Antminer S7 ~4.73TH/s With 2 Fans @ .25W/GH 28nm ASIC

Updated FAQs for newcomers

TL:DR: Don't bother mining if you want to get rich yo. You're way too late to the party.
Welcome to the exciting and often stressful world of bitcoin! You are wondering what looks like a once in a lifetime opportunity to get rich quick. Of course you guys probably heard about this "mining" process but what is this?
Simply put, a bitcoin mining machine that performs complicated calculations and when deemed correct by the network, receives a block which contains 25 bitcoins (XBT). This is how bitcoins are generated. So your brain instantly thinks, "Holy shit, how can I get on this gold rush?"
Before you proceed further, I would like to explain the concept of mining further. Bitcoin is limited 21m in circulation. It is coded to release a certain number of blocks at a certain time frame, ie: this year the network will release close to 500,000 bitcoins. What this means is that the more people (or specifically the amount of mining power) mine, the less each person gets. The network tries to keep to this time frame through the process of difficulty adjustments which makes the calculations harder and this happens every 2 weeks. So every 2 weeks, you get less bitcoins with the same hash rate (mining power) based on what the difficulty changes are. Recently, the changes have been pretty staggering, jumping 226% in 2 months. You can see the difficulty changes here.
Now, why are these changes so large?
A bit of a simple history. Bitcoin's algorithm runs on SHA-256. This algorithm can be solved using many hardware, from CPU to GPU and dedicated hardware (Application Specific Integrated Circuits). When bitcoin first started, mining on CPU was a trivial process, you can pretty much earn 50 XBT (the block size then) every few hours between Q1 and Q2 of 2010.
In late 2010, due to the difficulty increase that is reducing the effectiveness of CPU mining, people started to harness GPU mining. Only AMD GPU's architecture design are better optimized for bitcoin mining so this is what the community used. Immediate improvements of more than 10x was not uncommon.
In time of course, GPUs reached their limit and people started to build dedicated. In the same vein as the CPU to GPU transition, similar performance increase was common. These ASICs can only perform SHA-256 calculation so they can be highly optimized. Their performance mainly depends on the die size of the chips exactly like CPU chips.
In general, think of bitcoin mining's technological advancement no different to mining gold. Gold panning (CPUs) vs pickaxes (GPUs) vs machinery (ASICs) and we are still in the ASIC mining race.
ASIC mining started with ASICMiner and Avalon being first to the market, both producing 130nm and 110nm chips. The technology are antiquated in comparison to CPUs and GPUs which are now 22nm with 14nm slated for Q1 next year by Intel but they are cheap to manufacture and with performance gains similar to the CPU to GPU transition, they were highly successful and popular for early adopters. At that point in time since there were less competing manufacturers and the low batch runs of their products, miners became really rich due to the slow increase in difficulty.
The good days came to an end mid August with an unprecedented 35% increase in difficulty. This is due to existing manufacturers selling more hardware and many other players coming onto the market with better hardware (smaller die). Since die shrinking knowledge and manufacturing process are well known along with a large technological gap (110nm vs 22nm), you get an arms race. Current ASIC makers are closing in on our technological limit and until everyone catches up, the difficulty jumps will be high because it is just too easy to get a performance increase. Most newer products run at 28nm and most chips are not well optimized, so it will be around another 6 to 9 months before we see hit a hard plateau with 22nm or 14nm chips. The estimated time frame is because manufacturing chips at 22nm or 14nm is a more difficult and expensive task. In the meantime most manufacturers will probably settle at 28nm and we will reach a soft plateau in about 3 months.
Now, you might ask these questions and should have them answered and if you have not thought about them at all, then you probably should not touch bitcoin until you understand cause you are highly unprepared and probably lose lots of money.
No. If you have to ask, please do not touch bitcoin yet. You will spend more on electricity cost than mining any substantial bitcoin. Seriously. At all. A 7990 would produce a pitiful 0.02879 XBT (USD $14 @ $500/XBT exchange rate) for the next 30 days starting 23 Nov 2013 at 35% difficulty increase.
And if you think you can mine on your laptop either on a CPU or GPU, you are probably going to melt it before you even get 0.01 XBT.
Probably not because you probably forgot that GPUs and CPUs produce a ton of heat and noise. You can try but I see no point earning < $20 bucks per month.
No, because your machine will probably not mine as much as buying bitcoins. This situation is called the opportunity cost. While you can still make money if XBT rise in value, it is a fallacy.
IE: if you start mining on 1 Dec 2013, a KnC Jupiter running at 450Gh/sec (KnC lies as not all chips run at 550Gh/sec) will yield you a total revenue of 9.5189 XBT with a profit of 0.7859 XBT in profit by 30th Jan 2014 at a constant difficulty increase of 35%. The opportunity cost is: 8.5910 XBT @ USD $580/XBT with USD $5,000 which is the cost of a KnC Jupiter. This is the best you can earn and it's a bloody optimistic assumption because:
The only circumstances where you will earn money is when XBT exchange rates is so high that it makes the opportunity cost pales in comparison. Unfortunately this is not the case. If XBT stabilized at 900/XBT today (20 Nov 2013) then we might have a good case.
The risk is just generally not worth it. Unless you have at least a hundred thousand and can make a contract with a manufacturer for a lower cost, do not bother. Just wait until the arms race is over then you can start mining.
Okay, go buy an AsicMiner USB Block Erupter. They are cheap and pretty fun to have.
Sure, just read the answer below on who NOT to go for. You are doing bitcoin a service by securing the network and you have our (the users') gratitude.
You can check out the manufacturers and their products below along with a calculator here.
If you still insist on buying, do not to go for BFL. Their track record is horrid and borderline scammish. KnC fucked up a lot with defective boards and chips. Personally, I think CoinTerra is the best choice.
Alternatively, you can go on the secondary market to buy a delivered product. You can get a better deal there if you know how to do your "return on investment (ROI)" calculation. Personally, I will go for a 45%-50% difficulty increase for the next 3 months for my calculations and a 2% pool fee.
However, most products on ebay are sold at a cost much higher than it should. bitcointalk.org is a cheaper place because everyone knows what are the true value is so you will find less options. If you are unclear or need assistance, please post a question.
I actually do not use any of the pools recommended to the left because I think they lack features.
My favourite is Bitminter (Variable fees based on features used; max 2%). It has all advanced features for a pool, very responsive and helpful owner on IRC. Variable fees is good for those who do not need a large feature set, even with all features turned on, it is still cheap.
Eligius (0% fees) has high value for money but lacks features. It has anonymous mining which might be attractive to certain subset of people but not for others. Many other community member and I disagree highly with the opinions of the owner on the direction of bitcoin. I do use his pool for now but I do so only because I share my miners with a few partners and anonymous mining allows us to monitor the machines without using an account. Bitminter uses only OpenID which is problematic for me.
BTC Guild (3% fees) is another big pool and is fully featured and does charge a premium for their fees. That said, they are the most stable of the lot. I do use them but do so only because my hoster uses them for monitoring. I try not to use them because a pool with a very large hash rate (they are the largest) presents a large vulnerability to bitcoin's network if compromised.
All of them pay out transaction fees.
submitted by Coz131 to BitcoinMining [link] [comments]

