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-   -   60 GH/s Bitcoin Miner ,to buy or not to buy ? (https://gfy.com/showthread.php?t=1105557)

xinyonghu 04-06-2013 09:21 PM

60 GH/s Bitcoin Miner ,to buy or not to buy ?
 
https://www.amazon.com/dp/B00C0CGTFG/ref=as_li_ss_til?tag=forumposterro-20&camp=0&creative=0&linkCode=as4&creativeASIN=B00 C0CGTFG&adid=0KYY5QDT8G5T3VGK13WP&

http://ecx.images-amazon.com/images/...500_AA300_.jpg

DBS.US 04-06-2013 09:30 PM

I am buying one that turns lead to GOLD:winkwink:

Sly 04-06-2013 09:42 PM

What exactly are they mining?

DBS.US 04-06-2013 09:46 PM

Quote:

Originally Posted by Sly (Post 19565886)
What exactly are they mining?

DREAMS:winkwink:

NiXXiN 04-06-2013 09:55 PM

yeh good luck man, might take a few months to get one and by then the diffulcty in mining them would be x100

epitome 04-06-2013 09:55 PM

I just leased Watson from IBM to mine.

NiXXiN 04-06-2013 09:58 PM

if you had it right now you could be getting

daily = $566
Weekly = $3,967
monthly = $17,228

at the current exchange rate of course

NiXXiN 04-06-2013 10:00 PM

Brand New PRE ORDER!! Note 3/24/13 These machines are not yet available for purchase, and there is a minimum 2 month delay before it will arrive when shipping starts.

mayabong 04-06-2013 10:14 PM

I would advise against it until they actually ship their product. The first shipments were supposed to go out last october and they still haven't shipped. They are not a scam just very bad at doing what they say they are going to do in a timely manner. I have a couple on order but very close to asking for a refund. :p

I'm thinking there will be some new competitors out very shortly.

MikeRoth 04-06-2013 10:21 PM

http://launch.avalon-asics.com/ These people have already started shipping their ASIC miners in batches.

spiederman 04-06-2013 10:35 PM

did butterfly labs started shipping yet? i know guys that are waiting for months on their order

Mark.Roy 04-07-2013 12:15 AM

this looks like big brother

http://www.amazon.com/Bitcoin-Mini-R...sim_sbs_misc_3

seXXXhub 04-07-2013 12:48 AM

u cant buy that .. u can just send the money to them ... they NEVER shipped one so far ...:error

DBS.US 04-07-2013 12:49 AM

Quote:

Originally Posted by seXXXhub (Post 19565970)
u cant buy that .. u can just send the money to them ... they NEVER shipped one so far ...:error

They are using it to make my bitcions for them:winkwink:

MrMaxwell 04-07-2013 01:19 AM

I don't know shit about the difficulty, how quickly it increases, etc.. What I do know for SURE is that I would NOT buy one unless I could have it delivered right away. You can only base the roi on todays difficulty. Spending a pile of cash and waiting without knowing for sure what will happen to the difficulty (much less the value of the coins) is a bad idea

spiederman 04-07-2013 02:05 AM

perfect buisness idea, devellop a super turbo miner, and mine the shit out it.
in the meantime you put a complete line up for sale, the first batch of 4-5 you devide between some big miners that are active in the community. then you let the pre-orders for the next batch roll in, and you start shipping them out when its not worth it to use it anymore :D

NinjaSteve 04-07-2013 04:07 AM

Is it possible that Butterfly Labs made a site, took pre-orders, and then decided to buy some cars and stuff?

DWB 04-07-2013 04:24 AM

Quote:

Originally Posted by NiXXiN (Post 19565893)
if you had it right now you could be getting

daily = $566
Weekly = $3,967
monthly = $17,228

at the current exchange rate of course

Please excuse my ignorance here, but if they are selling machines for $3000 or so that can make $17,228 a month (based on current exchange rates), and they can obviously build those machines for much less, what would be the logic in selling those machines and not using them all to mine themselves? They would make a lot more money.

