3 Ways to Mine Bitcoin - wikiHow

💯 Free Bitcoin Mining ✔No investment ✔Free 25GHS upon sign up ✔5GHS per referral (optional) 💰Minimum Withdraw 0.0001 Btc https://hashlabs.io/index.php?ref=295074

💯 Free Bitcoin Mining ✔No investment ✔Free 25GHS upon sign up ✔5GHS per referral (optional) 💰Minimum Withdraw 0.0001 Btc https://hashlabs.io/index.php?ref=295074 submitted by dharrenz to u/dharrenz [link] [comments]

Bought a BFL Jalapeno years ago (5gh/s) anything I can mine with it or my graphics card today? /r/Bitcoin

Bought a BFL Jalapeno years ago (5gh/s) anything I can mine with it or my graphics card today? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Should I get into bitcoin mining now? From what I have read, once just the Bitforce Jalapenos are released, which mine at 1.5GH/s for only $189, the global TH/s will go from 16 to 500. Is this a terrible time to start? Or should I get the little single SC @ 30GH/s?

From what I've read, these ASIC boards are going to ruin bitcoins. Should I still start? Edit: 3.5GH/s not 1.5GH/s. sorry
submitted by elmfuzzy to BitcoinMining [link] [comments]

I asked for some computer parts to mine dogecoin. Instead my dad randomly googled and bought me an ASIC bitcoin 5Gh/s miner....

I asked for some computer parts to mine dogecoin. Instead my dad randomly googled and bought me an ASIC bitcoin 5Gh/s miner.... submitted by ibayibay1 to dogecoin [link] [comments]

For Sale: Bitcoin mining contract 4 hours @ 1.5GH/s on cryptothrift

For Sale: Bitcoin mining contract 4 hours @ 1.5GH/s on cryptothrift for cryptocoins
Tags: BitCoin Mining, btc, contract, Miner
cryptothrift is a Bitcoin, Litecoin and altcoin marketplace and auction site with automated escrow.
submitted by cryptothrift to cryptothrift [link] [comments]

5GH/s (5000Mh/s)BiFury Miner is for sale on cryptothrift.com for Bitcoin and Litecoin https://cryptothrift.com/auctions/crypto-mining-asic/5ghs-5000mhsbifury-miner/

5GH/s (5000Mh/s)BiFury Miner is for sale on cryptothrift.com for Bitcoin and Litecoin https://cryptothrift.com/auctions/crypto-mining-asic/5ghs-5000mhsbifury-mine submitted by duetschpire to cryptothrift [link] [comments]

5GH/s (5000Mh/s)BitFury Miner is for sale on cryptothrift.com for Bitcoin and Litecoin https://cryptothrift.com/auctions/crypto-mining-asic/5ghs-5000mhsbitfury-miner-2/

5GH/s (5000Mh/s)BitFury Miner is for sale on cryptothrift.com for Bitcoin and Litecoin https://cryptothrift.com/auctions/crypto-mining-asic/5ghs-5000mhsbitfury-miner-2/ submitted by duetschpire to cryptothrift [link] [comments]

5GH/s (5000Mh/s)BiFury BITCOIN Miner is for sale on cryptothrift.com for Bitcoin and Litecoin https://cryptothrift.com/auctions/crypto-mining-asic/5ghs-5000mhsbifury-bitcoin-miner/

5GH/s (5000Mh/s)BiFury BITCOIN Miner is for sale on cryptothrift.com for Bitcoin and Litecoin https://cryptothrift.com/auctions/crypto-mining-asic/5ghs-5000mhsbifury-bitcoin-mine submitted by duetschpire to cryptothrift [link] [comments]

Bitcoin Mining Profitability: How Long Does it Take to Mine One Bitcoin in 2019?

