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FrozenGate by Avery

Bitcoin






Exciting things are happening to bitcoin nowadays! The value is increasing and the market cap has reached 2 billion USD once again. One of the reasons might be that Baidu has started accepting bitcoin for it's services. Baidu is like the Google of China with an annual revenue of around 3 billion USD. This has caused an explosion in Chinese based bitcoin trade. Good news for the laser community as the majority of laser manufacturers and vendors are based in China. Maybe we'll see more vendors accepting bitcoin soon.

The network computation rate is also increasing exponentially as more ASIC-based miners are being shipped. I actually received a 275 Gigahashes/s miner myself a few days ago. In total we just topped 3 Petahashes per second, or the equivalent of around 38 ExaFLOPS, which is around 100 times more powerful than the most powerful supercomputer in the world, Tianhe-2. Sweet Jesus!
 
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Grix said:
I actually received a 275 Gigahashes/s miner myself a few days ago. In total we just topped 3 Petahashes per second, or the equivalent of around 38 ExaFLOPS, which is around 100 times more powerful than the most powerful supercomputer in the world, Tianhe-2. Sweet Jesus!
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So how much bitcoins are you making per hour per say?
 
Grix said:
I've run it for 3 days and 4 hours so far and made 1.36 btc. But it will slow down as the difficulty keeps increasing.
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So does that mean you ran it for 76 hours? Also is it even worth it considering how much the machine costs and once you add in the cost of electricity?
 
FlutterPie said:
So does that mean you ran it for 76 hours? Also is it even worth it considering how much the machine costs and once you add in the cost of electricity?
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Yes, 76 hours as of that post.

Whether or not it's worth it we will see in a few months. It's impossible to predict the profitability because the mining difficulty and value varies. If they were constant it would definitely be worth it, the machine would pay for itself in less than two months. But unfortunately the difficulty is increasing exponentially.

MarioMaster said:
Hopefully your KnC miner will give a better return than my BFL SC units have :(
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My condolences.. I'm glad I didn't preordered from them, their delays have been quite tragicomic.
 
Grix said:
Yes, 76 hours as of that post.

Whether or not it's worth it we will see in a few months. It's impossible to predict the profitability because the mining difficulty and value varies. If they were constant it would definitely be worth it, the machine would pay for itself in less than two months. But unfortunately the difficulty is increasing exponentially.
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Well at least bitcoin is going up in price again. I thought when SR got shutdown:cryyy: prices of BTC would drop like crazy. To my surprise the price is actually rising quite substantially.


EDIT: Do you think it would even be worth it to start mining now? When ever I really start looking into it I always come up with my profits being negative. I just looked on a site that sells miners and I was thinking if I did want to try it out I would start small and only get a few hundred dollar miner. When I use a calculator though the cheaper the machine the more -profit I have. I looked at my profits for a 5k machine and it would supposedly pay itself off in under a month. For me that is a huge risk to take though.
 
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FlutterPie said:
EDIT: Do you think it would even be worth it to start mining now? When ever I really start looking into it I always come up with my profits being negative. I just looked on a site that sells miners and I was thinking if I did want to try it out I would start small and only get a few hundred dollar miner. When I use a calculator though the cheaper the machine the more -profit I have. I looked at my profits for a 5k machine and it would supposedly pay itself off in under a month. For me that is a huge risk to take though.
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Nah, unfortunately I think you'll have a hard time making mining worthwhile now, especially at low investments. The only machines announced that might be able to make return of investment is probably either a november delivery Jupiter: https://www.kncminer.com/products/jupiter or a january delivery terraminer: Products Archive | CoinTerra
But it's a big risk regardless.
 
HD5830Gamer said:
You know what? to be completely honest, I hate PayPal/GayPal because if you spend the money fast and buy a bunch fast. You get limited.

Everytime I try to spend money it always does something stupid. I prefer direct credit card to be completely honest.

But It's the only payment processor I can use.

Bitcoin is all good and anonymous. But It's hard to get ahold of, and a pain.
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Yea, PayPal is known for also freezing people's accounts if they have a certain amount of $ (500$ or more).

It has happened alot.
 
HD5830Gamer said:
You know what? to be completely honest, I hate PayPal/GayPal because if you spend the money fast and buy a bunch fast. You get limited.

Everytime I try to spend money it always does something stupid. I prefer direct credit card to be completely honest.

But It's the only payment processor I can use.

Bitcoin is all good and anonymous. But It's hard to get ahold of, and a pain.
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This is a reason I dont use paypal. I despise paypal and ebay. So if I ever try to sell something and I wont accept paypal thats why lol.
 
HD5830Gamer said:
Everytime I try to spend money it always does something stupid. I prefer direct credit card to be completely honest.

...

Bitcoin is all good and anonymous. But It's hard to get ahold of, and a pain.
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Yeah, I like credit cards too, and use it with PP too just in case PP decides to screw me (and they get to pay the CC transaction fee).

Bitcoins are a pain to deal with and the way they fluctuate in value is annoying too (or a beneficial if you have them). Still, I'd love to have them stabilize, be really easy to buy and sell, and be the preferred currency for online transactions.
 
Bitcoin Friday 2013 will be on November 29th. It's like a Black Friday for bitcoin, lots of bitcoin accepting merchants will have 24-hour-only sales. Last year it was a huge success!

bitcoinfriday2013.com
 
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Bitcoin has now broken it's all-time high value! 1 bitcoin is currently worth around $270. That's a 2070% increase since I made this thread :)
 
Value is now $470 at Mt gox. Incredible growth, we might be in the middle of another bubble!
 
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Grix said:
Value is now $470 at Mt gox. Incredible growth, we might be in the middle of another bubble!
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And now they are at $535. It really is so amazing how fast the value goes up. I'm just kinda scared. Like how last year bitcoin got up to $260 or so and then they dropped to about $75 within 24 hours I think. I would love to invest money in bitcoins it's just a huge risk.
 
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