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pm
07-11-2013, 12:30 PM
Thanks for the head's up on Primecoin, Chiropteran. If I do actually make a fair amount of money from it, you'll need to send me your address so that I can monetarily express my gratitude.

It was actually a lot of "fun" to set up - and I mean that sincerely. I recompiled the code for my Haswell box and I'm getting 1400-1600 primes-per-second - which is just rocking compared to the way it was configured when I got it. It was fun because I actually totally suck at make/g++/compiling and I really have only a limited clue what I'm doing and it's a great feeling when you make a chain of guesses and they all seem to pan out. I have no idea how many I've mined, but when I checked the transactions, everything looked good and processing as expected.

What's really good about primecoin is you can mine litecoins with cgminer while mining primecoins in the background. So it doesn't even cost anything.

I don't know if primecoin will work out - it's got a better basis than lots of other new coins out there, so it's one of the more promising new ones - but it was fun getting it working and it doesn't cost me anything extra to mine (litecoin hashrate wasn't impacted) so it's ok even if the coins are worthless in the end. But I have a better feeling about primecoin than I have about any of the other derivatives out there after litecoins.

Chiropteran
07-11-2013, 04:15 PM
I mined about 300 primecoin in the first 3 days, but haven't found a single block since Wednesday 7am. Difficulty doesn't *seem* that high (7.6 something) but I am either having terrible variance or it's become significantly harder to mine. Mining on a 6 core phenom, a dual core athlon 2, and an i7-3770.

edit:

Has anyone used this exchange?
https://mcxnow.com/exchange/XPM

Just curious how legit it is, it includes primecoin as a traded currency.

pm
07-11-2013, 04:33 PM
I mined about 300 primecoin in the first 3 days, but haven't found a single block since Wednesday 7am. Difficulty doesn't *seem* that high (7.6 something) but I am either having terrible variance or it's become significantly harder to mine. Mining on a 6 core phenom, a dual core athlon 2, and an i7-3770.

edit:

Has anyone used this exchange?
https://mcxnow.com/exchange/XPM

Just curious how legit it is, it includes primecoin as a traded currency.

When I checked this morning, I had found at least three blocks between 11pm last night and 7am this morning.

What sort of hashrate (or primerate? :) ) do you get on your systems?

Chiropteran
07-11-2013, 04:50 PM
When I checked this morning, I had found at least three blocks between 11pm last night and 7am this morning.

What sort of hashrate (or primerate? :) ) do you get on your systems?

It's highly random, apparently. Checked once and got 47 primepersec, a minute later and it's 61 primepersec, now 72. Going to try on some other systems with different CPU and see what the results are.

edit: 97 now. keeps increasing. 133.

crashtech
07-11-2013, 05:23 PM
Isn't is a given that solving for primes becomes progressively more difficult?

Chiropteran
07-11-2013, 05:26 PM
Well. Switched to the custom build in this thread-
https://bitcointalk.org/index.php?topic=253662.260

And now I am getting 830 pps on my i7, and 580 on my a10-5800k. Apparently the default client uses a pretty badly written code, and proper optimizations make for some huge gains.

Isn't is a given that solving for primes becomes progressively more difficult?


Yes, but the difficulty isn't increased by increasing the size of the primes, it just means a larger chain of primes needs to be found, or something. The author specifically mentioned what you are talking about, finding progressively larger primes becomes exponentially harder, but primecoin's scaling difficulty uses some other mechanic to allow it to scale in more a linear fashion.

Sazuzaki
07-11-2013, 06:22 PM
I've seen a lot of used 7970's saying its used for bitcoin mining, does bitcoin mining put that much stress on these GPU's that it shortens their life significantly?

chimaxi83
07-11-2013, 06:38 PM
I've seen a lot of used 7970's saying its used for bitcoin mining, does bitcoin mining put that much stress on these GPU's that it shortens their life significantly?

If it did, people wouldn't be able to mine on, for example, their 5800 series cards for years like they have. No, it doesn't shorten their lives.

