Buttcoin mining - Page 2

On December 26 2013 02:10 nerdonpoker wrote: What would you say your bill was prior to you mining?

$500 less? lol

On December 25 2013 23:34 NewbSaibot wrote: Show nested quote + On December 25 2013 21:06 tooker wrote: Could someone explain exactly what is going on here? And what a litecoin is? litecoin is just a competitor to bitcoin. What Stevey boy has done here is build a mini server farm to run advanced calculations to create his own litecoins out of thin air. It's like owning your own printing press for dolla bills. So instead of simply trading on the market looking to buy low and sell high, he's just making litecoins himself, which has its own expenses to contend with. Imagine having to multiply pi 18 quadrillion times to get .01% of a coin. I dont know the math behind it, but the value lies within the difficulty to achieve. Obviously anything can have value. This unwiped turd from my ass hairs could be worth a million bucks if you're willing to pay for it. Thats bitcoin in today's market. People want it just to want it, hence it now has value. Ergo building servers to run the random arbitrary calculations necessary to produce them. He's got like 10 grand worth of shit there running all day, plus his electric bill, so it'll probably take a little while for him to actually turn a profit. I think as more coins get mined the calculations become tougher too. He's probably chosen litecoin since it's still in its infancy and thus coins are more easily mined. That rig wouldnt do shit for bitcoins, but then again bitcoins are worth like $700 a piece so obviously it has to require more resources to obtain. There are pictures out there with people having an entire room of their house filled with these things to mine bitcoins, although I dont know the rate at which they obtain one. All built with standard consumer grade equipment. It just so happens to be that todays gaming video cards are so insanely powerful for this particular kind of task that anyone can do it. The more you have, the faster you mine.

Magic, get it.

In before Khan starts 46 tabling litecoins :D

sweet blog, thanks for sharing

On December 26 2013 00:42 Arirang wrote: fuckin sorcery

I would see it as pretty convenient if you live in a cold country where electricity is quite cheap. Heating while making some money.

On December 25 2013 19:48 Silver_nz wrote:Ideas for next topic?

More explanation on the financial side.

From what I can gather, you paid $8400 for the equipment in August. So lets say 4 months ago. You've mined ~$4000 in four months. Unsure if Newb is close about the price of electricity (500/month he says), but if so, that's ~$2000. So 500 profit a month. To pay for these machines, that will take ~17 months of mining (and quite possibly less, depending on the value of the coins) roughly?

What's the wear and tear on these machines like, how long do you expect your current set up to last before having to shell out a bunch more money on parts or whatever?

Are you keeping most of the litecoins, or selling a chunk of it to pay for the expense of buying the set up?

Sweet blog entry btw, this is really interesting.

thanks for the feeback guys.

One machine adds about $150NZD to my powerbill.
I minded $4000USD worth of litecoins from $2100NZD worth of equipment over 4 months (it was just the one black hobby box) Financials is a good idea, I have been meaning to do a spreadsheet anyway, just to get a feel for where I am at