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  #21  
Old 07-06-2014, 08:35 PM
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It's up to $US 36.00 plus $US 86.10 after only 4 hours of a 7 day bidding period. I think I'm going to leave this one for Dude.
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  #22  
Old 07-09-2014, 05:01 AM
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I have come to a horrible realization about the number I was using to calculate the profitability of my operation. The reason I was so optimistic is that the "estimated number of bitcoins earned" (which is the number I quoted) doesn't take into account how LONG you need to wait before that amount is paid. It is essentially a calculation of the estimated PROPORTION of your speed relative to the speed of the entire pool then multiplied by the amount the pool WILL EVENTUALLY claim when the current block is solved. That's why I saw the nice rise right at the beginning.

Truth is:
The number of bitcoins awarded to the pool (as a whole) stays at almost exactly 25 coins (about $17,000) per block solved. I am chugging away with my 1 little Antminer stick at about 1 GH/s in a pool of miners chugging away at about 35,000 GH/s. ONCE WE SOLVE THE BLOCK I will get 1/35,000 th of the 25 bitcoin award (about 50 cents) for my contribution. The reality is that a block takes anywhere from 13 hours to over a month to solve. The average over the past few months has been 300 to 400 hours (around 2 weeks).

With this pool at least (and there are "pay per share" pools that I will check out soon) I earn aprox. 25 cents A WEEK. And that is payable only when a block finally gets solved.

The math for working all by myself is equally depressing. The past history of this pool shows a best in recent history of 13 hours to solve a block. That's with about 35,000 GH/s being applied. Since I am producing 1 GH/s it follows that a really lucky find for me would be 13 * 35,000 hours or about 51 years. An unlucky (or even normal) attempt.. well I'm not even going to calculate.

I am currently looking for alternatives. I'm considering assembling and selling mining rigs on kijiji so other people can do the actual mining part : -) Spread the wealth you could say.
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  #23  
Old 07-09-2014, 06:23 AM
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That reminds me of back when, when I was prospecting. It was those that sold the gear that made the most money.
Hobby, thank you for explaining the realities of Bitcoin mining.
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Old 07-09-2014, 07:04 AM
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so on average you will be making around $1 per month?

if you buy more computing power is there any economy of scale?

the reason I am wondering about that, is because there was someone who moved to the north east where electricity was cheaper and bought a entire warehouse full of computers, they claimed to be making a profit of $8 million per month.

I can't imagine how your costs could be so high, and someone else could be so low?
thinking about it, they could have bought the equipment a couple years ago when it was 10x easier to mine.
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  #25  
Old 07-10-2014, 06:57 AM
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Default BitCoin Forum..

contains hidden content You will have to reply to see hidden content
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  #26  
Old 07-10-2014, 05:22 PM
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K.. I have seen a reason to keep the rig running.. that jackpot idea (at triplemining.com) is fairly interesting. It gets drawn every 8 days whether the pool has solved a block or not. You have to have been running 24/7 you have to have a somewhat reasonable speed (they mention CPU miners are not eligible). More than one account (per person) makes you in-eligible.

The one that went today paid just over .09 BC (about $US 65). If the pool starts finding blocks faster (eg. <200 hours) then the pot will go up. If the pool hits some tougher ones (eg >400 hours) then the pot will go down. Everything is averaged over many draws so it tends to rise and fall over a period of months. No matter what though, you get a better than 1 in 400 chance of winning (because there's normally less than 400 miners working) every 8 days.

Oh and I also found (in the web-chat room) from someone I would consider reliable..
600000 MH/s should produce about .017942 BC/Day ($11.070088 USD) or .000748 BC/Hr

This seems to be valuing BC at $617 USD. At the moment I'm only getting about 1000 MH/s from my little Antminer stick (even though it's rated at 1.6 to 2.0 GH/s). That means I am (mathematically) producing about 1.845 cents / day for the pool.

Oh.. and I found a couple of little USB powered fans at princess auto

I'm eye'ing my kid's mechanno set to build a nice stand of some kind. He never plays with it anymore anyway.

FYI - that Antminer S1 that Dude is looking at on EBay is up to $228 with 2 days left. 180 GH/S would cotribute (ie you would expect to receive) about $3.32 USD / day. That's 68 days to break even (NOT COUNTING THE POWER SUPPLY, CABLES, ETC.) That's $1211 (before subtracting power cost) in a year or 531% return according to the formula above. A year of power costs are not going to be 0 with an erupter like that one though.
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  #27  
Old 07-10-2014, 06:08 PM
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...oh...those fans are soooo cute. How much?
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  #28  
Old 07-10-2014, 06:18 PM
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My daughter called them "cute" too.. The ad online says $7.99
Code:
http://www.princessauto.com/pal/en/Fans/4-in-USB-Desk-Fan/8534463.p
but I didn't see it till I had bought 2 in the store for $9.99 each. I would take them back and see if I could get them to give me $4.00 but there is actually a limit to just how cheap I really am : -)

I bought 2 because I know that buying at princess auto is like buying dollar store crap. When one of them gives out I'm hoping the other one keeps my rig from cooking till I get a chance to notice.
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  #29  
Old 07-11-2014, 10:01 AM
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So your saying the slower antminers are not profitable, but if you spend more money and get a faster one, then it would make enough to pay for itself.

What about the different coins? Have you looked at mining any of them?
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  #30  
Old 07-11-2014, 04:48 PM
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I think (i.e. I may be totally wrong but..)
An antminer U2 can be used to mine SHA-256 currencies.This link
Code:
https://cryptocointalk.com/forum/179-sha-256-cryptocoins/
is a prety comprehensinve list. Coins like Litecoin, Dodgecoin, etc are scrypt coins and are generally mined with a GPU (i.e. graphics card) like the Radeon HD7950 that goes for $160 USD on EBay.
Here's a pretty good discussion:
Code:
https://bitcointalk.org/index.php?topic=254595.0
There is a pool
Code:
https://www.multipool.us/
that lets you mine multiple coins and "some places" I've seen say that you can mine with a U2 and collect in other currencies but the site says SHA-256 mines BC. I guess then you can convert for a fee of some sort

Where Webster lives (Ontario) the cost of power is around 11 cents per killowatt hour. I get that from
Code:
http://www.ontarioenergyboard.ca/OEB/Consumers/Electricity/Electricity+Prices
The S1 on Ebay (Dude's box) draws 360 watts. One year is 8760 hours. The S1 would require about 3153.600 kWHr. That would cost Webster $346.89 (Cdn) for the year. So If Dude plugged his Antminer S1 box into Websters power outlet (and ran the cord to California) he would be profitable. If he actually paid Webster back he would still keep about $1211 - $346 = $846 (but we left out a $100 worth of equiptment Dude needs before he gets the box running)
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