Chiropteran
07-11-2013, 06:54 PM
I've seen a lot of used 7970's saying its used for bitcoin mining, does bitcoin mining put that much stress on these GPU's that it shortens their life significantly?

Not directly, no. Some miners overclock, and running at 24/7 heavily overclocked might cause some damage. But mining at normal clocks and keeping temperatures reasonable doesn't cause any extra damage than using the GPU normally, in my experience.

Sazuzaki
07-11-2013, 07:50 PM
ok thats cool coz I've seen tons of em on ebay just wondering if there's real downside besides overclocking.

Lazlo Panaflex
07-11-2013, 11:16 PM
Has anyone used this exchange?
https://mcxnow.com/exchange/XPM

Dunno about that one, but I've done quite a few trades at Cryptsy, really good exchange, fees are reasonable (plus they're in the states). https://www.cryptsy.com/

Zargon
07-12-2013, 07:48 AM
If it did, people wouldn't be able to mine on, for example, their 5800 series cards for years like they have. No, it doesn't shorten their lives.

word

I have a 5870 thats been mining for a few years at this point.

Chiropteran
07-12-2013, 09:09 AM
Bitcoin on the move back up. From $70 a couple days ago just hit $100 briefly. Sitting at $99 now. I feel like it's too soon for there to really be huge rally beyond previous highs, but it's interesting to see what happens. Steady increase and plateau, or steady increase followed by another dip/crash? The bitcointalk forum seems to think value was held down artificially because of all the crap going on with mtgox, and maybe bitcoin is just rebounding to it's real value.

Or a new all-time high? I doubt it, but who knows!

24601
07-12-2013, 01:57 PM
Thanks for the head's up on Primecoin, Chiropteran. If I do actually make a fair amount of money from it, you'll need to send me your address so that I can monetarily express my gratitude.

It was actually a lot of "fun" to set up - and I mean that sincerely. I recompiled the code for my Haswell box and I'm getting 1400-1600 primes-per-second - which is just rocking compared to the way it was configured when I got it. It was fun because I actually totally suck at make/g++/compiling and I really have only a limited clue what I'm doing and it's a great feeling when you make a chain of guesses and they all seem to pan out. I have no idea how many I've mined, but when I checked the transactions, everything looked good and processing as expected.

What's really good about primecoin is you can mine litecoins with cgminer while mining primecoins in the background. So it doesn't even cost anything.

I don't know if primecoin will work out - it's got a better basis than lots of other new coins out there, so it's one of the more promising new ones - but it was fun getting it working and it doesn't cost me anything extra to mine (litecoin hashrate wasn't impacted) so it's ok even if the coins are worthless in the end. But I have a better feeling about primecoin than I have about any of the other derivatives out there after litecoins.

Getting about 1000-1300 pps on my rig in my sig using 3 cores.

This is fun :D

philipma1957
07-12-2013, 03:31 PM
ok thats cool coz I've seen tons of em on ebay just wondering if there's real downside besides overclocking.

It all depends on how they were run. I had 23 or 24 gpus. in 11 pc's

ran them in my garage. underclocked all of them for heat management.

they have stood up very well. most all of the gear has done well with the bitcoinmining.

A few issues:

1)stay away from xfx hd7970's many are locked they run hot and the fans die off!!

2) my fingers broke 3 fan blades on 3 different gpus

3) 1 mobo had its ethernet jack die

4) 2 psu's died both were seasonic and were replaced by seasonic.

I have been selling off the gear on the bay and so far no major complaints.
As a long time ebay seller that is pretty remarkable.

Chiropteran
07-14-2013, 11:26 PM
Interesting news as far as primecoin:

From Sunny King, the creator:
The current difficulty is approaching the step-up to difficulty 8 (about to happen today). This means within the first week the difficulty already adjusted by about 30x, from initial difficulty 7 at the release, not all that slow at all. However, the mining power on the network has grown about 1000x from the first day of the network. That's why we are seeing the block spacing gradually dropping to the seconds range. The orphan rate on the network is expected to stay relatively high for the next couple of days, while difficulty plays catchup to the growth of mining power on the network.

