BitCoin Miner

ironclaw

Hi Folks,

Did some reading today and just curious, anyone mining in Ireland? Always had an interest in FPGA's etc and the security side of things. Are people actively building these units in Ireland?

Torqay

Just saw one for sale on adverts the other day. Guy is looking for 1,000 yoyos or so, ridiculous.

There are new machines now for 1,500 dollar which are supposed to mine 50 times faster. They'll generate Bitcoins worth 200-300 Dolar every day.. sounds like a no-brainer, however,

that reward will quickly diminsh as the number of ASICs in use grows, since the crytographic "difficulty" of mining increases proportionally in order to prevent inflation.

Mining bitcoins is like a goldrush in the olden days, the sellers of equipment made a lot more money than 99% of the guys who did the digging.

Khannie

Those ASICs have failed to materialise in any kind of number for public purchase. In short - you can't really buy them. The people manufacturing them are making a fortune, having been bank rolled by the people who they said they would sell to.

ironclaw

Its a very interesting concept to be honest. But I agree fully. You'd need serious cash, turn and burn and then get out. Selling the chips definitely has a larger margin. From reading the forums, GPU's will be dead soon and ASIC / FPGA will take the lead. The downturn being they will increase the mining rate and actually slow down how much money you can make.

This was the best read I found: https://forums.butterflylabs.com/showwiki.php?title=FAQ:Get+Rich+Quick+Not+so+fast

If anyone hear is mining, I'd love to hear about it.

Khannie wrote: »

Those ASICs have failed to materialise in any kind of number for public purchase. In short - you can't really buy them. The people manufacturing them are making a fortune, having been bank rolled by the people who they said they would sell to.

Exactly. Its far better to keep this kit of the market for as long as possible than release it into the wild. There is one machine and its $30k to buy. Thats a serious statement of investment.

ED E

If you want to make anything without a large investment, hit LTC not BTC.

Squeaky the Squirrel

http://www.businessinsider.com/presentation-what-is-bitcoin-2013-3?op=1

http://www.boards.ie/vbulletin/showthread.php?t=2056909179

Squeaky the Squirrel

Torqay wrote: »

They'll generate Bitcoins worth 200-300 Dolar every day.. sounds like a no-brainer, however,

Mining bitcoins is like a goldrush in the olden days, the sellers of equipment made a lot more money than 99% of the guys who did the digging.

Here's mine



It's not really.

http://motherboard.vice.com/blog/a-guide-to-bitcoin-mining-why-someone-bought-a-1500-bitcoin-miner-on-ebay-for-20600

^^Bit of an Arty on the tech side. Those original developers mining 300+ BTCs an hour at beginning will be on Forbes rich list in a few years the way this is going.

http://www.ounce.me/

ironclaw

I've always had a passing interest in FPGA's etc so its a fairly interesting project. Like all investments however, I'd rather I'd heard about it a year ago. I don't think its a viable option unless someone has serious cash to invest in hardware. LTC looks more promising.

yoyo

Squeaky the Squirrel wrote: »

Here's mine



It's not really.

http://motherboard.vice.com/blog/a-guide-to-bitcoin-mining-why-someone-bought-a-1500-bitcoin-miner-on-ebay-for-20600

^^Bit of an Arty on the tech side. Those original developers mining 300+ BTCs an hour at beginning will be on Forbes rich list in a few years the way this is going.

http://www.ounce.me/

Wouldn't like to be seeing that electricity bill :eek::eek:

Nick

Khannie

The FPGA miners use relatively little juice, actually. Around 20-40W each iirc, so probably not much more than a kettle for that whole setup.

Disgraceful cabling though. Amateur hour. Should be shot etc.

Squeaky the Squirrel

Khannie wrote: »

The FPGA miners use relatively little juice, actually. Around 20-40W each iirc, so probably not much more than a kettle for that whole setup.

Correct, 20W each for those ones.

https://en.bitcoin.it/wiki/Mining_hardware_comparison#cite_note-ica-8

Khannie wrote: »

Disgraceful cabling though. Amateur hour. Should be shot etc.

You could fix it, but if you turn your back they'll just knot again so why bother...

Luckycharms_74

I was actually looking at getting a mining rig built. A mate of mine in the states just got his set up this week, but as stated above he reckons Litecoins over Bitcoins seems to be the way to go. The volatility in Bitcoins value the past 2 days is nuts.

Last 2 days :



Last 10 days:




I'm trying to research more into this & see how much a rig will cost me to get set up.