When it comes to Bitcoin (BTC) mining, the major questions on people’s minds are “how profitable is Bitcoin mining” and “how long would it take to mine one Bitcoin?” To answer these questions, we need to take an in-depth look at the current state of the Bitcoin mining industry — and how it has changed — over the last several years.
Bitcoin mining is, essentially, the process of participating in Bitcoin’s underlying security mechanism — known as proof-of-work — to help secure the Bitcoin blockchain. In return, participants receive compensation in bitcoins (BTC).
When you participate in Bitcoin mining, you are essentially searching for blocks by crunching complex cryptographic challenges using your mining hardware. Once a block is discovered, new transactions are recorded and verified within the block and the block discoverer receives the block rewards — currently set at 12.5 BTC — as well as the transactions fees for the transactions included within the block.
Once the maximum supply of 21 million Bitcoins has been mined, no further Bitcoins will ever come into existence. This property makes Bitcoin deflationary, something which many argue will inevitably increase the value of each Bitcoin unit as it becomes more scarce due to increased global adoption.
The limited supply of Bitcoin is also one of the reasons why Bitcoin mining has become so popular. In previous years, Bitcoin mining proved to be a lucrative investment option — netting miners with several fold returns on their investment with relatively little effort.
bitcoin mining hardware
Mining Hardware
The mining hardware you choose will mostly depend on your circumstances — in terms of budget, location and electricity costs. Since the amount of hashing power you can dedicate to the mining process is directly correlated with how much Bitcoin you will mine per day, it is wise to ensure your hardware is still competitive in 2019.
Bitcoin uses SHA256 as its mining algorithm. Because of this, only hardware compatible with this algorithm can be used to mine Bitcoin. Although it is technically possible to mine Bitcoin on your current computer hardware — using your CPU or GPU — this will almost certainly not generate a positive return on your investment and you may end up damaging your device.
The most cost-effective way to mine Bitcoin in 2019 is using application-specific integrated circuit (ASIC) mining hardware. These are specially-designed machines that offer much higher performance per watt than typical computers and have been an absolutely essential purchase for anybody looking to get into Bitcoin mining since the first Avalon ASICs were shipped in 2013.
When it comes to selecting Bitcoin mining hardware, there are several main parameters to consider — though the importance of each of these may vary based on personal circumstances and budget.
Performance per Watt
When it comes to Bitcoin mining, performance per watt is a measure of how many gigahashes per watt a machine is capable of and is, hence, a simple measure of its efficiency. Since electricity costs are likely to be one of the largest expenses when mining Bitcoin, it is usually a good idea to ensure that you are getting good performance per watt out of your hardware.
Ideally, your mining hardware would be highly efficient, allowing it to mine Bitcoin with lower energy requirements — though this will need to be balanced with acquisition costs, as often the most efficient hardware is also the most expensive. This means it may take longer to see a return on investment.
In countries with cheap electricity, performance per watt is often less of a concern than acquisition costs and price-performance ratio. In most countries, operating outdated mining hardware is typically cost prohibitive, as energy costs outweigh the income generated by the mining equipment.
However, this may not be the case for those operating in countries with extremely cheap electricity — such as Kuwait and Venezuela — as even older equipment can still be profitable. Similarly, miners with a free energy surplus, such as from wind or solar electric generators, can benefit from the minimal gains offered by still running outdated hardware.
Longevity
The lifetime of mining hardware also plays a critical role in determining how profitable your mining venture will be. It’s always a good idea to do whatever possible to ensure it runs as smoothly as possible.
Since mining equipment tends to run at a full (or almost full) load for extended periods, they also tend to break down and fail more frequently than most electronics — which can seriously damage your profitability. Equipment failure is even more common when purchasing second-hand equipment. Since warranty claims are often challenging, it can often take a long time to receive a warranty replacement.
Price-Performance Ratio
In many cases, one of the major criteria used to select mining hardware is the price-performance ratio — a measure of how much performance a machine outputs per unit price. In the case of cryptocurrency mining hardware, this is commonly expressed as gigahashes per dollar or GH/$.
Under ideal circumstances, the mining hardware would have a high price-performance ratio, ensuring you get a lot of bang for your buck. However, this must also be considered in combination with the acquisition costs and the expected lifetime of the machine — since the absolute most powerful machines are not always the cheapest or the most energy efficient.
Acquisition Costs
Acquisition costs are almost always the biggest barrier to entry for most Bitcoin miners since most top-end mining hardware costs several thousand dollars. This problem is further compounded by the fact that many hardware manufacturers offer discounts for bulk purchases, allowing those with deeper pockets to achieve a better price-performance ratio.
Acquisition costs include all the costs involved in purchasing any mining equipment, including hardware costs, shipping costs, import duties, and any further costs. For example, many ASIC miners do not include a power supply — which can be another considerable expense, since the 1,000W+ power supplies usually required tend to cost several hundred dollars alone.
