[Cialug] Bitcoin mining

[Lee Henderson]

As I haven't purchased or researched new miners in months (that might as
well be years in the Bitocin world) I won't give any recommendations on
what to buy.Though even a 1 TH/s miner would yield little profitability
under current conditions. The difficulty is simply too high, the BTC price
is too low and power costs catch up quick.

Here is the most realistic calculator I've personally used.
https://tradeblock.com/mining/

 That being said, when I was still mining, it was for long term investment
as apposed to quick profit. If your goal is research, potential investment
or simply the experience of mining. Then by all means invest in a miner.
The reality is, unless you have extremely cheap or free electricity then
this is not the time to start mining for profit. The best option right now
is to buy Bitcoin and try your hand at trading for profit.

To answer the question about re-purposing Bitcoin miners. They do only one
thing and do it well. Process chained blocks of SHA-256 hashes. So they
could indeed be re-purposed, but likely only for alternative
crypto-currencies.

Lee

On Thu, Dec 11, 2014 at 2:37 AM, Matt <matt at itwannabe.com> wrote:

> The default value of a bitcoin on that page is off by a factor of 2 at the
> moment.  That could very well be the mean Bitcoin price from yesterday, and
> I don't know what exchange Google references for its price, but I trust
> Google's price over that website's price.
>
> -- Matt (N0BOX)
>
> Sent from my iPod Touch 5G
>
> > On Dec 10, 2014, at 6:39 PM, nickdoud Doud <computer_dj at hotmail.com>
> wrote:
> >
> > I calculated 1.1 TH with the other defaults, 1100 W power and it said
> hardware paid in 60 days.
> >
> >> Date: Wed, 10 Dec 2014 18:34:45 -0600
> >> From: matt at itwannabe.com
> >> To: cialug at cialug.org
> >> Subject: Re: [Cialug] Bitcoin mining
> >>
> >> BTW, after poking in all the numbers for that profitability calculator,
> >> it came up with 153days (assuming the $0.15/kWh is correct for this
> area?).
> >>
> >> Unfortunately, the world of bitcoin doesn't stay unchanged for more than
> >> a week, let alone 153 days, so my guess is that you might catch up on
> >> profit fairly quickly for a short while, but eventually you would
> >> realize that the function of profit in this sense is more logarithmic
> >> than linear.
> >>
> >> -- Matt (N0BOX)
> >>
> >>> On 12/10/2014 06:25 PM, Matt Stanton wrote:
> >>> That thing would have made you a lot of money...
> >>>
> >>> ... back when bitcoin mining ASIC first hit the market.
> >>>
> >>> Now that this mining rig has been on the market long enough to be put
> >>> in a Shell Shocker deal, there have been enough of them and other ASIC
> >>> miners to raise the bitcoin mining difficulty to such a level that you
> >>> can no longer pay one of these (and the electricity you pump through
> >>> it) off with the bitcoins you mine.
> >>>
> >>> -- Matt (N0BOX)
> >>>
> >>>> On 12/10/2014 06:17 PM, nickdoud Doud wrote:
> >>>> With New Egg 1 PM Shell Shocker today:
> >>>>
> http://www.newegg.com/Special/ShellShocker.aspx?cm_sp=Homepage_SS-_-P3_9SIA68020W5714-_-12102014
> >>>>
> >>>> http://www.bitcrane.com/goods.php?id=1
> >>>> BITCOIN MINER T-110 for $600 I did some looking at the data
> >>>>  http://www.bitcoinx.com/profit/
> >>>>  I see this Linux based box can make some money $$$ thought I would
> >>>> ask the group if anyone has any additional comments on this quick
> >>>> money making hardware.
> >>>>  Nick
> >>>>
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