A case study in entry-level mining - page 12.

Trongersoll

hero member

Activity: 490

Merit: 501

Quote from: HellDiverUK on July 23, 2013, 09:35:11 AM

Have you considered using bgminer? I'm running it with my Block Erupters, and it seems a lot more stable. I'm running Windows 7 off a 40W MiniITX machine that's also my workstation.

he's using a raspbery Pi and linux. your experience doesn't correlate to his. cgminer works great on linux.

HellDiverUK

hero member

Activity: 1246

Merit: 501

Have you considered using bgminer? I'm running it with my Block Erupters, and it seems a lot more stable. I'm running Windows 7 off a 40W MiniITX machine that's also my workstation.

LogicalUnit

sr. member

Activity: 299

Merit: 250

Had my first stability issue for over a month just now. cgminer was detecting ten AMUs instead of five. I unplugged/plugged the USB hub, and Quit and resumed cgminer with sudo screen -r, and that seemed to fix it.

LogicalUnit

sr. member

Activity: 299

Merit: 250

Quote from: Trongersoll on July 21, 2013, 01:29:06 PM

just to be clear, difficulty rising as a result of Hashrate increase stablizes the return, it does not reduce it. the ever increasing hashrate reduces your return.

Thanks for the clarification.

Here is a page on difficulty I found helpful

Trongersoll

hero member

Activity: 490

Merit: 501

Quote from: LogicalUnit on July 21, 2013, 12:09:30 AM

Quote from: andylondon on July 20, 2013, 09:14:44 AM

Thanks for the update.

what happened around the 15th for the earnings to dip?

the hash rate remained stable, is this just random variation in difficulty?

Andy.

As far as I know, difficulty doesn't vary randomly. It increases (and theoretically decreases) depending on the hashing power of the network. As the hashrate rises, difficulty goes up, reducing the return. As time goes on, my miners will become less and less effective, making it very hard to achieve ROI.

I now have to decide whether to a) buy more miners to keep up with rising difficulty; b) cut my losses and sell the rig; c) continue mining at 1.67GH/s.

just to be clear, difficulty rising as a result of Hashrate increase stablizes the return, it does not reduce it. the ever increasing hashrate reduces your return.

LogicalUnit

sr. member

Activity: 299

Merit: 250

Quote from: andylondon on July 20, 2013, 09:14:44 AM

Thanks for the update.

what happened around the 15th for the earnings to dip?

the hash rate remained stable, is this just random variation in difficulty?

Andy.

As far as I know, difficulty doesn't vary randomly. It increases (and theoretically decreases) depending on the hashing power of the network. As the hashrate rises, difficulty goes up, reducing the return. As time goes on, my miners will become less and less effective, making it very hard to achieve ROI.

I now have to decide whether to a) buy more miners to keep up with rising difficulty; b) cut my losses and sell the rig; c) continue mining at 1.67GH/s.

andylondon

newbie

Activity: 14

Merit: 0

Thanks for the update.

what happened around the 15th for the earnings to dip?

the hash rate remained stable, is this just random variation in difficulty?

Andy.

LogicalUnit

sr. member

Activity: 299

Merit: 250

Here is a graph of my first month's mining performance on my primary pool. You can clearly see the initial instability, and the two decreases in earned rate due to higher difficulty.

flipper

member

Activity: 64

Merit: 10

The price of these miners are dropping. You can average your cost down by buying new ones, whenever you can afford to. Overall, I think you spent too much initially.

go4gonzo

full member

Activity: 141

Merit: 100

Fun and interesting post. Thanks for sharing! Grin

LogicalUnit

sr. member

Activity: 299

Merit: 250

Quote from: BugJuice on July 09, 2013, 10:38:34 AM

Hey logicalunit i was wondering some advice after reading your page. I've been wanting to do a build...pretty much identical to yours. I already have a raspberry pi and i can obtain free power. I would be getting 5 eruptors like you have. With the drop of BTC i can get them for pretty cheap to start mining. 5 for a little under 400 AUD. With these conditions and your experience would this be worth it to start mining?

