bitcoin mining (Do not offer items for sale in this thread)

Discussion in 'Blockchain & Cryptocurrency Mining' started by jurasofish, Jun 5, 2011.

  1. h-90

    h-90 Member

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    In the end this is forex trading which is never guaranteed. Markets generally don't like bubbles and try to self correct. Just have to make the choice if this is a bubble and if it is when should you get in on the peak of it.
     
  2. Foliage

    Foliage Member

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    Imo you should do a stacked sell off.

    Eg you buy at $20

    You sell half at $30
    sell another half at $40

    and so on so that by the first selloff you've made your entire investment back and the rest is just lucky money really.
     
  3. r3s

    r3s Member

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    Low of $52 today, thats a huge difference from $75 yesterday, MASSIVE swings atm.

    I reckon the increase in btc price was people buying them to purchase ASICS from avalon which are btc purchase only ( or were )
     
  4. iLv2pwn

    iLv2pwn Member

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    Avalon price?

    Were the Avalon units really 1500 BTC? thats what their site is saying...

    Also anyone get an an ASIC unit yet? They sound too good to be true.
     
  5. kangathekat

    kangathekat (Banned or Deleted)

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    Well who knows, it could just be a mega scam to get bitcoins and they sell u a bunch of Pentium 4s lol
     
  6. iLv2pwn

    iLv2pwn Member

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    Yeah for sure I have seen a few ebay sellers saying they will only accept bank deposit or btc for payment for a $10,000 bitforce 60Gh/s box. Might pass on that.
     
  7. h-90

    h-90 Member

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    According to the hall of fame lists for some pools the Avalons are already out and mining.

    There was just a 37% jump in difficulty, its at 6695826 now.
     
  8. Simonk83

    Simonk83 Member

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    Avalons have been out a little while now, just not many of them. People are using them though.

    As for the price increase being due to Batch 3, that's unlikely. It's more likely simply due to Cypress, and the recent FinCen ruling, along with some mainstream media attention.
     
  9. Foliage

    Foliage Member

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    Isn't the difficulty jump automatically calculated in software?
     
  10. Simonk83

    Simonk83 Member

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    Yep. The difficulty jump could well be due to Avalons, but not the price increase ;)
     
  11. slavewone

    slavewone Member

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    Massive swings are due to huge sell off/profit taking place. For example, that 75 to 52 was a result of around 45-50k being sold in a session, that's what? 2.5-3million USD? and yet, the bounce back was pretty much with around a 34k buy. Another example was the issue with the blockchain fork due to DB architecture changes, was a big drop until the devs picked a fix and then it went back up.

    I really don't believe that ASICS are 100% of it as not all the ASIC providers are only selling in BTC (Avalon is) and wouldn't the BTC price crash everytime the payment processor dumped the BTC? as by then support for the BTC price would have evaorated. I suggest that what you meant was the price rise is due tangible fiat value items being denominated in BTC - some asics, silk road? investors, who knows what else. If you buy an item worth $100USD in BTC, it really doesn't matter what the BTC cost you as the item will still cost you that $100USD (unless you are slow to transact/pay ofc).

    The 1st avalon batch sold out around 1200USD @ $5-12USD/BTC mark, second batch was $1500USD but i wasn't watching the BTC price, but didn't really do much. Has the 3rd batch gone yet? if not, it's still going to be around $1500USD denominated in BTC.

    What asics have done is reduced the distribution of newly mined BTC to the asicless and gpu/fpga farm less. So, if you have been using your GPU to fund your silkroad habit, now you need to buy them (assuming you buy as fast as your btc is mined and thus have no savings).

    Of course, traders still going to trade.
     
  12. Simonk83

    Simonk83 Member

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    They want $5000 for the 3rd batch.
     
  13. slavewone

    slavewone Member

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    Ok, openly admitting assumption here. Was still assuming that primeasic was being treated as potentially real (and keeping things real) and not vaporware - must be proven.

    AFAIK asciminer is still shares only and 100TH is still on track for June/July which means ~60-90 days of low(er) difficulty mining.

