Butterfly Labs' Jalapeno aims to spice up bitcoin mining ...

Butterfly Labs Jalapeno 7+ GH/s BFL ASIC Miner is for sale on cryptothrift.com for Bitcoin and Litecoin https://cryptothrift.com/auctions/crypto-mining-asic/butterfly-labs-jalapeno-7-ghs-bfl-asic-miner/

Butterfly Labs Jalapeno 7+ GH/s BFL ASIC Miner is for sale on cryptothrift.com for Bitcoin and Litecoin https://cryptothrift.com/auctions/crypto-mining-asic/butterfly-labs-jalapeno-7-ghs-bfl-asic-mine submitted by duetschpire to cryptothrift [link] [comments]

Butterfly Labs Jalapeno 7+ GH/s BFL ASIC Miner - For Parts - Not Working is for sale on cryptothrift.com for Bitcoin and Litecoin https://cryptothrift.com/auctions/crypto-mining-asic/butterfly-labs-jalapeno-7-ghs-bfl-asic-miner-for-parts-not-working-5/

submitted by duetschpire to cryptothrift [link] [comments]

Butterfly Labs Jalapeno: Vintage hardware question

I've come across my old Jalapeno when searching my attic for some stuff. I know the "mining" part of this hardware is pretty much useless these day, but the housing of the device fits the bill nicely for some non-bitcoin related electronics projects of mine very nicely.
Does anyone have information if Butterfly Labs had those housings custom made or did they buy existing ones in bulk, and if so, where i could buy them?
submitted by thecavac to Bitcoin [link] [comments]

My bitcoin value has surpassed my decade long stock account

Throwaway account because I'm revealing more than I want tied to my primary account.
I'll put the TL;DR at the top.
TL;DR: Apparently, I'm well off and 2 years of bitcoins are worth more than 10 years of stock market investment.
I'm nearly 50 years old. A few years out of college and I just barely broke $20k salary. That was worth more than $20k today, but was still a lousy wage with college loan debt. I briefly (1.5 years) had a dotcom job at the turn of the millineum making more than I do now, but I had never had money like that before and boosted the economy instead of putting any aside. I did get some nice toys, though.
Add on another 1.5 years of unemployment, living off my wife's meager salary and a few odd under-the-table jobs, and I finally landed a decent paying job again. Nothing like the dotcom days, but close. However, I'd learned we could live on much less and I wanted a cushion. I dumped tons into my 401k, my savings account and opened a Scottrade account. A little money goes each month to savings and Scottrade.
Roughly ten years later, my 401k is about 3 times my annual income. The Scottrade account is about 30% of it.
Two years ago, I heard about bitcoin on Slashdot. It sounded interesting. I started mining on my son's gaming machine, which meant it was only mining when my son wasn't playing games and if he remembered to start the miner when he was done.
I mined solo for a few days, and quickly joined a mining pool. I was getting a bitcoin every three or four days initially. That didn't last long.
I opened a MtGox account, added some cash and purchased btc almost at the height of the 2011 spike.
I felt like an idiot.
I bought some Casascius coins. I left my MtGox account alone.
This was also around the time the 99% protests were going on. I felt very sympathetic. I remember in reading about the protests, I stumbled across a site that showed what percentage people were based on annual income. With mine and my wife's income, I was above the 90th percentile and below the 95th. I remember the horror and disbelief I felt.
Througout it all, I continued mining. I got lucky during the early 2013 spike and sold some of the MtGox stuff I'd had sitting there. I also got a high end SLR camera at bitcoinstore.com almost at the peak. I was feeling pretty good.
I bought a ButterflyLabs Jalapeno with bitcoins just before that first 2013 spike. I also stopped even trying to mine with a graphics card soon after that because it made no sense. I did eventually get delivery of the Jalapeno. It's earned almost .68 bitcoins. Don't ask what it cost in bitcoins, because I don't remember and I don't want to know.
After realizing my MtGox profits couldn't be pulled out in dollars in any reasonable timeframe, I converted them to bitcoins and pulled them out. I got more bitcoins than I sold them for, but not by much.
So, now I own bitcoins in the high 2 digits, about a third of them are still in physical Casascius coins. I only have an account on MtGox, so I have no real way of converting any of them to cash. I still have $100 sitting in the MtGox account, which I should have converted into bitcoins and pulled out long ago, but I'm frustrated by the premium bitcoins require in USD on MtGox.
For nearly ten years, I've been putting money in my Scottrade account. I saw the collapse in 2008 and mostly held. I bought bank stocks at that time and made a killing. That killing was offset by the REITs I'd invested in before the crash.
In ten years of regular transfers to Scottrade and investment that has gotten better as I've gotten older and more cynical, I've accumulate about 30% of my annual income.
In the last few days, even with the purchase of a cool SLR and the cut involved in Casascius coin purchases, my double-digit bitcoin ownership has now surpassed my Scottrade account in value. I don't have an easy way of converting that bitcoin to USD, but I'm also not concerned about that because I think that easy methods will exist soon.
I fully expect that my bitcoins will be worth less in the near future. However, I believe in the long term, they'll be worth more and that I'll have a number of easier possibilities for converting them to USD if I want to.
I also believe the analogies to the early WWW are flawed. I think analogies to the IP protocol are more apt and that we've only begun to imagine the possibilities.
I'm in it for the long haul. They'll either be worth nothing or much more than now. And, if I add up my electricity costs and the small investment I made during the spike in 2011, I'm still ahead of the game because I have an SLR camera that my wife would never have let me buy with cash.
I'm already ahead of the game and I think the game hasn't even started.
EDIT: Grammar
submitted by throaway419 to Bitcoin [link] [comments]

The $22,484.00 Butterfly Labs Mini Rig bitcoin miner is a huge, broken, unstable piece of shit.

