Deep Web/Bitcoin Mining

[Rsully70sev]

Sounds great to me lol, I hope they hit that high.

I just blue printed two rigs.

[GaryE30]

People are speculating that it will continue to rise into the summer (economics people). I read that some were thinking it will go up to $500 or $1000 / btc. That is just insane.

Obviously they're all just speculations, but who knows. If you're alredy in, you're in a good place, especially if you got in early and don't have loads of your own money invested.

[tjts1]

Could you elaborate on your post a little more? What I got from it is you basically are breaking even when factoring in electricity cost? Thank you for the congrats; I remember when I bought them I told my brother, friends, etc. to invest, they all looked at me like I had 5 heads for how radical it sounded trying to explain it. Now I'm getting blown up with "How do I get in on this?!" right and left.

I bought $2000 worth of bitcoin in small increments between $12-20 back in Dec and Jan with an average cost of $16/BTC from Coinbase. Then when it got above $85/BTC I sold off $2000 worth of Bitcoin to recover my original investment. I'm keeping the rest of the $16 Bitcoins at zero risk to me. I never got into mining.

BTW MtGox suffered a DDOS attack this morning.

[GaryE30]

Hell, why not? Free money the way I see it lol.



Yea I'm not doing any big deals, slowly filtering them through eBay so I don't get screwed on a big deal. I've done about 6 transactions with no problems as of yet. Could you elaborate on your post a little more? What I got from it is you basically are breaking even when factoring in electricity cost? Thank you for the congrats; I remember when I bought them I told my brother, friends, etc. to invest, they all looked at me like I had 5 heads for how radical it sounded trying to explain it. Now I'm getting blown up with "How do I get in on this?!" right and left.

WTF!? They're up again from this morning trading on MtGox at $141 and eBay sales above $200/ea. Shit is getting crazy, $350 initial investment for 50 bitcoins I bought and forgot about months ago. This ROI is INSANE! I'm kicking myself in the ass for not buying more.

Hey, you're atleast doing better than those of us who didn't jump in early :)

If you bought 50 bitcoins to begin with are you just riding on the interest with those? How many have you generated with your computer?

Also, what is casuing the price to inflate so much over the last few months? The amount of new miners? What is it? Looking for the last 3 years its gone skyrocketing within the last few months!!!

[decay]

Yea there's companies like butterflylabs trying to capitalize on those IIRC. They've been in production for about a year now with no successful results or finished products.

BFL is producing ASIC, not FPGA.

Supposedly they are shipping the 30Ghash units this month.

https://forums.butterflylabs.com/announcements/692-bfl-asic-status-2.html

Just spec'd a new mining rig myself; 30G BFL is tempting at 1/3 the price of a complete quad-7950...

[Rsully70sev]

I've got an OC'd 3570k and OC'd 660ti's in sli hinernating all night, maybe they should be earning me some cash. Electricity is covered in my rent so nothing out of pocket for me!

Hell, why not? Free money the way I see it lol.

As long as the deal works out excellent! And congrats on the early adoption. My average cost is a rather pathetic $16 and I only cashed out the dollar amount I invested. I'm playing with the house's money now so I'll let it ride for a while.

cheers

Yea I'm not doing any big deals, slowly filtering them through eBay so I don't get screwed on a big deal. I've done about 6 transactions with no problems as of yet. Could you elaborate on your post a little more? What I got from it is you basically are breaking even when factoring in electricity cost? Thank you for the congrats; I remember when I bought them I told my brother, friends, etc. to invest, they all looked at me like I had 5 heads for how radical it sounded trying to explain it. Now I'm getting blown up with "How do I get in on this?!" right and left.

WTF!? They're up again from this morning trading on MtGox at $141 and eBay sales above $200/ea. Shit is getting crazy, $350 initial investment for 50 bitcoins I bought and forgot about months ago. This ROI is INSANE! I'm kicking myself in the ass for not buying more.

[tjts1]

As long as the deal works out excellent! And congrats on the early adoption. My average cost is a rather pathetic $16 and I only cashed out the dollar amount I invested. I'm playing with the house's money now so I'll let it ride for a while.

cheers

[Rsully70sev]

Believe me I've thought of that. There's transaction records showing where the bitcoin went and that it was indeed received. Not saying eBay and PayPal side with the seller (they're usually with the buyer) but it's somewhat of a leg to stand on.

[tjts1]

I was just going to post. I nearly pissed myself this morning. Glad I kept my PC running, I'm sitting close to 53btc's. On Mtgox that's around $5k, on eBay they're selling for $130+ making it $6500. Not a bad ROI from a $350 investment.

Yayaya, "if I can't see it, touch it, etc" it's not a smart investment. This is technology meeting economics at it's finest. Believe me, I have plenty of money invested in gold, but it hasn't brought me a 1,700% return.

A lot of people have been burned selling Bitcoin on ebay through charge backs.

[Rsully70sev]

Yea there's companies like butterflylabs trying to capitalize on those IIRC. They've been in production for about a year now with no successful results or finished products.

[pandaboo911]

The standard PC setup still seems to be the cheapest option though. One of those FPGA boards is custom made, and they sell for like $1000 for 800mh/s consuming 40 watts. So the radeon 5xxx series is still best price wise.

[GaryE30]

PS if you're into Bitcoin Mining, you should check out Litecoin Mining.

[GaryE30]

If you find a good FPGA setup post it up :) I'm looking currently towards that b/c my current setup doesn't work (old GC).

[Rsully70sev]

I'll definitely have to look into that, thank you for the advice man.

[pandaboo911]

It would take about a month (or two to be safe) to be in the green and clear those GC's. I'd be seeing a return the minute I turn the pc on. They're expensive but they do work.

Idk what an fpga is and how it relates to mining. (I'm not a computer nerd as much as I'd like to be, but I figured out bitcoining lol) We researched and blueprinted what everyone else is using to mine and what would be most efficient.

FPGA is basically a GPU core that doesn't require a PC to run it, it's standalone-ish. Biggest advantage is the power savings, its powered by USB so it will only draw like 10 watts, per 200mh/s.