Ensuring your equipment runs smoothly can also add in additional costs, such as cooling and maintenance expenses. In addition, some miners may want to invest in uninterruptible power supplies to ensure their hardware keeps running — even if the power fails temporarily.
asic mining
Current Generation Hardware
One of the most recent additions to the Bitcoin mining hardware market is the Ebang Ebit E11++, which was released in October 2018. Using a 10nm fabrication process for its processors, the Ebit E11++ is able to achieve one of the highest hash rates on the market at 44TH/s.
In terms of efficiency, the Ebang Ebit E11++ is arguably the best on the market, offering 44TH/s of hash rate while drawing just 1,980W of power, offering 22.2GH/W performance. However, as of writing, the Ebang Ebit E11++ is out of stock until March 31, 2019 — while its price of $2,024 (excluding shipping) may make it prohibitively expensive for those first getting involved with Bitcoin mining.
Another popular choice is the ASICminer 8 Nano, a machine released in October 2018 that offers 44TH/s for $3,900 excluding shipping. The ASICminer 8 Nano draws 2,100W of power, giving it an efficiency of almost 21GH/W — slightly lower than the Ebit E11++ while costing almost double the price. However, unlike the E11++, the 8 Nano is actually in stock and available to purchase.
ASICminer also offers the 8 Nano Pro, a machine launched in mid-2018 that offers 80 TH/s of hash rate for $9,500 (excluding shipping). However, unlike the Ebit E11++ and 8 Nano, the minimum order quantity for the 8 Nano Pro is curiously set at five, meaning you will need to lay out a minimum of $47,500 in order to actually get your hands on one (or five).
While the 8 Nano Pro doesn’t offer the same performance per watt as the Ebit E11+ or AICMiner 8 Nano, it is one of the quieter miners on this list, making it more suitable for a home or office environment. That being said, the ASICminer 8 Nano Pro is easily the most expensive miner per TH on this list — costing a whopping $118.75/TH, compared to the $46/TH offered by the E11++ and $88.64 offered by the 8 Nano.
The latest hardware on this list is the Innosilicon T3 43T, which is currently available for pre-order at $2,279, and estimated to ship in March 2019. Offering 43TH/s of performance at 2,100W, the T3 43T comes in at an efficiency of 20.4GH/W, which is around 10 percent less energy efficient than the Ebit E11++.
The T3 43T also has a minimum order quantity of three units, making the minimum acquisition cost $6837 + shipping for preorders. All in all, the T3 43T is more costly and less efficient than the E11++ but may arrive slightly earlier since Ebang will not ship the E11++ units until at least end March 29, 2019.
Finally, this list would not be complete without including Bitmain’s latest offering, the Antminer S15-28TH/s, which — as its name suggests — offers 28TH/s of hash power while drawing just under 1600W at the wall. The Antminer S15 is one of the only SHA256 miners to use 7nm processors, making it somewhat smaller than some of the other devices on this list.
Like most pieces of top-end Bitcoin mining hardware, the Antminer S15 27TH/s model is currently sold out, with current orders not shipping until mid-February 2019. However, the S15 is offered at a significantly lower price than many of its competitors at just $1020 (excluding shipping), with no minimum quantity restriction. At these rates, the Antminer comes in at just $37.78/TH — though its energy efficiency is a much less impressive 17.5GH/W.
Mining Hardware Mining Hardware Comparison
Performance (GH/W) Price Performance Ratio ($/TH)
Ebang Ebit E11++ 22.2GH/W $46/TH
ASICminer 8 Nano 21GH/W $88.64/TH
ASICminer 8 Nano Pro 19GH/W $118.75/TH
Innosilicon T3 43T 20.4GH/W $53/TH
Antminer S15-28TH/s 17.5GH/W $37.78/TH
How To Select a Good Mining Pool
Mining pools are platforms that allow miners to pool their resources together to achieve a higher collective hash rate — which, in turn, allows the collective to mine more blocks than they would be able to achieve alone.
Typically, these mining pools will distribute block rewards to contributing miners based on the proportion of the hash rate they supply. If a pool contributing a total of 20 TH/s of hash rate successfully mines the next block, a user responsible for 10 percent of this hash rate will receive 10 percent of the 12.5 BTC reward.
Pools essentially allow smaller miners to compete with large private mining organizations by ensuring that the collective hash rate is high enough to successfully mine blocks on regular basis. Without operating through a mining pool, many miners would be unlikely to discover any blocks at all — due to only contributing a tiny fraction of the overall Bitcoin hash rate.
While it is quite possible to be successful mining without a pool, this typically requires an extremely large mining operation and is usually not recommended — unless you have enough hash rate to mine blocks on a regular basis.
Although it is technically possible to discover blocks mining solo and keep the entire 12.5 BTC reward for yourself, the odds of this actually occurring are practically zero — making pool collaboration practically the only way to compete in 2019 and beyond.
Selecting the best pool for you can be a challenging job since the vast majority of pools are quite similar and offer similar features and comparable fees. Because of this, we have broken down the qualities you should be looking for in a new pool into four categories; reputation, hash rate, pool fees, and usability/features:
Reputation
The reputation of a pool is one of the most important factors in selecting the pool that is best for you. Well-reputed pools will tend to be much larger than newer or less well-established pools since few pools with a poor reputation can stand the test of time.
Well-reputed pools also tend to be more transparent about their operation, many of which provide tools to ensure that each user is getting the correct reward based on the hash rate contributed. By using only pools with a great reputation, you also ensure your hash rate is not being used for nefarious purposes — such as powering a 51 percent attack.