Amazing how this happens even without ASIC or GPU mining. Not even a working pool as far as I know. There is one pool I found, but it looks super shady and I wouldn't be surprised if it was just a wallet stealer or worse.

Bitcoin mining I'm seeing about .21 btc per day with my ASICs. Not going to pay off for a long long time, if at all. Oh well, gamble and lose sometimes.

Will Robinson
07-14-2013, 11:39 PM
Mining.....best GPU app after gaming ever?

crashtech
07-14-2013, 11:42 PM
Bitcoin mining reminds me a bit of the dilemma faced by local dairy farmers. The price of milk goes down, so they produce more to finance their operation, which just drives the price down more, repeat until enough less efficient operators go out of business, then repeat again.

In Bitcoin mining, only the most efficient operations will continue, yet the market dictates there will actually be plenty of those.

philipma1957
07-14-2013, 11:48 PM
Mining.....best GPU app after gaming ever?

maybe better then gaming. Also make me smile at all Diehard Nvidia card fans.

Smartazz
07-14-2013, 11:49 PM
Bitcoin mining reminds me a bit of the dilemma faced by local dairy farmers. The price of milk goes down, so they produce more to finance their operation, which just drives the price down more, repeat until enough less efficient operators go out of business, then repeat again.

In Bitcoin mining, only the most efficient operations will continue, yet the market dictates there will actually be plenty of those.

At least usually the investment with mining is fairly small.

crashtech
07-14-2013, 11:57 PM
At least usually the investment with mining is fairly small.

From what I've seen of the most powerful and efficient miners, that is not necessarily true. Each wave of new hardware and each difficulty increase will necessitate more investment to be profitable.

Smartazz
07-15-2013, 12:06 AM
From what I've seen of the most powerful and efficient miners, that is not necessarily true. Each wave of new hardware and each difficulty increase will necessitate more investment to be profitable.

With Asics, the risk is much greater. At least graphics cards can be sold off and hold a lot of their value.

Will Robinson
07-15-2013, 06:30 AM
maybe better then gaming. Also make me smile at all Diehard Nvidia card fans.

+ "a lot" :thumbsup:

crashtech
07-15-2013, 10:06 AM
With Asics, the risk is much greater. At least graphics cards can be sold off and hold a lot of their value.

Yes, but ASICS will ensure that soon GPU mining will not even be worth the electricity to run them. This has happened already where electricity is not cheap. I don't like it in this particular instance, but it's the nature of the open market to constantly improve money making processes.

philipma1957
07-16-2013, 06:32 PM
Yes, but ASICS will ensure that soon GPU mining will not even be worth the electricity to run them. This has happened already where electricity is not cheap. I don't like it in this particular instance, but it's the nature of the open market to constantly improve money making processes.

yeah I have been forced out of gpu mining I have been selling off the gear and buying as many asic miner usb sticks as I can.. then in turn selling some of the asic sticks at a small profit to reduce the price of the ones I have kept.

I can run 20 sticks the pc the monitor the usb hubs for 120 watts monitor on 100 watts monitor off. 20 sticks are about 6600 hash.

at todays difficulty of 26 mill and 98 usd a stick I make .126 coins power is about 45 cents I would make 11 bucks a day.



if gpu used for the same .126 coins power is 2400 watts even more due to extra ac. 1 would be lucky to clear 1 dollar a day running pc/gpus . so I am selling off the pc/gpu farm really converting it to asic miner sticks.

pandemonium
07-18-2013, 09:53 AM
So, does anyone know why Bitstamp is so much cheaper than Coinbase?

Chiropteran
07-18-2013, 10:27 AM
Primecoin has increased in value 5-fold over the last few days, worth about .01 btc each now, or $1. CPU solo mining is getting pretty slow- seem to be a 50% chance of finding a block each 24 hours and that is only if you are mining with 8+ threads on a high end CPU. It' going to be very interesting if/when someone writes an openCL miner for primecoin.

