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Reusing old mining harware

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• ProtoTech

  

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  @fbsoulman I know this doesn't totally relate to the issue of older ASICs, but if anyone has any old GPU/CPU rigs they want to re-purpose, check out http://www.foldingcoin.net/

  We leverage the Stanford University Folding@home network and distribute our own Counterparty token based on your folding credits.

  More info on the site, I'll stop hijacking your thread now...

  -James

  It's sad that there is nothing we can do about the ASIC's relating to this, but it's fine with me that you posted information about the service. This really is the double-edged sword we know as ASIC's. They do one thing, and one thing very well, but can do nothing else once they are obsolete.

  @william

  @belltown Try selling your old ASIC on eBay. People buy even unprofitable miners

  Why would someone buy an unprofitable miner? Out of ignorance?

  Sadly, yes. It seems that people still pay far more than they should just because it's on eBay.

  Posted on July 20, 2014 at 2:29 PM
  Last Edited: July 20, 2014 at 2:30 PM
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• belltown

  

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  @william

  @belltown Try selling your old ASIC on eBay. People buy even unprofitable miners

  Why would someone buy an unprofitable miner? Out of ignorance?

  I know that they do, but I don't know why. I sold one myself.

  Posted on July 20, 2014 at 5:55 PM
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• dpc

  

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  I thought all miners were unprofitable :) Just kidding

  Why would someone buy an unprofitable miner? Out of ignorance?

  Posted on July 20, 2014 at 7:20 PM
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• dpc

  

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  Asic are pretty limited to sha256 bitcoin hashing. They cant doe sha256 password cracking making them pretty useless for any other type of computing. They are hard wired to do a single thing and nothing else.

  Cats like to sleep on them.

  Posted on July 20, 2014 at 7:39 PM
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• ProtoTech

  

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  @kerneloops

  @dpc I thought all miners were unprofitable :) Just kidding

  Why would someone buy an unprofitable miner? Out of ignorance?

  And now you tell me this?

  One of the more spontaneous bitcoin purchase of late was an AntMiner S1. Bought one in March for 0.99BTC and it actually, against all odds, has paid itself off.

  I'm not an environmentalist per se, but you do have to wonder what the heck are we going to do with the arms race of ASICs.

  Those suckers are still one of the best buys price-per-gigahash and can make a profit because they are so cheap now. Better yet, as they continue to get cheaper, they can be underclocked to get a better power-per-gigahash ratio. Those miners in particular can be ran for a long time, but will still take up so much more space and heat than newer miners.

  Posted on July 21, 2014 at 8:26 AM
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• hill

  

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  @prototech Maybe someone should open a farm where they buy hardware for cheap, under clock it, and make use of the hardware for as long as possible. Good point. We need a flea market.

  Posted on July 21, 2014 at 9:51 AM
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• ProtoTech

  

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  @hill

  @prototech Maybe someone should open a farm where they buy hardware for cheap, under clock it, and make use of the hardware for as long as possible. Good point. We need a flea market.

  I have thought about this a lot. A good market to buy and sell miners would not only provide a convenient way to buy and sell equipment, it also would help regulate the price of the miners. It wouldn't help the ever decreasing profitability of each miner, but it would help certain people get ahold of equipment and get the most use out of it.

  Posted on July 21, 2014 at 9:54 AM
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• dpc

  

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  @prototech

  @hill

  @prototech Maybe someone should open a farm where they buy hardware for cheap, under clock it, and make use of the hardware for as long as possible. Good point. We need a flea market.

  I have thought about this a lot. A good market to buy and sell miners would not only provide a convenient way to buy and sell equipment, it also would help regulate the price of the miners. It wouldn't help the ever decreasing profitability of each miner, but it would help certain people get ahold of equipment and get the most use out of it.

  I know nothing about running an economical mining operation so take this with a grain of salt. If you have the expertise, space and power you could set up a gazelle type service where you buy specific models of rigs you want to work with and give people free shipping + a fraction of what they are worth. I'm sure there are lots of people who would take a small fraction of their initial equipment investment just to clear out old rigs.

  Posted on July 21, 2014 at 12:22 PM
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• ProtoTech

  

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  @dpc

  @prototech

  @hill

  @prototech Maybe someone should open a farm where they buy hardware for cheap, under clock it, and make use of the hardware for as long as possible. Good point. We need a flea market.

  I have thought about this a lot. A good market to buy and sell miners would not only provide a convenient way to buy and sell equipment, it also would help regulate the price of the miners. It wouldn't help the ever decreasing profitability of each miner, but it would help certain people get ahold of equipment and get the most use out of it.

  I know nothing about running an economical mining operation so take this with a grain of salt. If you have the expertise, space and power you could set up a gazelle type service where you buy specific models of rigs you want to work with and give people free shipping + a fraction of what they are worth. I'm sure there are lots of people who would take a small fraction of their initial equipment investment just to clear out old rigs.

  This is also a good idea, but there still lacks an incentive since I could spend all that money on newer miners and make more money in a smaller space for less power. Unless they are dirt cheap, that is, and older miners are usually not.

  Posted on July 22, 2014 at 4:19 PM
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• belltown

  

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  You guys make me beleive that Bitcoin mining is profitable again. Should I buy one of ASICs and go back to mining? Hmmm

  Posted on July 22, 2014 at 4:38 PM
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