LebGeeks

nosense

Member

Re: Bitcoin in Lebanon

He posted in sell your stuff post previously

Bitcoin 5GH/S asic miner. More than one available. All new
https://products.butterflylabs.com/home … miner.html
Will deliver in Beirut, Tripoli and Saida
400$

scatman

Member

Re: Bitcoin in Lebanon

Thanks aliessayli2
BFL is selling the 5GH/S ASIC for 275$ + 36$ shipment to Lebanon
Customs and libanpost charges around 50$ extra.
So i think 400$ is a reasonable price. No?
Knowing that if you order one now from BFL.... you won't get your item until February (estimation). I received my ASICs 8 months after i ordered them.

Would it be worth it given how fast the mining difficulty is increasing?

The mining difficulty is absolutely increasing and so is the the price of a bitcoin
so looking at the current price, difficulty and hash rate, and using the Mining Calculator i got:

samer

Admin

Re: Bitcoin in Lebanon

It is my understanding that the current reward for solving a block is 25 BTC. Is this calculator simply dividing that reward by the number of days/weeks/months expected to solve a block and assigning a BTC value to it? If so, this can be misleading to those uninitiated, as it makes it seem as if they will be getting a constant reward of ~0.188 BTC per month instead of one lump sum of 25 BTC + transaction fees.

@Scatman, why is the hashrate in your image at 7.5 GH/s while the miner you are selling clocks at 5 GH/s?
Also, keep in mind that the mtgox price is inflated because people have a hard time getting their fiat money out.

I have adjusted to the proper values and the current market price on bitstamp and got this:

I personally don't think it is worth it, especially that you are not factoring in the price of electricity and the depreciation of the miner itself,  which will be obsolete as the total power of the network is increasing.

rtp

Member

Re: Bitcoin in Lebanon

I personally don't think it is worth it.

That is why he is selling it, if it actually was worth it, he would have kept it for himself.

scatman

Member

Re: Bitcoin in Lebanon

@Samer
Most people are doing pool mining.
On BFL website i quote "Processing Power: 5 GH/s (+/- 10% running variance)". The miners i got are doing 7.5GH/S  (I'll post images of a miner i am running if anyone asks for it).
as for the exchange rate, last night it went up to 900$ while now its 553$ (It was a few cents 4 years ago).

In summary, don't buy an ASIC miner unless you believe in the future of bitcoins. People used to mine 10 bitcoins/day when the price was  in cents. For some people it wasn't worth it, for others it was. The bitcoin reached 900$ yesterday night.
My point is: 0.1 bitcoins maybe worthless for some now. But in the future it may be worth thousands (Or null).

@rtp
Actually i am doing both. Mining + selling ASICS for some money.

john

Member

Re: Bitcoin in Lebanon

Bitcoin hits $1000.

Hybrid

Member

Re: Bitcoin in Lebanon

China banned the banks from dealing with bitcoins..... here comes the huge fall....

rtp

Member

Re: Bitcoin in Lebanon

China banned the banks from dealing with bitcoins..... here comes the huge fall....

indeed its 600 now.

Last edited by rtp (December 7 2013)

Hybrid

Member

Re: Bitcoin in Lebanon

China banned the banks from dealing with bitcoins..... here comes the huge fall....

indeed its 600 now.

It was around $800 10 hours ago, expected to go down to $200~$300 soon... all other coins are affected aswell... LTC, NMC and PPC has dropped aswell... everyone's selling

Hybrid

Member

Re: Bitcoin in Lebanon

This will make it boom even more I guess
http://finance.yahoo.com/news/secondmar … 00747.html

To the moon?

DaveAchkar

Member

Re: Bitcoin in Lebanon

Hi everyone, I'm a Lebanese living in SF, working on a couple Bitcoin related businesses. I'm excited to see a good Lebanese community around Bitcoin.

I'm heading over to Lebanon in January and would love to meetup and get a discussion going with the local community. Things to talk about include: where Bitcoin is at today in Lebanon, what are plans in the near term, opportunities to grow adoption in Lebanon and the ME region, and anything else you come up with.

Anyone on here are interested in getting a good conversation started?

samer

Admin

Re: Bitcoin in Lebanon

Hi Dave, good to have you here. Will you be in Beirut before January 5? It would be nice to have a small meet-up for crypto–currency enthusiasts.

arithma

Member

Re: Bitcoin in Lebanon

I'm definitely in.