(This was a rather controversial article posted on Buttcoin.org and became quite popular, even moving to the top of /bitcoin. It's since been mysteriously edited on the site [maybe by g-g-g-ghosts!] so it's being reposted here for posterity's sake. Some numbers may be off by now, but it was all accurate at the time of posting.)
Butterfly Labs has a long and horrible history with their mining rigs. They started taking pre-orders over a year ago, with a ship time sometime in late July. After numerous delays in production, shipping problems and general incompetence, the only thing they’ve managed to get out the door are some of their tiniest miners, the Jalapenos. And those mainly ended up in the hands of reviewers and blogs in order to keep pumping the Butterfly Labs hype train and securing millions of dollars of pre-orders still in limbo.Lucky BFL forums user Luke-JR however scored a sweet Mini Rig from Butterfly Labs (it’s just a coincidence he’s a driver developer for them I’m sure). This rig was originally promised to produce 1500 GH/s hashing power at 1500 watts for $30,000, but has since seen it’s hashing power slashed to a third of what was promised and it’s power consumption increased 75%, now just offer 500 GH/s at 2400 watts. They’ve promised to make good on pre-order buy sending out 3 rigs to match the initial hashing rate, so now it’s only 1500 GH/s at 6900 watts, a reduction in GH/Watt by a factor of 5.
So what does $22,484 buy you? Take a look!
Minirig is here! Today, my Minirig arrived.
http://i.imgur.com/Yp0WPvE.jpg
FedEx apparently dropped it somewhere along the way, and the weakest part of the case, the thin metal part around the back of the PSU, broke.
http://i.imgur.com/lFcOHxP.jpg
I’m not sure how sturdy the back side was supposed to be, but its two pieces aren’t quite together either.
http://i.imgur.com/AVttcOt.jpg
The power supplies (EVGA 1500W) also created havoc interfering with the neutral on the power line. This disrupted X10 communication significantly enough that the pool overflowed because the system controlling it was unable to turn off the pump. Workaround: This PSU supports 240V, so we rewired the outlet. 240V does not use neutral, so now all should be okay.
Edit: 240V workaround is only partial. Still having problems
But the good news is, it all seems to be working for the most part.
Next up, installing it in the window so the heat goes outside
A twenty two thousand dollar box of electronics that is broken out of the box, that required the guy to do a sketchy electrical workaround to get partially working, that he is going to install in a window… and he’s happy about it?
In case you didn’t notice it, the delivered unit is different than the picture on the website. They had to install 2 power supplies instead of 1 and had to modify the case to fit. Also, if you didn’t notice, the LCD/Phone thingy in the front has been replaced by … a piece of cardboard spray painted black. Wonderful.
You could maybe chalk this up to a careless Fedex postman, but when you’re shipping something that costs as much as a mid-sized sedan, how bought putting a little more effort into packing? Dell and HP can ship bigger and heavier servers across the world without this kind of problem.
The unit had to hit its huge power draw increase by putting dual EVGA consumer grade power supplies in the unit. We’re talking almost a 75 amp load (6*1500/120), disregarding power factor. He could very well overload the circuit panel and trip the main breaker for the house.
Let’s take a look inside this guy.
This is from an earlier version of the Minirig (note the single power supply) This is apparently from an earlier FPGA but it will give you a good glimpse at what kind of craftsmanship you can expect from a computer that is half the average household income in the United States.
Consumer grade PSU and cheap USB hubs glued to the inside case.
Electrical tape and random velcro glued to the insides
A closer look at the USB hubs. Plugs are hot glued to stay secured.
Electrical tape everywhere, splices and voided hardware are the theme.
You can view the entire album here.
Despite all that, this thing can still mine bitcoins and it should be profitable. Keep in ind that many people jumped in on the preorders a year ago when bitcoins were still hovering around $6.50 per. Meaning customers paid 1562 bitcoins for that particular piece of shit, which at today’s value is $156,200. Aston martin money. How long will it take them to make their money back (as apposed to just hanging on to them)? If the difficulty didn’t change, they would make 37 bitcoins a day and recoup the initial investment in 124 days. Difficulty is jumping pretty much 20% every 12 days or so, so in the next week before adjustment, they’ll make 259, the next 12 days 369, the next 12 days 312, then 256, then 213, etc.
So by day 127, they’ll be halfway to breaking even, but by day 151 they’ll be making less than 5 bitcoins a day, and even if difficulty stopped rising at that point(which it won’t), it would take another 435 days for a total of 586 days to break even. If difficulty kept rising at the same pace, by day 200 they’d be making 2.4 bitcoins per day, and it would take 1024 days to break even with no difficulty increase. Assuming 25 cents per kw/h, and $100 a bitcoin, it would cost 0.43 of a bitcoin per day in electricity which means the unit would no longer be profitable on a power usage basis by day 307, at which point it will have produced 2620 bitcoins.
Bear in mind this is only for the first few units, and that’s running 24/7 pumping out around 24,000 BTU, so yes, medical bills from heat stroke will be on top of that.
But Alas, the chips don’t run nearly as well as they’re supposed to, frequently running too hot and giving multiple hardware failures. Coindesk noted in one of the first ever runs of the Minirig by hosting provide gigavps that it was running much too hot and erroring out.
At the time of posting, gigavps warned that the unit would be repeatedly shut down while ckolivas, who was assisting, modified the machine’s software to optimise performance. After some tweaking, the device was said to have been left to run continuously for two hours, and was shown to have an average hash rate of 478.1 GH/s. As you can see in the table below, ASIC number four (of a total of eight hashing chips) ran significantly hotter (86 degrees) and consequently gave the highest hardware (HW) error rate.
http://i.imgur.com/q3iGrnb.jpg
So, what happens if you just decide you don’t want this, you don’t want to wait over a year to get a $22,000 broken piece of shit? Nothing, because BFL won’t let you cancel your preorder because they’re now “shipping”, i.e. they sent out one unit to their own company shill.
http://i.imgur.com/0p3Up03.jpg
Which is of course illegal regardless of what Butterfly Labs may say.
So in summary: Don’t buy anything from Butterfly Labs … ever.
submitted by borderpatrol to Buttcoin [link] [comments]