    Currently difficulty says 5k breaks even in what 2-3 weeks? depending on variables, still a pretty good price for the hardware.

    Anyone else have conspiracy theory here?
    1. They expect BTC price to cave in
    2. They are cashing on on BFL/Anyone being (still) unable to supply a product to retail users
    3. They have daylending interest rate loans to repay
    4. HyIP scheme!!!
    5. Others?


    Edit: Just had an email newletter from Avalon, available here

    6. "On to batch three, we at Avalon did not even wish to sell another batch. If you recall, our original plan was to produce only one batch, sell chips to thwart the centralization of mining, but due to the lackluster performance of our competitors we are here today as the exact centralization we tried to decouple. In addition, this delay is eating into our timeline for this project's future goals and various other projects. To be frank: it was a simple decision of build a mining farm ourselves and mine for a month or so to get the funding for things like the SMT line and next generation development vs. raise the price and sell units trying to get the money earlier to counterbalance the delay we have had. So, we came up with some terms and left the choice to the community."
     
    Last edited: Mar 25, 2013
  14. Simonk83

    Simonk83 Member

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    Exactly that. As you said, with the BTC price being where it is, you can recoup the cost in a reasonable time (ie, not years), so they'd be daft not to charge a large amount really :)
     
  15. slavewone

    slavewone Member

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    Just found this pearler on the website FAQ - scroll right to the bottom, pity i didn't archive the earlier sites :p

    "How is each batch’s unit price determined?

    The price of each unit is the current mining difficulty which at the time of writing, just got readjusted to about 6,695,826. We take that number and multiply it by two ( predicting the network speed will double. ) and calculate the return in a thirty day window, which is about 75 bitcoins. See this site for more details" -

    By my reckoning, difficulty will drop if more MH of GPU miners turn rigs off with the last difficulty change than asics come on line. You could gamble on paying "late" and save COST yourself perhaps more AN EXTRA than 20%.
     
    Last edited: Mar 25, 2013
  16. The Mastermind

    The Mastermind Member

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    Totally new to bitcoin mining and run into my first problem.

    I'm using slush's pool with 5870 CF and ever since I updated graphics drivers from 12.8 to 13.3 Beta, I'm not having any shares accepted despite an increase in Mhash/s.

    Anyone else experience connection problems with GUIMiner?
     
  17. mortal

    mortal Member

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    Looking at the butterflylabs 30 GH/s box for $650 - at the going rate of my 500 MH/s, you could make your money back in only 4 days or so @ $70 a BTC....hmmmm

    I think this is worth buying, even if it took a week, two weeks or three weeks, you would make money back on it - how fast is the difficulty going to change?
     
    Last edited: Mar 25, 2013
  18. gbh

    gbh Member

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    BFL is beginning to look like a pipe dream sadly....
    Avalon Asic round 3 just was released about 15 minutes ago, now sold out. 600 units at 75 btc
    major coin
     
  19. kangathekat

    kangathekat (Banned or Deleted)

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    at the rate its going might as well just take a loan out and get the
    1,500 GH/s Bitcoin Miner lol
     
  20. slavewone

    slavewone Member

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    You want them un cross fired for bitcoin mining and i think you should stay with 12.8. Are you sure that you have the SDK's installed?

    Join up with ozcoin and hop onto their webirc. The dev team is globally spread and so are users, so someone should be able to help you out in realtime no matter what time you hop in.

    If you ever graduuate from guiminer, try cgminer, a step up in terms of stability and efficiency. Also, Con and Kano idle in the ozcoin channel so your can solve your problems and facepalm youself nice and quickly.

    I understand on the grapevine (can't find a websource, only chatter - so it might be even more gossip) one of the major reasons for Avalon selling out so super fast is that BFL have hit a major hurdle (something like 2-3months of setback?). In such a case, you have Avalon 4, Asicminer, 100TH, *cough* PrimeASIC or whatever operations get their act together in the near future.

    I believe you have more chance getting your 1985 Nintendo Entertainment System to mine bitcoins than mine with a BFL asic.
     
    Last edited: Mar 26, 2013

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