I got the last of my USB mining ASIC, 16ghz now for around 150W total. Equates to about .3 btc per 24 hours at current difficulty. Not going to buy any more of these, so I'm done with miing hardware upgrades for awhile... until I get my BFL hardware.

Zargon
07-18-2013, 10:32 AM
yeah I have been forced out of gpu mining I have been selling off the gear and buying as many asic miner usb sticks as I can.. then in turn selling some of the asic sticks at a small profit to reduce the price of the ones I have kept.

I can run 20 sticks the pc the monitor the usb hubs for 120 watts monitor on 100 watts monitor off. 20 sticks are about 6600 hash.

at todays difficulty of 26 mill and 98 usd a stick I make .126 coins power is about 45 cents I would make 11 bucks a day.



if gpu used for the same .126 coins power is 2400 watts even more due to extra ac. 1 would be lucky to clear 1 dollar a day running pc/gpus . so I am selling off the pc/gpu farm really converting it to asic miner sticks.

how long did you wait for the usb miners?

Chiropteran
07-18-2013, 11:35 AM
how long did you wait for the usb miners?

In my case, my first order arrived in 5 days, July 5th. Second, July 10th, and my last shipment just arrived yesterday, the 17th.

First order was placed on June 30th when the went on sale at btcguild. Second was also placed on the 30th, but after the initial 1000 sold out.

My third order was placed June 5th after setting up the original order, again this order was placed knowingly while btcguild was showing out of stock.

philipma1957
07-18-2013, 01:20 PM
how long did you wait for the usb miners?

the orders take under a week.


I purchased this which may be my last order 10 sticks

https://bitcointalk.org/index.php?topic=257129.msg2739899#msg2739899

I am waiting for it.



this was under a week 6 sticks

https://bitcointalk.org/index.php?topic=251851.msg2674912#msg2674912

this was under a week 6 sticks

https://bitcointalk.org/index.php?topic=254073.0



buy 13 will be coming soon I may get a few more.

I like to do 9 to a usb strip . and a fan on the strip

this does 9 and has a port for the fan

http://www.amazon.com/gp/product/B00...?ie=UTF8&psc=1 (http://redirect.anandtech.com/r?url=http%3A%2F%2Fwww.amazon.com%2Fgp%2Fproduct%2 FB005NGQWL2%2Fref%3Doh_details_o00_s00_i00%3Fie%3D UTF8%26psc%3D1&user=u00000687)


here is a fan

http://www.amazon.com/Thermaltake-Mo...altake+usb+fan (http://redirect.anandtech.com/r?url=http%3A%2F%2Fwww.amazon.com%2FThermaltake-Mobile-External-Cooling-AF0007%2Fdp%2FB002OJN250%2Fref%3Dsr_1_2%3Fs%3Delec tronics%26ie%3DUTF8%26qid%3D1374171463%26sr%3D1-2%26keywords%3Dthermaltake%2Busb%2Bfan&user=u00000687)



I have 16 sticks 12 from the group buys plus 4 from ebay.

16 sticks do 5100 with 2 hubs and 2 fans and the pc.

I pull 94 watts when the monitor sleeps. I pull 114 watts with the monitor on.

Binky
07-18-2013, 02:13 PM
Bought 9 USB miners for ~$1,000 including tax from btcguild. Sold 7 of them for ~$1,050. Now I have two free miners. ;)

philipma1957
07-18-2013, 03:10 PM
Bought 9 USB miners for ~$1,000 including tax from btcguild. Sold 7 of them for ~$1,050. Now I have two free miners. ;)

yeah kind of my plan.

pm
07-18-2013, 03:17 PM
Primecoin has increased in value 5-fold over the last few days, worth about .01 btc each now, or $1. CPU solo mining is getting pretty slow- seem to be a 50% chance of finding a block each 24 hours and that is only if you are mining with 8+ threads on a high end CPU. It' going to be very interesting if/when someone writes an openCL miner for primecoin.

