I wish I had continued CPU mining ...
Late last year I started CPU mining on a spare server as a joke and solved 2 blocks before Windows update promptly rebooted the system. I never bothered to restart the miner and I forgot all about BitCoin until last month. That was the easiest $1,700 I've ever made. Oh well ....
Topic: I wish I never started mining - page 2. (Read 6188 times)
So far I would have done better buying BTC then mining as well but....
All of my video cards are worth more then I paid for them. Most of them have gone up in value 40%. I paid under $200 for most of my 5870's. Now they are north of $250 and getting harder to find.
All of my video cards are worth more then I paid for them. Most of them have gone up in value 40%. I paid under $200 for most of my 5870's. Now they are north of $250 and getting harder to find.
I did the math about a year ago and came to the conclusion private mining at 4+ghash/s will be profitable until at least mid 2012/2013 due to difficulty increases. After that point, I'm not going to invest into more hardware unless the price keeps up.
What I didn't count in was the sudden increase in value that would result either from rapid demand, media exposure or speculation. I am making about 200 times more now than I estimated last summer because of the current price hike. Even if difficulty doubles now, it will still be profitable if price keeps rising.
Though, I wont mind if the price drops temporarily to $10, or even $1-$5. It will still be profitable for at least a year counting in electricity costs.
What I didn't count in was the sudden increase in value that would result either from rapid demand, media exposure or speculation. I am making about 200 times more now than I estimated last summer because of the current price hike. Even if difficulty doubles now, it will still be profitable if price keeps rising.
Though, I wont mind if the price drops temporarily to $10, or even $1-$5. It will still be profitable for at least a year counting in electricity costs.
So you have about $3000 in mining equipment or more.
I did the math about a year ago and came to the conclusion private mining at 4+ghash/s will be profitable until at least mid 2012/2013 due to difficulty increases. After that point, I'm not going to invest into more hardware unless the price keeps up.
What I didn't count in was the sudden increase in value that would result either from rapid demand, media exposure or speculation. I am making about 200 times more now than I estimated last summer because of the current price hike. Even if difficulty doubles now, it will still be profitable if price keeps rising.
Though, I wont mind if the price drops temporarily to $10, or even $1-$5. It will still be profitable for at least a year counting in electricity costs.
What I didn't count in was the sudden increase in value that would result either from rapid demand, media exposure or speculation. I am making about 200 times more now than I estimated last summer because of the current price hike. Even if difficulty doubles now, it will still be profitable if price keeps rising.
Though, I wont mind if the price drops temporarily to $10, or even $1-$5. It will still be profitable for at least a year counting in electricity costs.
I have traded Forex for the past 5 years...and the feelings you have all the time.
Sometimes you think..."the euro will gain against the Dollar but I will wait a little
while until I see some momentum or a fibonacci retracement is hit"...then other
things happen, you get distracted you come back and sure enough the euro is
2 cents higher versus the USD. Dam I knew it would do that, why didn't I get
in??
Such thoughts are not productive, as you are stuck in the past, and it will make
you miss the next opportunity just around the corner. You have to have
self-compassion, forgive yourself, be gentle on yourself, you don't have a
crystal ball, you are human, you can make mistakes. Those who always want
perfection actually seem to be less happy than those who know there will
always be randomness in life.
I just found out about BitCoin yesterday although I have been interested in
digital currencies for years, even getting scammed on E-Gold paying for
conversion services and never got my money. Was told that there was no
way to get a refund, all transactions are final...scammers heaven. I am not
about to buy these highs, personally I would rather learn to mine or find some
way of adding value to the community....eventually I will buy.
Sometimes you think..."the euro will gain against the Dollar but I will wait a little
while until I see some momentum or a fibonacci retracement is hit"...then other
things happen, you get distracted you come back and sure enough the euro is
2 cents higher versus the USD. Dam I knew it would do that, why didn't I get
in??