And the fact they are taking sales but have not shipped any yet doesn't sound an alarm with any of you?

dyna mo 04-07-2013 05:47 AM

Quote:

Originally Posted by DWB (Post 19566103)
Please excuse my ignorance here, but if they are selling machines for $3000 or so that can make $17,228 a month (based on current exchange rates), and they can obviously build those machines for much less, what would be the logic in selling those machines and not using them all to mine themselves? They would make a lot more money.

And the fact they are taking sales but have not shipped any yet doesn't sound an alarm with any of you?

word is that is exactly what they're doing. i asked the same question recently and was informed bfl is currently prepped to increase their mining 30x over current. that's hearsay but why wouldn't they?

no, whew, getting into mining right now as a rookie would seem to me to be even more risky than buying a bitcoin or 3.

signupdamnit 04-07-2013 06:22 AM

I read some talk on bitcointalk.com that this company is questionable. You might want to have a look before you order.

From what I understand mining isn't worth it for most people these days. There is but a finite amount of bitcoins able to be mined in a certain period and as more people mine the difficulty to mine a block increases. So it's either go big (or more accurtately HUGE)or go home. Most people historically would have been better off putting that money into bitcoins directly. They are over $150 now when two weeks ago they were under $100.

adult_text_links 04-07-2013 06:57 AM

Quote:

Originally Posted by spiederman (Post 19566020)
perfect buisness idea, devellop a super turbo miner, and mine the shit out it.
in the meantime you put a complete line up for sale, the first batch of 4-5 you devide between some big miners that are active in the community. then you let the pre-orders for the next batch roll in, and you start shipping them out when its not worth it to use it anymore :D


Bingo! :thumbsup


These cunts will never ship!

Sly 04-07-2013 08:01 AM

So nobody knows what these things are mining?

MaDalton 04-07-2013 08:32 AM

i have a few bridges for sale - in case anyone is interested

Dirty F 04-07-2013 08:34 AM

Quote:

Originally Posted by Sly (Post 19566258)
So nobody knows what these things are mining?

Bitcoins?

Dirty F 04-07-2013 08:35 AM

Quote:

Originally Posted by MaDalton (Post 19566295)
i have a few bridges for sale - in case anyone is interested

Still upset i see. Don't be bitthurt man.

Dirty F 04-07-2013 08:36 AM

Quote:

Originally Posted by MaDalton (Post 19566295)
i have a few bridges for sale - in case anyone is interested

Did you spend 15 mins reading about bitcoins already or do you still have no idea what it is or how it works?

seeandsee 04-07-2013 08:37 AM

Quote:

Originally Posted by Sly (Post 19566258)
So nobody knows what these things are mining?

Why do you ask such questions!:pimp :upsidedow

They are doing "something", BC crew care to explain it?

MaDalton 04-07-2013 08:42 AM

Quote:

Originally Posted by Dirty F (Post 19566299)
Still upset i see. Don't be bitthurt man.

why should i be upset? i can't be upset about something that has zero relevance for me :winkwink:

but what amazes me is the almost religious enthusiasm some people have when it comes to bitcoins, it's almost like Apple owners.
as soon as you dont agree with them, they become like a kid in a sandbox which has his little shovel taken away

:)

MaDalton 04-07-2013 08:43 AM

Quote:

Originally Posted by Dirty F (Post 19566300)
Did you spend 15 mins reading about bitcoins already or do you still have no idea what it is or how it works?

i read about it - it still has zero relevance for me

Sly 04-07-2013 08:47 AM

Quote:

Originally Posted by MaDalton (Post 19566304)
why should i be upset? i can't be upset about something that has zero relevance for me :winkwink:

but what amazes me is the almost religious enthusiasm some people have when it comes to bitcoins, it's almost like Apple owners.
as soon as you dont agree with them, they become like a kid in a sandbox which has his little shovel taken away

:)

You are just too bald to understand.

Found this statement?