I sold my ~86 primecoins for ~$60 a little while ago... always hard to know where prices will go... I agree that the difficulty has really gone up a lot. I found 6 blocks in 36 hours within the first few days, and now my 4770K OC'd to 4.1GHz finds ~1 block every 48 hours or so running all 8 threads. Chiro, PM me your BTC/LTC address and I'll send you a thank-you for the primecoin thing. :)

WhoBeDaPlaya
07-18-2013, 09:54 PM
I have been selling off the gear on the bay and so far no major complaints.
As a long time ebay seller that is pretty remarkable.
Gotta love eBay. Dumped all my mining gear (5830s, 6950s, several BFL FPGA Singles) with ease and actually made a profit on the BFLs :eek:

Chiropteran
07-18-2013, 10:08 PM
All in all I've mined about 1000 primecoin. Part of me says to quit while I am ahead and just trade them all for bitcoin, but I think I'm going to wait it out and see where they go. I feel like they have the potential to do as well as litecoin, at least.

I haven't sold any of my bitcoin hardware yet, though I did give a 7970 away to a friend who needed a better video card. I don't really want to hold onto my old crap, but I am trying to sell it locally before going to ebay, I despise all the paypal fees on top of shipping costs.

philipma1957
07-18-2013, 11:06 PM
All in all I've mined about 1000 primecoin. Part of me says to quit while I am ahead and just trade them all for bitcoin, but I think I'm going to wait it out and see where they go. I feel like they have the potential to do as well as litecoin, at least.

I haven't sold any of my bitcoin hardware yet, though I did give a 7970 away to a friend who needed a better video card. I don't really want to hold onto my old crap, but I am trying to sell it locally before going to ebay, I despise all the paypal fees on top of shipping costs.

yeah I finally became a store member on ebay. fees were much better this way. but I do enough in sales. to make it worthwhile. most sales are computer based 4% rate and 3% from paypal is 7% total. I have tried many ways to keep shipping low.

I purchased 10000 forever stamps 2 years ago. got them at about 35 cents each. did it at about 500 stamps at a time. so if I can fit the item in a flat rate box shipping is low. I also use staples gift cards to ship ups. I get 20 % off of the gift cards.

these moves make ebay okay but frankly it has become very hard to sell on ebay.

crashtech
07-18-2013, 11:07 PM
In this thread, a 7970 is old crap.

philipma1957
07-18-2013, 11:55 PM
In this thread, a 7970 is old crap.

amazing but true.

philipma1957
07-19-2013, 12:00 AM
So, does anyone know why Bitstamp is so much cheaper than Coinbase?

you need to wire the cash to their bank account.

coinbase withdraws the cash from your bank account.


if you are usa based you have an extra layer of law to protect you if you use coinbase.

if you are usa based and send a wire off to bitstamp you have less rights. this all involves purchasing coins.

pandemonium
07-19-2013, 12:11 AM
Just a matter of undefined wire fees then (being USA based)? Because Bitstamp is surprisingly cheaper (on the surface prices). I've been reading about Bitstamp and those fees didn't appear to be the case in my research and it seemed too good to be true.

I'm currently using Coinbase though. Wasn't planning on changing/adding Bitstamp to the repetoire but thought it was odd. Thanks.

philipma1957
07-19-2013, 12:36 PM
Just a matter of undefined wire fees then (being USA based)? Because Bitstamp is surprisingly cheaper (on the surface prices). I've been reading about Bitstamp and those fees didn't appear to be the case in my research and it seemed too good to be true.

I'm currently using Coinbase though. Wasn't planning on changing/adding Bitstamp to the repetoire but thought it was odd. Thanks.

Yeah I sell coins at coinbase. Stilling waiting to be verified. Then I can buy.

I sometimes buy on bitcointalk.org

I actually prefer this method.

suklee
07-19-2013, 11:33 PM
In this thread, a 7970 is old crap.

