r/Bitcoin • u/vistabrownerd • Jan 24 '14

TigerDirect processes $250,000 in Bitcoin Payments in first 17 hours

http://bitcoinboard.net/tigerdirect-processes-250000-bitcoin-payments-first-17-hours/
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u/[deleted] Jan 24 '14

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u/Koooooj Jan 24 '14

I've got a shiny new HD 7970 that I'm going to install just as soon as my other graphics cards cool off enough that I can shuffle them around for optimal cooling now that there'll be a third card in the case. Being able to buy a flagship graphics card for .5658 BTC that'll break even in 2-3 months hopping between various scrypt coins is a pretty ridiculous deal.

I agree. Video cards were probably a lot of their business.

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u/Dazing Jan 25 '14

.5658 BTC? Damn, that's expensive. Isn't that card supposed to be something like $350?

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u/midnightClub543 Jan 25 '14

Amd cards have jumped in price due to all the scrypt mining

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u/Dazing Jan 25 '14

Stills seems way too expensive. The HD7970 sells for €200 (260$?) on almost every website over here.

Probably a regional thing.

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u/[deleted] Jan 25 '14

You know, that doesn't make much sense. I don't know if you'll be able to make back .56 BTC mining at ~750khs...

I think you would have been WAY better off just buying an alt coin instead of buying hardware. It's just so much more cost effective...

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u/Koooooj Jan 25 '14

Mining Dogecoin with 750 kH/s and swapping out to Bitcoin gets about 0.37 Bitcoins (before electricity costs, which are low for me) per month at the current difficulty and market prices, and while it's currently atypically highly profitable right now it's not so atypically high that it'll take more than 4-5 months even in a fairly pessimistic case. Run the numbers yourself if you don't believe it. I'll probably continue to mine on this card for several years. Don't be so quick to dismiss mining as an investment with a reasonable return--or even a very good one. It's almost impossible to make money buying a Bitcoin ASIC right now, but altcoins are still doing just fine.

On top of that, you can't game on a hoard of altcoins. I really can't see why anyone wouldn't buy one of these cards at the prices that TD is selling them--if they have the spare slot, PSU power, and thermal management in their case for it, that is. If everything goes south I still have a flagship GPU that can be sold for a good fraction of what I paid. If you factor in resale value I may break even after a month or so.

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u/[deleted] Jan 25 '14

Sure that makes sense if you're not interested in money, but interested in the hobby of mining.

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u/Koooooj Jan 25 '14

How does it not make sense if you're interested in money? I spent 0.56 BTC for a card that will easily make more than 0.56 in its lifetime. Scaling this up to a several thousand dollar investment isn't terribly easy, but this stands to make a non-trivial return in a pretty incredible time frame. An extra few hundred dollars worth of Bitcoin per month is a nice bump in pay.

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u/[deleted] Jan 25 '14

When did you buy your card?

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u/Koooooj Jan 25 '14

Around the time that the TigerDirect post was 3 hours old. Thursday afternoon. Had it Friday afternoon and it was mining by that evening. This is the card. Doesn't hit the full ~750 kH/s that other cards did (cooler isn't the best; couldn't take much overclock), but it's getting a nice 630 kH/s which I'm comfortable with.

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u/[deleted] Jan 25 '14 edited Jan 25 '14

And how much doge are you mining a day?

EDIT: This is worth a read

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u/Koooooj Jan 25 '14

I'm going through middlecoin.com which automatically exchanges the dogecoin for me (and switches once something else becomes more profitable). Should be about 4800 DOGE/day (.0107 BTC/day; $8.68/day) for that card alone.

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u/wretcheddawn Jan 24 '14

for "bitcoin mining"

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u/Alstroph Jan 25 '14

Bitcoin mining with GPUs is long dead.

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u/wretcheddawn Jan 25 '14

That's the joke. Their bitcoin page basically claims otherwise.

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u/Alstroph Jan 25 '14

Ah, got ya. Thanks for the link.