Such thoughts are not productive, as you are stuck in the past, and it will make
you miss the next opportunity just around the corner. You have to have
self-compassion, forgive yourself, be gentle on yourself, you don't have a
crystal ball, you are human, you can make mistakes. Those who always want
perfection actually seem to be less happy than those who know there will
always be randomness in life.
I just found out about BitCoin yesterday although I have been interested in
digital currencies for years, even getting scammed on E-Gold paying for
conversion services and never got my money. Was told that there was no
way to get a refund, all transactions are final...scammers heaven. I am not
about to buy these highs, personally I would rather learn to mine or find some
way of adding value to the community....eventually I will buy.
It really hurts seeing all those people just thinking about Bitcoin as a money machine.
Bitcoin is much much more that you goldshitting mule.
It has the potential to change something and you guys should see it with the necessary respect.
Bitcoin is much much more that you goldshitting mule.
It has the potential to change something and you guys should see it with the necessary respect.
What is it then? How can you not be in it for the money? We are not making bananas here, its currency. I don't care about the politics, its the money I am interested in.
If you buy, sell, hoard....its all for the money, and if its not, donate it! We are trying to get the most efficiant cards for the least abount of money...We do not buy cases, we overclock to get the max amount of hash, we stick 4 cards onto a mb when it might be a better idea to use 2 motherboards. We speak about the difficulty killing our proffits, what part of the world has the cheapest electricity....
I do not want to change the world I want to make money.
The great thing about mining is that i am helping create a new kind of currency, and maybe if this thing does take off it will make the world a better place.
i think the great majority think like i do. Its ok if you don't but calling us gold shitting mules just makes you an asshole.
smoketoomuch, I would like to say sorry from all the gold shitting mules if any of us made you cry.
Lazy bum... stop complaining, take your pick and go back into the pit.... 
hehe
You obviously are in the know.. just let me rant a little and make myself feel a little better about the past. Litt,
Its OK really. What you are feeling is normal for anyone who speculates and invests. Remember evrything is a cycle. Don't become a perma BTC bull. Cycles up and down. Adjustsments in strategy are part of the fun or aggravation depending on viewpoint. You are fine.
Its OK really. What you are feeling is normal for anyone who speculates and invests. Remember evrything is a cycle. Don't become a perma BTC bull. Cycles up and down. Adjustsments in strategy are part of the fun or aggravation depending on viewpoint. You are fine.
I do feel pretty good that even in my current position as I've only gained from my involvement in btc in terms of monetary rewards. I suppose we haven't seen a big downside at all yet. But for some reason, because of the way btc is being distributed with difficulty, I don't ever see mining outpacing investing as long as btc prices continue it's journey upwards. This is THE reason why I'm now regretting my decisions. Many of you don't feel this way like I do and may still feel careful investing in btc. I do because my mind has changed about the prospect of btc growth.
If anything I'm definitely very bullish in thinking that it will continue in such fashion for a long time, but I also suspect taht btc is another whole another beast altogether and is not going to behave like normal commodity or currency. Because of this, I am feeling how I'm feeling. Don't many of you feel the same way as me in terms of confidence in btc's success in the future?
Litt,
Its OK really. What you are feeling is normal for anyone who speculates and invests. Remember evrything is a cycle. Don't become a perma BTC bull. Cycles up and down. Adjustsments in strategy are part of the fun or aggravation depending on viewpoint. You are fine.
Its OK really. What you are feeling is normal for anyone who speculates and invests. Remember evrything is a cycle. Don't become a perma BTC bull. Cycles up and down. Adjustsments in strategy are part of the fun or aggravation depending on viewpoint. You are fine.
This is basically a "I wish I had bought gold at 200$" thread.
I just wish I had heard of this stuff a year ago when difficulty was still so low you could create what would now be worth > 200$ in a day.
Whoever is holding the larger chunks of the current 6 million BTC should be well into 6-7 figures by now (pizza 10k BTC = $170k now..and despite what the BTC community keeps paranoiding on about, that's still a small house and several cars in the real world with the oh-so-evil-and-dead USD currency).
I just wish I had heard of this stuff a year ago when difficulty was still so low you could create what would now be worth > 200$ in a day.
