Hi gimme_bottles. True to his word, evoorhees has sent me tracking information as he said he would. If all goes well we should see a modest increase in mining revenue from the new hardware on Tuesday and benefit fully from the increase on Wednesday. I will be working on running new circuits and adding a new network switch to accommodate the Avalons today or tomorrow depending on available time. I'll post an official news item upon receipt of the hardware.
Cheers.
Topic: btt - page 46. (Read 407343 times)
This is assuming difficulty continues to double as fast as it does. Well, OK, there's Moore's law and all.
This isn't related to Moore's law in any way. We simply know that a lot of ASIC mining devices are being manufactured, and many of them will be more efficient than the current generation.
Extrapolation simply gives you an idea how fast this process is.
Electricity costs are still by far negligible with ASICs,
We are talking about what it would be years from now.
Let's say difficulty increases 10% per week, in a year you'll have 142 difficulty increase. So if electricity costs are only 0.7% of mining revenue now, in a year they will be 100% of mining revenue, and it will be no longer profitable to mine. (Assuming Bitcoin price doesn't change.)
Now, the thing is, difficulty increases much faster than 10% per week now.
All in all, it is extremely likely we'll get there by the next reward halving.
I find it hilarious that you wrote "still" when we are at the very beginning of ASIC deployments and situation changes each week.
mining is no longer profitable for those with inefficient gear
As long as it makes some sort of profit after electricity costs"Mining is no longer profitable" means that electricity costs are higher than what you get for Bitcoins it mines.
It is expected that future generations of ASIC chips will be much more energy-efficient.
Difficulty will go up until mining is no longer profitable for those with inefficient gear and/or high overhead. It cannot go up far beyond this point because many(most) will stop mining which will cause difficulty to fall. \
I am curious as to the reason why people would go so far as to stop mining. As far as I know, if you actually have an asic in hand, for most people, the only expense afterwards would be electricity. As long as it makes some sort of profit after electricity costs, would'nt people continue to mine in order to minimize losses, even if they can not get back the cost of the asic?
Oh, and good job on the new equipment
, and yes basic-mining can definitely "weather the storm". 
Thanks for your explanation, but I know I'll have to do my research before buying any shares. Not trying to waste Creativex's time, I'm just trying to understand. That's why I said before anything else "Before I continue, I'm not trying to troll or anything, I'm just trying to understand."
Hi guitarplinker. The best resource currently available for bASIC-Mining is this thread, this forum, & our spreadsheet. I believe if you read through the available information you'll develop a better understanding of the workings of bASIC-Mining. I have limited time this weekend, but will try to address any remaining questions you have in detail.
Cheers.
https://docs.google.com/spreadsheet/ccc?key=0ArTS7AD--9SWdDNfb0lRNElqS1k1eGRoWEw2TGM4NlE&pli=1#gid=0
Thanks for your explanation, but I know I'll have to do my research before buying any shares. Not trying to waste Creativex's time, I'm just trying to understand. That's why I said before anything else "Before I continue, I'm not trying to troll or anything, I'm just trying to understand."
Hi guitarplinker. The best resource currently available for bASIC-Mining is this thread, this forum, & our spreadsheet. I believe if you read through the available information you'll develop a better understanding of the workings of bASIC-Mining. I have limited time this weekend, but will try to address any remaining questions you have in detail.
Cheers.
https://docs.google.com/spreadsheet/ccc?key=0ArTS7AD--9SWdDNfb0lRNElqS1k1eGRoWEw2TGM4NlE&pli=1#gid=0
Before I continue, I'm not trying to troll or anything, I'm just trying to understand.
If the high difficulty puts other ASIC miners out of the game, what is stopping bASIC mining from losing money by mining as well? Do they operate on very low power costs, or keep mining even when they lose money, or whats up? And when the difficulty becomes too high for ASICs to be profitable, yes people will take them offline. However at the next difficulty change there is a good possibility that the difficulty will make it profitable again, until the next difficulty change, and it will continue like that.
Like, does bASIC have a plan to combat this all?
If the high difficulty puts other ASIC miners out of the game, what is stopping bASIC mining from losing money by mining as well? Do they operate on very low power costs, or keep mining even when they lose money, or whats up? And when the difficulty becomes too high for ASICs to be profitable, yes people will take them offline. However at the next difficulty change there is a good possibility that the difficulty will make it profitable again, until the next difficulty change, and it will continue like that.
