Cryptocoin Mining?

[hjalti8]

nice graph there balla, what pool is that?

 

[BallaTheFeared]

give-me-ltc

 

[KentState]

My has rate with two 7950s at 1100/1600 is pretty dynamic

Crazy that there are devices now that use far less power, cost less than $300 and are 5 times faster.

 

[chimaxi83]

Crazy that there are devices now that use far less power, cost less than $300 and are 5 times faster.

It's crazier that nobody has them yet, over a year after paying for them, isn't it?

 

[Cloudfire777]

It's crazier that nobody has them yet, over a year after paying for them, isn't it?

Still stuck in your little box I see? Go read the forum Bitcointalk, go read status in BFL forum. Many have recieved their Jalapenos, many have owned them for a while (10s of them), BFL ships out 5+ each day now and looking to ramp up production. They just finished producing the final design of the 50GH/s miner, and will be shipping it out continiously now.

 

[MrK6]

Crazy that there are devices now that use far less power, cost less than $300 and are 5 times faster.

Currently there are no such machines that exist that can mine scrypt like that, so no, it isn't.

 

[blastingcap]

Still stuck in your little box I see? Go read the forum Bitcointalk, go read status in BFL forum. Many have recieved their Jalapenos, many have owned them for a while (10s of them), BFL ships out 5+ each day now and looking to ramp up production. They just finished producing the final design of the 50GH/s miner, and will be shipping it out continiously now.

Avalon is shipping out thousands more ASICs as well, in the very near future. https://bitcointalk.org/index.php?topic=177827.0

 

[Cloudfire777]

Avalon is shipping out thousands more ASICs as well, in the very near future. https://bitcointalk.org/index.php?topic=177827.0

Yeah I know. Have you seen all the people who have ordered Avalon chips to build their own miners? Tens of thousands of chips have been ordered. Crazy
EDIT: Just read your link. Already on Batch #5. lol

 

[KentState]

Currently there are no such machines that exist that can mine scrypt like that, so no, it isn't.

Didn't realize the thread shifted to litecoin mining.

 

[ultimatebob]

Both Bitcoin and Litecoin are getting too difficult make a good profit mining with one or two video cards. I'm moving to a newer alt currency, so I can get a nice stack of them before they start trading on the exchanges

 

[chimaxi83]

Both Bitcoin and Litecoin are getting too difficult make a good profit mining with one or two video cards. I'm moving to a newer alt currency, so I can get a nice stack of them before they start trading on the exchanges

Does it make birds fly?

 

[ultimatebob]

Does it make birds fly?

I'm keeping my mouth shut this time... The last time I started promoting a new cryptocurrency here, the difficulty went up fourfold a week later.

I'll let you guys know once I have a 100 of them

 

[BallaTheFeared]

I see people trying to trade 1000 of them for a few LTC, good luck!

 

[philipma1957]

Still stuck in your little box I see? Go read the forum Bitcointalk, go read status in BFL forum. Many have recieved their Jalapenos, many have owned them for a while (10s of them), BFL ships out 5+ each day now and looking to ramp up production. They just finished producing the final design of the 50GH/s miner, and will be shipping it out continiously now.

While you may think that many are working in the wild I have been able to confirm less then 10 mining as I type. Most of the ten well 8 confirmed are developers. So far there is one confirmed jalapeño owned by a june 23rd 2012 purchaser. it is mining at 5.1 gh or so and he listed it on ebay as an auction last i looked the bidding was over 1100. I think it would be worth 1500 to me , but I think ebay nut jobs will push it over 2k

I realize people do not want to brag about having a money making machine. the little box boxes earn about 40 usd a day. To put it in perspective my gpus earn 80 a day and burn 3000 watts. the end is coming for gpus and bitcoins. Nice run.

 

[birthdaymonkey]

While you may think that many are working in the wild I have been able to confirm less then 10 mining as I type. Most of the ten well 8 confirmed are developers. So far there is one confirmed jalapeño owned by a june 23rd 2012 purchaser. it is mining at 5.1 gh or so and he listed it on ebay as an auction last i looked the bidding was over 1100. I think it would be worth 1500 to me , but I think ebay nut jobs will push it over 2k

I realize people do not want to brag about having a money making machine. the little box boxes earn about 40 usd a day. To put it in perspective my gpus earn 80 a day and burn 3000 watts. the end is coming for gpus and bitcoins. Nice run.

Your post inspired me to check ebay listings for ASIC products... wow some of the prices are just INSANE even for devices that haven't shipped yet. Seems the smart money in BTC would have been to place an early order for ASIC and sell it now!

 

[Silverforce11]

While you may think that many are working in the wild I have been able to confirm less then 10 mining as I type. Most of the ten well 8 confirmed are developers. So far there is one confirmed jalapeño owned by a june 23rd 2012 purchaser. it is mining at 5.1 gh or so and he listed it on ebay as an auction last i looked the bidding was over 1100. I think it would be worth 1500 to me , but I think ebay nut jobs will push it over 2k

I realize people do not want to brag about having a money making machine. the little box boxes earn about 40 usd a day. To put it in perspective my gpus earn 80 a day and burn 3000 watts. the end is coming for gpus and bitcoins. Nice run.