PSA; Anticipated ROI on Butterfly Labs Mining Equipment

I ordered a Butterfly Labs Jalapeno on 4/7 and received delivery of that device on 10/30. It has now been mining its little heart out for two weeks, and I am now able to predict with unwarranted confidence how long it will take to pay itself off.
In April at the time I was ordering, Bitcoin was trading at about $130, making my $279 investment (not including tax and shipping) the equivalent of about 2 bitcoins, give or take.
In two weeks I have mined 0.2BTC! And yet not all is roses. In the same period my average daily mining return has dropped from 0.024BTC to 0.0072BTC. This is the unfortunate side effect of increased mining difficulty.
If mining continues to grow at the current rate then the time required to mine my next 0.2BTC will double to 4 weeks, putting me at December 13th of this year.
But calculating all of these returns was taxing my poor brain, so I put these assumptions into a spreadsheet, and have now modeled how long it will take to pay off my miner.
With a degree of confidence I do not feel, I can state that I will almost certainly have earned 2.0BTC by January 17 of 2053, or shortly before my 90th birthday, and although this neglects any accounting for the power required to operate the miner including such trifles would make the returns negative so much sooner that I've chosen to ignore them.
I am elated, who could have predicted how valuable this investment would prove. On a side note, does anyone want to buy a miner or two? I have two more on order with a purchase date of 6/6; you can skip more than five months in line and get payback before 10/22/2641, guaranteed.
Oops, I forgot to account for reductions in the mining rewards. Well, back to the drawing board.
submitted by ksmathers to Bitcoin [link] [comments]

Frequently Asked Question: What's an ASIC, FPGA?

So you're sick of just mining on your GPU, and not a fan of the electric bill after a month of mining? There has to be a better option out there than your loud GPU in your gaming computer. There is!
Shortly after GPUs became popular for bitcoin mining, enterprising folks started looking at other things they can re-purpose to mine bitcoins more efficiently. Around mid-year 2011, the first devices sprang up that are called FPGAs or Field Programmable Gate Arrays. These are nothing new to the hobbyist community, they've been around for a while for crackers and other security-conscious folks looking at ways to defeat cryptographic locks. Hey! I know something that uses cryptographic calculations to secure its network! BITCOINS! Yep, so some miners developed their own boards and slapped some FPGA chips on them (most commonly the Spartan-6), and wrote specific firmware and "bitstreams" to more efficiently calculate bitcoin hashes. The first generations were sort of slow, but still they had better efficiency than a GPU. Some of the latest generation included the Icarus boards, Cairnsmore, x6500, and ModMiner Quad.
In early 2012(i think my timeline is right), Butterfly Labs(BFL) was selling their own FPGA miner that hashed at 800 Mhash/s using 80 watts and only cost US$600 amazing! These grew very popular, but people could see that FPGAs still weren't the most efficient way to hash their shares. BFL then announced that they would be designing their own chips that would be orders of magnitude faster than anything ever seen. These would be the ASICs (or Application Specific Integrated Circuit)everyone is raving about. ASICs are--as the name implies--specifically designed for one thing, and one thing only. Bitcoins. This is all it can do, and can't really be repurposed like an FPGA to other applications. Who wouldn't want a US$150 "Jalapeno" that hashes at 3.5 GIGAhashes/s using only power from a USB port?? Crazy! So summer 2012, BFL says they will ship before Christmas. Various things happen and we now still don't have any confirmed ship dates from BFL.
A few other companies have sprouted up, ASICminer which I believe is developing their own chips to mine themselves, but in a responsible way as to not threaten the network with a sudden influx of hashing. bASIC was a fiasco that was developed by the creator of the ModMiner Quad(which is actually a fantastic miner, I own one, and love it.) where he took many preorders, promised lots of people amazing ASIC performance, but in early 2013 the stress of the whole endeavour got to him and he gave up, refunded money(I think it's still being refunded now, or maybe it's been cleared up already.)
Avalon is the only company we know has ASIC mining hardware in the wild. It is not certain exactly how many are out there, but they have been confirmed by independent sources. The Avalon units are expensive(75 BTC) and have been in limited production runs (or batches) of a few hundred units that were pre-sold out very quickly.
All of this info is gleaned from the Custom Hardware forum over at bitcointalk.org over the past year or so I've been involved in bitcoin. I may have some facts wrong, but this is the gist of the situation and hopefully gives you an insight on the state of the hardware war against bitcoin
Thanks for reading!
submitted by purelithium to BitcoinMining [link] [comments]

Tracking the profit from a mining rig without buying it?