[RMC] - Russian Mining Coin ICO, not talked about much, here's my research

Aside from a Bloomberg article, not much has been reported on the ICO that wants to raise 100m USD.
The TLDR:
Interesting people involved:
Dmitry Marinichev - Internet ombudsman advisor to Putin. He's the main driving force behind the ICO, he's been involved with mining operations prior to the ICO, interviewed by Russian news agencies for piece on Bitcoin. Sort of a crypto evangelist in Russia.
Boris Zyrianov - Responsible for the research and development of the multiclet processor, head of OSJC Multiclet company. Along with Nikolai Streltsov (also involved in the project) were awarded a Gold Medal from the Academy of Engineering Science for their work on Multiclet processors in 2012.
Possible involvement:
Boris Titov - Russian billionaire and advisor to Putin on entrepreneurial matters. Russia crypto evangelist and reported to be part of new Russian ICO incubator along with...
Sasha Ivanov - Created waves cryptocurrency.
These 2, it's not entirely clear if the RMC ICO will indeed be part of their incubator.
Other parties and relationships:
Bitfury - Supplies chips for Sunrise S11i miners. Founder is a Russian living in Latvia.
Mycelium - The only platform to offer the ICO, partnered with RMC as a secure way to trade/hold the coin.
The company's and people involved seem to be coming from existing cryptocurrency and engineering projects. The mining infrastructure already exists and this ICO is basically an expansion + R&D for Multiclet.
Reasonable expectations:
Would be very nice:
External factors
Basically you're investing in an existing mining/board/chip manufacturing and R&D company that is expanding (90% of ico money) and developing a next generation mining chip (10% of ico money).
White paper: https://rmc.one/static/pdf/whitepaper_EN.pdf
submitted by tsrp to icocrypto [link] [comments]

[RMC] - Russian Mining Coin ICO, not talked about much, here's my research [X-Post from /r/Icocrypto]