Whoever is holding the larger chunks of the current 6 million BTC should be well into 6-7 figures by now (pizza 10k BTC = $170k now..and despite what the BTC community keeps paranoiding on about, that's still a small house and several cars in the real world with the oh-so-evil-and-dead USD currency).
Lazy bum... stop complaining, take your pick and go back into the pit....
This was almost exactly like my thoughts in the beginning that I considered before mining. Unfortunately now, I no longer feel the same way obviously because even counting the gains I made on hardware prices due to low supply, I'm still losing out compared to investing outright.
My biggest regret is that I'm went in btc half assed second guessing when I shouldn't have. If I actually believed that btc will do well and go up in value, I should have just invested which is my reason for the rant. I have no doubts now. I expect market fluctuations, but I'm looking at long term and mining was the wrong choice.
My biggest regret is that I'm went in btc half assed second guessing when I shouldn't have. If I actually believed that btc will do well and go up in value, I should have just invested which is my reason for the rant. I have no doubts now. I expect market fluctuations, but I'm looking at long term and mining was the wrong choice.
Like others have said. You can mope about and wonder what you could have done, but you've already acted. This is how things are now. I think you should look more to mining as contributing to the network. Much like people who run Tor relays and exit nodes with the intent to promote and support an idea.
Read the cypherpunk manifesto. This is much bigger than just making a quick buck.
We must defend our own privacy if we expect to have any. We must come together and create systems which allow anonymous transactions to take place. People have been defending their own privacy for centuries with whispers, darkness, envelopes, closed doors, secret handshakes, and couriers. The technologies of the past did not allow for strong privacy, but electronic technologies do.
We the Cypherpunks are dedicated to building anonymous systems. We are defending our privacy with cryptography, with anonymous mail forwarding systems, with digital signatures, and with electronic money.
Bitcoin is not anonymous. Every transaction is logged in the blockchain.
Of course. Read the full paper for a better explanation of the few paragraphs I quoted. It is anonymous to a point.
When put in the context of Bitcoin, it allows people to make decisions. Do I want to promote my bitcoin address, attach it to an alias, my real name? My personally mined coins. So on and so forth.
You need to look at it from, "At what point is it not anonymous?" instead.
It really hurts seeing all those people just thinking about Bitcoin as a money machine.
Bitcoin is much much more that you goldshitting mule.
It has the potential to change something and you guys should see it with the necessary respect.
Bitcoin is much much more that you goldshitting mule.
It has the potential to change something and you guys should see it with the necessary respect.
If you see that investing in btc is somehow being less involved than mining, then I'm lost as to how to convince you otherwise. Having faith in currency enough to exchange it with dollar seems to be enough support if you ask me. Me supporting BTC as a currency seems to be a given and I support 100%. If you think you are holier than thou and money means dirt to you then, I have nothing to add. And don't forget, I am mining. Just stopped adding capacity a long time ago after seeing the investments being much more profitable.
I mean people aren't selling mining capacity for cash for no reason. They know that buying btc upfront with that cash rather than running the rig themselves is more profitable. Do they also not see the potential?
Well, if you believe so, then there's onlya 1 thing to do asap:
Sell your hardware and invest the money in BTC as fast as you can.
Don't dare? Don't complain!
Sell your hardware and invest the money in BTC as fast as you can.
Don't dare? Don't complain!
I thought about this long and hard trust me. There is no need to reverse it all, but rather stop and do right from now on. Only reason why it's not being done immediately is because they aren't losing me money while running. Also selling only about 3-4 thousand dollars worth of hardware now to buy btc isn't gonna be any different then me spending the money I have on the side to do the same. Which I have been doing since $4+ if you read my posts. I don't feel that I need to disclose the amount I've since invested, but it's a lot more than 3-4k for sure. I have changed the way I invest into purchasing rather than mining a long time ago and don't need to do it twice. Literally only prob for me now is not having more liquid cash in hand outside of credit.