When comparing a list of pools that appear suitable for you, it is a wise move to read their user reviews before making your choice — ensuring you don’t end up mining at a pool that steals your hard-fought earnings.
Hash Rate
When it comes to mining Bitcoin, the probability of discovering the next block is directly related to the amount of hashing power you contribute to the network. Because of this, one of the major features you should be considering when selecting your pool is its total hash rate — which is often closely related to the proportion of new blocks mined by the pool
Since the total hash rate of a pool is directly related to how quickly it discovers new blocks, this means the largest pools tend to discover a relative majority of blocks — leading to more regular rewards. However, the very largest pools also tend the have higher fees but often make up for this with sheer success and additional features.
Sometimes, some of the largest pools have a minimum hash rate requirement ù leaving some of the smaller miners left out of the loop. Although smaller pools typically have more relaxed requirements with reduced performance thresholds, these pools may be only slightly more profitable than mining solo.
Pool Fees
When choosing a suitable pool, typically one of the major considerations is its fees. Typically, most pools will charge a small fee that is deducted from your earnings and is usually around 1-2 percent — but sometimes slightly lower or higher.
There are also pools that offer 0 percent fees. However, these are often much smaller than the major pools and tend to make their money in a different way — such as through monthly subscriptions or donations.
Ideally, you will choose the pool that offers the best balance of fees to other features. Usually, the pool with the absolute lowest fees is not the best choice. Additionally, pools with the lowest fees often have the highest withdrawal minimums — making pool hopping uneconomical for most.
Usability and Features
When first starting out with Bitcoin mining, learning how to set up a pool and navigating through the settings can be a challenge. Because of this, several pools target their services to newer users by offering a simple to navigate user interface and providing detailed learning resources and prompt customer support.
However, for more experienced miners, simple pools don’t tend to offer a variety of features needed to maximize profitability. For example, although many mining pools focus their entire hash rate towards mining a single cryptocurrency, some are large enough to offer additional options — allowing users to mine other SHA256 coins such as Bitcoin Cash (BCH) or Fantom if they choose.
These pools are technically more challenging to use and mostly designed for those familiar with mining, happy to hop from coin to coin mining whichever is most profitable at the time. There are even some exchanges that automatically direct their combined hash rate at the most profitable cryptocurrency — taking the guesswork out of the equation.
bitcoin mining pool
Best Mining Pools for 2019
The Bitcoin mining pool industry has a large number of players, but the vast majority of the Bitcoin hash rate is concentrated within just a few pools. Currently, there are dozens of suitable pools to choose from — but we have selected just a few of the best to help get you started on your journey.
Slushpool was the first Bitcoin mining pool released, being launched way back in 2010 under the name “Bitcoin Pooled Mining Server.” Since then, Slushpool has grown into one of the most popular pools around — currently accounting for just under 10 percent of the total Bitcoin hash rate.
Although Slushpool isn’t one of the very largest pools, it does offer a newbie-friendly interface alongside more advanced features for those that need them. The pool has moderately high fees of 2 percent but offers servers in several countries — including the U.S., Europe, China, and Japan — giving it a good balance of fees to features.
BTC.com is another potential candidate for your pool and currently stands as the largest public Bitcoin mining pool. It is responsible for mining around 17 percent of new blocks. Being the largest public mining pool provides users with a sense of security, ensuring blocks are mined regularly and a stable income is made.
Image courtesy of Blockchain.info.
BTC.com is owned by Bitmain, a company that manufacturers mining hardware, and charges a 1.5 percent fees — placing it squarely in the middle-tier in terms of fees. Unlike other platforms, BTC.com uses its own payment structure known as FPPS (Full Pay Per Share), which means miners also receive a share of the transaction fees included within mined blocks — making it slightly more profitable than standard payment per share (PPS) pools.
Another great option is Antpool, a mining pool that supports mining services for 10 different cryptocurrencies, including Bitcoin, Litecoin (LTC) and Ethereum (ETH). AntPool frequently trades places with BTC.com as the largest Bitcoin mining pool. However, as of this writing, it occupies the title of the third-largest public mining pool.
What sets Antpool apart from other pools is the ability to choose your own fee system — including PPS, PPS+, and PPLNS. If you choose PPLNS, using Antpool is free but you will not receive any transaction fees from any blocks mined. Antpool also offers regular payouts and has a low minimum payout of just 0.001 BTC, making it suitable for smaller miners.
Last on the list of the best Bitcoin mining pools in 2019 is the Bitcoin.com mining pool. Although this is one of the smaller pools available, the Bitcoin.com pool has some redeeming features that make it worth a look. It offers mining contracts, allowing you to test out Bitcoin mining before investing in mining equipment of your own. According to Bitcoin.com, they are the highest paying Pay Per Share (PPS) pool in the world, offering up to 98 percent block rewards as well as automatic switching between BTC and BCH mining to optimize profitability.

