Topic: A case study in entry-level mining - page 13. (Read 53578 times)
I am enjoying this thread too. Please keep it going.
Hi LogicalUnit,
Great post!
While I think your choice of mining rig wasn't the best,
it's still fun to read and watch your journey.
If you could maybe give us an update weekly?
Best of Luck to You!
Great post!
While I think your choice of mining rig wasn't the best,
it's still fun to read and watch your journey.
If you could maybe give us an update weekly?
Best of Luck to You!
The rig has now accrued a current uptime of over a week, and has generated about 0.7 BTC in total. The fan has resolved the stability issues.
Yeah that's the thing.
The USB miners are available NOW, and they've gone down in price too.
The USB miners are available NOW, and they've gone down in price too.
Fun thread. After my Jaly's arrive (very soon) and I've mined sufficient capital, I plan to invest in Erupters as well. Thanks for the step by step!
ur an idiot lol (that just sounds dumb to pay the same for a 5Gh/s unit as a 300 Mh/s unit)
It is very hard to resist jumping and grab what's available and shipping now. 5gh/s is better, but, how soon can you ship it ?
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.
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.
World, FWIW I'm going to give them a try. The site looks nice and its not like I'm necessarily gaining any appreciated value from a "Record High" BTC price so I say why not. I will by no means try out anything other than 1btc as that is just too much risk imho. Word to the wise, 25% APR wittles down to 2.08% earned interest per month - I'm looking at maybe a Dollar and change from lending the equivalent to 100 and some change...but I suppose that is what to expect from ANY cd nowadays fiat or otherwise
Fun thread. After my Jaly's arrive (very soon) and I've mined sufficient capital, I plan to invest in Erupters as well. Thanks for the step by step!
ur an idiot lol (that just sounds dumb to pay the same for a 5Gh/s unit as a 300 Mh/s unit)
I'm not saying coinlenders is a scam, so don't misinterpret me that way. It certainly could be possible for you to be running a legitimate and thriving business, I simply said beware. Bitcoin is an irreversible transaction, and so deposits are a huge leap of faith. Akin to sending someone a bunch of cash through Western Union. If you don't imagine yourself being comfortable doing that, why would you do it with bitcoin?
That said, no risk, no reward, perhaps it's a good investment. Just make sure to do your homework, protect yourself as much as you can, and be prepared for both sides of the risk-reward continuum.
As to what you should do OP, I would not presume to tell you what to do, but if you think that you might not break-even on the units, I would certainly find something like http://www.ebay.com/itm/BitCoin-ASICMINER-USB-BLOCK-ERUPTER-333MHash-ASIC-Black-IN-HAND-READY-TO-SHIP-/300921840079?pt=LH_DefaultDomain_0&hash=item461056e1cf an appealing alternative.
As I said in my original post though, I personally would ride the hobbyist enjoyment train. If you enjoy tinkering and displaying and toying with the hardware, that's great, and if you take a small loss, it's not the end of the world.
That said, no risk, no reward, perhaps it's a good investment. Just make sure to do your homework, protect yourself as much as you can, and be prepared for both sides of the risk-reward continuum.
As to what you should do OP, I would not presume to tell you what to do, but if you think that you might not break-even on the units, I would certainly find something like http://www.ebay.com/itm/BitCoin-ASICMINER-USB-BLOCK-ERUPTER-333MHash-ASIC-Black-IN-HAND-READY-TO-SHIP-/300921840079?pt=LH_DefaultDomain_0&hash=item461056e1cf an appealing alternative.
As I said in my original post though, I personally would ride the hobbyist enjoyment train. If you enjoy tinkering and displaying and toying with the hardware, that's great, and if you take a small loss, it's not the end of the world.
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.
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.
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 appreciate your candor, and will take your advice. Yes, I got swept up in the whole "cryptocurrency is super-cool" bubble, and didn't fully understand everything before diving in. Rising difficulty is killing me here, and the ASICs were overpriced.
What do you suggest I do? Keep mining and hope the price of BTC will go up, or sell the damn things on eBay before they becomes worthless?
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.
Any idea how much electricity cost the setup is per day/month?
My energy provider is ActewAGL, and my bill has 2 components: a flat fee of AUD$0.605 per day, plus AUD$0.179 per kWh. The rig draws 20W at most. So to run for thirty days is 30 days * 24 hours * 0.020kW * AUD$0.179 = AUD$2.58
Any idea how much electricity cost the setup is per day/month?
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
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
This will make an interesting read 5-10 years from now.
It might appear prehistoric just by year end. How long will it take this rig to earn back 13 BTC. Depends where prices go but it could good or bad depending where btc price goes.
Because these miners use less electricity its possible BTC price in dollars falls even though the hardware cost is higher short term
You are absolutely correct that this project will succeed or fail depending on the price of BTC.
I've come to realise that I underestimated the challenge posed by rising difficulty. Also, the price of the hardware was rather high. However, BTC interest rates are also high -- around 25% per annum -- so I can offset these losses by purchasing Certificates of Deposit. The plan is to keep the currency in Bitcoins, NOT cash out to fiat.
This will make an interesting read 5-10 years from now.
It might appear prehistoric just by year end. How long will it take this rig to earn back 13 BTC. Depends where prices go but it could good or bad depending where btc price goes.
Because these miners use less electricity its possible BTC price in dollars falls even though the hardware cost is higher short term
The USB fan is here, but I couldn't fit it into the USB hub along with the Eruptors. Instead, I used a second USB power supply, and it's working great. Very quiet. However, my hashrate fell again. You can see two dips in the weekly graph:
Hopefully the fan will stop this.
Hopefully the fan will stop this.
Big problem this morning: cgminer reported all 5 Block Eruptors hashing at 250MH/s, amd all five BEs had their green LED illuminated. This could be a heat issue; I'm not sure. I've unplugged everything for now to let it cool.
Ups, lets hope it's mothing big.
The rig is running normally now, but I'm worried this instability issue might happen again. I don't want any downtime. NEED USB FAN!!
Just for fun and giggles, do you have a kill-a-watt running for all those badboys? and if not, get one
Yep, I've ordered one!
I can tell you now that the rig will draw a max of 20 Watts. 5V x 3A = 15W for the USB hub, plus 5V x 1A = 5W for the USB power supply for the RPi.
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