Like, does bASIC have a plan to combat this all?
I'd call creativex a conservative investor. He buys available hardware and no pre-orders and his strategy is to buy cheap enough hardware to stay profitable. Sounds simple, but that's it.
The difficulty is killing everyone, including stocks such as bASIC. I read earlier today that any BFL device that arrives later than September 1st will be unprofitable with the current difficulty rising trend.
Unfortunately that isn't just affecting just BFL customers, it affects bASIC and all other securities or similar. I think the way they should be focusing on now, is using sites like Middlecoin, or multipool (when they implement their auto-exchange feature) and using GPU's for mining. I know they're highly in-efficient, but they can generate more profits mining than ASICs can, I never thought I'd say that, but I guess things change, aka the difficulty of bitcoin mining.
Unfortunately that isn't just affecting just BFL customers, it affects bASIC and all other securities or similar. I think the way they should be focusing on now, is using sites like Middlecoin, or multipool (when they implement their auto-exchange feature) and using GPU's for mining. I know they're highly in-efficient, but they can generate more profits mining than ASICs can, I never thought I'd say that, but I guess things change, aka the difficulty of bitcoin mining.
Hi guitarplink. I find this line of thinking questionable. Difficulty will go up until mining is no longer profitable for those with inefficient gear and/or high overhead. It cannot go up far beyond this point because many(most) will stop mining which will cause difficulty to fall. While the pre-order madness has created a market distorting force, it will not last forever. If you skim the forums here you will note a growing resistance to the risky pre-order model. bASIC-Mining is well capitalized and IMO well positioned to weather this storm.
We're mining with GPUs now on Middlecoin...they earn next to nothing. They're nowhere near as profitable as ASICs. This will not change in the near future.
Cheers.
If the high difficulty puts other ASIC miners out of the game, what is stopping bASIC mining from losing money by mining as well? Do they operate on very low power costs, or keep mining even when they lose money, or whats up? And when the difficulty becomes too high for ASICs to be profitable, yes people will take them offline. However at the next difficulty change there is a good possibility that the difficulty will make it profitable again, until the next difficulty change, and it will continue like that.
Like, does bASIC have a plan to combat this all?
Hey Guitarplinker,
Creativex has more important things to do than allay your fears. He's not a psychologist, he's an entrepreneur with a plan! Clearly you have not done any research before asking your questions. Read something first so you can ask more informed questions.
Take care
No you wouldn't. You're line of questioning is based on your misunderstanding of the technology.
bASIC-mining's goal is to produce bitcoins and increase it's production of bitcoins. It works by investing in the latest technology available to mine bitcoins. It also works by having a dedicated, resourceful and genius founder. Please stop wasting his time.
Take care
Thanks for your explanation, but I know I'll have to do my research before buying any shares. Not trying to waste Creativex's time, I'm just trying to understand. That's why I said before anything else "Before I continue, I'm not trying to troll or anything, I'm just trying to understand."
The difficulty is killing everyone, including stocks such as bASIC. I read earlier today that any BFL device that arrives later than September 1st will be unprofitable with the current difficulty rising trend.
Unfortunately that isn't just affecting just BFL customers, it affects bASIC and all other securities or similar. I think the way they should be focusing on now, is using sites like Middlecoin, or multipool (when they implement their auto-exchange feature) and using GPU's for mining. I know they're highly in-efficient, but they can generate more profits mining than ASICs can, I never thought I'd say that, but I guess things change, aka the difficulty of bitcoin mining.
Unfortunately that isn't just affecting just BFL customers, it affects bASIC and all other securities or similar. I think the way they should be focusing on now, is using sites like Middlecoin, or multipool (when they implement their auto-exchange feature) and using GPU's for mining. I know they're highly in-efficient, but they can generate more profits mining than ASICs can, I never thought I'd say that, but I guess things change, aka the difficulty of bitcoin mining.
Hi guitarplink. I find this line of thinking questionable. Difficulty will go up until mining is no longer profitable for those with inefficient gear and/or high overhead. It cannot go up far beyond this point because many(most) will stop mining which will cause difficulty to fall. While the pre-order madness has created a market distorting force, it will not last forever. If you skim the forums here you will note a growing resistance to the risky pre-order model. bASIC-Mining is well capitalized and IMO well positioned to weather this storm.
