[Chugalug] USB ASIC miner experiment

William Roush william.roush at roushtech.net
Mon Sep 16 20:01:18 UTC 2013


Ouch, we've already hit that point for the smaller ASICs? That seemed 
awfully fast for what "revolution" the ASICs brought to mining. As for 
that waiting list on ASICs: pretty much means that those 100x GH/s 
machines aren't worth waiting for now, because by the time they're in 
your lap the difficulty has already bumped by those getting the latest 
shiny ASICs, right? The lack of availability sounds like it'll kill out 
a lot of miners being as it's no longer as easy to get into because the 
required hardware is very limited.

Not a miner myself, but just very interested in the whole Bitcoin 
phenomenon and the influence of these powerful ASICs.

Oh and in b4 Bitcoin war thread.

William Roush

On 9/16/2013 2:16 PM, Phil Sieg wrote:
> 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
>
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