I originally posted in /icocrypto but that sub seems to have almost no activity.
Aside from a Bloomberg article, not much has been reported on the ICO that wants to raise 100m USD.
The TLDR:
Interesting people involved:
Dmitry Marinichev - Internet ombudsman advisor to Putin. He's the main driving force behind the ICO, he's been involved with mining operations prior to the ICO, interviewed by Russian news agencies for piece on Bitcoin. Sort of a crypto evangelist in Russia.
Boris Zyrianov - Responsible for the research and development of the multiclet processor, head of OSJC Multiclet company. Along with Nikolai Streltsov (also involved in the project) were awarded a Gold Medal from the Academy of Engineering Science for their work on Multiclet processors in 2012.
Possible involvement:
Boris Titov - Russian billionaire and advisor to Putin on entrepreneurial matters. Russia crypto evangelist and reported to be part of new Russian ICO incubator along with...
Sasha Ivanov - Created waves cryptocurrency.
These 2, it's not entirely clear if the RMC ICO will indeed be part of their incubator.
Other parties and relationships:
Bitfury - Supplies chips for Sunrise S11i miners. Founder is a Russian living in Latvia.
Mycelium - The only platform to offer the ICO, partnered with RMC as a secure way to trade/hold the coin.
The company's and people involved seem to be coming from existing cryptocurrency and engineering projects. The mining infrastructure already exists and this ICO is basically an expansion + R&D for Multiclet.
Reasonable expectations:
Would be very nice:
External factors
Basically you're investing in an existing mining/board/chip manufacturing and R&D company that is expanding (90% of ico money) and developing a next generation mining chip (10% of ico money).
White paper: https://rmc.one/static/pdf/whitepaper_EN.pdf
submitted by tsrp to ethtrader [link] [comments]

Is all mining now negative return-on-investment?

I have been closely watching the mining scene for only about 3 months, so excuse me if this sort of question is asked frequently, or is too speculative.
Is all BTC mining now underwater, with a negative ROI?
That's what it looks like to me. I initially got interested years ago, when the return was small and BTC was not worth much. I didn't mine because it seemed like a miniscule return on investment. Oh I wish I had started back then, those "worthless" BTCs would be worth a lot now.
But I started getting more interested again when that Ars Technica article on the BFL Jalapeno appeared. Holy crap, a machine that prints free money. He made hundreds of bucks in a week.
So I started checking it out. With the delays in BFL's product shipping, all the mining calculators show that any new investment in mining hardware will never break even. Difficulty is increasing so fast, that the only machines making money are already in place, and soon they won't even pay for the cost of electricity.
Now just to screw this up even further, BFL did a classic "Osborne Effect" announcement of their new Monarch board. Their existing ASIC machines are obsolete. The new 28nm machine that does not exist yet, is promised to deliver 600Gh for 350 watts, and costs $4680. I ran the numbers through the mining calculator at The Genesis Block. Unfortunately their calculator seems to be down at the moment, but I recall running numbers on a Monarch, delivered even in December, would not break even unless BTC went up to 2000 per dollar!
Now even accounting for BFL's broken promises, if I could buy mining hardware like this today and turn it on now, it would make a negative ROI. I run the numbers for every possible hardware I could buy, none of them are as cheap in dollars/Gh or Gh/watt as the Monarch. And none of them break even.
I decided to track the existing performance of mining using my dinky Mac mini's GPU. It won't mine much, and GPU mining will never break even in a network full of ASICs. But it would give a rough index of how difficulty is affecting mining. Here's a rough description of my results. At this point, it looks like mining is doubling in difficulty every month. Nobody can make money unless either BTC rises in value dramatically, or the majority of miners give up and unplug their unprofitable mining hardware.
So someone tell me if this assessment is realistic or not. At the moment, it looks like any new investment in mining hardware will result in turning every dollar of investment into 50 cents worth of BTC at most. With increasing difficulty, soon even existing mining hardware will be turning every dollar of electricity into less than a dollar worth of BTC. ROI is underwater now for new hardware, and soon will be underwater for all hardware, even advanced ASICs that haven't even shipped yet. There are only two ways that mining might ever make a profit. One is if almost everyone gives up when their miners become unprofitable. The other is if BTC goes up massively in value to like $2500/USD, which will only fuel the arms race even more.
Yeah, I know there is a big incentive to spread disinformation to convince people to drop out of mining. So don't try to BS me. Let me hear your honest assessments, or please point me in a direction where I can do research to figure this out.
submitted by nmrk to BitcoinMining [link] [comments]

The Pace of Technology: Putting a Ceiling on Difficulty

Disclaimer: I am no expert and some or all of my assumptions may be completely incorrect. That is why I am here.
The current state of the art for mining ASICs is 28nm. If we look at past trends, this size is fairly difficult to push down and something smaller may not appear for the next two years or so.
The most efficient ASIC I can find is the A1 chip from coincraft. It offers 0.35 W/GH when undervolted. (Please comment the model and a lower ratio if you can find it.)
We can also set an average electricity cost of a conservative 10 cents USD/kWh. This assumption based on miners distributed around the globe.
The third and most important assumption due to volatility is the price of bitcoin. Let us put it at $600. A price of somewhat long-term stability and easy to use for calculations. Also, there is a positive feedback loop of miners selling their coins to cover expenses that keeps the price down. No one can predict the price, and it is the most important factor in this discussion.
I tried doing the math but it didn't work out - anyone care to take a stab at it? Basically, at this price, what is the difficulty ceiling where people simply cannot pay for power?
Cheers.
submitted by pryce06 to BitcoinMining [link] [comments]

Looking for Assistance:Is mining profitable with my HW and are my calculations right?

