Would a micro pool of 50-100 gpu users have any luck?

Aztec

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Quote from: pcannon on April 06, 2013, 10:09:38 PM

Quote from: threeip on April 06, 2013, 09:58:00 PM

Sell everything GPU-related, buy BTC and hold?

Sure. Obviously this implies that the primary motive is return on investments rather than an ongoing income.

But what if (usual disclaimer apply) BFL again pushes the deadline and BTC reaches USD 1000ish in the next 3 months? Would the math still be the same? Going back the original question this would imply roughly USD25 per card per day income (minus costs), not bad aae?

That's a problem with BitCoin at the moment, who will spend while the price continues to rise so quickly? Of course, if big players like Amazon were to accept BitCoin this problem would be reduced.

If ASIC's dont ship and BTC reaches 1000 USD I shall be very happy Grin

but it might be a big blow to confidence in BitCoin if BFL turns out to be a scam or a flop.

pcannon

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Quote from: threeip on April 06, 2013, 09:58:00 PM

Sell everything GPU-related, buy BTC and hold?

Sure. Obviously this implies that the primary motive is return on investments rather than an ongoing income.

But what if (usual disclaimer apply) BFL again pushes the deadline and BTC reaches USD 1000ish in the next 3 months? Would the math still be the same? Going back the original question this would imply roughly USD25 per card per day income (minus costs), not bad aae?

pcannon

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Quote from: Aztec on April 06, 2013, 09:50:14 PM

I know, it's a bit scary the way coins can just get stuck in the system because for one reason or another people lose access to their wallets. It all seems so fragile at the moment. As though it wouldn't take much for it all to topple

I am sure this has been discussed to ad nauseam, but its not the speculation but the utility part of any cyber currency that will lead to success or failure. So my simple question is why would my grand-mother (or anybody else in the world) use a cyber currency say 5 years from now. Let me list what I think would be the places:
1. International/domestic money transfer: Current services charge 5-10% commission and are slow
2. Web-purchases specially foreign web-sites: To avoid your credit card floating around the web
3. Anonymous transactions: This is also a flaw (illegal stuff)
4. Donations anonymously: So that one does not get bombarded with junk mails after one donation
5. ...

Others feel free to add or discuss.

threeip

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Quote from: pcannon on April 06, 2013, 09:35:12 PM

However, the limited numbers as well as low/no reward for mining with CPUs/GPUs makes the need for another alternative.

Sell everything GPU-related, buy BTC and hold?

Aztec

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Activity: 56

Merit: 0

Quote from: pcannon on April 06, 2013, 09:35:12 PM

Quote from: Aztec on April 06, 2013, 09:24:28 PM

Me too. It seems damaging to BitCoin to have so many alternatives positioning themselves against it. It reminds me a bit of the VHS Betamax war with a lot more players

Yup. Clearly there is a need for cyber currency and BitCoin has the early movers advantage. However, the limited numbers as well as low/no reward for mining with CPUs/GPUs makes the need for another alternative.

I know, it's a bit scary the way coins can just get stuck in the system because for one reason or another people lose access to their wallets. It all seems so fragile at the moment. As though it wouldn't take much for it all to topple

pcannon

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Activity: 40

Merit: 0

Quote from: Aztec on April 06, 2013, 09:24:28 PM

Me too. It seems damaging to BitCoin to have so many alternatives positioning themselves against it. It reminds me a bit of the VHS Betamax war with a lot more players

Yup. Clearly there is a need for cyber currency and BitCoin has the early movers advantage. However, the limited numbers as well as low/no reward for mining with CPUs/GPUs makes the need for another alternative.

Aztec

newbie

Activity: 56

Merit: 0

Quote from: pcannon on April 06, 2013, 09:16:32 PM

Quote from: Aztec on April 06, 2013, 09:10:21 PM

Yes it the general consensus that GPU mining for Bitcoin is over when ASICS ship en masse. When this happens a lot of people I've talked to will change to mining LiteCoin. In fact, as soon as I mine my first coin, which should be this week, I might switch to mining LiteCoin. you can exchange them for BitCoin too.

Sounds like a good idea. But seems like the software support has kinks for mining Litecoins and the pools are not as developed, but is the logical place to go. But I worry that there might be too many competing options bytecoin etc.? what do you think?

Me too. It seems damaging to BitCoin to have so many alternatives positioning themselves against it. It reminds me a bit of the VHS Betamax war with a lot more players

pcannon

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Activity: 40

Merit: 0

Quote from: Aztec on April 06, 2013, 09:10:21 PM

Yes it the general consensus that GPU mining for Bitcoin is over when ASICS ship en masse. When this happens a lot of people I've talked to will change to mining LiteCoin. In fact, as soon as I mine my first coin, which should be this week, I might switch to mining LiteCoin. you can exchange them for BitCoin too.