Electricity Costs
While your mining hardware is most important when it comes to how much BTC you can earn when mining, your electricity costs are usually the largest additional expense. With electricity costs often varying dramatically between countries, ensuring you are on the best cost-per-KWh plan available will help to keep costs down when mining.
Most commonly, large mining operations will be set up in countries where electricity costs are the lowest — such as Iceland, India, and Ukraine. Since China has one of the lowest energy costs in the world, it was previously the epicenter of Bitcoin mining. However, since the government began cracking down on cryptocurrencies, it has largely fallen out of favor with miners.
Technically, Venezuela is one of the cheapest countries in the world in terms of electricity, with the government heavily subsidizing these energy costs — while Bitcoin offers an escape from the hyperinflation suffered by the Venezuelan bolivar. Despite this, importing mining hardware into the country is a costly endeavor, making it impractical for many people.
Finding ways to lower your electricity costs is one of the best ways to improve your mining profitability. This can include investing in renewable energy sources such as solar, geothermal, or wind — which can yield increased profitability over the long term.
if you are looking to buy bitcoin mining equipment here is some links:

Model Antminer S17 Pro (56Th) from Bitmain mining SHA-256 algorithm with a maximum hashrate of 56Th/s for a power consumption of 2385W.
https://miningwholesale.eu/product/bitmain-antminer-s17-pro-56th-copy/?wpam_id=17
Model Antminer S9K from Bitmain mining SHA-256 algorithm with a maximum hashrate of 14Th/s for a power consumption of 1323W.
https://miningwholesale.eu/product/bitmain-antminer-s9k-14-th-s/?wpam_id=17
Model T2T 30Tfrom Innosilicon mining SHA-256 algorithm with a maximum hashrate of 30Th/s for a power consumption of 2200W.
https://miningwholesale.eu/product/innosilicon-t2t-30t/?wpam_id=17
mining wholesale website:
https://miningwholesale.eu/?wpam_id=17
submitted by mohamadk to Bitcoin [link] [comments]

