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Topic: High Efficiency FPGA & ASIC Bitcoin Mining Devices https://BTCFPGA.com - page 51. (Read 218478 times)

legendary
Activity: 4592
Merit: 1851
Linux since 1997 RedHat 4
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.
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.
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 Smiley

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

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
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
hero member
Activity: 728
Merit: 540
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.
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.
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.
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.
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.
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.
sr. member
Activity: 350
Merit: 250
Trust me, these default swaps will limit the risks
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.
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?
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.
hero member
Activity: 728
Merit: 540
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.


donator
Activity: 90
Merit: 10
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.

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.
donator
Activity: 90
Merit: 10
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?
legendary
Activity: 1437
Merit: 1002
https://bitmynt.no
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?
donator
Activity: 90
Merit: 10
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.
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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