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

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

  1. shredder

    shredder Member

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    This is why I don't bother with SHA miners, since experiencing more-or-less the same situation last year (and I'm sure it's only getting worse). Fun for tech play but plug-n-play miners have the market (and thus difficulty, & return) saturated. Everyone wants the machine that makes free money, and in the end no-one gets any, except the fabled Shovel Company.
     
    Last edited: Jul 26, 2014
  2. slavewone

    slavewone Member

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    It's running at 262.5. My other is only handling 225 without any of the asic's going out. I can get the poorer one to 237.5 before it loses a second asic - but each of those lost asics drops the speed by 6.25% (1/16) whereas i'm only growing by like 5.6% (237.5/225) so it's not worth it.

    I'm wondering if they made everyone buy in 2's so everyone got one of the ones with the poorer DC:DC converter and a later batch one.
     
  3. Omarko

    Omarko Member

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    heh, you are absolutely right. The false vision of getting rich fast with these machines is dream long gone. With the difficulty going up every couple weeks now, its impossible to compete as of today with anything less than 1THs. Cost of electricity is a killer.
     
  4. shredder

    shredder Member

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    Indeed! For those that have their power paid for, mining is a good deal. But otherwise, about the only possibility of financial benefit is holding the proceeds and hoping their value increases in the future. To which it's stated: might as well just spend the initial cash on the Bitcoins themselves, then you can start holding them right now :p

    But of course, the tech side is enough enjoyment to make it worthwhile for some, which I have no problem with. I certainly spent my fair share of time mucking around with it for little return! :)
     
  5. ikonz0r

    ikonz0r Member

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    If anyone wants to unload 2x or 3x 7950's from a mining rig I'm interested :)
     
  6. xr388

    xr388 Member

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    I have a pair of Sapphire Dual-x boost 7950's used soley for gaming.
     
  7. mr camouflage

    mr camouflage Member

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  8. ernie

    ernie Member

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    Bitcoin mining in Australia is no longer profitable since the last electricity price rise, even using my S1 ASIC units. End of an era.


    - Ernie.
     
  9. cazalla

    cazalla New Member

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    Solo mining on a low powered, low cost device provides better odds than say winning various lotteries. Not that I recommend doing so as the money spent on the miner is better spent purchasing bitcoins directly but for the hobbyist who wants to continue mining, it's some cheap fun.

    Of more concern though is the proliferation of cloud mining scams, GAWMiner being one of the latest. You only need use a few buzzwords and you're in business. I expect we will see even more of these scams as mining becomes unprofitable where power is expensive and newcomers are to be found.

    In any case, Satoshi spoke about how mining might play out. The fact it's relocating from countries such as ours to ones where power is cheaper is par for the course. Mining was never meant to be a means of huge profits for everybody involved and the distribution to date has ensured we have the right hierarchy in place for the future as the last thing you want is everybody owning large amounts of bitcoins.
     
  10. gbh

    gbh Member

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  11. kayl

    kayl Member

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    Last edited: Aug 31, 2014
  12. paul8811

    paul8811 Member

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    Interesting news

    https://www.cryptocoinsnews.com/bitcoin-groups-ipo-australian-stock-exchange/

    Bitcoin Group is to be listed on the Australian Stock Exchange in mid-November, becoming the world’s first publically floated Bitcoin trading company.

    Following the positive guidance from the Australian Tax Office on the treatment of Digital Currencies, Bitcoin Group will be the first Bitcoin company on the Australian Stock Exchange, in the world’s first official Bitcoin IPO listing. No other Bitcoin company has been publically traded in Australia, or any global stock exchange.
     
  13. HunterBunter

    HunterBunter Member

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    Weren't DigitalBTC the first? Or have they not actually listed yet?
     
  14. The Mafia

    The Mafia Member

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    This is pretty cool. Does anyone have any thoughts on how this will affect the price? Surely there will be some big investors with stupid amounts of money to play with that will just dump some money on it to see what happens? You know, the ones that spread out a bit and take risks etc?

    I think I might look into putting a bit of cash in and see what happens? Won't be a huge amount but it will be something I guess.
     
  15. leviathan

    leviathan Member

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    Last edited: Oct 15, 2014
  16. paul8811

    paul8811 Member

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    I managed to get everything out apart from about 1 mil Mintcoin & 0.0006 BTC.
    I wonder how much the original owners sold it for, they could probably buy it back from them for a fraction.
     
  17. leviathan

    leviathan Member

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    Well I got a bit of coins there, haven't really kept an eye on things for a while, and seems there were some warning signs a couple of weeks ago too.

    Life of the digital currency world I guess....
     
  18. paul8811

    paul8811 Member

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    Mintgox its being called :lol:

    Hope you can recover your coins
     
  19. GGG-2

    GGG-2 Member

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    Mintpal is back up, you can now manually request withdrawal of your coins.

    I suggest everyone does it asap.
     
  20. leviathan

    leviathan Member

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    Thanks,
    Lets see if I get these coins back, and now cryptsy has had a server fail too.

    Fun times, fun times...
     

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