We're mining with GPUs now on Middlecoin...they earn next to nothing. They're nowhere near as profitable as ASICs. This will not change in the near future.
Cheers.
If the high difficulty puts other ASIC miners out of the game, what is stopping bASIC mining from losing money by mining as well? Do they operate on very low power costs, or keep mining even when they lose money, or whats up? And when the difficulty becomes too high for ASICs to be profitable, yes people will take them offline. However at the next difficulty change there is a good possibility that the difficulty will make it profitable again, until the next difficulty change, and it will continue like that.
Like, does bASIC have a plan to combat this all?
Hey Guitarplinker,
Creativex has more important things to do than allay your fears. He's not a psychologist, he's an entrepreneur with a plan! Clearly you have not done any research before asking your questions. Read something first so you can ask more informed questions.
Take care
No you wouldn't. You're line of questioning is based on your misunderstanding of the technology.
bASIC-mining's goal is to produce bitcoins and increase it's production of bitcoins. It works by investing in the latest technology available to mine bitcoins. It also works by having a dedicated, resourceful and genius founder. Please stop wasting his time.
Take care
The difficulty is killing everyone, including stocks such as bASIC. I read earlier today that any BFL device that arrives later than September 1st will be unprofitable with the current difficulty rising trend.
Unfortunately that isn't just affecting just BFL customers, it affects bASIC and all other securities or similar. I think the way they should be focusing on now, is using sites like Middlecoin, or multipool (when they implement their auto-exchange feature) and using GPU's for mining. I know they're highly in-efficient, but they can generate more profits mining than ASICs can, I never thought I'd say that, but I guess things change, aka the difficulty of bitcoin mining.
Unfortunately that isn't just affecting just BFL customers, it affects bASIC and all other securities or similar. I think the way they should be focusing on now, is using sites like Middlecoin, or multipool (when they implement their auto-exchange feature) and using GPU's for mining. I know they're highly in-efficient, but they can generate more profits mining than ASICs can, I never thought I'd say that, but I guess things change, aka the difficulty of bitcoin mining.
Hi guitarplink. I find this line of thinking questionable. Difficulty will go up until mining is no longer profitable for those with inefficient gear and/or high overhead. It cannot go up far beyond this point because many(most) will stop mining which will cause difficulty to fall. While the pre-order madness has created a market distorting force, it will not last forever. If you skim the forums here you will note a growing resistance to the risky pre-order model. bASIC-Mining is well capitalized and IMO well positioned to weather this storm.
We're mining with GPUs now on Middlecoin...they earn next to nothing. They're nowhere near as profitable as ASICs. This will not change in the near future.
Cheers.
If the high difficulty puts other ASIC miners out of the game, what is stopping bASIC mining from losing money by mining as well? Do they operate on very low power costs, or keep mining even when they lose money, or whats up? And when the difficulty becomes too high for ASICs to be profitable, yes people will take them offline. However at the next difficulty change there is a good possibility that the difficulty will make it profitable again, until the next difficulty change, and it will continue like that.
Like, does bASIC have a plan to combat this all?
Hey Guitarplinker,
Creativex has more important things to do than allay your fears. He's not a psychologist, he's an entrepreneur with a plan! Clearly you have not done any research before asking your questions. Read something first so you can ask more informed questions.
Take care
The difficulty is killing everyone, including stocks such as bASIC. I read earlier today that any BFL device that arrives later than September 1st will be unprofitable with the current difficulty rising trend.
Unfortunately that isn't just affecting just BFL customers, it affects bASIC and all other securities or similar. I think the way they should be focusing on now, is using sites like Middlecoin, or multipool (when they implement their auto-exchange feature) and using GPU's for mining. I know they're highly in-efficient, but they can generate more profits mining than ASICs can, I never thought I'd say that, but I guess things change, aka the difficulty of bitcoin mining.
Unfortunately that isn't just affecting just BFL customers, it affects bASIC and all other securities or similar. I think the way they should be focusing on now, is using sites like Middlecoin, or multipool (when they implement their auto-exchange feature) and using GPU's for mining. I know they're highly in-efficient, but they can generate more profits mining than ASICs can, I never thought I'd say that, but I guess things change, aka the difficulty of bitcoin mining.
