Screenshot of Bitcoin Botnet
- Thread starter conjamuk
- Start date
What you boys are now appreciating is called an ASIC rig. From the Micron level up they are designed specifically to churn bitcoin and nothing else!
This one box does 60 GH at 60 watts... Something it used to take a room full of servers to do at 100x the wattage or more.
...Which is why they're damn rare and you have to get on a waiting list to nab one.
This one box does 60 GH at 60 watts... Something it used to take a room full of servers to do at 100x the wattage or more.
...Which is why they're damn rare and you have to get on a waiting list to nab one.
Ah hell, now's as good a time as any... I was saving this until the site was more refined, but I think you guys can handle the rough edges:
My Bitcoin Blog: Bitcoinfinger | Just a man with the bitcoin touch
Look at the post called "The ASIC mining revolution" for my take on this subject.
My Bitcoin Blog: Bitcoinfinger | Just a man with the bitcoin touch
Look at the post called "The ASIC mining revolution" for my take on this subject.
So how do I buy/store bitcoins without worrying about getting my wallet hacked by a dickroll injected bot planted by Pewep?
Good idea for an upcoming blog post... In a nutshell, here's what I'm doing:
I keep 2 wallets. The active wallet is on my main PC, and my Stash wallet is on some little netbook or something that I don't keep connected to the internet. I also never use this PC for anything at all but for wallet functionality.
I only receive btc to my Stash wallet... And send small amounts of cash from it to my active wallet if I need to use some. There is never a chance for my big stash to be stolen, except physically.
But for an extra level of protection, I back up my wallet.dat file to a thumbdrive and keep that in a separate place... This file contains the actual cash and can be plugged into any computer on earth and a new wallet can be downloaded there for it to be restored to.
What do you have to say about estimators saying it's possible to bank $2M a year with the 1500GH/s rig?
Perhaps if you're first.
Remember, there is a difficulty factor of how many miners you're competing with... Bitcoins are created at a set rate.
I would have thought so, but oddly, the price of bitcoin jumped way up on the day that the announcement for ASIC rigs hit the net.
Surely it does have some downward effect, but since ASICs have already started shipping, it can't be that obvious.
If you can plug it back in, what's the big deal?
You do realize that pretty much 98% of all money today is in electronic form too, right?
Edit: And now most trade is in electric form too; so many are starting to argue that physical money is becoming obsolete.
Anyone remember e-gold? That had some legitimate uses. Probably more than bit coins. However, the feds took them down. I actually had a few bucks in it and they seized it. As far as I can tell, bitcoins are basically a way to launder money. I'd give this five or so years before the gov't closes it down or it implodes on itself.
Saw this 10 months ago. ASICs will make those botnets unprofitable. Advanced technology doesn't de-value the currency it only makes it stronger.
Also, Bitcoin is being traded at a whopping $43 per 1btc right now :drinkup:
To do that they'd have to turn off the power to the entire globe for an extended period of time. How do you suppose they do that?
Haven't the feds already tried to shut down torrents? They're still alive.
Also, Bitcoin is being traded at a whopping $43 per 1btc right now :drinkup:
To do that they'd have to turn off the power to the entire globe for an extended period of time. How do you suppose they do that?
Haven't the feds already tried to shut down torrents? They're still alive.
Poor bastards made the unforgivable mistake of not existing only as peer-to-peer, open-source data. :thumbsup:
I'd like to think that bitcoin has other uses than laundering... Wordpress and Namecheap, among others, seem to think so.
I agree that in the future the govs of the world are going to TRY to do something to stop it... But without an office to seize or shut down, the best they can do is outlaw it... Perhaps attacking some of the exchanges.
But I've come to realize that they don't need to fear it taking over the whole role of the USD; it's just going to be an inbetween-class of currency, or metacurrency if you will... People's "online cash." -And as long as they can stop you from paying your rent in BTC, then you'll still be spending a lot of USD too.
Sure, it's still a priority for them to stop tax evasion, but it's not like Bernanke needs to close up shop anytime soon.
(Hopefully Rand Paul does something about him though.)
After doing a bit of research a few months ago after shitting my pants with the same calcs you have made, there are a few things making this a riskier proposition than you think.
1. The technology is still vapourware. There has been a waiting list for over a year now and the rigs are going to be release "any day now" since last October.
2. Performance and power usage calcs are currently unproven
3. When they hit the market, the first few people will get them and make a killing for a few months then everybody else will catch up. The difficulty is predicted to jump anywhere from 20x-40x which will level the playing field the same way the jump from CPU to GPU mining did
4. Bitcoin to USD exchange rates fluctuate
5. After it's all said and done, if there's money to be made, word will get out and people will pile in. The market will stabilize and the people that eek out a small profit will be from places with cheap/free power.
Essentially to make any serious money without too much risk you should have put your pre-order in around 6 months ago. You might still get your money back and make an OK return if you buy now or in the next few months but you need to put down a full deposit to secure your place in the line.
So the Avalons that shipped months ago were just vaporware?
Working Avalon ASIC Confirmed, Hashing At 68 GH/s | Bitcoin Magazine
Bitcoin Miner - Unimpressed by Avalon
Working Avalon ASIC Confirmed, Hashing At 68 GH/s | Bitcoin Magazine
Bitcoin Miner - Unimpressed by Avalon
That was a pic of a butterfly labs unit. Yes, some ASIC's have shipped but good luck buying one now if you're not already on a list and had your money tied up for the last 6-12 months.
Oh and the other thing is that as lukep said, these rigs can ONLY mine bitcoins. They aren't general use CPU's and are useless for anything else. I was going to buy one for brute forcing passwords and run it as a miner when I'm not using it for other things but you can't even do that with it.