!
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