MrClass

Member

Re: Bitcoin in Lebanon

A nice chat about crypto currency sounds great. Maybe I'll share my litecoin mining experience. I'm about to make my first LTC

DaveAchkar

Member

Re: Bitcoin in Lebanon

Great, glad to hear it. Samer, are you suggesting we meet before or after January 5? Both are fine with me.

Also, can you think of other avenues where we should spread the word? It would be great to get a diverse set of people from various places.

samer

Admin

Re: Bitcoin in Lebanon

@Dave: I'm traveling on the 5th, so before that.

DaveAchkar

Member

Re: Bitcoin in Lebanon

Ok, then either Sat Dec 28 or Jan 4 work for you guys?

(Feel free to suggest other days, I'm pretty flexible between Dec 27-30 and Jan 2-5)

Nemesis-301

Member

Re: Bitcoin in Lebanon

guys, I am new to mining, if you could help me out a bit that would be great! I am using gui miner, and mining slush's pool...I have been mining for almost an hour with a ~75Mhashes/s (55 with my primary vga, and 25 with my secondary vga) and I still haven't gotten a single hash accepted or stale...what am I doing wrong? or is this normal?

Nemesis-301

Member

Re: Bitcoin in Lebanon

ok, seriously what's going on? I stopped mining slush and have been mining deepbit for 2 hours at 55Mhashes/s and accepted is 0 and stale is 0....is this normal?

MrClass

Member

Re: Bitcoin in Lebanon

Mining bitcoin on graphic cards is not efficient anymore. You need ASICs that have hashrates of hundreds of GH/s and above to mine fractions of a bitcoin; you wouldn't break even in a month or even a year. I did my study of mining crytocurrency; purchasing an ASIC miner today will ship and reach you in 4 months. At that time, the difficulty would be so high that your miner renders useless. Forget about mining bitcoin.

What I did is move to other cyrto currencies; then exchange them for bitcoin. I experimented mining litecoin, but the difficulty is rising quickly. It is scrypt based, so high end AMD Radeon cards should be able to give decent hashrate (the 280X has the best hashrate/price ratio). Though even with 4 of these cards (can make around 3000KH/s), mining litecoin isn't getting profitable much (especially after litecoin's drop in price, was 30$ now 17$).

Thanks to cysto, I moved to Dogecoin (another cyrtocurrency). Dogecoin's difficulty level is still low, so mining it is pretty acceptable. I'm mining it with a total power of 490KH/s and have mined 14000 of it so far. According to http://www.coinwarz.com/cryptocurrency, mining Dogecoin is profitable. At a mining hashrate of 3000KH/s (for example), it takes only 16 days to mine enough Dogecoin to make a bitcoin (versus 30 days with litecoin).

Consider moving on with mining Dogecoin; it is your best chance in making profit. Hope you have a decent AMD radeon card; happy mining!

Hybrid

Member

Re: Bitcoin in Lebanon

guys, I am new to mining, if you could help me out a bit that would be great! I am using gui miner, and mining slush's pool...I have been mining for almost an hour with a ~75Mhashes/s (55 with my primary vga, and 25 with my secondary vga) and I still haven't gotten a single hash accepted or stale...what am I doing wrong? or is this normal?

As MrClass said,

Mining bitcion or any sha-256 coin with GPU is useless, ASICs will always be ahead of you

Use your GPU to mine scrypt coins, like litecoin, dogecoin, worldcoin, luckycoin, diamond coin, etc... then trade them for bitcoin, you will make much more profit.

If you want to use your cpu, there are coins for CPU like primecoin or protoshare, just mine them and then trade them for bitcoin.

Nemesis-301

Member

Re: Bitcoin in Lebanon

thanks for the info guys, am gonna give dogecoin a try.... much thanks! wow! :)

samer

Admin

Re: Bitcoin in Lebanon

Dave pointed out to me that the Lebanese central bank issued a warning related to Bitcoin and digital currencies on December 19th. Here's the official announcement in Arabic, and an English article on Coindesk.

DaveAchkar

Member

Re: Bitcoin in Lebanon

Notice the discrepancy: they first remind that electronic money is illegal, then proceed to warn about Bitcoin (rather than outright ban it), they even refer to both differently: النقود الاكترونية vs النقود الافتراضية which is odd.

what do you think?

samer

Admin

Re: Bitcoin in Lebanon

@Dave: I think they are being cautious. They don't fully understand crypto–currencies and what they entail. A warning would allow them to easily go back on their decision, whereas a ban is probably harder to revert. What is curious though is that they are differentiating between "electronic money" and "virtual money", two terms that mean the exact same thing. I believe they should have used
عملة لا مركزية (decentralized currency) instead.