Earlier today, I decided I was interested in preordering an ASIC rig, specifically the Butterfly Labs "Jalapeno"(click 4.5 GH/s - $149). As a 13-year-old, I obviously can't place the order myself, so I asked my father for help. Now, I normally consider him a smart man, but when I approached him about this, he immediately assumed Bitcoins were a scam, probably because he hadn't heard about them until now, and knew nothing about them. He had me talk to my godfather (we're not religious, it's just a title he gave to one of his best friends), another person I normally consider smart and rational, who immediately took my father's position. We had a fairly long conversation on the issue, during which his position shifted from "It's a scam, don't do it" to "It seems too risky, I don't think it's a good idea." He has offered me a deal where I agree not to make this preorder, and if it turns out I would have made a profit in 10 years' time, he'll pay me what I would have gotten then, and if I wouldn't have, I won't owe him anything. Now, I'm inclined to take this offer, but my concern is that there's no way to track what the profit, if any, would be from a mining rig without having it. Is there any way you can think of to track what the profits from a mining rig would be without having one?
TLDR: Can you track what the profit would be from a mining rig without having it?
EDIT: Just a minor detail, my godfather's the one offering the deal, not my father. I'll probably offer a 2-3 year version of the deal and write a little script or something to estimate profits. At this point, the issue is that my father is the one who pays the electricity bill, so I'm not sure how to factor that in.
submitted by ratsby to Bitcoin [link] [comments]

The people have spoken and the ban has been lifted. Talk of Butterflylabs is permitted. I still think it's a bad idea to buy one at this point...

After reading this post and feeling sorry for that hopeful bitcoin miner, I took it upon myself to ban all discussions of butterfly labs until the company was proven capable of shipping products.
After some reflection on the situation I realized how wrong that demand was.
Although I still think it a horrible idea to make a purchase from butterflylabs, I am not going to ban the discussion of it.
Good luck out there!
submitted by HighBeamHater to BitcoinMining [link] [comments]

[USA][GA] [H] - Reference Sapphire Ghz 7970 [W] Reference 680, but open to offers

Hey guys, got the card to do mining as well as gaming but I dont really have time to worry with bitcoins or even want to dabble in it anymore. I'll just be buying a butterfly labs jalapeno and let that run all the time. Wanting to go back to Nvidia, seeing as how my 670 did much bettelooked more stable on LoL, which i play the most. EDIT: Not looking to sell, but exchange GPU's or other parts. Link for Pics and Timestamp
submitted by ChadWalnuts to hardwareswap [link] [comments]

Just got my first miner after 7 months of waiting.

I originally started the whole mining thing back in late Jan/early Feb. I didn't have any mining gear, so I used my gaming PC and gave up gaming for a while. After about a couple months of non-stop mining, I FINALLY had enough bitcoins to buy a rig. For about $165 I bought a 4.5/GHS Jalapeno.
Yesterday, after 7 long months of waiting for it, I received my Jalapeno from Butterfly Labs. The set up was pretty simple and now I'm running this bad boy 24/7 non-stop. It actually goes a bit faster. I paid for the 4.5/GHS, but I'm getting just under 6/GHS. It's pretty neat and while I'm not making a ton of money off it, I find it very interesting.
That being said, I'm still pretty much a noob at this, so if anyone has any suggestions or pro tips that they're willing to part with, I'd love any input.
VIVA LA BITCOIN!
submitted by Electroniclog to Bitcoin [link] [comments]

My (unique) experience with BFL

My business relationship with Butterfly Labs permanently ended today, so I thought I'd break up the monotony of BFL refund advice and stories with the tale of a guy who bought from BFL and came out ahead in the end.
Last summer, I had my first real job, and was just finding out about this bitcoin business. I thought it was really cool, and wanted to get into mining. Back then, graphics cards were standard, and FPGAs were at the high end of the market. BFL was offering the best price/performance with their original FPGA single, which gave you like 800 MH/s or something. They also had a "coming soon" placeholder for their ASIC line, but not so much as a case rendering or preorder button yet.
Inevitably, I asked whether these people were legit. Google turned up threads where people dismissed it as a scam, a few brave souls preordered the box, and after a few delays, it came. Okay, a lot of delays. But the product existed, and that's all that matterd to me. I thought on it for a week or two, then decided to go for it.
So I went back to the website intending to buy a Single, but while I was in indecision, pre-orders had started. It was August 8, and they said they'd be shipping by October 2012 (lol). I had to decide whether to get the Single right away, then do a trade-in later, or go straight for a pre-order of four Jalapenos. Both cost the same. I fully expected some delays on the ASICs, but fugued they'd be out the door by February 2013, if not sooner (lol). So I figured I'd be better off having an early place on the ASIC pre-order list than to get the FPGA, but be near the end of the trade-in list. Call it a dumb decision, but if I hadn't gone that way, none of the following would have happened.
Time passed. The day the Little Single was announced, I switched my order to that. More time passed. I read Jody's blog every day. I was there for every Two More Weeks that ever came out of BFL's urban farming mouthpiece. And then, one day, nearly a year after this story began, on June 12, 2013, as if by a miracle, there was an e-mail in my inbox that said my order had been shipped.
But it wasn't right. They shipped me four Jalapenos, but I had changed my order to a Little Single. Little Singles weren't even shipping yet. I sent them an email explaining what had happened and asking them what I should do. Two weeks went by without a response, and the package came. I sent them another email with an update, then proceeded to plug all my new gear in. One of them was defective and mined only 200 MH/s for some reason. But the other three got about 6 GH/s. I waited for a response to my emails, and mined.
Weeks passed. Little Singles started shipping. I started phoning the office. I don't know what the deal is with their phones, but I only got voicemail (which they don't seem to check), until one day I discovered that if you phone them 3-5 times in rapid succession, you get through to someone. I told him my story. He said he'd look into it and get back to me later that day. I waited a week, then called back. He said that I could either ship back the defective one, and they'd send me three more Jalapenos, or I could ship back all four and they'd give me my Little Single. I asked how I'd be compensated for shipping. He said that I wouldn't be. I informed him that he was full of shit. He said he'd send me a fedex label. That afternoon, for the first time, possibly ever, Butterfly Labs followed through on a promise.
I waited two days, mined my eighth bitcoin, then shipped my gear back. They sent me my Little Single, I plugged it in, and that should have been the end of the story. At that point, I considered myself to have come out even. I had to stop mining for two weeks to do a product trade, but on the other hand, I started mining -albeit at a lower hash rate - sooner than I otherwise would have.
But then, two weeks ago... Remember those emails I sent back at the end of June? Well, Jody replied to the second one. Sorry about the mix-up, she said. Hope it's all right with you if we send you two extra Jalapenos, so that you needn't ship anything back. She wan't aware that the case had been resolved over the phone.
So what would you do in this situation? Yeah, I took 'em. They arrived today and are happily hashing away over in my little bookshelf bitcoin farm. As of now, I have 2.2x my original investment (including shipping and customs fees) in bitcoin, and I feel like a winner. I decided Butterfly Labs doesn't deserve the honesty I would probably have extended to most any other company.
So yeah, that's the long-winded story of how I profited from BFL's incompetence. Hope you enjoyed.
submitted by Bucky__Lastard to Bitcoin [link] [comments]