Litecoin mining sounds like a good idea at the moment. But my first experience show that mining software has kinks for mining Litecoins and the pools are not as developed as bitcoin pools. But for non-ASIC guys litecoin is the logical place to go. I worry that there might be too many competing options bytecoin etc.? what do you think?

Aztec

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Activity: 56

Merit: 0

Quote from: pcannon on April 06, 2013, 09:06:31 PM

Quote from: Aztec on April 06, 2013, 09:02:36 PM

Quote from: pcannon on April 06, 2013, 09:00:47 PM

Quote from: Aztec on April 06, 2013, 08:56:26 PM

Is my maths right? I'm assuming 100 hd5850's producing 350 mhash/s each, 35,000 mhash/s combined

7672999.92016 * 2**32 / 0.000035 / 60 / 60.0 = 2.6154

So 100 users would share just over 2.5 bitcoins a day

2.6 / 100 = 0.026 btc a day each so no better than your typical pool. Thus making it a futile task to start a small mining pool??

Any help appreciated.

Yes, this seems reasonably correct.

Thanks pcannon

There was a recent article (I will post the link later), which basically said that with ASICs coming to market, the miners have to make the decision to go Pro (meaning make investments in ASICs) or close the hobby rigs (CPUs and GPUs). Sad but seems somewhat true.

That said this is when BTC ~ USD40, now it is ~USD140 so GPUs might be able to squeeze some profits.

Yes it the general consensus that GPU mining for Bitcoin is over when ASICS ship en masse. When this happens a lot of people I've talked to will change to mining LiteCoin. In fact, as soon as I mine my first coin, which should be this week, I might switch to mining LiteCoin. you can exchange them for BitCoin too.

pcannon

newbie

Activity: 40

Merit: 0

Quote from: Aztec on April 06, 2013, 09:02:36 PM

Quote from: pcannon on April 06, 2013, 09:00:47 PM

Quote from: Aztec on April 06, 2013, 08:56:26 PM

Is my maths right? I'm assuming 100 hd5850's producing 350 mhash/s each, 35,000 mhash/s combined

7672999.92016 * 2**32 / 0.000035 / 60 / 60.0 = 2.6154

So 100 users would share just over 2.5 bitcoins a day

2.6 / 100 = 0.026 btc a day each so no better than your typical pool. Thus making it a futile task to start a small mining pool??

Any help appreciated.

Yes, this seems reasonably correct.

Thanks pcannon

There was a recent article (I will post the link later), which basically said that with ASICs coming to market, the miners have to make the decision to go Pro (meaning make investments in ASICs) or close the hobby rigs (CPUs and GPUs). Sad but seems somewhat true.

That said this is when BTC ~ USD40, now it is ~USD140 so GPUs might be able to squeeze some profits.

Aztec

newbie

Activity: 56

Merit: 0

Quote from: pcannon on April 06, 2013, 09:00:47 PM

Quote from: Aztec on April 06, 2013, 08:56:26 PM

Is my maths right? I'm assuming 100 hd5850's producing 350 mhash/s each, 35,000 mhash/s combined

7672999.92016 * 2**32 / 0.000035 / 60 / 60.0 = 2.6154

So 100 users would share just over 2.5 bitcoins a day

2.6 / 100 = 0.026 btc a day each so no better than your typical pool. Thus making it a futile task to start a small mining pool??

Any help appreciated.

Yes, this seems reasonably correct.

Thanks pcannon

pcannon

newbie

Activity: 40

Merit: 0

Quote from: Aztec on April 06, 2013, 08:56:26 PM

Is my maths right? I'm assuming 100 hd5850's producing 350 mhash/s each, 35,000 mhash/s combined

7672999.92016 * 2**32 / 0.000035 / 60 / 60.0 = 2.6154

So 100 users would share just over 2.5 bitcoins a day

2.6 / 100 = 0.026 btc a day each so no better than your typical pool. Thus making it a futile task to start a small mining pool??

Any help appreciated.

Yes, this seems reasonably correct.

Aztec

newbie

Activity: 56

Merit: 0

Is my maths right? I'm assuming 100 hd5850's producing 350 mhash/s each, 35,000 mhash/s combined

7672999.92016 * 2**32 / 0.000035 / 60 / 60.0 = 2.6154

So 100 users would share just over 2.5 bitcoins a day

2.6 / 100 = 0.026 btc a day each so no better than your typical pool. Thus making it a futile task to start a small mining pool??

Any help appreciated.

Aztec

newbie

Activity: 56

Merit: 0