I saw a quote on some other site to this effect.
"Who knows when this ends but whoever is left holding the bag will probably lose everything"

ironclaw

Luckycharms_74 wrote: »

I saw a quote on some other site to this effect.
"Who knows when this ends but whoever is left holding the bag will probably lose everything"

That's it exactly. You need to take a gamble, buy some gear, and mine. Literally cash-in as you go. I was doing some math last night and I figured I could get say a mine figure in the region of 50. There are people out there mining at a rate of 50,000. At the current rate thats somewhere in the the region of $50k a month!

If you had a good internet connection and free electricity, you could probably make it work in the short term. But its serious gamble.

zonEEE

ASIC is really the only way to go with bitcoin. The difficultly level will go sky high when all the pre order ones from butterfly labs and Avalon come online.

By the time you get your ASIC at this rate it could be July or august if ordered today.

Id say there will be money to be made for about 6/8 months from when we see them coming online. Butterfly labs have also doubled their price to 2400 dollars for 50GHZ.

GPU might do ok with litecoin but not for the long term. Litecoin is a ponzi scheme with money to be made in the early days which might be just about now as miners swich from bitcoin because of the introduction of ASIC's.

https://en.bitcoin.it/wiki/Litecoin

I would really like to have an ASIC right now for bitcoin mining with the price at 180 euro.

Dr Silly Bollox MD

Last few hours



$260 to $147

lol at the herd that jumped in in the last few days with all the attention, ah, they'll probably have it back tomorrow.

AlmightyCushion

Dr Silly Bollox MD wrote: »

Last few hours



$260 to $147

lol at the herd that jumped in in the last few days with all the attention, ah, they'll probably have it back tomorrow.

There is a guy on reddit who borrowed $30,000 on his credit card and used it to buy bitcoins. Last I checked he was up to over $300,000 and was still holding it. He must be kicking himself.

PeakOutput

I am trying to find the article now but there was a very detailed one about bitcoin miners in the last 6 months.

You wont be making anything like 300 a day without a rig that costs tens of thousands.

I seem to remember one of the guys was putting in 60K and was hoping to make it back over a few years so thats about 170 a day with a rig of that value. obviously it all depends on how much each bitcoin is worth though.

If it hasnt been hit already they are approaching a number of bitcoins in circulation which once met means the bitcoin servers will half the amount they give out.

BobbyPropane

It's too late to start mining.

ED E

AlmightyCushion wrote: »

There is a guy on reddit who borrowed $30,000 on his credit card and used it to buy bitcoins. Last I checked he was up to over $300,000 and was still holding it. He must be kicking himself.

Give it a few hours and it'll rally.

[165 already]

Khannie

It's a mess and the bubble has burst. Not to say that it won't grow again but for now confidence is low.

ironclaw

If you had Gordon Gecko money, you'd easily have made a mint in the previous 2 weeks. Retirement money scale.

Khannie

The crash made the bbc news front page:

http://www.bbc.co.uk/news/technology-22105322

Khannie

Ouch. Still falling.....91 euro per btc now.

Dr Silly Bollox MD

Khannie wrote: »

Ouch. Still falling.....91 euro per btc now.

Top guys bailing aswell instead of waiting for it to go back up to pull another ddos?

Khannie

Not sure really. It's madly in flux. Mtgox has shut down temporarily to try and restore some order.

zonEEE

Mtgox down for 12 hours to install new servers. Badly needed should have been done weeks ago.

Khannie

Price in further freefall on the remaining exchanges. Yikes. Now at 53 euro.

Phoebas

Bubble. Burst.

BobbyPropane

Why was bitcoin rising in value again? People lost confidence in regular currencies was it? Oh well.

ironclaw

Phoebas wrote: »

Bubble. Burst.

Too right. But there are certainly people out there who have just made a fortune from those that lost it all.

Dr Silly Bollox MD

BobbyPropane wrote: »

Why was bitcoin rising in value again? People lost confidence in regular currencies was it? Oh well.

Alot of it is on the back of the Government Thieving that went on in Cyprus, alot of that Money was dodgy Russian apparently and when you look at Google Trends it is Russia thats driving the searches.

American News Sites/Reddit then constantly running stories the price rises got the dumb herd in on it, lots of them after getting burned in the last few days, Ponzi scheme is all it is.

80%+ of all trades going through the one exchange, guys with all the coins have sold all, hit the exchange with DDoS to start Panic selling, price starts to drop and when it gets down to a certain price, stop the attack and buy buy buy. It's happened a few times.

The whole thing is probably planned, rotten the whole lot of it.