Is non-ASIC mining dead or alive?

I keep reading conflicting comments in this sub-reddit.
Almost every post has some people saying go ASIC or go home, but there's still a very active part of this community that talks about building rigs.
So what's the deal?
submitted by eltonjock to BitcoinMining [link] [comments]

Tera Hash Rate is going to explode. What happens afterwards?

Bought myself a 5GH/s BFL miner. Not expecting to see it until June. Numbers like this make me fear even wanting to connect that device to my PC when I get it... Will it even be worth mining without a Mini Rig SC or Avalon at that point?
" In the next few months, Bitcoin network hashpower will only continue to increase. Avalon’s three shipments altogether will make up a total of 1500 units, or over 75 TH/s, and ASICMiner is planning 50 TH/s by the end of April, and 200 TH/s soon after. By the end of the year, ASICMiner’s friedcat writes on Bitcointalk, ASICMiner’s total hashpower may be as high as 1000 TH/s, and friedcat even adds that “some may say that 1,000TH/s at the end of this year is too conservative.” "
Link to article hosting this quote: http://bitcoinmagazine.com/bitcoin-developer-receives-first-butterfly-labs-asic/
submitted by goldhaxx to Bitcoin [link] [comments]

Bitcoin "difficulty" already gone from 8.000.000 to 10.076.292 in a few days, how will asic mining effect "difficulty" in the coming months?

Not completely sure how the bitcoin algorithm work, but from what I understand the more computing power you throw into the system, the higher the "Difficulty Factor". And with a higher Difficulty Factor it becomes less profitable to mine bitcoins. In just a few days I see that the Difficulty Factor has increased quite fast, meaning a week ago with a 5gh/s setup you would mine 9.45 BTC a month, while now, with the same amount of computing power you would only get 7.59 BTC a month..
Assuming what I said here is correct, again, not an expert. One day I'll look into the source code and learn more about it. Anyway. What are the predictions of the Difficulty Factor the next coming months with butterfly labs and other shipping hundreds of components capable of producing 50 GH/s..
My prediction is that GPU mining will die out as the difficulty level increases dramatically. How much I have no idea, but while a 5 GH/s setup gives a lot of BTC now, it might just produce a few cents in two months.. What are your predictions?
submitted by jappacappa to BitcoinMining [link] [comments]

MAD Doge - Market Analysis 1/18/2014 (Afternoon Edition) - Such Mining

After days of a somewhat stable market, one thing has gone to a dog eat Doge world and that is mining.

What happened to mining?

Where will the price go?

What we must recall is that DogeCoin, as with the Doge meme is highly affected by the hype behind it

What's the short-term outcome?

Halving - The Rocket Booster

News:

I'll end this with a question: Who do you think should start accepting DogeCoin?
SHIBE ON!
submitted by DRKMSTR to MADDOGE [link] [comments]

USB ASIC Miner 5GH/s

Hi Everyone,
Im new to mining and have been playing around with using my GPU in my home computer. Which gets a terrible hashrate, between 40-50 MH/s. I've been mining through guiminer and slushpool so far as well.
Im curious about the 5GH/s USB ASIC miners from Butterfly labs. Has anyone used one? Will the 5GH/s have a worthy return?
Also looking to get some feed back on using one of these for pool mining.
Any feedback in general on these devices would be appreciated before I send off almost $300. Even if there are better USB ASIC miners for the price.
Product in question
submitted by Syntackz to BitcoinMining [link] [comments]

About to give up after hearing that my BFL 5GH/s asic might take over 6 months..

