My jalapeno hit a 140M in 3 days of operation while the difficulty was 20M
then I sold the jalapeno for 2700$ because mining is a joke.
Topic: I'm About to Quit Mining - page 2. (Read 4607 times)
(Believe it or not I "accidentally" solo-mined a block).
Explain. Because that's not in the slightest bit believable.
i felt that way too. 
I gave up buying rigs and went with
www.seolvit.wix.com/seolvit and their CEX model. I compound when the GH/s price is low, and cash out when it is high,
More possibilities without the hassles.
I gave up buying rigs and went withwww.seolvit.wix.com/seolvit and their CEX model. I compound when the GH/s price is low, and cash out when it is high,
More possibilities without the hassles.
Switch over to mining Peercoin (PPC).
In 5 days, when the difficulty adjusts, it will probably be more profitable than mining Bitcoin.
PPC is the 3rd largest altcoin and is SHA-256 like BTC so you can mine it just like BTC.
In 5 days, when the difficulty adjusts, it will probably be more profitable than mining Bitcoin.
PPC is the 3rd largest altcoin and is SHA-256 like BTC so you can mine it just like BTC.
I, too WAS about to quit mining when I saw the difficult was increasing rapidly around June of 2013 but then I remember Litecoin 
back in business baby. I still mine bitcoin with my very small ASIC farm and getting some BFL miners soon but my hope is more on Litecoin more than Bitcoin. My plans when I receive the BFL Miners is mine as much as I can before the hardware is losing just from being on then hold the Bitcoins.
And yes I was bitcoin mining with GPUs from January to June of 2013.
back in business baby. I still mine bitcoin with my very small ASIC farm and getting some BFL miners soon but my hope is more on Litecoin more than Bitcoin. My plans when I receive the BFL Miners is mine as much as I can before the hardware is losing just from being on then hold the Bitcoins.And yes I was bitcoin mining with GPUs from January to June of 2013.
I'm out of the "Spend Mined Bitcoins to Buy More Bitcoin Miners" game.
Thats pretty bad strategy indeed, especially these days.
But next year there might be quite fast miners, cheap and effecient. At least I hope ASIC competetion works
Will difficulty ever stop increasing?
Yes.In the near future?
Doubt it.If I did the latter, I'd be investing an amount more than equal to my total miner profits ever (given BTC price at time of mining) in a SINGLE machine.
Keep your profits tight.Wild difficulty increases, so mining is not a sane option, and also problems with securities everywhere, so even investing is too risky.
Keep them for now, invest up to 1/3 of them when the market is safer.
Will difficulty ever stop increasing? In the near future?
Somebody recommended that I buy Difficulty Futures at ICBIT.se. Given that I have a lot of BTC to invest, and currently not doing much with any of it, do you think those would be viable?
A lot of bitcoin you say? You should consider Cex.io. They will be able to give you hashpower to use on the spot for bitcoin mining. As long as you follow it closely and keep your mining power in sell orders at a gain, you will always see mining income on top of gains from the spread...just make sure to pay attention to the market as if you start to ignore it, it may drop in value and you will face a net loss. However I did pay attention to it and was able to make 2 almost 3x my money because I was able to mine with accumulated bitcoins then resell them back out...not like physical hardware where you have to list your items for sale and hope that someone buys them with the selling house taking in auction fees or seller fees.
So, if I understand this right, its basically a cloudhashing-type scheme, only with the contracts being always tradable? That has some promise. What does the liquidity look like?
Originally with GPU I wasn't earning much,
!it was nice when 5830's paid for themselves in two days
Really? when was that?
Originally with GPU I wasn't earning much,
!it was nice when 5830's paid for themselves in two days
+1
Originally with GPU I wasn't earning much,
!it was nice when 5830's paid for themselves in two days
If I did the latter, I'd be investing an amount more than equal to my total miner profits ever (given BTC price at time of mining) in a SINGLE machine.
Keep your profits tight.Wild difficulty increases, so mining is not a sane option, and also problems with securities everywhere, so even investing is too risky.
Keep them for now, invest up to 1/3 of them when the market is safer.
Will difficulty ever stop increasing? In the near future?
