High Efficiency FPGA & ASIC Bitcoin Mining Devices https://BTCFPGA.com - page 51.

kano

legendary

Activity: 4592

Merit: 1851

Linux since 1997 RedHat 4

Quote from: regular on October 12, 2012, 04:38:04 PM

Bitcoins are still totally speculative at this point. Likely very few of us will get rich but most of us wont have total losses

If you were looking for a "get rich" method ... yes you are looking in the wrong place.

Even Tom has to expend MUCH well timed effort to gain clearly hard earned good results.

Those who make the right choices and expend enough effort with BTC can make good money - but "get rich" is very much a poor term to use in this situation due to the clearly incorrect connotations it implies.

creativex

sr. member

Activity: 434

Merit: 250

No worries, enjoy the downtime. I asked a Q a couple pages back, but I'll fire off an email at some point. Low priority stuff.

cablepair

hero member

Activity: 896

Merit: 1000

Buy this account on March-2019. New Owner here!!

Just wanted to let everyone know I apologize for not being around much last couple of days, my brother who lives in Colorado and whom I have not seen in 2 years surprised me by coming to down unexpected and letting us know he is engaged to be married

Have been busy visiting, catching up and getting to know his wife to be

I will get cracking on these emails now.

Also I think I found a design team to get my new web site up and running quickly. Thanks to everyone who contacted me on this.

Tom

regular

sr. member

Activity: 297

Merit: 250

Bitcoins are still totally speculative at this point. Likely very few of us will get rich but most of us wont have total losses

flynn

hero member

Activity: 728

Merit: 540

Quote from: jjshabadoo on October 12, 2012, 12:20:40 PM

Yeah, the gold rush analogy is fine, but remember that plenty of mining outfits did well also. It depends on your strategy and efficiency. You need competitive advantages and proper timing.

Also, people like get rich quick crap, especially the crew here which is naive enough to fall for ponzi's etc.

Those of us who are content with reasonable and consistent gains feel just fine mining as a hobby.

Hell, I've got several thousand dollars worth of paid off GPU's, motherboards, PSU's, watercooling equipment, etc. from my gpu mining farm.

Besides, Coinlab is going to be very profitable for GPU farms.

.. and fpga's .. and I find hypnotically relaxing to watch these bitcoins falling in my wallet all the time.

jjshabadoo

hero member

Activity: 535

Merit: 500

Yeah, the gold rush analogy is fine, but remember that plenty of mining outfits did well also. It depends on your strategy and efficiency. You need competitive advantages and proper timing.

Also, people like get rich quick crap, especially the crew here which is naive enough to fall for ponzi's etc.

Those of us who are content with reasonable and consistent gains feel just fine mining as a hobby.

Hell, I've got several thousand dollars worth of paid off GPU's, motherboards, PSU's, watercooling equipment, etc. from my gpu mining farm.

Besides, Coinlab is going to be very profitable for GPU farms.

flynn

hero member

Activity: 728

Merit: 540

it reminds me what they said during the gold rush : only the shovel sellers got rich, not the miners.

puck2

full member

Activity: 234

Merit: 105

Of course we cannot know, but I suspect that with reward halving, and more difficulty mining, there will be pressure on the only OTHER main way to get BTC in your wallet (aside from Silkroad and other exchange for goods)... exchange via fiat, hence exchange rate increases.

flynn

hero member

Activity: 728

Merit: 540

It will quickly stabilize to a point where ROI and efficiency of the most powerful devices are just about shitty and miserable.

A consequence of the 2nd law of thermodynamics, probably.

FrogBBQ

newbie

Activity: 56

Merit: 0

...and there will be no scenario with just a few ASIC rigs. It will come by waves with BTCFPGA, BFL, and AVALON (most likely in this order). You will see many ASIC rigs firing in a short period of time as they are delivered and start mining immediately detected by the network overall harsh rate. Whoever is first will have a very marginal and temporary gain I would think.

Jack1Rip1BurnIt

sr. member

Activity: 350

Merit: 250

Trust me, these default swaps will limit the risks

Quote from: dani on October 12, 2012, 10:54:55 AM

With only a few asics you would Make a major part of the generated bitcoins. New everyone becomes insanely rich?

Still a misconception. Don't forget about difficulty and reward halving. Price is also another variable.

dani

hero member

Activity: 525

Merit: 500

..yeah

With only a few asics you would Make a major part of the generated bitcoins. New everyone becomes insanely rich?

FrogBBQ

newbie

Activity: 56

Merit: 0

You are talking about a few days at most since the difficulty is readjusted each time 2016 blocks (50,400BTC) have been mined. If you would have a sudden jump with a doubling in the network hash rate for example, which is bound to happen with the first ASIC wave, it would take for example 7 days instead of 14 to mined the 2016 block bitcoin. Immediately after this is reached, the difficulty will be adjusted to return to a 2016 block per 14 days.

