Bitcoin stories

1TH+ bitcoin mining boxes started shipping! We have now officially entered the TH-era for mining: http://cointerra.com/pr-cointerra-begins-shipment-terraminer-iv-worlds-fastest-bitcoin-miner

To give some perspective, here i was 2.5 years ago mining away on 2x top end dual gpu radeon cards - the best mining hardware you could buy at the time, at around 1.2 GH speed: http://www.elitetrader.com/vb/showthread.php?t=221836&page=4#157

It was hot stuff :p This new box from cointerra is about 1200x more powerful than my mining rig back then and uses about the same watts, asic ftw!

PS: anyone who preordered those cointerra mining boxes after the jan batch (feb delivery?) will most likely lose money due to how fast the difficulties will increase. I sold all my asic mining boxes ~2weeks ago for some decent coins, now just sitting back watching the difficulty gap up (and miner price gap down) before getting back in.

Exciting times :cool:
 
"Gox won't give me my own yen, so i can pay my rent this month. Mark K has 200,000 BTC that he won't lose, even when his company disappears.
I liked bitcoin, because i was sick of being screwed by paypal. Now i have been screwed by bitcoin. So what has changed? The little man still gets fucked royally for no fault of his own, and these fat cats can just fuck everything up as much as they want, and never give us back a dime."

The point here is, that unless Gox is insolvent, the owner could reimburse costumers from his personal stash, but that is not very likely to happen.

They also STILL take deposits....
 
Mtgox CEO confronted, shit just got real lol :D




http://www.youtube.com/watch?v=ob9Ak1t09Ao&sns=em
 
Quote of the day:

"Yup I bought in at 900, 850, 700, 650 each time thinking I was the smartest man in the world. Now I am become bull, the holder of worlds."

(for those who don't get it, this is a spoof on Oppenheimer's words who himself was quoting the Bhagavad Gita)

----------------------------------------

Some guys have all the luck:

"Got in a car accident and had to sell everything to cover the damage 2 days before the crash. About to buy back in with the exact same number of coins. The accident paid for itself."
 
Arbitrage:

"I'm not doing any bank account arbitrage because Coinbase is the only exchange linked to my bank, but I move my crypto around various exchanges depending on the market.

As soon as I heard BTC-e froze BTC withdrawls, I sold all my BTC there for USD except the 0.5 BTC I bought at 300 during the MT4 flash crash. I then waited for prices in the 14s and 15s to buy up LTC on BTC-e and send it all to Bitfinex. There, I leveraged half of it to margin trade the BTC crash volatility, and put the rest in advantageous LTC/USD orders in the 17s and 18s, most of which fired in the next 12 hours.

I probably earned a few hundred off of my measly few bitcoins during that exercise. Once the spread closes I'll move some coins back and get ready for the next panic wave :)"
 
The largest mining operation in the USA:

https://www.youtube.com/watch?v=5CjldZLXiAU

They make 8 million bucks a month, so using a $700 average price they make 380 coins per day, which is 12% of all coins mined per day. Their electricity usage is 1.4 MW, I didn't catch the timeframe. This is set up in Washington state where electricity is cheap and stable....
 
Pekelo said:
The largest mining operation in the USA:

https://www.youtube.com/watch?v=5CjldZLXiAU

They make 8 million bucks a month, so using a $700 average price they make 380 coins per day, which is 12% of all coins mined per day. Their electricity usage is 1.4 MW, I didn't catch the timeframe. This is set up in Washington state where electricity is cheap and stable....
More...

Be aware that this "8 million" isn't profit, but turnover. To breakeven a Mining-farm you need typically about 6 months (if BTC prices and mining-difficulty stay steady), so they invested between 30 to 50 million for this Farm.

History learns that Mining-difficulty rises much faster than anyone could calculate, which makes it very difficult to predict if this Farm will be profitable at the long run (it probably is, if they have high efficient ASICS, and low energy-costs, and BTC prices keep steady or rise....just a lot of "if").

5-years History also learns that investing this xx million straight into Bitcoins (instead of mining it) was in all cases more profitable than Mining...
 
that's the bitfury asic farm ran by "buzzdave", he got in at day 1 and is making bank, good guy one of the very few hardware seller who is not a scammer and delivered on time. Their bitfury asic is not the newest but still the best designed and has the most efficient watts/gh compared to those new 28/20nm released by cointerra etc..

https://www.megabigpower.com/shop/

However there is no asic miner you can buy right now that have a good chance of ROI. The gig is up, bitcoin (asic) mining is only profitable now for the ones selling the hardware to the lemmings.

Anyone looking to start, should go back to the roots and buy regular video cards to mine scrypt based coins such as litecoin/dogecoin not sha-256 based bitcoins. You at least are hedged as video cards can always be resold, bitcoin asic hardware will just be useless bricks later on. Ask all the latecomers who bought those 5GH boxes for thousands $.
 
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