Bitcoin mining made easy

Bitcoin mining made easy

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varikonniemi
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Bitcoin mining made easy

Post by varikonniemi » 05 Apr 2013, 08:15

Now as Bitcoin has burst into mainstream consciousness i am announcing my first plug&play miner for people not interested in the theory side of things.

Today the most hyped dedicated ASIC mining equipment provider, Butterflylabs, announced further delays after several months of missed deadlines. They also announced the doubling of the specified price&power consumption and reduced the indicated hash rate by 15%.

So for the time being, GPU mining is still the only safe way to mine Bitcoin.

May i present to you the Varikonniemi HASHSTATION ONE.

So, any fellow Bitcoin miners here?
Last edited by varikonniemi on 07 Apr 2013, 11:38, edited 2 times in total.
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zwzsg
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Re: Bitcoin mining made easy

Post by zwzsg » 05 Apr 2013, 09:44

How long does it take to pay itself?
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knorke
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Re: Bitcoin mining made easy

Post by knorke » 05 Apr 2013, 09:47

Now as Bitcoin has burst into mainstream consciousness
hm I thought that was at least half a year ago..nowadays it seems quite dead (in mainstream)
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varikonniemi
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Re: Bitcoin mining made easy

Post by varikonniemi » 05 Apr 2013, 09:56

zwzsg wrote:How long does it take to pay itself?
The 4 GPUs would make about 0.1 Bitcoin per day at current difficulty. But as the ASICs are entering the market with force i expect that to halve in a month or so.

http://www.ebay.com/itm/Avalon-Supercom ... 19dac45f1c

Market leader Avalon ASIC: 32k $ / 65GH/s
Varikonniemi HASHSTATION ONE: 2k$ / 2 GH/s
knorke wrote:
Now as Bitcoin has burst into mainstream consciousness
hm I thought that was at least half a year ago..nowadays it seems quite dead (in mainstream)
Bitcoin was first mentioned in the news when the last bubble formed. Then it toned down, and now the last week there have been segments on MSNBC, BBC, CNN, FOX buiness, Bloomberg, The Financial Times frontpage etc. In my opinion it is now just only entering mainstream knowledge.
Last edited by varikonniemi on 22 Apr 2013, 11:58, edited 4 times in total.
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klapmongool
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Re: Bitcoin mining made easy

Post by klapmongool » 05 Apr 2013, 13:22

varikonniemi wrote:
zwzsg wrote:How long does it take to pay itself?
The 6 GPUs would make about 0.1 Bitcoin per day at current difficulty. But as the ASICS are entering the market with force i expect that to halve in under a month.
And 1 bitcoin is like a 100 dollars now? How much power does it eat...?
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SpliFF
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Re: Bitcoin mining made easy

Post by SpliFF » 06 Apr 2013, 02:39

Last I checked even GPU mining has no payoff. Your chance of being the first to get a coin is practically zero. Only consortiums and big iron and GPU stealing botnets can play now.
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varikonniemi
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Re: Bitcoin mining made easy

Post by varikonniemi » 06 Apr 2013, 11:52

klapmongool wrote:And 1 bitcoin is like a 100 dollars now? How much power does it eat...?
141 USD/BTC as i write this.

I will let you know the power consumption once i have found a power meter.
SpliFF wrote:Last I checked even GPU mining has no payoff. Your chance of being the first to get a coin is practically zero. Only consortiums and big iron and GPU stealing botnets can play now.
This is true for solo mining. But since many years only the biggest players have been solo mining, us normal mortals join pools.

I recommend MTRED, the Mining Team REDdit.
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1v0ry_k1ng
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Re: Bitcoin mining made easy

Post by 1v0ry_k1ng » 06 Apr 2013, 13:36

what are your net expenditure + approximate electricity cost vs net earning so far?

My friend got on the ground floor with a butterfly labs cpu 18 months ago for approx £200, it has paid for itself almost 3x over now, after the monthly electricity cost.
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gajop
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Re: Bitcoin mining made easy

Post by gajop » 06 Apr 2013, 13:48

Buying equipment and wasting electricity to create an imaginary currency...
Early adopters having such a huge advantage...
There is so much wrong with bitcoin, I share a small hope it becomes illegal before it gains traction.
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Silentwings
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Re: Bitcoin mining made easy

Post by Silentwings » 06 Apr 2013, 14:05

Yeah, there has to be a better way to prevent arbitrage than allowing so much of each particular type of arbitrage that further arbitrage of that particular type becomes un-economical...
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varikonniemi
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Re: Bitcoin mining made easy

Post by varikonniemi » 06 Apr 2013, 17:22

1v0ry_k1ng wrote:what are your net expenditure + approximate electricity cost vs net earning so far?