Hi guitarplink. I find this line of thinking questionable. Difficulty will go up until mining is no longer profitable for those with inefficient gear and/or high overhead. It cannot go up far beyond this point because many(most) will stop mining which will cause difficulty to fall. While the pre-order madness has created a market distorting force, it will not last forever. If you skim the forums here you will note a growing resistance to the risky pre-order model. bASIC-Mining is well capitalized and IMO well positioned to weather this storm.
We're mining with GPUs now on Middlecoin...they earn next to nothing. They're nowhere near as profitable as ASICs. This will not change in the near future.
Cheers.
If the high difficulty puts other ASIC miners out of the game, what is stopping bASIC mining from losing money by mining as well? Do they operate on very low power costs, or keep mining even when they lose money, or whats up? And when the difficulty becomes too high for ASICs to be profitable, yes people will take them offline. However at the next difficulty change there is a good possibility that the difficulty will make it profitable again, until the next difficulty change, and it will continue like that.
Like, does bASIC have a plan to combat this all?
Hey Guitarplinker,
Creativex has more important things to do than allay your fears. He's not a psychologist, he's an entrepreneur with a plan! Clearly you have not done any research before asking your questions. Read something first so you can ask more informed questions.
Take care
The difficulty is killing everyone, including stocks such as bASIC. I read earlier today that any BFL device that arrives later than September 1st will be unprofitable with the current difficulty rising trend.
Unfortunately that isn't just affecting just BFL customers, it affects bASIC and all other securities or similar. I think the way they should be focusing on now, is using sites like Middlecoin, or multipool (when they implement their auto-exchange feature) and using GPU's for mining. I know they're highly in-efficient, but they can generate more profits mining than ASICs can, I never thought I'd say that, but I guess things change, aka the difficulty of bitcoin mining.
Unfortunately that isn't just affecting just BFL customers, it affects bASIC and all other securities or similar. I think the way they should be focusing on now, is using sites like Middlecoin, or multipool (when they implement their auto-exchange feature) and using GPU's for mining. I know they're highly in-efficient, but they can generate more profits mining than ASICs can, I never thought I'd say that, but I guess things change, aka the difficulty of bitcoin mining.
Hi guitarplink. I find this line of thinking questionable. Difficulty will go up until mining is no longer profitable for those with inefficient gear and/or high overhead. It cannot go up far beyond this point because many(most) will stop mining which will cause difficulty to fall. While the pre-order madness has created a market distorting force, it will not last forever. If you skim the forums here you will note a growing resistance to the risky pre-order model. bASIC-Mining is well capitalized and IMO well positioned to weather this storm.
We're mining with GPUs now on Middlecoin...they earn next to nothing. They're nowhere near as profitable as ASICs. This will not change in the near future.
Cheers.
If the high difficulty puts other ASIC miners out of the game, what is stopping bASIC mining from losing money by mining as well? Do they operate on very low power costs, or keep mining even when they lose money, or whats up? And when the difficulty becomes too high for ASICs to be profitable, yes people will take them offline. However at the next difficulty change there is a good possibility that the difficulty will make it profitable again, until the next difficulty change, and it will continue like that.
Like, does bASIC have a plan to combat this all?
Selling 3 units to creativex for 178 btc incl. shipping.
Proof of payment address (as requested by buyer): 14cvKoHW1U8ARPhKdkThZdv1ZVyE3jzvY6
I'm hereby promising to ship the units once the 178 btc arrives.
Proof of payment address (as requested by buyer): 14cvKoHW1U8ARPhKdkThZdv1ZVyE3jzvY6
I'm hereby promising to ship the units once the 178 btc arrives.
https://bitcointalksearch.org/topic/m.2948120
Payment for 3 b1 Avalons w/ express shipping sent. Txid:
dd8ebfdc3c9b72228095a18ded873a4da860507670ee98da387d3208606f32f2
Thanks evoorhees.
Cheers.
dd8ebfdc3c9b72228095a18ded873a4da860507670ee98da387d3208606f32f2
Thanks evoorhees.
Cheers.
https://bitcointalksearch.org/topic/m.2948218
W00t!