So I actually became interested with mining bitcoins and I've stumbled upon mixed opinions about this.As far is I know,people are using ASIC's as I intend to do,but it seems most of them are now pretty much(no offense) outdated Avalons and such that at curent diff of finding Bitcoin are no longer cost effective(correct me If i Am wrong).
I plan huge ammount of money(Since i believe its worthy cause and good investment) buying one of these http://www.xtrememiners.net/#!products/cngp
I know i shouldnt hesitate and be sure about this Since I made my calculations roughly 4 days in row,but overal numbers seems to be Too good to be true If merely every1 is leaving mining atm,So I wanted to ask If there is some1 who would assist me in ways of assuring me If its good investment or not and If my calculations are truly that good or If i did some mistake and mine numbers are more or less biased.
This is hardware i plan to use: 2,5 TH/s Dimensions: 15“ x 13.3“ x 13.7“ (38cm x 34cm x 35cm) 28nm ASIC technology Silent Cooling In-built WiFi Connection (without Antenna) Less than 750 watt (0.3 per GH) 1 Year Guarantee
Current bitcoin difficuilty:1,418,481,395 Local electricity cost: 0,25$/kWh Exchange rate:something arround 800
My numbers are in simple: BTC per day:roughly 0,7 BTC Break even:est.11 days Monthly profit: 16 000$
As you can see,16 000$ monthly is a HUGE amount of money and Its little Too good to be true from buying a machine that costs 5.8k$.
Anyways thanks for any assist you can give me.IF my numbers are wrong and biased,please suggest a different way of making mining bitcoins.I know buying and selling BTC would pay off better,but i simply Dont have to time to sit by pc and watch as Bitcoin is rising and falling on his price.
Thank you very much. Axios
submitted by I_Am_Axios to Bitcoin [link] [comments]

How to Use Bitcoin Calculator How to Calculate Bitcoin Transaction Size AntMiner S5 ~1155Gh s @ 0.51W Gh 28nm ASIC Bitcoin Miner MintForge.com 1TH/s (1000 GH/s) CoinCraft A1 28nm ASIC Bitcoin Miner Preview AntMiner S4 ~2000Gh s @ 0 69W Gh 28nm ASIC Bitcoin Miner

Bitcoin mining is a booming industry, but the Bitcoin price increasing can help make up some of these losses. The Bitcoin price is increasing at an average of 0.3403% per day over the past year. Try messing with the calculator using different prices. Bitcoin mining giant BitFury has announced it has completed the manufacturing of its anticipated 28nm ASIC chip. BitFury first revealed the development of the chip in the fall of last year, at the Bitcoin Hash Calculator. 17 Million Bitcoin Mined. Bse Nse Download Software. Bitcoin kaufen rechner Bitcointalk unixcoin Bitcoin reddit sell Bitcoin core rpc api Investing dot com has one.AntMiner S5 ~1155Gh/s @ 28nm ASIC Bitcoin Miner So viel sind die Bitcoins how to buy jio cryptocurrency heute wert, die Du nicht bitcoin calculator future gekauft hast Antminer S7 ~4.73TH/s With 2 Fans @ .25W/GH 28nm ASIC Bitcoin Miner by AntMiner. 3.8 out of 5 stars 71 ratings | 173 answered questions Only 1 left in stock - order soon. Arrives: July 28 - 31 . Fastest delivery: Thursday, July 23 This fits your . Make sure this

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How to Use Bitcoin Calculator

Every time we send a bitcoin transaction, we pay a fee relative to its size. Strangely, this has almost nothing to do with how much money is being sent -- the blockchain world just isn't that simple! AntMiner S4 ~2000Gh s @ 0 69W Gh 28nm ASIC Bitcoin Miner Wilma L Edwards. Loading... Unsubscribe from Wilma L Edwards? Cancel Unsubscribe. Working... Subscribe Subscribed Unsubscribe 15. Loading Bitmain's 3rd generation Bitcoin mining ASIC, the BM1384 provides significant improvements over the previous BM1382 chip. Hashrate per mm2 at voltage 0.75V has been increased over 20% while ... The main function of a Bitcoin calculator is to compute how much processing power it will take to generate Bitcoins with a given hardware setup. Because of the deterministic nature of all the ... This video is unavailable. Watch Queue Queue. Watch Queue Queue

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