Single BFL 5 GH/s ASIC worth it? | Bitcointalksearch.org

Wayne_Chang

sr. member

Activity: 448

Merit: 250

Quote from: Dabs on April 10, 2013, 10:34:41 PM

Well, if 1000 people have 5 GH/s units, and another 1000 have 15 GH/s units, thats 20000 GH/s or 20 TH/s. Regardless of what is mined (and don't forget tx fees on top of block rewards), wouldn't that help secure the network? Decentralization.

All these are base on the assumption that BFL can deliver. In fact, base on their video, I really doubt it is true. I don't think a heatsink without fan can handle the heat of a 180W power consumption chip. Unless BFL has Mars technology which is better than Intel or AMD.

Dabs

legendary

Activity: 3416

Merit: 1912

The Concierge of Crypto

Well, if 1000 people have 5 GH/s units, and another 1000 have 15 GH/s units, thats 20000 GH/s or 20 TH/s. Regardless of what is mined (and don't forget tx fees on top of block rewards), wouldn't that help secure the network? Decentralization.

ErebusBat

hero member

Activity: 560

Merit: 500

I am the one who knocks

Quote from: Wayne_Chang on April 10, 2013, 08:37:33 PM

Quote from: ErebusBat on April 10, 2013, 08:22:10 PM

Quote from: Wayne_Chang on April 10, 2013, 08:17:05 PM

Is there any solid update of BFL ASIC miner beyond previous 180W consumption video?
If no, I strongly recomand NOT to order it.

Good point. Although I live in WY which has very cheap power.

Are there any other choices besides bfl?

Unfortunately, seems no.
But, compare with give money to BFL for a scam, buy some BTC with same money from Mtgox seems more reasonable.

That has been my strategy thus far. However I am wondering if a small risk would be warrented on actually mining some. Break even in 3 months then have the bitcoins slowly pile up.

With my very quick and not in depth calcs it would generate more coins than my mining contracts for less risk (BTC only).

Wayne_Chang

sr. member

Activity: 448

Merit: 250

Quote from: ErebusBat on April 10, 2013, 08:22:10 PM

Quote from: Wayne_Chang on April 10, 2013, 08:17:05 PM

Is there any solid update of BFL ASIC miner beyond previous 180W consumption video?
If no, I strongly recomand NOT to order it.

Good point. Although I live in WY which has very cheap power.

Are there any other choices besides bfl?

Unfortunately, seems no.
But, compare with give money to BFL for a scam, buy some BTC with same money from Mtgox seems more reasonable.

ErebusBat

hero member

Activity: 560

Merit: 500

I am the one who knocks

Quote from: Wayne_Chang on April 10, 2013, 08:17:05 PM

Is there any solid update of BFL ASIC miner beyond previous 180W consumption video?
If no, I strongly recomand NOT to order it.

Good point. Although I live in WY which has very cheap power.

Are there any other choices besides bfl?

Wayne_Chang

sr. member

Activity: 448

Merit: 250

Is there any solid update of BFL ASIC miner beyond previous 180W consumption video?
If no, I strongly recomand NOT to order it.

Unacceptable

legendary

Activity: 2212

Merit: 1001

Quote from: ErebusBat on April 10, 2013, 08:05:12 PM

Quote from: Dabs on April 10, 2013, 07:49:44 PM

If there will be a mini-miner, 5 GH/s, I will buy it. I prefer to get something like 15 GH/s though. Distributing these mini miners world wide, into 100+ countries, is only going to help the bitcoin network.

There are other reasons for people to buy it, other than if it is personally worth it. To me, if it helps secure the network, it is sort of worth it, since the value of my bitcoin (and everyone else's) is secure.

Right but coins mined should have a correlation to the amount of security you are actually adding to the network.

Quote from: Minor Miner on April 10, 2013, 07:47:14 PM

562 seems high for 6months from now but that would be about 55-60 Million in difficulty.

How do you translate between hash rate and difficulty?

131,384= 1 terahash worth of difficulty (its approx,not exact)

So 131,384x250TH=32,846,000,diff for 250TH or network total Grin

ErebusBat

hero member

Activity: 560

Merit: 500

I am the one who knocks

Quote from: Dabs on April 10, 2013, 07:49:44 PM

If there will be a mini-miner, 5 GH/s, I will buy it. I prefer to get something like 15 GH/s though. Distributing these mini miners world wide, into 100+ countries, is only going to help the bitcoin network.

There are other reasons for people to buy it, other than if it is personally worth it. To me, if it helps secure the network, it is sort of worth it, since the value of my bitcoin (and everyone else's) is secure.

Right but coins mined should have a correlation to the amount of security you are actually adding to the network.

Quote from: Minor Miner on April 10, 2013, 07:47:14 PM

562 seems high for 6months from now but that would be about 55-60 Million in difficulty.

How do you translate between hash rate and difficulty?

Dabs

legendary

Activity: 3416

Merit: 1912

The Concierge of Crypto

If there will be a mini-miner, 5 GH/s, I will buy it. I prefer to get something like 15 GH/s though. Distributing these mini miners world wide, into 100+ countries, is only going to help the bitcoin network.

There are other reasons for people to buy it, other than if it is personally worth it. To me, if it helps secure the network, it is sort of worth it, since the value of my bitcoin (and everyone else's) is secure.

Minor Miner

legendary

Activity: 2478

Merit: 1020

Be A Digital Miner

Quote from: ErebusBat on April 10, 2013, 07:34:11 PM

Quote from: hardpick on April 10, 2013, 07:31:17 PM

The network hash rate is about 68 TH today you would get about 0.33 btc per day ---
when avalon delivers would expect the network to be at about 200 TH and your rig will
produce 0.09 BTC per day--- if / when BFL come on line the will add about 562 TH to the network ie
network will be around 762 TH your rig will mine at about 0.0236 BTC per day --- I think you need a bigger mining rig

THANK YOU!!!

This is exactly what I was looking for. Back when prices were at $266 then this wasn't a big deal... Just plug in and let it run, pays more that my mining contracts.

What difficulty do those hash speeds translate to?

562 seems high for 6months from now but that would be about 55-60 Million in difficulty.

ErebusBat

hero member

Activity: 560

Merit: 500

I am the one who knocks

Quote from: hardpick on April 10, 2013, 07:40:42 PM

(Your Hash Rate / Network Hash Rate) * 3600 = Coins mined per day

Thank you! And for the previous figures!

hardpick

sr. member

Activity: 265

Merit: 250

Football President

(Your Hash Rate / Network Hash Rate) * 3600 = Coins mined per day

solareclipse64236

sr. member

Activity: 392

Merit: 250

around $50-60 per gigahash

that means the 1.5 terahash machine will be around $60,000 now

ErebusBat

hero member

Activity: 560

Merit: 500

I am the one who knocks

Quote from: hardpick on April 10, 2013, 07:31:17 PM

The network hash rate is about 68 TH today you would get about 0.33 btc per day ---
when avalon delivers would expect the network to be at about 200 TH and your rig will
produce 0.09 BTC per day--- if / when BFL come on line the will add about 562 TH to the network ie
network will be around 762 TH your rig will mine at about 0.0236 BTC per day --- I think you need a bigger mining rig

THANK YOU!!!

This is exactly what I was looking for. Back when prices were at $266 then this wasn't a big deal... Just plug in and let it run, pays more that my mining contracts.

What difficulty do those hash speeds translate to?

hardpick

sr. member

Activity: 265

Merit: 250

Football President

The network hash rate is about 68 TH today you would get about 0.33 btc per day ---
when avalon delivers would expect the network to be at about 200 TH and your rig will
produce 0.09 BTC per day--- when BFL come on line the will add about 562 TH to the network ie
network will be around 762 TH your rig will mine at about 0.0236 BTC per day --- I think you need a bigger mining rig

mco65

newbie

Activity: 48

Merit: 0

my 2 cents. the biggest winners are those that take the biggest risks..
$250 is not a big risk.. go for the 10k version.

StringTheory

member

Activity: 69

Merit: 10

Making Sense of Things

You will be order ~#40,000 and your tiny unit will be the lowest of the low priority... This doesn't seem to stop many people though... So what do I know.

Marrs

member

Activity: 112

Merit: 10

Quote from: DrG on April 10, 2013, 03:17:04 PM

Ah but if BTC becomes illegal the 5GH unit will become a museum piece as a crime against humanity Tongue

Or evidence in your trial...

When BTC are outlawed, only outlaws will mine BTC!

DrG

legendary

Activity: 2086

Merit: 1035

Quote from: pyromaniac on April 10, 2013, 12:37:15 PM

Quote from: k9quaint on April 10, 2013, 11:14:55 AM

If they deliver tomorrow, and BTC goes to $10000 it is an AWESOME DEAL because now you are rich.
If they deliver in 6 months and BTC goes to $10000 it is a TERRIBLE DEAL because you could have bought BTC instead.
If they deliver in 6 months, but the product is crap and burns out after 2 weeks of mining because they are amateurs and have no idea how to build complex electronic equipment it is a TERRIBLE DEAL
If they deliver tomorrow, but the product is crap and burns out after 2 weeks of mining because they are amateurs and have no idea how to build complex electronic equipment it is an ever so slightly less TERRIBLE DEAL.

Can I continue?
If they deliver in 6 month and BTC price goes down to $1.99 it is a TERRIBLE DEAL because you buy something to get almost nothing.
If they deliver in 6 month, but BTC become illegal at that time, it is a TERRIBLE DEAL because you got absolutely useless hardware which, unlike GPU, could not be used for your personal needs or sold to somebody else.

Ah but if BTC becomes illegal the 5GH unit will become a museum piece as a crime against humanity Tongue

pyromaniac

hero member

Activity: 639

Merit: 500

Quote from: k9quaint on April 10, 2013, 11:14:55 AM

If they deliver tomorrow, and BTC goes to $10000 it is an AWESOME DEAL because now you are rich.
If they deliver in 6 months and BTC goes to $10000 it is a TERRIBLE DEAL because you could have bought BTC instead.
If they deliver in 6 months, but the product is crap and burns out after 2 weeks of mining because they are amateurs and have no idea how to build complex electronic equipment it is a TERRIBLE DEAL
If they deliver tomorrow, but the product is crap and burns out after 2 weeks of mining because they are amateurs and have no idea how to build complex electronic equipment it is an ever so slightly less TERRIBLE DEAL.

Can I continue?
If they deliver in 6 month and BTC price goes down to $1.99 it is a TERRIBLE DEAL because you buy something to get almost nothing.
If they deliver in 6 month, but BTC become illegal at that time, it is a TERRIBLE DEAL because you got absolutely useless hardware which, unlike GPU, could not be used for your personal needs or sold to somebody else.

ErebusBat

hero member

Activity: 560

Merit: 500

I am the one who knocks

Quote from: qwk on April 10, 2013, 12:05:00 PM

The one thing you should keep in mind:

You'll be very far down the line with your order.
Expect your miner to be delivered after ALL the other people already have theirs up and running.
Expect difficulty to have increased accordingly.

I know (sounds like July at the earliest)... that is why I am trying to find out exactly what a reasonable value is to account for.

qwk

donator

Activity: 3542

Merit: 3413

Shitcoin Minimalist

The one thing you should keep in mind:

You'll be very far down the line with your order.
Expect your miner to be delivered after ALL the other people already have theirs up and running.
Expect difficulty to have increased accordingly.

ErebusBat

hero member

Activity: 560

Merit: 500

I am the one who knocks

That is my point... I don't know what is a reasonable difficulty to plug in which i why I am asking people with more knowledge on the matter.

30m,50m,100m are those 'valid' estimates?

Quote from: k9quaint on April 10, 2013, 11:14:55 AM

Of course, the elephant in the room is that they may never deliver at all. But you declared that the elephant is not to be considered because it is large and gray.

That literally made me LOL. I am aware of the elephant; however the question I asked myself months ago: "Would I be willing to risk X coins on this?" the answer was no, no I wasn't.

However today I might be willing to risk 1.5 coins that they will deliver..... assuming that I won't be mining 0.000001 coins a day when it comes, which i what I am asking. I understand that no one really knows what the difficulty will be (esp because the hash rates of the ASICs have be 'adjusted'); however I know that there are smarter people than I who have extrapolated these things and have some sort or reasonable number that I can plug in and better make the decision.

k9quaint

legendary

Activity: 1190

Merit: 1000

Quote from: ErebusBat on April 10, 2013, 11:07:16 AM

I am more asking for opinions on difficulty I guess. I just don't know enough to speculate. Assuming that BFL delivers then we know that ASICs will hit and the difficulty will surge. I just don't know what is a reasonable guestimate for it.

Like I said I am not concerned about the exchange rate, other than the fact that it is so high I wouldn't have to part with that many coins to order the device.

However if it is going to take years to even generate the coin back then it isn't a good investment.

If they deliver tomorrow, and BTC goes to $10000 it is an AWESOME DEAL because now you are rich.
If they deliver in 6 months and BTC goes to $10000 it is a TERRIBLE DEAL because you could have bought BTC instead.
If they deliver in 6 months, but the product is crap and burns out after 2 weeks of mining because they are amateurs and have no idea how to build complex electronic equipment it is a TERRIBLE DEAL
If they deliver tomorrow, but the product is crap and burns out after 2 weeks of mining because they are amateurs and have no idea how to build complex electronic equipment it is an ever so slightly less TERRIBLE DEAL.

Of course, the elephant in the room is that they may never deliver at all. But you declared that the elephant is not to be considered because it is large and gray.

Dalkore

legendary

Activity: 1330

Merit: 1026

Mining since 2010 & Hosting since 2012

Play around on the calculator with difficulties. Try 30,000,000 - 50,000,000 - 100,000,000 and see how you feel then.

ErebusBat

hero member

Activity: 560

Merit: 500

I am the one who knocks

I am more asking for opinions on difficulty I guess. I just don't know enough to speculate. Assuming that BFL delivers then we know that ASICs will hit and the difficulty will surge. I just don't know what is a reasonable guestimate for it.

Like I said I am not concerned about the exchange rate, other than the fact that it is so high I wouldn't have to part with that many coins to order the device.

However if it is going to take years to even generate the coin back then it isn't a good investment.

Dalkore

legendary

Activity: 1330

Merit: 1026

Mining since 2010 & Hosting since 2012

Anyway you cut it, it will be risky.

chipd

newbie

Activity: 56

Merit: 0

If mining is not profitable, no one will mine. If no one is mining, no new transactions can be maid...
Did you take into account the transaction fees in your calculation?

ErebusBat

hero member

Activity: 560

Merit: 500

I am the one who knocks

Quote from: k9quaint on April 10, 2013, 10:37:08 AM

It is worth it to us, in comedic value.

Thank you for that helpful post.

k9quaint

legendary

Activity: 1190

Merit: 1000

Quote from: ErebusBat on April 10, 2013, 10:23:06 AM

FOREMOST: I am aware of the shipping issues BFL is having, so please no replys like 'No because you won't get it' This assumes that BFL will deliver.

With the recent increase in bitcoin prices I am seriously considering picking up some hashing power; however I was wondering if it would be worth it. I have never mined before, though I am highly technical (not worried about setting it up or running it). What I am worried about are things I know I don't know, and the things I don't know I don't know.

For example.... if you put 5 GH/s into a mining calculator today the return is great; however I would not get mine until most ASICs have shipped, I have no idea what to do for a difficulty estimate. I don't really care about the USD from mining, what I really want is to just set it up and have it generate some bitcoins over the long term for me. What I don't want is for 5GH to become like a single GPU card that really doesn't make it worth it.

So my question: Would purchasing a single 5 GH/s ASIC be worth it?

It is worth it to us, in comedic value.

ErebusBat

hero member

Activity: 560

Merit: 500

I am the one who knocks

FOREMOST: I am aware of the shipping issues BFL is having, so please no replys like 'No because you won't get it' This assumes that BFL will deliver.

With the recent increase in bitcoin prices I am seriously considering picking up some hashing power; however I was wondering if it would be worth it. I have never mined before, though I am highly technical (not worried about setting it up or running it). What I am worried about are things I know I don't know, and the things I don't know I don't know.

For example.... if you put 5 GH/s into a mining calculator today the return is great; however I would not get mine until most ASICs have shipped, I have no idea what to do for a difficulty estimate. I don't really care about the USD from mining, what I really want is to just set it up and have it generate some bitcoins over the long term for me. What I don't want is for 5GH to become like a single GPU card that really doesn't make it worth it.

So my question: Would purchasing a single 5 GH/s ASIC be worth it?

Topic: Single BFL 5 GH/s ASIC worth it? (Read 10770 times)