Some advice on ASIC Mining.

Hey,
I'm new to Bitcoin mining and I'm looking at the Butterfly Labs Jalapeno 5Gh/s. The problem I have is that ASIC is not widely used at the moment and the money you can make at the moment is decent. But once the Butterfly Labs Devices are released will mining become harder and prices per bit coin drop?
Advice would be appreciated
submitted by RunningDingos to BitcoinMining [link] [comments]

Bitcoin Mining: Too Good to be True?

So I read about this new ASIC bitcoin mining hardware and looked into the numbers a bit more, and if butterfly labs starts shipping these out and the currency stays as strong as it is, the spoils look promising.
So they sell different models ranging from $150- $30,000, you can check them out here: http://butterflylabs.com/
When I use this calculator: http://www.alloscomp.com/bitcoin/calculator With the current difficultly and exchange rate if you ran the lowest end $150 model 24/7, the Bitforce Jalapeno, you'd make $1,043.68 dollars a month, which is upwards of $12000 a year for $150 box.
More staggeringly, if you dropped 30 grand on the highest end model, you'd make upwards of $4,000,000 a year.
I realize this is all probability, but I'm wondering if I'm missing something, what I can think of is this: with the introduction of new, more advanced hardware the difficulty will get higher and returns lower for individual owners of these things. That, and the availability of the machines themselves.
Let me know if I'm missing something completely, but this looks very promising.
submitted by fuxwidit to Bitcoin [link] [comments]

1st BTC/Altcoin Mining Guide, Feedback Welcome!