Quote:

The way that they are entered into the market is a process called ?Mining?. Basically, computers solve mathematical algorithms to earn the Bitcoins. They are very complex and take a lot of computing power to solve. The more computers trying to solve the equations, the harder the equations become to solve, the less you get for mining.
Mathematical equations for who?

Dirty F 04-07-2013 08:49 AM

Quote:

Originally Posted by MaDalton (Post 19566306)
i read about it - it still has zero relevance for me

Ok, then you can stop crying about them in every bitcoin thread?

signupdamnit 04-07-2013 08:57 AM

Quote:

Originally Posted by Sly (Post 19566258)
So nobody knows what these things are mining?

https://en.wikipedia.org/wiki/Bitcoin#Bitcoin_mining

Quote:

To implement a distributed timestamp server on a peer-to-peer basis, bitcoin uses a proof-of-work system similar to Adam Back's Hashcash, rather than newspaper or Usenet posts.[2] This is often called bitcoin mining.

The mining process or proof-of-work process involves scanning for a value that when hashed with SHA-256, the hash begins with a number of zero bits. The average work required is exponential in the number of zero bits required and can be verified by executing a single hash.

For the bitcoin timestamp network, it implements the mining process or "proof-of-work" by incrementing a nonce in the record or "block" until a value is found that gives the block's hash the required zero bits. Once the hashing effort has been expended to make it satisfy the proof-of-work, the block cannot be changed without redoing the work. As later records or "blocks" are chained after it, the work to change the block would include redoing all the blocks after it.

The majority decision is represented by the longest chain, which has the greatest proof-of-work effort invested in it. If a majority of computing power is controlled by honest nodes, the honest chain will grow the fastest and outpace any competing chains. To modify a past block, an attacker would have to redo the proof-of-work of the block and all blocks after it and then catch up with and surpass the work of the honest nodes. The probability of a slower attacker catching up diminishes exponentially as subsequent blocks are added.[2]

To compensate for increasing hardware speed and varying interest in running nodes over time, the proof-of-work difficulty is determined by a moving average targeting an average number of blocks per hour. If they're generated too fast, the difficulty increases.[2]
Quote:

Process


The steps to run the network and generate or "mine" bitcoins are as follows:[2]


New transactions are broadcast to all nodes.

Each node collects new transactions into a block.

Each node works on finding a difficult proof-of-work for its block.

When a node finds a proof-of-work, it broadcasts the block to all nodes.

Bitcoins are successfully collected or "mined" by the receiving node which found the proof-of-work.

Nodes accept the block only if all transactions in it are valid and not already spent.

Nodes express their acceptance of the block by working on creating the next block in the chain, using the hash of the accepted block as the previous hash.

Repeat.

https://en.wikipedia.org/wiki/Proof-of-work

Quote:

Until 2009, Finney's system was the only RPOW system to have been implemented; it never saw economically significant use. In 2009, the Bitcoin network went online. Bitcoin is a proof-of-work crypto currency that, like Finney's RPOW, is also based on the Hashcash POW. But in Bitcoin, double-spend protection is provided by a decentralized P2P protocol for tracking transfers of coins, rather than the hardware trusted computing function used by RPOW. Bitcoin has better trustworthiness because it is protected by computation; RPOW is protected by the private keys stored in the TPM hardware and manufacturers holding TPM private keys. Hackers who steal a TPM manufacturer key, or anyone capable of obtaining the key by examining the TPM chip itself, could subvert that assurance. Bitcoins are "mined" using the Hashcash proof-of-work function by individual nodes and verified by the decentralized P2P Bitcoin network. The other novel aspect of Bitcoin is that it dynamically varies the Hashcash size required to create a coin to avoid inflation due to computers getting faster, and due to more users mining.

