[Chugalug] BTC mining-pools ...

Matt Keys mk6032 at yahoo.com
Sat Aug 10 13:22:42 UTC 2013


Gross but it depends on the price of btc when you cash out. Back when I 
was CPU/GPU mining I made very little profit after deducting the cost of 
power -- but keep in mind BTC wasn't in the $100-200 range it was around 
the $1-10 range.

Since I've changed to ASIC devices instead of CPU/GPU the power 
consumption costs have dropped dramatically -- close to $100 less on my 
power bill. The first two weeks I used my BFL devices they paid 
themselves off. The next two or three weeks I made about 5 more btc but 
gave them away to a family in need so they could make a house payment. I 
think I've got about 4 or 5 more that I've mined since then... so figure 
around 15 coins since mid-May at around $100 ea, deduct $500 for the 
hardware and about $30 extra on the power bill each month.

The difficulty has indeed gone way up. I'm not popping out a coin every 
other day like I did when I first got the jalas, but I'm still 
generating one coin every week or two. If you're interested in mining to 
immediately cash out you need to get into the game with the right 
equipment early enough to beat the difficulty increase. Once the 
difficulty catches up the profitability goes down unless price goes up 
with it. If you're interested in long term return it's no different than 
traditional investment avenues... buy low sell high. You don't have to 
mine for them to do that, but from what I've read if you're buying and 
selling that may eventually fall into the capital gains taxation area. 
Mining for them on the other hand would not be taxable.


On 08/10/2013 01:51 AM, lists at cluebat.net wrote:
>
> I understand that mining and trading for a few has netted you some, 
> but I'm curious, when you say you've made a couple thousand off BTC, 
> is that net or gross? If it's gross, how do the numbers look after you 
> figure in your cost for electricity and the costs for the mining rigs?
>
> It's hard for me to take Bitcoin seriously, as I'm pretty sure I can 
> get a better return on investment through more traditional investment 
> avenues.
>
> *From:*chugalug-bounces at chugalug.org 
> [mailto:chugalug-bounces at chugalug.org] *On Behalf Of *Lynn Dixon
> *Sent:* Monday, August 05, 2013 6:50 PM
> *To:* Chattanooga Unix Gnu Android Linux Users Group
> *Subject:* Re: [Chugalug] BTC mining-pools ...
>
> I had been holding ALOT of btc. luckily, I held onto them until they 
> hit the $240 mark and then dumped every single one I had.
>
> I got them from my mining operations, as well as "day-trading" using 
> BTC in buying and selling foreign currencies.  So, I guess I made a 
> few thousand USD off by using BTC as a trade medium for FOREX.
>
> I am glad I sold off all I had, since it topped out around $260-ish. 
>  I have kept my mining rigs going, and I have collected a "few" more 
> btc since then, and I have been holding on to them.
>
> I have made a metric crap ton of money from BTC.  I always love 
> hearing the critics of BTC telling me "better be careful! It has no 
> value!" because I can prove that they do indeed have value...and lots 
> of it.
>
> And thats about all I want to share of my earnings on a public list 
> :-)  I am still a bit worried what I will do come tax time, and  I 
> have to move that money back into the US.
>
> On Mon, Aug 5, 2013 at 6:42 PM, Matt Keys <mk6032 at yahoo.com 
> <mailto:mk6032 at yahoo.com>> wrote:
>
> I thought I was doing great when I stockpiled roughly 100 of them 
> around $2-6 value and in Dec sold at $12. Imagine the sickening 
> feeling I had when I saw the price hit +$230 in Feb. In the btc world 
> it seems a bird in the hand is not worth two in the bush. Hang on to 
> them if you got them -- I don't think they'll go anywhere but up from 
> here.
>
>
>
> On 08/05/2013 03:21 PM, James Nylen wrote:
>
>     Ahh, notice how adroitly your pocket is being picked:  a dollar
>     has no real value, but a loaf of bread certainly does, ....
>
>     Call it what you will, but those who got into Bitcoin early have
>     done extremely well.  Also, there is a pretty clear exponential
>     trend relative to the dollar, which implies its value is still
>     increasing.
>     http://bitcoincharts.com/charts/mtgoxUSD#tgSzm1g10zm2g25zvzl
>
>     On Mon, Aug 5, 2013 at 2:31 PM, Mike Robinson
>     <miker at sundialservices.com <mailto:miker at sundialservices.com>> wrote:
>
>     Ahh, notice how adroitly your pocket is being picked:  a bitcoin
>     has no real value, but $110 USD certainly does, and it
>     not-coincidentally more or less matches what this "phantom unit of
>     non-currency" "sells" for these days. You're being conned into
>     =paying= for "money for =nothing.="
>
>     There is NO such thing as a Free Lunch.  There are, however, "two
>     to take him."
>
>
>     >
>     > On Mon, Aug 5, 2013 at 11:48 AM, Lynn Dixon <boodaddy at gmail.com
>     <mailto:boodaddy at gmail.com>> wrote:
>     >
>     >> Prices are at about $110 USD per btc. They have risen and
>     leveled off
>     >> these past few weeks.
>     >>
>     >> I have been using eclipsemc.com <http://eclipsemc.com> as my
>     pool since Bithasher.com shut down.
>     >> I used to mine st btcguild but switched a while back.
>
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