Selling 3 units to creativex for 178 btc incl. shipping.
Proof of payment address (as requested by buyer): 14cvKoHW1U8ARPhKdkThZdv1ZVyE3jzvY6
I'm hereby promising to ship the units once the 178 btc arrives.
Proof of payment address (as requested by buyer): 14cvKoHW1U8ARPhKdkThZdv1ZVyE3jzvY6
I'm hereby promising to ship the units once the 178 btc arrives.
https://bitcointalksearch.org/topic/m.2948120
Payment for 3 b1 Avalons w/ express shipping sent. Txid:
dd8ebfdc3c9b72228095a18ded873a4da860507670ee98da387d3208606f32f2
Thanks evoorhees.
Cheers.
dd8ebfdc3c9b72228095a18ded873a4da860507670ee98da387d3208606f32f2
Thanks evoorhees.
Cheers.
https://bitcointalksearch.org/topic/m.2948218
The difficulty is killing everyone, including stocks such as bASIC. I read earlier today that any BFL device that arrives later than September 1st will be unprofitable with the current difficulty rising trend.
Unfortunately that isn't just affecting just BFL customers, it affects bASIC and all other securities or similar. I think the way they should be focusing on now, is using sites like Middlecoin, or multipool (when they implement their auto-exchange feature) and using GPU's for mining. I know they're highly in-efficient, but they can generate more profits mining than ASICs can, I never thought I'd say that, but I guess things change, aka the difficulty of bitcoin mining.
Unfortunately that isn't just affecting just BFL customers, it affects bASIC and all other securities or similar. I think the way they should be focusing on now, is using sites like Middlecoin, or multipool (when they implement their auto-exchange feature) and using GPU's for mining. I know they're highly in-efficient, but they can generate more profits mining than ASICs can, I never thought I'd say that, but I guess things change, aka the difficulty of bitcoin mining.
Hi guitarplink. I find this line of thinking questionable. Difficulty will go up until mining is no longer profitable for those with inefficient gear and/or high overhead. It cannot go up far beyond this point because many(most) will stop mining which will cause difficulty to fall. While the pre-order madness has created a market distorting force, it will not last forever. If you skim the forums here you will note a growing resistance to the risky pre-order model. bASIC-Mining is well capitalized and IMO well positioned to weather this storm.
We're mining with GPUs now on Middlecoin...they earn next to nothing. They're nowhere near as profitable as ASICs. This will not change in the near future.
Cheers.
The difficulty is killing everyone, including stocks such as bASIC. I read earlier today that any BFL device that arrives later than September 1st will be unprofitable with the current difficulty rising trend.
Unfortunately that isn't just affecting just BFL customers, it affects bASIC and all other securities or similar. I think the way they should be focusing on now, is using sites like Middlecoin, or multipool (when they implement their auto-exchange feature) and using GPU's for mining. I know they're highly in-efficient, but they can generate more profits mining than ASICs can, I never thought I'd say that, but I guess things change, aka the difficulty of bitcoin mining.
Unfortunately that isn't just affecting just BFL customers, it affects bASIC and all other securities or similar. I think the way they should be focusing on now, is using sites like Middlecoin, or multipool (when they implement their auto-exchange feature) and using GPU's for mining. I know they're highly in-efficient, but they can generate more profits mining than ASICs can, I never thought I'd say that, but I guess things change, aka the difficulty of bitcoin mining.
It is easier to price in the difficulty on hand-to-hand trades of equipment - you're not dealing with static pricing from vendors. As evidenced by the most recent acquisitions (not to mention the stock-only deal for the minirig) creativex is an expert at getting the best equipment at the best price.
Personally I'm somewhat opposed to any pre-order investments. I'd rather see bM put funds to work on altcoins than see us pay for anything that can't ship or be picked up immediately. It seems to me insane, at this point, to assume anything less than that difficulty continues to rise at an ever increasing rate. Obviously such things are impossible to maintain indefinitely - I only mean to say that it seems safer to assume that until the difficulty finally flattens out.
