USB ASIC miner experiment

From: Phil Sieg 
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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@seniortechllc.com

Phone: 423.535.9968
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=============================================================== From: William Roush ------------------------------------------------------ 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

=============================================================== From: Lynn Dixon ------------------------------------------------------ Unfortunately, if you are just now thinking about getting into ASIC mining, its a bit late. I have had my BFL units pre-ordered for over a year, and received my first order a couple weeks ago. The thing is highly profitable right now. The smaller ASIC's available now just don't offer alot of hasing power, and are easily shadowed by the current difficulty (due to a number of much larger ASIC rigs shipping from all the pre-orders a year ago). We can also see the price of those small ASIC units plummeting because of this. You can pick up a 333 MHash unit right now for about 20 bucks, whereas they were $35 two weeks ago. Butterfly Labs has announced their 600 GigaHash Monarch unit, and is taking pre-orders now. I plan on mining my ASIC singles (60 Ghash each) as long as they are profitable, which should be sometime Q2 2014. By that time, the Monarchs will be shipping. I should see a return on the Monarchs in about 2 months of mining, so any time they mine after that is pure profit. As I have always said, the BlockErupter USB ASIC units are pretty neat for what they do .They give you about 300 MHash for a few watts of power, but with the rate the larger units are shipping from the year-old pre-orders, block erupters will take a while to pay off, even though its a small investment. If you are able to mine with zero power costs, the BlockEruptors are a good investment when made in large quantities. At the current difficulty and exchange rates, I only need to mine for another week or so before my BFL Single has paid itself off (total of about 3 weeks total). After that, I have projected about a $900/month return on the unit declining over the next 6 to 8 months. Around Q2, the returns will be neglible, and I will have to consider power costs at that point before deciding what to do with my Singles. Having said that, it sure is fun to play the markets with Bitcoin. I make a good portion of my returns from buying/selling BTC as well as other currencies as the market(s) fluctuates. Its never to late to jump into markets trading! And you don't even need 'spensive hardware to do it! On Mon, Sep 16, 2013 at 4:01 PM, William Roush wrote: at s s. y g ly

=============================================================== From: Eric Wolf ------------------------------------------------------ My 24 USB ASICMiners have been running for several weeks. When I started, my ~8GH/s was able to generate a 0.17 BTC draw about every 24 hours. Now it's > 6 days. And I'm starting to see some of the USB devices fail: http://eligius.st/~wizkid057/newstats/userstats.php/19sEUv2owYEKGNgdAyB3Az9= FLYZPf8bhm1 Without a significant inflation of the value of BTC, I'll never be able to pay for devices but I can pay for electricity for some time. -Eric -=3D--=3D---=3D----=3D----=3D---=3D--=3D-=3D--=3D---=3D----=3D---=3D--=3D-= =3D- Eric B. Wolf 720-334-7734 On Mon, Sep 16, 2013 at 2:01 PM, William Roush wrote: at s s. y g ly