[Chugalug] "Supplying the Mining World" -- Re: ButterFly ASIC Single

Lynn Dixon boodaddy at gmail.com
Mon Sep 2 17:26:14 UTC 2013


Mike,
I am doing quite well with my mining operations. After 2 days of opeating
my ASIC, I have managed to collect around 1 BTC which is selling for around
$145 right now. Say what you what you will about "Bit-Con" (Love these
silly names by the way), but I don't know of any way where I can generate
$60 to $70 per day doing absolutely zero labor.

John,
To answer your question about what happens once the supply of bitcoins are
"mined up".  The algorith gets increasingly difficult as we approach the
end of the supply.  Likewise, the reward for each block decreases making it
even less rewarding.  But, since each transaction of bitcoins is recording
into the blocks, the miners will then have the option of charging a
transaction fee.  The option is there now, but since the reward for finding
blocks is so profitable right now, most miners and users are not including
transaction fees.   You can read more about transaction fees here:
https://en.bitcoin.it/wiki/Transaction_fees




On Mon, Sep 2, 2013 at 9:13 AM, Mike Robinson <miker at sundialservices.com>wrote:

> On Sep 2, 2013, at 7:00 AM, chugalug-request at chugalug.org wrote:
>
> Re: ButterFly ASIC Single
>
>
> In my library I have an excellent book, "Supplying the Mining World."
>  which to me neatly sums-up how "Bit-con" actually works.  The people who
> really made a fortune during the California Gold Rush days were
> hardware-store proprietors, like Leland Stanford and Mark Crocker (who went
> on to do quite well with the transcontinental railroad), and photographers.
>  Nearly all of the hopefuls never made a dime, but they all bought shovels
> and sluice-pans in the big city, and they all wanted to have their pictures
> taken.
>
> As long as this device works as advertised ... it will accelerate the task
> of solving this computationally-difficult yet-solvable problem ... then it
> is in the eyes of the law as legitimate a thing to sell as any one of P. T.
> Barnum's tickets to see "the amazing egress."
>
>
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