[Chugalug] USB ASIC miner experiment

Phil Sieg phil.sieg at gmail.com
Mon Sep 16 18:16:01 UTC 2013


So I have been mining for a week with 9 ASIC miners with a total of 3Gh/s.

I have made approximately $10, and my mint speed is decreasing hourly based on increasing difficulty.

It is a cool little rig, and would have been fantastic 6 months ago... my advice: stay away from low end mining gear.

I am gonna let then sit here and churn, never cashing in my BTC and *maybe* another bubble will come along and propel me to break even.

This was a lark, and I am not sore...Lynn Dixon as much as told me it would be near impossible to hit break even, and he was right. Due to increasing difficulty it is likely that 10 years worth of mining this rig would never put me at break even.

At this point a miner needs to be investing in HUNDREDS of GH/s, all for under X dollar threshold. The problem is there is no way to outright BUY the equipment you need without waiting... other than paying a premium on ebay that makes your return on investment unlikely.

I am not a hater, but this seems to be a case of too little too late. I can, and do buy into the stock and options market daily, often with a profit realized in a day, a week, or a month. My investment is exceedingly liquid, and does not yield obsolete hardware once I "cash out".

I can now claim to have mined those elusive bit-coins, and will shortly return to my regularly scheduled programming.

Phil Sieg
President
SeniorTech LLC / snapfōn®
www.snapfon.com
phil.sieg at seniortechllc.com

Phone: 423.535.9968
Fax: 423.265.9820
Mobile: 423.331.0725

"The computer is the most remarkable tool that we've ever come up with. It's the equivalent of a bicycle for our minds."

Steve Jobs, 1955-2011






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