Topic: Hello, thanks for a nice community (Read 656 times)

Hello and welcome
Nice to see that some people can search by themselves and do not ask a question for the thousand time

I am a new user as well and must say that I am impressed by the amount of information available here. Keep up the great work!

Welcome to the League of Draven Cryptocurrency!

Hello, fellow Newb!  I came to the conclusion that if one wants to start mining now, ya gotta go BIG.  I'm going KnCMiner Jupiter.  There are other posts on this forum which attempt to track how many KnC units are poised to zerg the market within the next few weeks.  The coming KnC ACIS zerg will push the difficulty so high as to render anything other than ACIS boxes obsolete and those legacy boxes will go offline because they would be operating at a loss.  That will leave just the ACIS boxes running things.  Their new hashrate will then be the standard and that will likely hold steady until some newer technology hits the market.  

The thing I really like about the Jupiter is that it seems to be upgradeable and will come to market sub-max-spec.  So, I'm thinking it will have a useful life of maybe a year (however, I am planning for obsolescence in 6 months).

Another thing I like is that they appear to actually be capable of delivering on time.  That means all those BFL chumps (oops!) customers will not be mining competitors later because their units are likely not going to be profitable by the time they are finally delivered.  No profits = no money to upgrade later.  That, my friend will mean KnC will be the king of Mt. Gox.  Probably all of 2014, I reckon.  Already packed with bleeding edge 28 nm chips, a serious challenge likely won't come until 2015-16 when 20/22nm chips are affordable.  Even then, KnC with it's own dedicated ACIS fabricator partner, will release on newer chips before anyone else to the thrills of their hundreds or thousands of Jupiter (and other model) customer base who will have profited well to that point.

Not to be a cheerleader, but they do deliver a bit more for a bit more.

Welcome on the board! 

Hi, welcome to the forum! There is a great deal of good info in this thread, tanks for sharing guys.

Nice coments and analysis

It is not a good idea to buy into a BTC rig unless one has the opportunity and the money to pre-order and buy a high-end miner. For example, if one bought a USB eruptor block when they were first (?) available for 1.05BTC, the probability of the eruptor paying itself off and making a profit was very low; on the other hand, if one pre-ordered a 500 GH/s mini-rig from Butterfly Labs when they were 25k USD (if I remember correctly) and received it a few months ago, the potential for great profit is there. For example, it has potential to produce ~3.824 BTC per day, calculated with price/difficulty as of now. If calculated for the factors a few months ago, the profits were even more substantial.

Regarding solo BTC mining... that would not be advisable to attempt unless one has over 1 TH/s (at least, much more in near future), due to the extremely rare chance of solving a BTC block solo with the current difficulty and amount of competition around the world to mine BTC.

For difficulty increases, from what I could tell from the white paper about BTC, by Satoshi Nakomoto (http://bitcoin.org/bitcoin.pdf), it is determinate on the hash-rate of the coin pool (BTC in this case). As the hash-rate increases and the blocks are solved at a faster rate, the difficulty is automatically adjusted (every 2 weeks for BTC). The algorithm checks to see the average time it takes to complete a block, "the proof-of-work difficulty is determined by a moving average targeting an average number of blocks per hour. If they're generated too fast, the difficulty increases" (Nakomoto, p.3). Therefore, the algorithm will adjust the difficulty either up or down, depending on the rate blocks are solved. It does not always have to increase; an example of decrease difficulty in the BTC algorithm can be seen from December 2012 to about February 2013 (might be a bit off on dates).

In my opinion, it is usually not worth buying any mining equipment that is already mainstream, as it probably will not profit much, if at all (hence bulk sells). If the mining equipment is, on the other-hand, exponentially faster and more efficient, and the supply of the units is also low, there is a great opportunity for profits if one jumps at the right time and is prepared throughout. Just my opinion though, so take it how ya like; I can assure you that I am not trying to scare off others from mining BTC or any other coin. I was simply explaining my means and modes of production/relations with the digital currencies and the way I go about acquiring them.

Of course, this is just my method, opinion, and understanding of crypto-currencies; it probably is flawed or inaccurate in some areas, but it has proved to be an accurate and effective method to increase profits for me.

Interesting, the impression that I tend to get from this forum is that investing in BTC mining rigs is rather late and counter-intuitive (as the difficulty is already quite high)...so the return from these rigs is unlikely to recover full cost. Is that not true or is that just a way to tell people not to mine so that you get more chance to mine a full block yourself?

I may be wrong about this, but I read somewhere that the more people mine BTC, the difficulties also increase.

Yes, but not significantly at the moment. I am currently mining more scrypt based coins due to my setup (more GPUs) and the profitability in some coins compared to BTC. I plan on investing in a very nice btc rig soon though, as that seems the most profitable over time if one has money to spend on the hardware.

Do you mine bitcoins with ASICS ?

Hey and welcome.

Welcome,  I'm new here aswell.

welcome to the party

Hi, I am currently learning more over time about alt-coins, the scam-coins, and how to make money on the crypto-currency exchanges. I also mine BTC and different scrypt algorithms to produce (for the most part, after trading) more BTC. Mining/trading crypto-currencies is a fun hobby to play around with AND you make some extra money, that is why I am drawn to it.

While I have done this for a few months now, I have been not been very active in the community because I have been very busy with research in real life. Hopefully now I will be able to contribute to the community and learn from others; there is a lot of great information here.

Thanks for providing a great service for the community to coordinate their thoughts and discuss/debate issues about these digital currencies and thanks for making this a great community due to the great help, knowledge, and cooperation among the members.