My friend got on the ground floor with a butterfly labs cpu 18 months ago for approx £200, it has paid for itself almost 3x over now, after the monthly electricity cost.
I always build my next rig when last one has paid itself back. I don't factor in electricity since the house must be heated some way ;)

Also, butterflylabs has not shipped their products yet, so i don't think it was such...
gajop wrote:Buying equipment and wasting electricity to create an imaginary currency...
Early adopters having such a huge advantage...
There is so much wrong with bitcoin, I share a small hope it becomes illegal before it gains traction.
Jealous much? Bitcoin is here to stay and you will kick yourself later if you don't invest in it now when the price is still only 140USD/BTC :regret:

Don't you see it brings to economic transactions such freedom as internet brought to communications.
Last edited by varikonniemi on 06 Apr 2013, 20:51, edited 1 time in total.
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Neddie
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Re: Bitcoin mining made easy

Post by Neddie » 06 Apr 2013, 18:39

It doesn't bring any freedom to economic transactions, as it is directly dependent upon the expenditure of existing currency, and does not change the relationship of, or from, labour extraction.
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Silentwings
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Re: Bitcoin mining made easy

Post by Silentwings » 06 Apr 2013, 18:48

Don't you see it brings to economic transactions such freedom as internet brought to communications.
I think it's really online banking & electronic payments which give that freedom There's no need for it to be done in any particular currency ;)
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SpliFF
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Re: Bitcoin mining made easy

Post by SpliFF » 06 Apr 2013, 19:43

The free-est for of exchange, "cost-wise" is barter. Bitcoin is less convenient than cash/visa and more expensive than barter so it will always be a niche.
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Cheesecan
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Re: Bitcoin mining made easy

Post by Cheesecan » 06 Apr 2013, 20:41

What kind of % return on investment do you get per year?

Have you tried bitcoins derivative market? If so what are your experiences with it?
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varikonniemi
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Re: Bitcoin mining made easy

Post by varikonniemi » 06 Apr 2013, 20:56

ROI has been some months for mining equipment (GPU:s only) the way i count. You can double that if counting electricity.

I have only been mining and put some btc into mt.gox (stock exchange) but it was too nerve wrecking for me. Only gambling i ever found addictive.
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Cheesecan
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Re: Bitcoin mining made easy

Post by Cheesecan » 06 Apr 2013, 21:12

For 2000 EUR you could have bought an ASIC mining rig with 50GH/S today. How do you feel about this?

This chart suggests that the mining factor has been roughly the same since Q2 2011. I assume the sharp decline then was due to FPGA or ASIC miners entering?
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zwzsg
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Re: Bitcoin mining made easy

Post by zwzsg » 06 Apr 2013, 21:29

Silentwings wrote:
Don't you see it brings to economic transactions such freedom as internet brought to communications.
I think it's really online banking & electronic payments which give that freedom There's no need for it to be done in any particular currency ;)
Banking and electronic payment are not free!
- Neither in the economical sense, since they charge fees.
- Neither in the philosophical sense, since they can (and have!) unilaterally decide to block anybody.
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varikonniemi
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Re: Bitcoin mining made easy

Post by varikonniemi » 06 Apr 2013, 22:01

Cheesecan wrote:For 2000 EUR you could have bought an ASIC mining rig with 50GH/S today. How do you feel about this?
Did you read my OP ?

As you can see on their page it says preorder, they are months late and many believe it will still take months judging from what little info they have heard from butterflylabs staff.

Avalon ASICs are produced in small batches, but the price is entirely different (as i linked in my post earlier) and it also has some waiting list.

I know ASICs are coming and will make GPU mining obsolete, i just made a bet that it won't happen before i get ROI.
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Silentwings
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Re: Bitcoin mining made easy

Post by Silentwings » 06 Apr 2013, 22:03

Neither in the economical sense, since they charge fees.
My bank doesn't charge fees for non-commercial transactions, online or otherwise. I've never come across a bank that charged more for online transactions than for just withdrawing cash, and usually 0 for both. I guess it varies across the world though & all banks make money by inversting what you 'lend' them.
Neither in the philosophical sense, since they can (and have!) unilaterally decide to block anybody.
This is true of any transaction, even ones that don't involve money, electronic or otherwise!
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