not n00b, but TOTAL mining n00b...PLEASE help!

Rannasha

hero member

Activity: 728

Merit: 500

Quote from: BitcoinNerd on August 20, 2013, 12:45:11 PM

I recon you should get a block eruptor. It's a great introduction into ASIC mining. You may accumulate enough coins to be able to order (pre order) one of the gen2 ASICs coming out soon, if you try out mining and see what it's about.

Grin

Terrible advice. You don't need "an introduction into ASIC mining" as it's not some arcane art that you have to learn. Most of these things are fairly plug-and-play and day-to-day operation uses software that is very similar or identical to what is used for GPU mining.

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You may accumulate enough coins to be able to order (pre order) one of the gen2 ASICs coming out soon, if you try out mining and see what it's about.

Even if the block erupter generates enough coins for you to preorder a gen2 USB device, you're much better off keeping your money in the pocket and buying the gen2 directly when it becomes available. That is, if the gen2 devices actually have a positive ROI expectation, which is uncertain at best.

Unless your personal hashrate grows at least as quickly as the network hashrate (and difficulty), any "reinvestment strategy" is losing proposition.

BitcoinNerd

newbie

Activity: 29

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I recon you should get a block eruptor. It's a great introduction into ASIC mining. You may accumulate enough coins to be able to order (pre order) one of the gen2 ASICs coming out soon, if you try out mining and see what it's about.

Grin

johnniewalker

legendary

Activity: 896

Merit: 1000

Quote from: Rannasha on August 10, 2013, 05:28:25 AM

Quote from: johnniewalker on August 10, 2013, 04:55:28 AM

If lucrative, I would like to get in on it (duh). I'm not going to build a rig or anything. I want to use a USB device only.

Most ASIC miners, including "rigs", are USB devices in the sense that you connect them via USB to a pc that controls the miner. By your post I assume you mean USB devices such as the USB Block Erupter (USB-stick sized devices).

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I understand it will be slower than a "rig". But what about loading it with an ASIC chip (remember I'm a big n00b here)?

USB miners such as the Block Erupter are exactly that: an ASIC chip on a USB stick.format:

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1. Is mining on ANY USB device truly lucrative?

The small devices? No.

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2. Is the difficulty THAT bad?

Depends on your definition of bad, but for a smallscale miner that doesn't have hardware yet, it's bad.

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3. Loaded with the best chip, how long would it take me to mine 1 bitcoin?

With the increase in difficulty, I'm not sure if these things will ever accumulate an entire Bitcoin.

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4. Finally, how much would the "best of the best" USB miners go for?

Too much.

What I figured. If people are buying/building huge rigs and mining an amount less than desired, how would a USB flash-drive sized device do mining? Thanks for answering literally all my questions. You have completely eliminated the notion of me buying one of the things. For that I REALLY thank you. Tip jar?

-ck

legendary

Activity: 4088

Merit: 1631

Ruu \o/

Quote from: johnniewalker on August 10, 2013, 04:55:28 AM

If lucrative, I would like to get in on it (duh).

It's not going to be. Like all investments, only high risk ones stand to potentially be lucrative (and potentially a scam).

Rannasha

hero member

Activity: 728

Merit: 500

Quote from: johnniewalker on August 10, 2013, 04:55:28 AM

If lucrative, I would like to get in on it (duh). I'm not going to build a rig or anything. I want to use a USB device only.

Most ASIC miners, including "rigs", are USB devices in the sense that you connect them via USB to a pc that controls the miner. By your post I assume you mean USB devices such as the USB Block Erupter (USB-stick sized devices).

Quote

I understand it will be slower than a "rig". But what about loading it with an ASIC chip (remember I'm a big n00b here)?

USB miners such as the Block Erupter are exactly that: an ASIC chip on a USB stick.format:

Quote

1. Is mining on ANY USB device truly lucrative?

The small devices? No.

Quote

2. Is the difficulty THAT bad?

Depends on your definition of bad, but for a smallscale miner that doesn't have hardware yet, it's bad.

Quote

3. Loaded with the best chip, how long would it take me to mine 1 bitcoin?

With the increase in difficulty, I'm not sure if these things will ever accumulate an entire Bitcoin.

Quote

4. Finally, how much would the "best of the best" USB miners go for?

Too much.

johnniewalker

legendary

Activity: 896

Merit: 1000

Hey everyone,

I've been into bitcoins for over a year but really don't have more than just a basic understanding of how mining works.

If lucrative, I would like to get in on it (duh). I'm not going to build a rig or anything. I want to use a USB device only. I understand it will be slower than a "rig". But what about loading it with an ASIC chip (remember I'm a big n00b here)? I apologize for my stupidity, here are my questions in list format:

1. Is mining on ANY USB device truly lucrative?
2. Is the difficulty THAT bad?
3. Loaded with the best chip, how long would it take me to mine 1 bitcoin?
4. Finally, how much would the "best of the best" USB miners go for?

Thanks [hopefully] for your mercy and help.

Topic: not n00b, but TOTAL mining n00b...PLEASE help! (Read 1186 times)