The end will come when enough of these ASICs are out there to x4 current difficulty, then GPU mining would be wasteful since electricity prices vs BTC earned will become almost nil or even negative.

I think we have quite a few more months left til that happens! In the meantime, mine away and prepare to sell off unused GPUs!!

 

[blastingcap]

The end will come when enough of these ASICs are out there to x4 current difficulty, then GPU mining would be wasteful since electricity prices vs BTC earned will become almost nil or even negative.

I think we have quite a few more months left til that happens! In the meantime, mine away and prepare to sell off unused GPUs!!

GPU mining only makes sense if BTC prices remain high and if your power costs aren't too high (many areas operate on tiering so you can easily hit 30, 40, or even 50+ cents/kWh as you climb up in power usage). Four months ago BTC was like $20-25, $130 could well be a historical anomaly.

The facts are out there: Avalon's 2nd and 3rd prebuilt ASICs on the way, thousands of Avalon ASICs for DIY on the way, BFL Jala's and others on the way, ASICMiner ramping up, GPU miners ramping up. So difficulty will indeed quadruple sooner than you might think.

 

[BallaTheFeared]

Since nobody seems to discuss the other part of the equation...

When ASICs become commonplace, and GPU miners go elsewhere, what happens to the value of the bitcoin when the community that drives its price no longer supports it?

 

[Silverforce11]

It's about investors and people who want a secure anonymous online transaction mechanism. If it were about gpu miners, prices would not rise so much above the electricity prices.

Also, if ASICs are widely available, then GPU miners would simply switch to ASICs if its worth their while. If ASICs are NOT widely available, then it isn't an issue yet as its related to saturation and difficulty.

 

[Chiropteran]

Since nobody seems to discuss the other part of the equation...

When ASICs become commonplace, and GPU miners go elsewhere, what happens to the value of the bitcoin when the community that drives its price no longer supports it?

I'm not sure what you are hinting at. If anything, I think value may increase. currently, a lot of people who don't give a crap about bitcoin are mining it because they already have a video card and it's free money. I imagine a lot of these people have no faith that bitcoin will increase in value or even hold it's value, and are simply selling as soon as they mine.


After the shift, only dedicated miners who bought ASIC specifically to mine will really be mining bitcoin. If you are laying out $300-$2500 or more for dedicated bitcoin mining hardware, it indicates a greater level of trust in bitcoin itself. These miners, IMO, are more likely to hold onto mined coins rather than instantly sell them into the market.

If it has any effect at all on the market price, I think the shift will push for higher prices. However, I think it might not change anything at all.

 

[Zargon]

LOL mt gox has 3+ mil a day going into them and about a mil going out.


miners are not driving the bitcoin community at this point

 

[Silverforce11]

LOL mt gox has 3+ mil a day going into them and about a mil going out.

miners are not driving the bitcoin community at this point

BTC is now clearly driven by investors and ppl who wants to move a lot of $$ around without restrictions and privacy.

If I were a single man free to make financial decisions, I would buy a LOT of BTC if it ever drops around $100 again.

I have a strong gut feeling we will see >$1,000 per coin at the year's end. Slow limited supply of new coins, natural loss of current coins in ppl's forgotten wallets, huge increases in mining difficulty driven by a small niche ASIC market that cannot supply to the masses ... along with an ever growing demand is a recipe for BIG growth in value.

 

[Chiropteran]

I have a strong gut feeling we will see >$1,000 per coin at the year's end.

I agree. Everyone keeps saying difficulty and price are unrelated. History disagrees. When GPU became common and drove difficulty up 10X from what it was with CPU mining, price went from pennies to dollars. Now ASIC are coming online and price has gone from tens of dollars to hundreds of dollars, coincidence? I think not.

Price is based on what buyers are willing to pay. When I buy something, one factor I consider is "can I make this myself?" If the answer is yes, I look at how much I would cost to make it myself and compare with cost of buying. This is where difficulty fits in. The higher difficulty, the higher the cost to "make a bitcoin myself". If that cost goes from the $10 it is now to $150, I'd be less inclined to mine bitcoin and more inclined to purchase them outright. Not everyone makes these sort of analysis, but I think enough serious buyers do, such that the price is affected by difficulty.

I don't think it will be a smooth transition, but I do think with increased difficulty once BFL ASIC start shipping in force price of bitcoin will continue to increase.

 

[Cloudfire777]

I sent this guy a message while the bids was at $1200. Said I`d pay $2k if I got to buy it that day. He responded and said he wanted to wait for a while. Good for him, sucks for me

http://www.ebay.com/itm/BitForce-Ja...726?pt=LH_DefaultDomain_0&hash=item3381c644e6

 

[KentState]

So now the question is, do you mine with your ASIC or sell it for a quick profit?