After hearing about the delay and reading that it may take two months I was worried about the difficulty increase but I pushed through..I mean two months can't be that bad right?
Well I'm just now reading that people who placed their orders in March have to wait about 6 months to get theirs and I bought mine a few days ago! I mean why even sell/ship the 5GH/s asic if you know that in 6 months it's gonna be useless..
So I really kind of have no choice but to cancel (if they let me) my order and give up because of the difficulty increase by the time my asic gets here it might be as worthless as mining with my GPU is right now.
I really wanted to get involved in bitcoins! :/
Any words of wisdom?
submitted by CatBawx to Bitcoin [link] [comments]

Should I get the BFL 5gh/s miner?

Hello everyone, I'm a complete noobie to bitcoin mining and I was wondering if the BFL 5gh/s miner is worth it. I live in Hawaii and i'm wondering how long it will take to ship here.
submitted by m0dz to BitcoinMining [link] [comments]

Mining for Fun: One Month In

Hello friends, just came by to give you an update on my mining adventure.
About one month ago I decided to join the Bitcoin craze on a very low level with a small investment of £100, mainly to understand how it works rather than from a profit incentive.
My Mining Setup: 2x NanoFury USB Miners Image 1x Powered USB Hub Image
The two miners cost £40 each and the Hub cost £20- An investment of £100
I decided to mine with a pool, Slush's pool to be exact.
On average the miners mine at about 6.5gh/s together, and I have been able to keep this up for the majority of a month, and in total have managed to mine... 0.00180874 BTC or £0.36 ($0.51).
Overall, I'd say that the experience of actually getting the things to work is quite fun- engaging with the community, tinkering about and also being able to have a little device that literally prints money just seems fascinating to me. :)
submitted by TomatoTomata to BitcoinBeginners [link] [comments]

New to Bitcoin, should I purchase an ASIC Miner?

I'm quite interested in Bitcoin mining, I've been researching it for a few months now and I've known of it for nearly a year now. I saw the bubble inflate and then burst, but I'm quite conservative with my money so I didn't get bitten by the bubble bursting and pulled out at $170, earning me a tidy profit.
Anyway I've come across Butterfly Labs, they're selling an ASIC Miner running at 5GH/s for $247 + $88 shipping (shipping is expensive because I'm in the UK). I have the funds to purchase it, however I am curious as to whether it would be a wise investment?
I realised that the Difficulty is just getting higher and higher and the BTC/USD price is prone to fluctuate, still, will I get a good return on my investment?
Oh, and I used that bitcoin calculator everyone's been recommending and it worked out that I'd break even at 12 days and earn a net daily profit of ~$27. Of course, I know I'd be wise to get into a mining pool (Even I'm not that lucky).
In fact I experimented with my laptop to see how the system works. I ran it on the Eclipse Mining Consortium and got an average Hash Rate of 0.46 MH/s (low, as was expected) earning me 0.000007BTC in 2 hours. Based on that I should be earning in excess of $40000/year (not accounting for electricity costs and assuming Difficulty & exchange rates stay constant) with a 5GH/s machine. Forgive me if I'm being pessimistic, but that sounds too good to be true.
So should I take the plunge and buy the 5GH/s miner? Or is it not worth it?
submitted by RaCaS123 to Bitcoin [link] [comments]

Butterfly Labs 5GH/s Miner

So I was poking around on various bitcoin and other crypto currency mining sites and found out about a company called Butterfly Labs that produces units with chips specifically designed to mine bitcoin. The cheapest unit generating an average of 5GH/s give or take 10% valued at only 274$!
I ran these numbers through a few calculators and they all averaged at about 1.75$ USD every hour or ~41$ per DAY! It would take UNDER A WEEK to get back your initial investment! With ONE of these you could be making 15.3 THOUSAND dollars a year! From a 274$ investment! It seems too good to be true! These things even come with a LIFETIME warranty!
Literally EVERY review I've seen by googling topics like "Butterfly Labs 5GH/s Review" etc have been almost entierly positive, from a variety of different sources. My ONLY reason for questioning this is that it seems WAY too good to be true!
Can anyone who has currently/has had one of these units tell me their experience? I'm looking into buying one with two of my friends and we're almost entierly convinced apart from slight scepticism due to the possibility of it being a scam.
EDIT: Thanks for the clarification everyone, the real winners here are Butterfly Labs for making so much money in an rapidly inflating market. Hopefully DOGE will go up to 14/coin in a few years then I'll be rich.
TLDR: If it seems to good to be true, it is.
submitted by Nestemitta to dogecoin [link] [comments]