When I decided to write this guide, I was throwing cryptocurrencies around like they were nothing. I was foolish in the fact that I disregarded the exchange fees that are attached with the services that those exchanges provided. I'm in by no means a cryptocurrency genius, and I'm still not extremely seasoned at it, but I've learned enough about cryptocurrencies in the past month that I feel confident to pass on the knowledge I have learned and to help those who are overwhelmed on where to start.
So what exactly is a cryptocurrency? According to technopedia (n.d.) a Cryptocurrency is a type of digital currency that is based on cryptography. Cryptocurrency uses cryptography for security, making it difficult to counterfeit. Public and private keys are often used to transfer the currency from one person to another.
When mining cryptocurrencies, one important concept needs to be established, and that's hash rate. Hash rate is simply a unit of measurement of processing power. The more your hash rate is, the more profitable mining becomes.
This guide uses specific sites and software, chosen by myself, as a great springboard into the cryptocurrency world. These sites and software are extremely flexible, easy to use, and integrate very well together. The mining pools I've chosen are multiple currency pools, designed to consolidate a major of the cryptocurrencies together, and instead of using several mining pools, you use three.
These are the things you'll need to get started: MultiMiner
Accounts at Coinotron, The Mining Pool Co., and BitMinter
Accounts at Cryptsy and Coinbase
There are a few different ways to mine for cryptocurrencies, the common of which are using your Central Processing Unit (CPU), Graphics Processing Unit (GPU), and Application Specific Integrated Circuit (ASIC) devices. CPU based mining is not profitable any longer, and will cost you money in the end by increasing electricity costs. GPU based mining is still popular, but losing steam against ASIC based mining. If you choose to use your GPU for mining, AMD/ATI based graphics cards (especially the Radeon HD 79xx series of cards), are the most efficient. If you have an nVidia based graphics card, I'm sorry. You can still mine on nVidia cards, but your hash rates are going to be much slower when compared to their AMD/ATI counterparts. If you chose to use GPU mining, Black Friday or Cyber Monday are you best bets for upgrading your equipment. ASIC based mining is quickly losing value with the changing difficulty on all networks, but it's the most cost effective way to increase your hash rate, and see a positive return on any equipment purchases. If my math is correct, using the methods in this guide, in order for any ASIC device to yield a positive cash flow, you've got to get a device that has at least a 5Gh/s rate (such as the Butterfly Labs Jalapeno).
Now for the fun part, explaining how everything in this well greased machine is going to work. Patience plays a big part in the cryptocurrency world, and when I first started, I had none. I was so eager to see the amount of Bitcoin go up, regardless of how much I was getting penalized in fees from trading. So, that's the first step on your journey. PATIENCE. I CANNOT emphasize this enough. Sometimes, you've just got to hurry up and wait, the effects of waiting things out on the cryptocurrency market WILL PAY OFF.
Step one of this machine is signing up for all three pools (BitMinter, Coinotron, and Mining Pool Co.). This is so that you can actually get server addresses to plug into MultiMiner, after signing up for these services though, you've still got a ways to go.
Step two is sign up for Cryptsy. I chose Cryptsy because of the features they're going to offer at a later time, as well as support for 60 cryptocurrencies (which covers all but one of which we can mine). When your Cryptsy account is setup, you will need to go into the Balances portion of Cryptsy, and find all of the currencies in which you will be mining from the pools. Once Balances are loaded up, you will need to click on the Actions button next to the currency, and click Deposit / Autosell, and then Generate Address. There's a small clipboard near the address it generated, and that will copy the address for pasting in the mining pool websites. You will want to copy, and paste all of them to a text document, along with which currency it belongs to. Not only does this keep you from juggling back and forth trying to figure out things, but it helps for reference and setting up MultiMiner.
Once you have those accounts setup, you'll want to sign up for Coinbase. A WORD OF WARNING FOR THOSE WHO ARE PARANOID... Coinbase will want to link to a bank account, this is mandatory if you want to trade your currencies for cash. If you want to trade currencies, just for the sake of trading, then you can skip Coinbase altogether. You can transfer your Bitcoins from Cryptsy straight into Coinbase, and then sell the Bitcoins from Coinbase, and straight into your designated bank account.
MultiMiner, oh how amazing you are. For every cryptocurrency available in all pools, you will need to add these coins, along with server addresses, log-ins and passwords. To do so, click on the drop down next to the Settings button, and click Coins. From there, click on Add Coin, and choose each coin from a pool. This will list it in the box to the left, and give you the ability to add information on the right. You can add multiple servers as well, in case the current server you're mining on goes down. After all your coins are setup, you'll need to setup your Strategies. Click the drop down next to Settings, and chose Strategies. Check the Enable Strategies check box, choosing Straight Profitability from the drop down, and checking the Strategy every five minutes (that way you're not losing money by mining something that has dropped in price). This aggressive price checking makes it to where you're always on top with whatever you're mining. Also make sure you have Mine the Single Most Profitable Coin selected. Stick with CoinChoose as your price source (under Settings), as CoinWarz charges for there services beyond a certain point. Click Start, and take a vacation.
Reading the charts on Cryptsy can be a little tricky, and scary if you've never saw those types of graphs before. Those graphs are called Candlestick Charts, and are used primarily in the stock market. I won't go in to great detail on this, however, you can find a nice cheat sheet on the subject here.
I hope everyone enjoyed the guide, sorry for being punctual and brief, but there isn't anything too elaborate of complicated about searching for cryptocurrencies. I love mining as a hobby, mining's fun, and if there is any money to be made off of mining from my end, great, if not, I had fun mining.
While compiling a spreadsheet of the minable currencies in this guide, if everything is set up correctly (and assuming servers aren't down), you should be able to mine the following:
And while Mining Pool Co. offers ASICcoin and Unobtainium, ASICcoin isn't supported in MultiMiner, and Unobtanium isn't supported in Cryptsy. I still mine for Unobtanium in hopes that Cryptsy will include it one day.
References
Cryptocurrency. (n.d.). In technopedia. Retrieved from http://www.technopedia.com/
submitted by ford0415 to BitcoinMining [link] [comments]

Help a newcomer wrap his head around a few things, please?

Hey All,
I've been hearing a ton about bitcoins in the last month, so about a week and a half ago when I finally wasn't working 18 hours a day, I sat down and spent a saturday researching the whole concept, the methods of mining, familiarizing myself with the different tools and workflows, etc. I started mining on my GTX670 which yields a lowley 87mh/s... but it's better than nothing. In the past week, I've accumulated a whopping sum of .07 bitcoins, and got slightly discouraged at the work that was going in to something to gain so little.
But, I've been watching this whole explosion happen in real time, and now I'm just as fascinated about the whole bitcoin concept as I was two weeks ago. I fired up a couple of 5770's I had laying around, and now I'm pulling around 350-450 mh/s all together, which is yielding much better results. The best part is, I don't pay for electricity (it's included in my rent) so I can leave these heat machines blasting 24/7. I realize now that I'm not mining for USD, I'm mining to accumulate coins that will be worth (hopefully) much much more in the future. Sadly, I have absolutely zero capital to invest in the coins by buying them, thanks to just recently graduating and my absurd student loans.
Basically, I was wondering what all of your favorite mining pools are? And what's better for my current situation, PayPerShare or Porportional? I'm currently mining for Eclipse, which employs the Double Geometric Scoring method. This was fantastic for the few blocks that only lasted 10min-1hr, but currently I'm mining on a block going on 13 hours and have the same estimated reward as a block that lasted 30min (.007bc), where if I was being paid per share, I would have made nearly .225bc.
Also, what are your opinions on the ASIC hardware that's coming out? I'm looking at purchasing a Butterfly Labs Jalapeno, which is only 150$ for 4.5gh/s. Again, electricity isn't an issue, and at the current rates that thing would make nearly $20/day. If I place an order now, I likely won't receive one till June, will mining still be relevant then, or is mining past its prime?
Sorry for the wall of text, I may have drank a little extra tonight after working another 19 hours... so I apologize if this post is a clusterfuck of questions.
Thanks!!
submitted by hitbyaprkedcar67 to Bitcoin [link] [comments]

Rasberry Pi Jalapeno Miner?