You need to remember that this is NOT mining isn't profitable thread. I'm saying I wish I chose to invest rather than mine. I am currently doing both with no plans to increase mining at all. I only regret that I started mining instead of investing for the reasons stated above. If you don't realize this then you are obviously below average in intelligence.
I will infact get rid of my miners long before the profit is reduced to very little unlike many of you guys I'm sure, but doing it now is only gonna cost me more both ways. I'm waiting for a good time around a quarter before next gen release to sell all my current mining gpus.
This was almost exactly like my thoughts in the beginning that I considered before mining. Unfortunately now, I no longer feel the same way obviously because even counting the gains I made on hardware prices due to low supply, I'm still losing out compared to investing outright.
My biggest regret is that I'm went in btc half assed second guessing when I shouldn't have. If I actually believed that btc will do well and go up in value, I should have just invested which is my reason for the rant. I have no doubts now. I expect market fluctuations, but I'm looking at long term and mining was the wrong choice.
My biggest regret is that I'm went in btc half assed second guessing when I shouldn't have. If I actually believed that btc will do well and go up in value, I should have just invested which is my reason for the rant. I have no doubts now. I expect market fluctuations, but I'm looking at long term and mining was the wrong choice.
Like others have said. You can mope about and wonder what you could have done, but you've already acted. This is how things are now. I think you should look more to mining as contributing to the network. Much like people who run Tor relays and exit nodes with the intent to promote and support an idea.
Read the cypherpunk manifesto. This is much bigger than just making a quick buck.
We must defend our own privacy if we expect to have any. We must come together and create systems which allow anonymous transactions to take place. People have been defending their own privacy for centuries with whispers, darkness, envelopes, closed doors, secret handshakes, and couriers. The technologies of the past did not allow for strong privacy, but electronic technologies do.
We the Cypherpunks are dedicated to building anonymous systems. We are defending our privacy with cryptography, with anonymous mail forwarding systems, with digital signatures, and with electronic money.
Bitcoin is not anonymous. Every transaction is logged in the blockchain.
This was almost exactly like my thoughts in the beginning that I considered before mining. Unfortunately now, I no longer feel the same way obviously because even counting the gains I made on hardware prices due to low supply, I'm still losing out compared to investing outright.
My biggest regret is that I'm went in btc half assed second guessing when I shouldn't have. If I actually believed that btc will do well and go up in value, I should have just invested which is my reason for the rant. I have no doubts now. I expect market fluctuations, but I'm looking at long term and mining was the wrong choice.
My biggest regret is that I'm went in btc half assed second guessing when I shouldn't have. If I actually believed that btc will do well and go up in value, I should have just invested which is my reason for the rant. I have no doubts now. I expect market fluctuations, but I'm looking at long term and mining was the wrong choice.
Like others have said. You can mope about and wonder what you could have done, but you've already acted. This is how things are now. I think you should look more to mining as contributing to the network. Much like people who run Tor relays and exit nodes with the intent to promote and support an idea.
Read the cypherpunk manifesto. This is much bigger than just making a quick buck.
We must defend our own privacy if we expect to have any. We must come together and create systems which allow anonymous transactions to take place. People have been defending their own privacy for centuries with whispers, darkness, envelopes, closed doors, secret handshakes, and couriers. The technologies of the past did not allow for strong privacy, but electronic technologies do.
We the Cypherpunks are dedicated to building anonymous systems. We are defending our privacy with cryptography, with anonymous mail forwarding systems, with digital signatures, and with electronic money.
It really hurts seeing all those people just thinking about Bitcoin as a money machine.
Bitcoin is much much more that you goldshitting mule.
It has the potential to change something and you guys should see it with the necessary respect.
Bitcoin is much much more that you goldshitting mule.
It has the potential to change something and you guys should see it with the necessary respect.
Well, if you believe so, then there's onlya 1 thing to do asap:
Sell your hardware and invest the money in BTC as fast as you can.
Don't dare? Don't complain!
Sell your hardware and invest the money in BTC as fast as you can.
Don't dare? Don't complain!
