Bitcoin?

**avgas** · 24th January 2014, 02:11

So I get my 1.6Gh/s AntMiner today......hopefully. Which should return its value in about 3 months (including the cost of power).
But at-least now I have found a use for a crappy netbook I couldn't bear to throw out.

I could mine on my new laptop.........but rather keep it clean......and that tiny USB miner can do twice what the graphics card can do.

Not doing this to make money - just for shits and giggles......and global financial destability. Can see it being a handy "second currency" when NZD or USD looks a bit dodgy. So need to support it.

**Grashopper** · 24th January 2014, 08:09

Originally Posted by avgas

So I get my 1.6Gh/s AntMiner today......hopefully. Which should return its value in about 3 months (including the cost of power).
But at-least now I have found a use for a crappy netbook I couldn't bear to throw out.

When you say it should return its value in 3 months, does that mean when it's running 24/7? Sounds like it could be worth looking into a solar charger. (Also good when the world ends and you need to charge up your gadgets.

)

Originally Posted by avgas

I could mine on my new laptop.........but rather keep it clean......and that tiny USB miner can do twice what the graphics card can do.

What do you mean with "keep it clean"? Is that miner going to install some unwanted stuff like Adware or so? Sorry if that is a stupid question. I'm pretty new at this.

Originally Posted by avgas

Not doing this to make money - just for shits and giggles......and global financial destability. Can see it being a handy "second currency" when NZD or USD looks a bit dodgy. So need to support it.

It kind of does sound like fun. Will have a bit more of a read later.

Let us know how it's going.

**avgas** · 24th January 2014, 16:30

Originally Posted by Grashopper

When you say it should return its value in 3 months, does that mean when it's running 24/7? Sounds like it could be worth looking into a solar charger. (Also good when the world ends and you need to charge up your gadgets.

)

What do you mean with "keep it clean"? Is that miner going to install some unwanted stuff like Adware or so? Sorry if that is a stupid question. I'm pretty new at this.

It kind of does sound like fun. Will have a bit more of a read later.

Let us know how it's going.

Yeah will keep an eye out for one. The 3 month repayment period is cost of miner ($60) + power of miner (2.5w) + power of netbook (est 50w....but is probably less on average as its not doing anything except that and be a remote play pc for test code).

Last time I did the calc it was repayment including all costs in 3 months.......but I think the hashrate went up today so its probably double that now lol.
But if I take the power of the netbook out of the equation - repayment in about half that time.
Works out the miner makes about US$1 every 3 days on average, after power cost, for a whole year. (starts high gets low).

So yeah not a get rich quick scheme - but interesting toy for $50. If you were going to go into it to make money I would recommend 500+ M/H/s per watt (I am @ 640) and $20/GH/s or lower for hardware (I'm at $34 if I don't overclock) to make money. Keep in mind if they don't have stock.......your not going to make a decent profit.

So something like this is profitable if you can get it installed and powered up in less than a week.
https://products.butterflylabs.com/h...oin-miner.html
but its not exactly the most efficient way to spend your money.

Where as.....
https://products.butterflylabs.com/2...oin-miner.html this unit would get you too little gain to make it worth while.

**SMOKEU** · 24th January 2014, 19:49

Originally Posted by avgas

So I get my 1.6Gh/s AntMiner today......hopefully. Which should return its value in about 3 months (including the cost of power).

I do hope those calculations are right, but 1.6Gh/s will have an awfully low return with the high block difficulty. What pool are you mining with?

**avgas** · 25th January 2014, 10:30

Originally Posted by SMOKEU

I do hope those calculations are right, but 1.6Gh/s will have an awfully low return with the high block difficulty. What pool are you mining with?

Nope they were out - revised return (including power) is 9 months. If I overclock (2.2) - 5-7 months. (Based on the calculation of what its hashing right now).
If I get a second - return cuts even at 6 months. But I won't bother. This is just an exercise in playing with electronic currency rather than mining. Name of the game is cut even within a year of playing round.

Power wise I am doing better than most. In fact the miner + power cost is only $80 / year. But took fuck loads of dicking around to find miner software to work with it.

Right now signed up with bitminter as I was going to use their software (but it didn't detect the ASIC erupter). Currently using CGminer. In the past I used slush's pool which is why I thought I would try someone different. But if this pool isn't working for me I will revise this at first auto-payout (BTC 0.01).

I see there are 5Ghps USB erupters in China. Might consider one of them if they are cheap enough. Not bothering with the 2.4Ghps ones........works out more expensive per hash than mine antminer.

Those 600Ghps cards look interesting......but I don't have a PC anymore and don't want to build a rig.

**avgas** · 25th January 2014, 10:32

keep in mind this miner is drawing a whopping 2.5w (MAX).........cellphone charger type power

and I even get a flashing LED when it hashes lol

**avgas** · 26th January 2014, 13:06

Well it has been pretty consistent in running. I have looked at running it at an overclocked speed - but as I am trying to minimise the power consumption this is not viable as they recommend that you have a fan on it (and I am out of USB ports).
Gives me 1.55-1.6 Ghps about 90% of the time........never dropping below 1.4Ghps. Also my power consumption has been less than I expected (about 25w all up including netbook).
Windows Update has cost me more power than the mining operation thus far.

Total reward however is just as pathetic.....
Bitcoins 0.00005637
Namecoins 0.00011274

But I was expecting that. So the name of the game is to keep this running so long as I can keep power consumption under $1.50 month. Which by my calcs is about 16 months. Of course if I don't consider the power of the netbook - this figure turns into about 5-10 years.

**pzkpfw** · 27th January 2014, 11:56

How come the people making mining hardware don't just use the hardware to mine bitcoins themselves?

**avgas** · 27th January 2014, 12:36

Originally Posted by pzkpfw

How come the people making mining hardware don't just use the hardware to mine bitcoins themselves?

Seen Atlas Copco or CAT operate their own gold mines?
But most manufacturers do have their own "test" operations which mine. But money for production has to come from somewhere.

Funny thing is someone has the antminer I am using for sale on trademe and claiming $0.70 a day.....

http://www.trademe.co.nz/computers/o...-690346944.htm

but he is charging twice what I am paid.

I just worked out - with my unit running as it is, it earns about $0.8 a day. As I have slightly overclocked it to 1.8-2 GH/s. So repayment period should be back to 3 months for hardware and 4 months for hardware+power.