Hello,
Relatively new to Bitcoin. I've got a Rasberry Pi I recently purchased on a whim, I was wondering if it's at all lucrative to convert it into a mining rig? I was looking at the Jalapeno from Butterfly Labs. According to the online calculator the rig could pay for itself in a matter of months.
Anybody with experience in mining have some input?
submitted by catkinson19 to Bitcoin [link] [comments]

Difficulty per block and Hardware

I'm very new to Bitcoin and Bitcoin mining, I was looking over the calculators for hardware/earnings and the one thing I was most concerned about was the exponentially increasing difficulty per block for processing over the last year.
Will the difficulty ever go down? When massive calculating pools (such as china) leave the market after racking up the block's difficulty and the processing power of data center's to compute the blocks goes away when businesses see its becoming unprofitable, how can Bitcoin's be mined for profit in the near future? It is a bit scary looking back at how just last June the difficulty was at 10.1 million (estimate) and now the difficulty is at 908,350,862.43702 .
I'm just wondering if it's ever going to be possible to mine using something similar to the Butterfly Labs Jalapeno to turn a profit in the next 6 months.
I am mentioning this because of the ars technica article I read a few months back, and while I don't plan on making millions, earning enough to pay for gas once or twice a month would have been nice.
submitted by miningforsnow to BitcoinMining [link] [comments]

Questions from someone who is new to Bitcoin

Hello, I am very interested in trying bitcoin or litecoin to make a few extra dollars here or there. I've done some research, and I have a few questions.
Right now, I'm looking at the Butterfly Labs Jalapeno. https://products.butterflylabs.com/homepage/5-gh-s-bitcoin-miner.html. It costs $275, and it processes 5GH/S. I ran that through the Bitcoin Calculator (https://bitclockers.com/calc) and it estimated that it would return $15,000 a year at bitcoin's current price of 148.00. (Click this link to see my settings: http://bitclockers.com/calc/mining_difficulty/7673000/difficulty_change/2/btc_per_block/25/value_per_btc/148.8/mhash_rate/5000/cost_per_kwh/0.12/watts_consumption/750/total_days/90/hardware_cost/250)
I'm pretty sure I'm missing something here. I figure there's no way I should expect that kind of return. What am I missing? How much should I expect to make? What advice would you offer to a noob like me? Right now, I'm mostly in the research phase, I don't want to dive in until I'm sure it's the right decision.
submitted by johndavismit to Bitcoin [link] [comments]

I believe that bitcoin will grow at a healthy, steady rate for a long time.

I am very new to this, but I already know that I will be in this for the long haul. There are probably a lot of people, like myself, that had heard about bitcoin around the time of its inception, that thought it was a cool idea, but didn't think anyone would really be into it, and it wouldn't catch on. Bitcoins are now exchanged, as of 9:35 PM 3/31/2013, at $93.45USD each. I do not have a large income. In fact, I pretty much live reasonably paycheck-to-paycheck. I see this catching on, and I see the value and potential that this has. I am planning on exchanging $50-100 into bitcoin every paycheck, and spending and replacing them as much as possible. I want to see this work, and I work with one other guy that only first heard of bitcoin this past week when I told him about it. I am also planning on purchasing a small ASIC mining device, like Butterfly Labs Jalapeno. As does my friend, who only wants to help mine, as a hobby. He just wants to get a Jalepeno (for now) and join a pool and have fun with it. Most people don't understand the concept well enough yet, and it is hard to explain it to others, especially if you haven't been too familiar with any of this until recently. But I don't see how this is going away, and it's so much fun being able to literally move money to far away places without anyone helping you do it. Has anyone known anyone that once held bitcoin, but no longer wants anything to do with it?
submitted by Lentil-Soup to Bitcoin [link] [comments]

BFL Labs confirm shipping of units.

A copy of the email as follows:
Shipping Update View this email in your browser
Products Support Forums Contact Us BFL Products Shipping Now May 1, 2013
Dear seppukkake,
Shipping of our BitForce SC ASIC miners has begun!
You may have seen news reports of our ASIC miners in the wild and some of you may have already taken delivery. It's all true. We're finally shipping. You will receive your order as we work through the shipping queue .
If you didn't know, you can check your order status on our website. Log in by clicking here. Use the same email and password you set up your account with.
If you don't have your password, use the Lost Password function to create a new one.
So what took so long?
This third generation of our SHA256 engine was a complex multi-year investment in bringing the latest semiconductor technology to bitcoin mining.
Developing a fully custom 65nm ASIC processor is not a casual undertaking. In fact, the new products have improved mining speed by a factor of 72. This much advancement doesn't come easy and it's fair to say that getting here has been eventful.
The key issue has been the engineering related to accommodating larger power draws than expected. A good example is the Jalapeno product. It was originally designed to be powered by USB but now consumes the power of a small light bulb (30w).
Consequently the power regulator, enclosure, airflow and PCB needed upgrading to suit. Although we are very aware of the undesirable dynamics of any delay, we were nonetheless obligated to make these updates in order to deliver a reliable product at the expected performance. The same adjustments have been made with all products in the lineup. You can see the adjusted product cases in our currently posted product lineup. (The Mini Rig case will be double shipped to satisfy their orders which is why we've run out Mini Rig enclosure stock).
Final confirmation is required
Please be advised that due to the adjustments described above, we need your confirmation prior to release of your order into the final build queue and on to final delivery. It may also be a good time to review your purchase altogether relative to the bitcoin market as this is the last opportunity to do so. If your order is not confirmed, it will be canceled and your money will be refunded.
Thank you for your support and we wish you great satisfaction with your product!
Jalapenos Out the Door Packaged for its adventure to a new home. Bye Jalapeno! Your owner eagerly awaits your arrival.
Easy Miner Beta Release An easy way to mine with a GUI and real-time Bitcoin statistics, developed for Windows and Android. Linux version coming soon. Download and participate in the beta by clicking here.
New Single Form Factor The new form factor for the Single. The new body offers room for performance growth while keeping things ultra cool.
Facebook Twitter YouTube Website 
Copyright © 2013 Butterfly Labs, All rights reserved. You are receiving this email because you have ordered or expressed interest in Butterfly Labs products.
Our mailing address is: Butterfly Labs PO Box 413671 Kansas City, MO 64141-3761
Add us to your address book unsubscribe from this list update subscription preferences
submitted by seppukkake to BitcoinMining [link] [comments]