Somebody recommended that I buy Difficulty Futures at ICBIT.se. Given that I have a lot of BTC to invest, and currently not doing much with any of it, do you think those would be viable?
A lot of bitcoin you say? You should consider Cex.io. They will be able to give you hashpower to use on the spot for bitcoin mining. As long as you follow it closely and keep your mining power in sell orders at a gain, you will always see mining income on top of gains from the spread...just make sure to pay attention to the market as if you start to ignore it, it may drop in value and you will face a net loss. However I did pay attention to it and was able to make 2 almost 3x my money because I was able to mine with accumulated bitcoins then resell them back out...not like physical hardware where you have to list your items for sale and hope that someone buys them with the selling house taking in auction fees or seller fees.
I'm out of the "Spend Mined Bitcoins to Buy More Bitcoin Miners" game. Will probably spend some fiat in December or January to acquire whatever mining hardware looks most reasonable by then.
Thats what im planing to do too..
I'm out of the "Spend Mined Bitcoins to Buy More Bitcoin Miners" game. Will probably spend some fiat in December or January to acquire whatever mining hardware looks most reasonable by then.
If I did the latter, I'd be investing an amount more than equal to my total miner profits ever (given BTC price at time of mining) in a SINGLE machine.
Keep your profits tight.Wild difficulty increases, so mining is not a sane option, and also problems with securities everywhere, so even investing is too risky.
Keep them for now, invest up to 1/3 of them when the market is safer.
Will difficulty ever stop increasing? In the near future?
Somebody recommended that I buy Difficulty Futures at ICBIT.se. Given that I have a lot of BTC to invest, and currently not doing much with any of it, do you think those would be viable?
It will, when the cost to manufacturer ASIC is higher then the selling price. Should be mid of next year maybe?
If I did the latter, I'd be investing an amount more than equal to my total miner profits ever (given BTC price at time of mining) in a SINGLE machine.
Keep your profits tight.Wild difficulty increases, so mining is not a sane option, and also problems with securities everywhere, so even investing is too risky.
Keep them for now, invest up to 1/3 of them when the market is safer.
Will difficulty ever stop increasing? In the near future?
Somebody recommended that I buy Difficulty Futures at ICBIT.se. Given that I have a lot of BTC to invest, and currently not doing much with any of it, do you think those would be viable?
Better to Buy and hold Bitcoin for a year or more....
I would have made so much more money if I would have simply bought bitcoin with the money I spent on mining equipment.
so true I would have made so much more money if I would have simply bought bitcoin with the money I spent on mining equipment.
Better to Buy and hold Bitcoin for a year or more....
I would have made so much more money if I would have simply bought bitcoin with the money I spent on mining equipment.
I would have made so much more money if I would have simply bought bitcoin with the money I spent on mining equipment.
If I did the latter, I'd be investing an amount more than equal to my total miner profits ever (given BTC price at time of mining) in a SINGLE machine.
Keep your profits tight.Wild difficulty increases, so mining is not a sane option, and also problems with securities everywhere, so even investing is too risky.
Keep them for now, invest up to 1/3 of them when the market is safer.
A 550GH KnC Jupiter only makes 1 btc per day right now at a diff of 270, so you made the right choice. A HashFast makes less than 1 btc if they launched right now, and they still haven't. A 2TH CoinTerra and Bitmine will probably make about that much by the time they launch in December/January while Jupiters and HashFast's will earn 0.25 btc at that time. The Miner Protection by HashFast in 2014 doesn't come until their 400% increase will only make them about the same.
Asking for refunds and buying btc direct is what most sane people should do.
Asking for refunds and buying btc direct is what most sane people should do.
1 BTC per day isn't that bad, believe it or not after that one block I solo-mined I haven't even been able to keep up 1 BTC/day. I suppose it all depends on Bitcoin's price at the time. Still, just to break even at $6k for a miner, even if the price per coin were to go all the way up to $300 by that point, I'd have to mine like 20 coins, not even counting for electricity. That means even a couple days late on shipping could screw me royally.
Yea, I think I'm going to have to sit this next round out. If BTC bubbles to $1000, then maybe I'll hop back in. Till then, it seems like a waste of time.
Jump to: