who (in the U.S) wants to build this miner for me....

Skaterdiejosh

member

Activity: 115

Merit: 10

Quote from: joeventura on March 14, 2014, 08:03:57 AM

Here is how you do it.

Buy $10k worth of Gridseed units. (50 units)

Mine in a Multipool like clevermining.com

You send them about 17Mh a day you make about $100 a day in BTC

In 100-120 days you have recovered your investment and the next 8 months are all profit. (in a one year ROI model)

Power usage for 50 Gridseeds is less than 500 Watts, heat generation is near zero and if you disconnect the fans, the noise is also near zero.

You are welcome.

Im on board with you im thinking about geting a couple 20 packs of gridseed with my tax return to add to my 8 antminers allready running.. Dont forget to calculate the spikes in litecoin difficulty !! It's gone up over 35% just since march 1st !! That's less then 2 weeks time !! With all the gridseed asic comming online we might see that continue the next few months ?? What's you opinion on this Huh

Guess if your on multi pool you could mine other coins maybe not effected as much by difficulty increase ..

jjj0923

sr. member

Activity: 266

Merit: 250

well - I currently own 1 Bitmain S1 and 20 gridseeds

so - how does that workout mathematically.

Huh

ps: the most interesting altcoin for me is Vertcoin but I can't use gridseeds for that - If I wanted to mine Vertcoin it looks like I'd need to go the video board route... correct? and how fast are the video boards at mining?

any other options to mine Vertcoin?

thanks for you help...

Jeff

Four-Rings-Workshop

newbie

Activity: 48

Merit: 0

Quote from: jjj0923 on March 14, 2014, 08:15:54 AM

I looked at clevermining and the calculations shown don't really make much sense.

first of all - can I use my bitcoin mining hardware there?

I've got an S1 right now with 180Mh/s

using the calculations shown on the home page it says:

0.00561
BTC/day per MH/s

so - I have 180 Mh/s X = 1.0098 btc

that can't be right.

ps: perhaps you might want to revise your signature: LOL

BitCoinRateWatcher.com One stop for latest rates from MtGox, Bitstamp, CampBx, Coinbase and Bitpay all on one mobile friendly screen.

Your machine only does sha256 coins, the pool is showing thr btc if you mine alts and convert to btc. Most alt coins are scrypt and can be mined via gpu or gridseed.

To give you an idea, 1mh=900 approx.
180mh = $172, 000 hardware wouldmake that 1.005btc/day

jjj0923

sr. member

Activity: 266

Merit: 250

I looked at clevermining and the calculations shown don't really make much sense.

first of all - can I use my bitcoin mining hardware there?

I've got an S1 right now with 180Mh/s

using the calculations shown on the home page it says:

0.00561
BTC/day per MH/s

so - I have 180 Mh/s X = 1.0098 btc

that can't be right.

ps: perhaps you might want to revise your signature: LOL

BitCoinRateWatcher.com One stop for latest rates from MtGox, Bitstamp, CampBx, Coinbase and Bitpay all on one mobile friendly screen.

joeventura

hero member

Activity: 854

Merit: 500

Here is how you do it.

Buy $10k worth of Gridseed units. (50 units)

Mine in a Multipool like clevermining.com

You send them about 17Mh a day you make about $100 a day in BTC

In 100-120 days you have recovered your investment and the next 8 months are all profit. (in a one year ROI model)

Power usage for 50 Gridseeds is less than 500 Watts, heat generation is near zero and if you disconnect the fans, the noise is also near zero.

You are welcome.

jjj0923

sr. member

Activity: 266

Merit: 250

yes - thank you - I got a great education in a very short period of time. I did find some alt coin that make sense financially so I'm going to pursue them and get a little btc mining money over the next 6 to 10 weeks from my S1

nachius

hero member

Activity: 546

Merit: 500

I just wanted to jump back in this thread and say thanks to everyone and this is encouraging! A newbie that didn't understand, the community came to help and OP learned a little and seems to be gaining a grasp on everything at a basic level.

Just my input as well Alt coin prices are falling pretty hard over the past few weeks as 1Mh/s (1000Kh/s) in scrypt is earning under .006 per 24 hours so please consider alt coin markets as well when making your calculations.

jjj0923

sr. member

Activity: 266

Merit: 250

thanks -I have over this past weekend and decided not to buy any additional S1's - there's no ROI - I'm going to go with gridseeds instead and do scrypt mining and perhaps after the bitcoin ship has sailed in a few months and mining is useless vs. power consumption I'll find an alternate sha-256 currency to mine with the S1.

thank you

speicher

newbie

Activity: 6

Merit: 0

Quote from: jjj0923 on March 08, 2014, 06:44:29 AM

I did some math last night and arrived at the following calculations

tell me where I'm wrong please... of course I'm a noob and I'm basing my calcs off websites that offer calculators...

let's says I invested about $5k in a 20 packs of Gridseeds and mined Bitcoin - the 20 packs adds up to 160 Gh/s and would only as best generate $3,800 total in one year - not a good use of gridseeds.

if I used the same 20 pack to mine ltc , they'd give me 6,000 kh/s and mine about 550 ltc in one year = $8,600

on the other hand if I invested $5k into 5 S1's it would give me 900 gh/s of bitcoin mining which would yield about $22k to $23k in a year.

seems like a no brainer to me.

what have I missed?

I would suggest you run your numbers through an online calculator such as this one, which takes into account the difficulty rate changes over time.
http://mining.thegenesisblock.com/

jjj0923

sr. member

Activity: 266

Merit: 250

are the bitcoins difficulty increases cast in stone?

nexus99

legendary

Activity: 910

Merit: 1000

You didn't miss anything.