I totally agree with you. However, I'll still be getting my capacity up and investing into hardware just course I hasn't deem this whole bitcoin thing a 'stable thing' yet. And the market might just crash at this point where so many people are focusing on 'investing forex' while the real demand should come as people transacting for products and services. I just still have my own doubts and it'll be awhile before I start trading in bitcoins. Owning the hardwares 'feels' much more real to me as of now.
I read about Bitcoins around the price of $5~$6, went out and loaned 2 grand to build my first rig. I regretted not trading then and earning 3x what I borrowed and still does since I'm still halfway through breaking even. However, I'm happy that I'm getting a new rig at half the price as of this instance. I do not blame myself as my analysis of the opportunity cost still applies, the trading bubble may burst anytime imo, my rig is something physical in front of me and this is what I'm comfortable with.
If not enough substantial products and services are up for grasp people will realize this whole trading and price of BTC are just a farce and theres no where to spent these coins, essentially selling to each other hoping that the price would go up. In my eyes this is not true demand and the price of BTC is built on a false foundation.
I read about Bitcoins around the price of $5~$6, went out and loaned 2 grand to build my first rig. I regretted not trading then and earning 3x what I borrowed and still does since I'm still halfway through breaking even. However, I'm happy that I'm getting a new rig at half the price as of this instance. I do not blame myself as my analysis of the opportunity cost still applies, the trading bubble may burst anytime imo, my rig is something physical in front of me and this is what I'm comfortable with.
If not enough substantial products and services are up for grasp people will realize this whole trading and price of BTC are just a farce and theres no where to spent these coins, essentially selling to each other hoping that the price would go up. In my eyes this is not true demand and the price of BTC is built on a false foundation.
This was almost exactly like my thoughts in the beginning that I considered before mining. Unfortunately now, I no longer feel the same way obviously because even counting the gains I made on hardware prices due to low supply, I'm still losing out compared to investing outright.
My biggest regret is that I'm went in btc half assed second guessing when I shouldn't have. If I actually believed that btc will do well and go up in value, I should have just invested which is my reason for the rant. I have no doubts now. I expect market fluctuations, but I'm looking at long term and mining was the wrong choice.
I totally agree with you. However, I'll still be getting my capacity up and investing into hardware just course I hasn't deem this whole bitcoin thing a 'stable thing' yet. And the market might just crash at this point where so many people are focusing on 'investing forex' while the real demand should come as people transacting for products and services. I just still have my own doubts and it'll be awhile before I start trading in bitcoins. Owning the hardwares 'feels' much more real to me as of now.
I read about Bitcoins around the price of $5~$6, went out and loaned 2 grand to build my first rig. I regretted not trading then and earning 3x what I borrowed and still does since I'm still halfway through breaking even. However, I'm happy that I'm getting a new rig at half the price as of this instance. I do not blame myself as my analysis of the opportunity cost still applies, the trading bubble may burst anytime imo, my rig is something physical in front of me and this is what I'm comfortable with.
If not enough substantial products and services are up for grasp people will realize this whole trading and price of BTC are just a farce and theres no where to spent these coins, essentially selling to each other hoping that the price would go up. In my eyes this is not true demand and the price of BTC is built on a false foundation.
I read about Bitcoins around the price of $5~$6, went out and loaned 2 grand to build my first rig. I regretted not trading then and earning 3x what I borrowed and still does since I'm still halfway through breaking even. However, I'm happy that I'm getting a new rig at half the price as of this instance. I do not blame myself as my analysis of the opportunity cost still applies, the trading bubble may burst anytime imo, my rig is something physical in front of me and this is what I'm comfortable with.
If not enough substantial products and services are up for grasp people will realize this whole trading and price of BTC are just a farce and theres no where to spent these coins, essentially selling to each other hoping that the price would go up. In my eyes this is not true demand and the price of BTC is built on a false foundation.
Keep your hopes up, kid.
"The road may be long and winding, but the journey is the incentive"
"The road may be long and winding, but the journey is the incentive"
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