Given the drop in price of BTC, and of the Erupters themselves, I would definitely go ahead. Maybe even get 6 instead of 5 for 2.0GH/s (Assuming the hub power supply can deliver 3A reliably -- I have not tested this)

That's just me though. You have to make the decision for yourself. You would be getting a much better deal than I did.

cryptograd

member

Activity: 112

Merit: 10

Quote from: razorfishsl on July 08, 2013, 05:52:12 PM

Show me where he can purchase an Avalon off the shelf......

If only ALL great opportunities were that easy to come across

smh

BugJuice

newbie

Activity: 4

Merit: 0

Hey logicalunit i was wondering some advice after reading your page. I've been wanting to do a build...pretty much identical to yours. I already have a raspberry pi and i can obtain free power. I would be getting 5 eruptors like you have. With the drop of BTC i can get them for pretty cheap to start mining. 5 for a little under 400 AUD. With these conditions and your experience would this be worth it to start mining?

razorfishsl

sr. member

Activity: 399

Merit: 250

Show me where he can purchase an Avalon off the shelf......

cryptograd

member

Activity: 112

Merit: 10

why didnt you purchase an Avalon unit?

an overclocked Avalon generates 2 coins a day

xgtele

sr. member

Activity: 288

Merit: 250

If you get you CD bitcoins back, purchase one more Block Erupter USB -- now they are sells for about 1 BTC each. You need to fight with the difficulty increase:-)

LogicalUnit

sr. member

Activity: 299

Merit: 250

Thanks for the encouragement and support, guys! I'll try to keep this thread updated

Here's an update now:

I have mined my first bitcoin, and used it to purchase a Certificate of Deposit.
It took 25 days to generate 1 BTC.
The rig is completely stable.
The offline laptop securely signed the outgoing transactions as intended.
I had to create two accounts to buy the CD: one at coinlenders.com, and one at Inputs.io
The inputs.io web wallet confirmed the deposit in about 5 minutes, and transfer to coinlenders was instant.
The CD will mature in 30 days @ 25.5% APR.

I'm aware that there is a risk associated with lending my BTC, but that's all part of the experiment.

It's also worth mentioning that the price of BTC has crashed. I bought at approx AUD$135, and now it's about AUD$85.

prometheuss

newbie

Activity: 17

Merit: 0

LogicalUnit,

I am enjoying this thread too. Please keep it going and just because your first rig's roi isnt the best your learning alot and that is priceless

readonlyaccess

newbie

Activity: 48

Merit: 0

Quote from: 🏰 TradeFortress 🏰 on June 20, 2013, 06:04:33 PM

Quote from: bcpokey on June 20, 2013, 06:29:09 AM

Quote from: LogicalUnit on June 18, 2013, 08:09:31 PM

Quote from: STT on June 18, 2013, 07:31:35 PM

25% wow, where would that be. Ive never heard of virtual savings, we are far down the rabbit hole now. If this is correct and other financial innovations, there is hope yet

https://www.coinlenders.com/interest

Dawg, I tried to warn you before about the ASICs, but you had already ordered them, so I didn't really want to get into it too much, but seriously, BE-WARE of this coinlenders nonsense. Anyone offering 25% APR is suspect.

Anyone whose website was registered March-22-2013, set to expire March-22-2014 is more suspect.
Any "business" that is run by "whoisguard" is suspect (imho).

Put all those together and you get... super suspicious.

Maybe you've done your due dilligence, I dunno, but I would really hate for this to all end as the tragic story of a guy who got scammed from A-to-Z by the bitcoin world.

I run coinlenders.

The domain is only for 1 year because it was one of the many names I was considering (I snapped up half a dozen domains, all 1 year).

25% APR is not suspect - it is possible to get this return. We lend at multiples of the rates we're offering.

I just signed up, going to give it a whirl.

wot_guppy

newbie

Activity: 8

Merit: 0

I'd like to hear the ongoing story too - I hope to be mining soon myself and will probably start with a similar setup.

-wot

Topic: A case study in entry-level mining - page 12. (Read 53578 times)