By that time I estimate that it will be impossible for hardware vendors to make a profit selling hardware. Even with extreme BTCUSD growth, if the machine cannot produce more coins in its life than the buyer could purchase with the same investment of fiat then the machine cannot be sold at that price - it must be sold cheaper... and given the flood of new manufacturing entrants and the hard limit on how much total BTC can be mined per difficulty period it seems to me inevitable that the mining manufacturing industry is getting ready for an epic crash.
Also: anyone who hasn't yet received their BFL and paid for it via paypal should start the refund process. Bitcoin-buyers are SOL but they'll be better off if the fiat buyers get out of line. Fiat buyers shouldn't be getting out as a favor to BTC buyers of course, but because unless they ordered last summer they're never going to get the machine delivered within the window of profitability. BTC buyers have already lost so much to the exchange rate that they're screwed no matter what.
The goal of bM, again in my opinion, needs to be to keep a growth rate of our on-hand hashing power equal to or superior to the growth rate of network difficulty - and the only reasonable way to do that is through the purchase of in-hand units that can be shipped or picked up immediately and for which creativex can negotiate on price.
**NEWS ITEM ADDED**
https://btct.co/security/BASIC-MINING
Quote
bASIC-Mining Increases Hashrate
bASIC-Mining is pleased to announce the further expansion of it's ASIC mining inventory. Two additional Avalon batch 3 rigs, each with 4 hashing modules have been obtained. This addition is expected to bring bASIC-Mining's total hashrate up to approximately 1,210,000Mh/s. The new hardware is currently being configured and will be available to add to mining revenue as early as tomorrow, Wednesday August 14.
Management remains committed to a policy of strong growth and careful hardware selection in this rapidly expanding Bitcoin network environment. The company's active hardware assets consist of the following:
(1) BFL Minirig SC
(4) BFL Single SCs
(3) Avalon 4 module rigs
(3) Avalon 3 module rigs
(2) Radeon HD 6770 GPUs
(2) Radeon HD 7770 GPUs
Cheers,
CreativeX
bASIC-Mining is pleased to announce the further expansion of it's ASIC mining inventory. Two additional Avalon batch 3 rigs, each with 4 hashing modules have been obtained. This addition is expected to bring bASIC-Mining's total hashrate up to approximately 1,210,000Mh/s. The new hardware is currently being configured and will be available to add to mining revenue as early as tomorrow, Wednesday August 14.
Management remains committed to a policy of strong growth and careful hardware selection in this rapidly expanding Bitcoin network environment. The company's active hardware assets consist of the following:
(1) BFL Minirig SC
(4) BFL Single SCs
(3) Avalon 4 module rigs
(3) Avalon 3 module rigs
(2) Radeon HD 6770 GPUs
(2) Radeon HD 7770 GPUs
Cheers,
CreativeX
https://btct.co/security/BASIC-MINING
If posts like this do absolutely nothing to price anymore then what will?
Just a month ago this could've made the stock go up 30% or more within hours. Now, nothing. Looks like those days are over. Not just for basic mining but for pretty much all the others as well.
I bought way too high and i'm looking to get out but without a massive loss.
I'm waiting for the price to go up again but i'm really wondering what they possibly can do for the price rise a lot again...
Buy 10 new miners? 20? This obviously won't happen...so anything else i don't know about?
This is my current position as well. I was contemplating posting the same question as well, but was afraid of the backlash.
I too, would like to ask what are some realistic things (besides difficulty drop off, bitcoin price explosion, miners fee quadrupling, aliens ect) that could raise the price in the near (days/weeks/months) future?
never heard of "buy the rumor, sell the news" ?
people were anticipating hardware acquisitions in basic, now they aren't. the volatility fizzled like a balloon popping (this is how volatility acts on all equities btw, after news is out)
everyone knows that basic's dividends can barely keep up with the hashrate adjustments *NO MATTER WHAT* for the next few weeks, at least, so asking for growth on top of that is out of the question
creativex just keep up the hardware acquisitions, as individual miners get squeezed out of the market as things become too difficult for them, basic can scale much more efficiently
Unfortunately that isn't just affecting just BFL customers, it affects bASIC and all other securities or similar. I think the way they should be focusing on now, is using sites like Middlecoin, or multipool (when they implement their auto-exchange feature) and using GPU's for mining. I know they're highly in-efficient, but they can generate more profits mining than ASICs can, I never thought I'd say that, but I guess things change, aka the difficulty of bitcoin mining.
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