Ethercloud.info - World's first EHT cloud mining service coming soon! [crowdfund phase]

Hello Ethereum community!
We are a European startup company named Ethercloud. Our business branche should speak for itself ;) Since we believe firmly in the future of Ethereum, our concept and vision is becoming reality.
Our goal is to setup a huge mining farm, and become the Hashnest/Ghash of Ethereum. Of course, only dreams and visions wont fulfill the idea of running the largest cloud mining farm.
Currently, we are in the crowdfunding stage of our cloud mining farm. Until now, we managed to setup a 2.3Gh/s mining rig. Using crowdfunding, we want to keep expanding this farm by adding hardware on a weekly base. All purchases will be posted publicly, so we will be transparent with the investors of this crowdfunding campaing.
Once in production, we can offer on demand hosting for as cheap as 0.044$/Mh on our Enterprise package! Regular base price at this time is 0.05$/Mh
Let's talk about reality and numbers;
We have free space and electricity inside a pharmaceutical facility. Maybe we need to start paying a share for electricity consumption in the (near) future as our hardware supply keeps growing. But until now, it's all for free (relatives running the facility)
Our only cost to expand is the mining hardware itself. This also allowes us to offer cloud mining at competitive priceranges.
We are working on open source mining proxy to divide the hashrates to specific pools. Users will also be ablo to mine other coins running the Ethereum algo.
Realistic time for opening for the general public is +/- October 2015. We need at least 5Gh hashrate to fulfill the demand.
Crowdfunding payments are processed by coinpayments. Paypal and Bitcoin are accepted, we are working to implent Ethereum acceptance
Please show us your support for our project and visit http://www.ethercloud.info/ Our official Twitter account is https://twitter.com/Ethercloudinfo
Kind regards,
Bjorn
submitted by Ethercloud to ethereum [link] [comments]

The first block with a difficulty higher than 1 was block number 32256.

http://blockexplorer.com/b/32256
Also the majority of the blocks before that, were mined by different people and 90%+ still have the 50 btc sitting on the addresses.
Just a little tidbit for you all.
If you took an ASIC mining at 5GH/s back to that very day it switched, you could have mined 10% of all bitcoins that would ever be mined.
It also took an entire year for the difficulty to raise from 1 to 1.182899
submitted by DominarRygelThe16th to Bitcoin [link] [comments]

ASICs will destroy Bitcoin Mining within the first 2 months and here is why.

Let's talk just Butterfly Labs in this prediction, the fact that the "announced production rate" is (or rather "will be" if they ever actually release) approx 400 units a day (and for the sake of easy roundabout maths lets say they are all 5gh units being produced), that's 2,000gh/s added to the bitcoin network a day, or 62,000 a month! Now looking at http://blockchain.info/charts/hash-rate at the time of writing the current network GH/s is roughly ~90,000gh/s... This means in their first week they will release more hashing power than what the whole network was generating last year at this time (~22,000gh/s), and after a month and a half they would have released enough hashing power to double the current activity on the network. Imagine what the difficulty will be going up to... The return of ASIC mining once all orders have been fulfilled will probably be less than the return we're currently getting with GPU mining...
My advice, make the switch to LTC now before everyone else does when they suddently can't GPU mine BTC anymore (not everyone will be buying ASICs and when ASICs destroy BTC mining people will be looking for other currencies to set their GPU rigs to work on).
tl:dr; IMO ASIC has killed BTC mining, work on your LTC skills
Disclaimer: Amateur maths and basic Google research, looks legit though.
submitted by WickedFuGu to Bitcoin [link] [comments]

BUTTERFLYLABS 5 GH/s Bitcoin Miner ( My Butterfly Labs Jalapeno 5GH/s bitcoin miner Bi Fury USB Bitcoin miner asic 5gh/s showcase BFL 5 GH/s Miner Demo 5GHs Bitcoin mining rig - YouTube

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