Bitcoins/Litecoins/Virtual Currencies

Arative · Sep 4, 2013

Difficulty is up to 86 million now. So I'm down to making .2 bitcoins per day from .5 when I got the jalapeno's. They've more than paid for themselves over the past 2 months. Bitcoin prices are hovering around $130 to $140. Difficulty has been jumping 20% to 30% every two weeks. I'm thinking that can't last.

Oh and BFL got smart and only accepts bitcoins now for sales. Good luck getting a refund now!!!

Jysin · Sep 4, 2013

Arative_sl said:
...Oh and BFL got smart and only accepts bitcoins now for sales. Good luck getting a refund now!!!

I noticed that a couple weeks back when I clicked their preorder page.

One of many other reasons I decided not to go through with the purchase.

Alkorin · Sep 13, 2013

Not that they're anything more than paperweights at this point, but my BFL order is still Processing. Looks like they haven't figured out that I got my money back. Who knows, maybe I'll get a couple of bookends for free.

Arative · Sep 16, 2013

Difficulty jumped to 112 million. I'm not really sure how much longer these jumps can go on. I would imagine that most people have turned off their gpu's by now. Through BTCguild you can by block usb eruptors, which are 300m/hs for .21 BTC and he can't seem to keep them in stock. Basically sells them as he gets them. So I guess the demand for the ASIC's is still strong, people replacing what their gpu farms. I suppose as long as bitcoins are in the $100's, people will still be buying the ASIC's.

Alkorin · Sep 16, 2013

I can't imagine most anyone is actually making money with GPUs anymore. Not at that difficulty. Electricity would be prohibitively expensive unless you're not paying for your usage (e.g. you're running your bitcoin miner at work).

Arative · Sep 16, 2013

That's the only reason I still have my gpu's mining, running them at work. I don't understand people that are buying those usb miners either. Unless you are buying in bulk, you can never make an ROI.

Tripamang · Sep 20, 2013

I got my Bitfury starter kit yesterday, they ended up overnighting it even though I didn't pay for express shipping. They fell behind and my unit shipped out two weeks later, but they mined some coins from their internal units to pay us back for the lost time. I got enough from that to pay for another H board for my unit. Megabigpower (who I bought it from) is absolutely top notch, they'd get my money over BFL any day of the week.

My 60Gh/s Unit from BFL shipped the same day, it's hasn't even left the US yet (I'm in Canada). For whatever stupid reason they decided to try and express ship it through the USPS service to Canada.. Express to Canada is apparently 2-5 days. I paid 200$ for express shipping and that's the shit I got for it, meanwhile regular shipping via UPS is faster to Canada and would cost 50$ for a package that size. I wouldn't give BFL another dime.

Alkorin · Oct 1, 2013

Aw, bugger. BFL got wise and canceled my order, so I'm out $300 or so in BTC for the upgrades. Oh well!

It's not like ~37GH/s was going to make me any money anyway by the time they actually ship May 2013 orders.

Tripamang · Oct 1, 2013

Alkorin_sl said:
Aw, bugger. BFL got wise and canceled my order, so I'm out $300 or so in BTC for the upgrades. Oh well!

It's not like ~37GH/s was going to make me any money anyway by the time they actually ship May 2013 orders.

Yea.. KNCMiner is best bang for your buck now with estimated shipping in November. BitFury units still have a considerable power advantage, 300 watts for roughly 500-600Gh/s while KNCMiner is 1400Watts 600~'ish, with Bitfury costing 20$/Ghs while KNCMiner is 10$/Ghs. I'm betting on the BitFury units halving in price to compete in the not too distant future.

Arative · Oct 1, 2013

I'm not sure ASIC's are even worth it now. Seems like we are in a never ending cycle of speed increases and difficulty increases. Only the guys making the ASIC's are actually making money.

Tea_sl · Oct 1, 2013

When there's a gold rush, sell shovels.

MossyBank · Nov 8, 2013

Bitcoin is at $300 a coin again. Bubble pop 2.0 inc?

Arative · Nov 8, 2013

I just hope I can sell a few coins before the bubble pops!

The ASIC boom was nice while it lasted. Went from making .5 coins a day at the beginning to August to .02 a day. Only reason I'm still mining is my electricity is free at work.

Hekotat · Nov 8, 2013

Been mining LTC for a few weeks now. Also, fuck coinbase.

Tripamang · Nov 8, 2013

Arative_sl said:
I just hope I can sell a few coins before the bubble pops!

The ASIC boom was nice while it lasted. Went from making .5 coins a day at the beginning to August to .02 a day. Only reason I'm still mining is my electricity is free at work.

At 300$ a coin I have just barely broken even on my original investment. I went from hashing almost half a coin a day a month ago to .14 :/ That's hashing at 150Gh/s. The difficulty is high enough now I'm not losing half my income every time the difficulty goes up. For awhile there it was halfing every difficulty increase.

I'm getting pretty certain at this point that the mining community is driving a bubble though, as most manufacturers only takes coins as payment. Which just drives people to buy bitcoins to buy hardware, which drives up the price.. rinse/repeat.

Tea_sl · Nov 8, 2013

Uh, no. What's driving the price up is that it's basically impossible to get money out of Mt. Gox. The only way to get your money out is to buy bitcoins and transfer them. There's no pressure being exerted downwards because there's minimal benefit to selling. Turning bitcoins into real money is hard.

Tripamang · Nov 8, 2013

Tea_sl said:
Uh, no. What's driving the price up is that it's basically impossible to get money out of Mt. Gox. The only way to get your money out is to buy bitcoins and transfer them. There's no pressure being exerted downwards because there's minimal benefit to selling. Turning bitcoins into real money is hard.

It's been hard to get money out of MtGox for months, and if that was the really the cause you'd see an inflated rate on MtGox but depressed prices everywhere else because people were dumping them. That isn't the case.

Arative · Nov 8, 2013

I was using campbx>dwolla but dwolla stopped working. campbx has an option to ach straight to my bank. Figure next time I sold I would use that option to get the cash.

nate_sl · Nov 9, 2013

You're telling me it's difficult to get hard dollars exchanged for bitcoins from the largest bitcoin exchange on net? And people are seemingly unconcerned that bitcoins aren't in bubble territory? Lol.

Alkorin · Nov 10, 2013

Has this changed somewhat? I never had an issue doing a bank transfer from mt.gox when I was still in the game.

Bitcoins/Litecoins/Virtual Currencies

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