Everything you need to know about Bitcoin mining

An important piece of advice to mining shibes

Hey shibes!
I know that there have been advances made in dogecoin miners, ASICS, etc, fairly recently. I'd like to give you guys a heads up on a fairly serious issue that has arose on the bitcoin-end of things as far as ordering miners, particularly preorders.
Let me start off by saying that I mine mainly Bitcoin. Around February, a company called Black Arrow offered preorders for a new miner that ran incredibly fast and was extremely cheap for the price. I had heard people say to be very weary of preorders due to the BFL incident, but I decided to invest in one of these anyway. After shipping costs, it came out to just above $400. Also, I ordered through a US reseller called Minersource who has contracted with Black Arrow, who was China/Hong Kong based.
So we waited for shipping which was only a short time away. Every week there were production updates, which were slowly pushed later and later in the week. Issues were found with the miner, and things needed to be fixed. It was supposed to be a plug-and-play miner, with wifi, LCD, the whole works. It seemed that each week a new issue was found that pushed shipping off a little more. Support tickets were filed with little to no answer, and people began to get angry.
Now it is July. Black Arrow is just now beginning to ship their miners, incomplete and not to spec as they were advertised. Difficulty has increased to the point where the miners are now obsolete and will not reach a ROI. People are livid.
TL;DR: Company advertised a great product. Product created was not what was ordered. Product wasn't shipped until after it became obsolete and people lost a lot of money.
Now that I've told my tale, how does this have anything to do with dogecoin? Because ASICs and such are so new for doge, I don't want any shibes to run into this issue.
Do not pay money for a pre-order for any miner. No matter how great it looks.
A lot of people were caught in this mess with Black Arrow, and they have lost so much money. Some people tens of thousands of dollars. The people who ordered directly from Black Arrow are left in a horrible situation where they wish to sue, but either cannot afford it or cannot due to jumbled up international laws. If a class action lawsuit was formed, the company would most likely dissolve and close its doors with no one receiving a dime. Luckily, because I ordered through Minersource, the US reseller, I have a little more protection on a refund, and had put in a request as of last night. Hopefully my ticket will be processed soon. I hold no ill will towards Minersource, as they have been put between a rock and a hard place, and hopefully they will make the best of a bad situation.
I beg you shibes, heed my warning and learn from my mistakes. Don't allow yourself to be fed lies and get scammed. Order items that are already made and in stock. I know there are predatory companies/people out there, and I could easily see something like this happening with the production of a dogecoin miner.
If you see something like this, be weary and let a fellow shibe know the risks. We have to look out for each other. :) Best of luck to you guys!
EDIT: I just received a reply from Minersource stating that they are no longer refunding orders. Looks like this shibe will be talking to her lawyer. sigh
submitted by zukdoge to dogecoin [link] [comments]

What happened to minersource.net?

About a week ago I noticed minersource.net went offline, their social media accounts don't say anything about why. I have bought some equipment from them in the past and I'll be pretty sad to see them go, if they have.
So, does anyone know what happened?
submitted by spx404 to Bitcoin [link] [comments]

Quick update from spendabit -- the place where you can (now) find more than 2-million things for Bitcoin!

Greetings Bitcoiners / Redditors!
We just wanted to drop a quick update on our progress and ongoings.
First, we had a great time at The North American Bitcoin Conference in Chicago where we met dozens of intelligent and enthusiastic Bit-inspired folks -- including a number of people we first corresponded with here on Reddit! Thanks to everyone that stopped by our table to say hi.
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submitted by spendabit to Bitcoin [link] [comments]

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