The distribution will not be offset per se, we will just see a transfer of the bitcoin mining from the GPU/FPGA to the ASIC miners. Current estimates indicate that ~100-150TH/s (AVALON + BTCFPGA + BFL) of additional network hash rate will be added by Feb-Mar 2013 with the first ASIC wave making the bitcoin distribution ratio 9:1 in favor of ASIC (~45,500BTC) versus GPU/FPGA (~5,000BTC) mining. It is just a redistribution of the pie, nothing more.

flynn

hero member

Activity: 728

Merit: 540

Quote from: lukasbradley on October 12, 2012, 07:22:18 AM

Quote from: flynn on October 12, 2012, 07:05:21 AM

Quote from: lukasbradley on October 12, 2012, 06:55:45 AM

Quote from: johnyj on October 12, 2012, 06:12:51 AM

After reward halving, there is only 3600 BTC per day

What limits the number of coins mined per day?

The protocol defines the difficulty to be exactly what it needs to be so one block is mined every 10 minutes.

But that's on average... It could be more, it could be less.

I get the point, its decent math for averages. But my point is there is no hard limit per day.

It's a statistical limit driven by the difficulty and the network power (TH/s), it's pretty hard to me, in the sense that you have no control over these parameters and they will not let the limit wander very far from the theorical 6 blocks/hour (bell curve, etc)

The only exception is when ASIC will come in play in the game : it will offset somehow that Bell curve and you'll be able to mine a few more coins per day for a while.

lukasbradley

donator

Activity: 90

Merit: 10

Quote from: Keefe on October 12, 2012, 08:00:31 AM

Difficulty adjusts every 2016 blocks. An increase in hashing can result in more blocks per day for a short period.

PERFECT. Exactly what I was looking for, thanks. Strangely, I couldn't find that on the WIKI.

Keefe

hero member

Activity: 681

Merit: 500

Flip a coin 288 times. Will you get exactly 144 heads? Between 138 and 150 heads?

Difficulty adjusts every 2016 blocks. An increase in hashing can result in more blocks per day for a short period.

lukasbradley

donator

Activity: 90

Merit: 10

Quote from: sturle on October 12, 2012, 07:55:18 AM

Quote from: lukasbradley on October 12, 2012, 07:22:18 AM

Quote from: flynn on October 12, 2012, 07:05:21 AM

Quote from: lukasbradley on October 12, 2012, 06:55:45 AM

Quote from: johnyj on October 12, 2012, 06:12:51 AM

After reward halving, there is only 3600 BTC per day

What limits the number of coins mined per day?

The protocol defines the difficulty to be exactly what it needs to be so one block is mined every 10 minutes.

But that's on average... It could be more, it could be less.

I get the point, its decent math for averages. But my point is there is no hard limit per day.

It's a pointless point to make. A few blocks more or less in one day doesn't matter. The protocol still adjusts difficulty automatically to make sure one block is generated every 10 minutes by average. Can you explain why you make that point?

Well, I'm trying to understand, because maybe I don't understand the protocol.

Let me ask it a different way:

There are 1440 minutes in a day. Are exactly 144 coins mined everyday? If not, what is the swing? Is it from 150ish to 138ish? More? Less?

sturle

legendary

Activity: 1437

Merit: 1002

https://bitmynt.no

Quote from: lukasbradley on October 12, 2012, 07:22:18 AM

Quote from: flynn on October 12, 2012, 07:05:21 AM

Quote from: lukasbradley on October 12, 2012, 06:55:45 AM

Quote from: johnyj on October 12, 2012, 06:12:51 AM

After reward halving, there is only 3600 BTC per day

What limits the number of coins mined per day?

The protocol defines the difficulty to be exactly what it needs to be so one block is mined every 10 minutes.

But that's on average... It could be more, it could be less.

I get the point, its decent math for averages. But my point is there is no hard limit per day.

It's a pointless point to make. A few blocks more or less in one day doesn't matter. The protocol still adjusts difficulty automatically to make sure one block is generated every 10 minutes by average. Can you explain why you make that point?

lukasbradley

donator

Activity: 90

Merit: 10

Quote from: flynn on October 12, 2012, 07:05:21 AM

Quote from: lukasbradley on October 12, 2012, 06:55:45 AM

Quote from: johnyj on October 12, 2012, 06:12:51 AM

After reward halving, there is only 3600 BTC per day

What limits the number of coins mined per day?

The protocol defines the difficulty to be exactly what it needs to be so one block is mined every 10 minutes.

But that's on average... It could be more, it could be less.

I get the point, its decent math for averages. But my point is there is no hard limit per day.

markm

legendary

Activity: 2940

Merit: 1090

It will be interesting to see whether merged-mined chains start to pick up somewhat as bitcoin earnings drop. Maybe some miners will get more interested in putting all the other coins they are currently getting on the side to use, and maybe more miners will add more chains to their merge.

-MarkM-

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