Did you notice...?

how back in october through the december rally to the high, all of a sudden all the asic mining companies got their shit together, and pushed products through. i waited six months for bfl's jalapenos, and by the time i got them... they never mined anywhere near the 3 bitcoins i paid for them... this isn't anything that hasn't been said before... but i feel that these asic companies are mining with our hardware, and just when the price is going up, and there is pressure on them to come out with a product, they do... but it comes at the cost of lost opportunity... i believe that the way bitcoin is designed, it has the power to fundamentally changed everything, and redistribute wealth on a global scale... but man... i just feel really burned... i haven't bought hardware yet this generation, because it's all already outdated... and i don't feel like waiting for 16nm, 14nm, and 10nm nodes to come out. i'd honestly rather just buy bitcoin. when a butterfly labs, or a blackminer, or a bitmine.ch, or a cryoniks.com comes asking for money upfront for their machines, i just feel really let down when 6 months down the road, you still don't have a product, a working prototype, an update to your site, and sometimes in the worst case scenario, complete vaporware. knc, they have a great reputation, but price range, they are just out of reach for the average enthusiast. buying bitcoin has taught me the value in saving money. when you buy bitcoin it pays off... in the long run... this year, is an infrastructure year. last year was a coming out party. 3rd and 4th quarter, i think we're going to see a similar trend like we did last year. when i seen the price go up to $400 i panicked and sold. i think i'm a little wiser now, and i have to justify my waiting. so, i won't sell when it goes past a little over $1,000 or even $5,000 i'll not even sell at all, and get back into mining ironically... i just feel the more i write about bitcoin, the more in circles i'm talking. good times.
submitted by pimpingken to BitcoinMining [link] [comments]

BITCOIN MINER: JALAPEÑOS DE BUTTERFLY LABS (21 Gh/s) BUTTERFLYLABS 5 GH/s Bitcoin Miner ( Butterfly Labs 5 GH/s ASIC Bitcoin mining rig, the Jalapeno Part 1 Butterfly Labs bitcoin setup, jalapeño, single Butterfly Labs 5 GH/s ASIC Bitcoin mining rig, the Jalapeno

Bitcoin and other cryptocurrencies might not be completely legal in your country and/or jurisdiction. Online gambling is forbidden for persons under 18 years of age in most countries, while in some countries it is completely illegal. Butterfly Labs promised its technology could mine bitcoins 1,000 times faster. Mining is an essential part of bitcoin. It rewards people for using their own computer power to maintain the network. Butterfly Labs – Jalapeno 7 gH/s – Hands on. Norbert Kovacs Feb 16, 2014 22:53 . Share. Tweet. Send. Share. You might ask yourself the question: Why would they do a review in 2014 on a 5 GH/s miner . Well, here is the answer! We just had the product delivered to us. To be more precise, a friend of ours ordered one and gave it a try back on 4.5.2013. Costs: 5 GH/s Bitcoin Miner – $274 ... Butterfly Labs — the US-based company that has been promising a low-powered, low-cost ASIC mining rig for months now — has finally shipped one to a US blogger and bitcoin specialist. Butterfly Labs finally ships out last year’s Jalapeno orders Finally, after more than a year of waiting, those who preordered the 5GH/s Jalapeno ASIC Bitcoin miner from Butterfly Labs should ...

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BITCOIN MINER: JALAPEÑOS DE BUTTERFLY LABS (21 Gh/s)

Butterfly Labs 5 GH/s ASIC Bitcoin Miner (Jalapeno) Review - Duration: ... Bitcoin mining mexico butterfly labs 10gh/s - Hackwise - Duration: 9:37. HackWise Recommended for you. 9:37 . 60" TV for ... The Butterfly Labs 5 GH/s Jalapeno. This is the small ASIC miner from Butterfly Labs. Butterfly Labs 5 GH/s ASIC Bitcoin Miner (Jalapeno) Review - Duration: 11:42. ... A Look at the BFL Jalapeno and Little Single ASIC Bitcoin Miners - Duration: 20:05. Photon939 29,176 views. 20:05 ... BFL Jalapeno Firmware unlock with AVR Dragon flash Bitcoin ASIC - Duration: 4:46. Sirus20x6 6,810 views. 4:46. Bitcoin mining mexico butterfly labs 10gh/s - Hackwise - Duration: 9:37. ... Butterfly Labs 5 GH/s ASIC Bitcoin mining rig, the Jalapeno - Duration: 1:33. DPRoberts99 Recommended for you. 1:33. Butterfly Labs 5 GH/s ASIC Bitcoin mining rig, the Jalapeno Part 1 - Duration: ...

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