MaDalton 04-07-2013 09:01 AM

Quote:

Originally Posted by Dirty F (Post 19566315)
Ok, then you can stop crying about them in every bitcoin thread?

there are like 50 threads about bitcoins, i posted in 3 - including this one.

but since it seems to annoy you - and since i tend to do exactly the opposite of what someone tells me to do - i'll now pay extra attention to your threads about them :winkwink:

and sorry for taking your shovel :glugglug

Dirty F 04-07-2013 09:10 AM

Quote:

Originally Posted by MaDalton (Post 19566325)
there are like 50 threads about bitcoins, i posted in 3 - including this one.

but since it seems to annoy you - and since i tend to do exactly the opposite of what someone tells me to do - i'll now pay extra attention to your threads about them :winkwink:

and sorry for taking your shovel :glugglug

My shovel?

dyna mo 04-07-2013 10:22 AM

Quote:

Originally Posted by Sly (Post 19566258)
So nobody knows what these things are mining?

here is a quite readable article on the mining process from a well-regarded phd economist.

please let me know what you think. :thumbsup

http://mises.org/daily/6399/The-Moneyness-of-Bitcoins

dyna mo 04-07-2013 10:25 AM

from the article:::::

Quote:

This brings us to the truly fascinating production process of the bitcoins. They are ?mined? based on a pre-defined mathematical algorithm, and come in a bundle, currently of 25 units, as a reward for carrying out a large number of computational operations that aim at discovering the solution to what could be described as a randomized mathematical puzzle. The role of the algorithm is to ensure a declining progression of the overall stock of bitcoins, by halving the reward every four years. Thus, somewhere in the beginning of 2017, the reward bundle will consist of 12.5 units only. Also, the more bitcoins are produced, the harder are the randomized mathematical puzzles to be solved.

Bitcoins come about as the uncertain pay-off for an energy?and hardware?-consuming process that is extended through time. The per-time pay-off varies, based on the efficiency and sophistication of the more-or-less specific hardware used for the mining. Individual miners have started to pool their efforts, and this cooperation has tremendously reduced the uncertainty that each individual miner bears.

Due to this costly production process, bitcoins, although virtual, are constrained by scarcity. While a bitcoin has no material shape or content, the algorithm that generates it has been designed to replicate the competitive production of a scarce good. First, entry in the business of producing bitcoins is open to anybody. Second, the production process is capital and labor intensive, extended through time, and also uncertain. Third, production is subject to decreasing returns, thereby conforming to the generalized scarcity faced by acting individuals in the better-known physical world. Thus, bitcoins turn out to be the exact opposite of the ?Linden dollars? of the Second Life ?virtual world.? The latter are produced by a monopolist central authority, out of thin air, and without any other limitation but the very discretion of that same monopolist authority.



MrBottomTooth 04-07-2013 10:58 AM

So can one guy just install the necessary software on an i7 with a decent ati card and still make a small profit mining, or are those days long gone? Just wondering, as I have one that runs all day anyway sitting in a closet as a media server. Even if it made enough to pay for the hydro it uses it would be worth it.

spiederman 04-07-2013 11:01 AM

Quote:

Originally Posted by MrBottomTooth (Post 19566487)
So can one guy just install the necessary software on an i7 with a decent ati card and still make a small profit mining, or are those days long gone? Just wondering, as I have one that runs all day anyway sitting in a closet as a media server. Even if it made enough to pay for the hydro it uses it would be worth it.

CPU mining you can forget, if u have a bigass GPU maybe you can earn a couple of bucks a month on it

MrBottomTooth 04-07-2013 11:03 AM

Quote:

Originally Posted by spiederman (Post 19566489)
CPU mining you can forget, if u have a bigass GPU maybe you can earn a couple of bucks a month on it

OK not gonna waste my time then. If I could earn a buck or two a day maybe since the computer runs 24/7 regardless.

spiederman 04-07-2013 11:08 AM

Quote:

Originally Posted by MrBottomTooth (Post 19566492)
OK not gonna waste my time then. If I could earn a buck or two a day maybe since the computer runs 24/7 regardless.

check your GPU here

https://en.bitcoin.it/wiki/Mining_hardware_comparison

enter your megahashes here

http://www.alloscomp.com/bitcoin/calculator

current difficulty is: 7,673,000

take the realtime price from mtgox

and calculate yourself if its worth it


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