Four-Rings-Workshop

newbie

Activity: 48

Merit: 0

Timing is evrything. Ant s1 is shipping today. Look around and see a bunch of scams and pre orders.
May shipping maybe......
Or ship in 48 hrs?
That's why people say get more s1. But also plan and wait for the next round of 1TH miners will be a lot less in a month or two.

jjj0923

sr. member

Activity: 266

Merit: 250

so - I hit this page:

http://bitcoinwisdom.com/bitcoin/calculator

and selected the cointerra 2 Th/s unit and assumed if I bought that or a Black Arrow X3 I'd be getting started mining mid-may

so I plugged in the numbers and selected USD and the numbers were not pretty - in fact - bleak....

so - based on these number why would anyone even mine for btc and furthermore why would they buy even a 2TH's unit?

Date   Difficulty   Revenue   Profit   Return
2014              -5999
5-7 – 5-31 (25 days)   9494 M   1319   1293   -4706
6-1 – 6-30 (55 days)   13672 M   1040   1019   -3686
7-1 – 7-31 (86 days)   19688 M   672.5   659.1   -3027
8-1 – 8-31 (117 days)   34021 M   391   383.2   -2644
9-1 – 9-30 (147 days)   48990 M   217.8   213.4   -2430
10-1 – 10-31 (178 days)70546 M   113.3   111   -2319
11-1 – 11-30 (208 days)121 G   39.32   38.53   -2281
12-1 – 12-31 (239 days)175 G -4.869 -4.772   -2285

it's horrible based on the increase in difficulty

which begs the question - will anyone even keep mining or will miners drop out and change the difficulty increase schedule?

jjj0923

sr. member

Activity: 266

Merit: 250

thanks Skaterdiejosh

I really appreciate the info. I think I'm going to stock with my S1 until I can get a reasonabl firm on the delivery of a Black Arrow X3 which really does seem like the best bang for the buck.

I'd have to invest $10k in S1 to match what the Black Arrow will do for $6k and every dollar matters.

by the way - will the gridseeds also mine coins other than Litecoin - I have my eyes on a few others to mine.

thanks again for the information and wisdom - it's much appreciated.

Skaterdiejosh

member

Activity: 115

Merit: 10

Sorry by your original post I figured you wanted to mine litecoin . If so the gridseed miners would be best. (My opinion only) !! But for bitcoin you are right on get Antminers now and have them going in less then a week!! Just remember that the difficulty will go up about twice a month .. So you have to figure in that you will be making 15% - 30% less after every difficulty increase !! Litecoin difficulty dont increase as fast so there is more of a steady income. There's also new Avalon miners comming out that are 1th/s at 1000 watts power. Check these links out maybe it will help you out ....

http://bitcoinwisdom.com/bitcoin/calculator

http://bitcoinwisdom.com/bitcoin/difficulty

http://bitcoinwisdom.com/litecoin/difficulty

https://www.bitmaintech.com/product.htm

http://sushi-review.com/

My friend got his gridseed miner here 2 day shipping

http://zoomhash.com/

xjack

hero member

Activity: 539

Merit: 500

Quote from: S4VV4S on March 08, 2014, 08:16:58 AM

Difficulty increase maybe? Wink

+1

OP - learn about difficulty increase before you drop 1 cent into mining gear. Your estimates are off for btc. Any device purchased today will cost more in power than it generates 1 year from now.

S4VV4S

hero member

Activity: 1582

Merit: 502

Difficulty increase maybe? Wink

jjj0923

sr. member

Activity: 266

Merit: 250

I did some math last night and arrived at the following calculations

tell me where I'm wrong please... of course I'm a noob and I'm basing my calcs off websites that offer calculators...

let's says I invested about $5k in a 20 packs of Gridseeds and mined Bitcoin - the 20 packs adds up to 160 Gh/s and would only as best generate $3,800 total in one year - not a good use of gridseeds.

if I used the same 20 pack to mine ltc , they'd give me 6,000 kh/s and mine about 550 ltc in one year = $8,600

on the other hand if I invested $5k into 5 S1's it would give me 900 gh/s of bitcoin mining which would yield about $22k to $23k in a year.

seems like a no brainer to me.

what have I missed?

philipma1957

legendary

Activity: 4382

Merit: 9330

'The right to privacy matters'

Quote from: nexus99 on March 07, 2014, 06:12:07 PM

Quote from: philipma1957 on March 07, 2014, 06:10:17 PM

Quote from: nexus99 on March 07, 2014, 06:08:09 PM

^^^^^^ What he said, that's a good way to go.

I have 4 s-1's and I am done for gear as of today.

That is exactly what I have now too. Pulls down about .1 BTC/day... not bad.

Where do you mine? I'm at ghash.io... but I'm not sure if I like it or not.

I use btcguild >

I have an account with cex.io/ghash.io but it is only hash from referrals that I put back into cex.io from 1 gh I purchased and 7 gh of referrals since last oct it is now 50gh. I just keep plowing those earning back into the account.

nexus99

legendary

Activity: 910

Merit: 1000

Quote from: philipma1957 on March 07, 2014, 06:10:17 PM

Quote from: nexus99 on March 07, 2014, 06:08:09 PM

^^^^^^ What he said, that's a good way to go.

I have 4 s-1's and I am done for gear as of today.

That is exactly what I have now too. Pulls down about .1 BTC/day... not bad.

Where do you mine? I'm at ghash.io... but I'm not sure if I like it or not.

Topic: who (in the U.S) wants to build this miner for me.... (Read 1909 times)