So nowadays the best way to mine is through USB mining sticks? Anyone have a good link to get up to speed, such as a tutorial or USB mining 101? I haven't mined in over a year.

KillerBee
07-19-2013, 11:53 PM
So nowadays the best way to mine is through USB mining sticks? Anyone have a good link to get up to speed, such as a tutorial or USB mining 101? I haven't mined in over a year.

Here's a good weekly show on Bitcoin
http://www.jupiterbroadcasting.com/show/planb/

With newer and more powerful Asics expected I can't see ever making a profit as a lil guy now
trying to produce your own.

philipma1957
07-20-2013, 05:19 AM
So nowadays the best way to mine is through USB mining sticks? Anyone have a good link to get up to speed, such as a tutorial or USB mining 101? I haven't mined in over a year.

If you have coins in hand usb sticks are about .97 btc or 94 usd.

There is a group buy on bitcointalk.org

If you buy 5 sticks for 470 usd sell 3 on ebay for 390 (360 after fees)

your 2 sticks are only 110 or 55 a piece. At that price a stick is a good deal.
1 stick is 330mhs
2 sticks mine at 660mhs
3 sticks are at 1gh

you can mine on bitminter.com

Smartazz
07-21-2013, 11:43 PM
I can't seem to find a Primecoin mining calculator. How fast can I expect to mine one using a 2.5GHz Core 2 Duo, a 3GHz Core 2 Quad and a 4.4GHz 2500k?

Chiropteran
07-22-2013, 08:05 AM
I can't seem to find a Primecoin mining calculator. How fast can I expect to mine one using a 2.5GHz Core 2 Duo, a 3GHz Core 2 Quad and a 4.4GHz 2500k?

It seems to be really hard to accurately answer that question. The "primespersec" measure can give a rough relative difference in performance, but only if comparing systems running the same sievesize and miner software version.

Difficulty as it is now, blocks seem to be very rare to find. I am running the client on 2 fx-8120 systems, 1 i7-3770, and 1 phenom 1090t 6 core, and several dual core VPC systems on digital ocean. All in all, it seems that in the last 24 hours I have only found one block.

With just a single core 2 duo system mining, I think you would be lucky to find a block once a month. And that is only if you are using the primecoin high performance client (version 6 now).

On the other hand, there are several people working hard to get a GPU miner working. If GPU's are fast enough in relation to CPU, you might still be able to mine some good primecoin by being an early GPU adopter.

Zargon
07-24-2013, 07:30 AM
So nowadays the best way to mine is through USB mining sticks? Anyone have a good link to get up to speed, such as a tutorial or USB mining 101? I haven't mined in over a year.

eh

payoff on one is like 9 months or something now

its better than GPU's though, 333 mhash per $100 at 2.5 watts destroys 600mhash for 225$(used 7950) at like 220w

Chiropteran
07-24-2013, 08:39 AM
If anyone is still GPU mining, keep this page in mind-

http://dustcoin.com/mining

litecoin mining is more than twice as profitable as bitcoin mining currently, and novacoin is even more profitable- though I'm not very familiar with it. Primecoin is notably absent from the table, probably because calculating it's rate of production is impossible right now, the way the algorithm works doesn't offer a simple estimate for time until a block is found. Besides that, primecoin is CPU-only for now, so doesn't directly compete with coins mined with GPU.

I'm thinking about trying novacoin for a bit if I can find a good pool, might as well put my GPU to work doing something useful since I haven't sold them all yet.

It's fairly easy to trade one crypto-coin for another, since if the transaction doesn't include "real" money they exchanges don't need to verify anything, so whatever you mine can be easily converted to bitcoin.

Zargon
07-25-2013, 11:53 AM
time to swap to litecoins I guess

Smartazz
07-25-2013, 01:56 PM
Thanks Chiropteran. I didn't realize there were so many coins haha. Is Feathercoin really the most profitable right now?

Binky
07-25-2013, 02:43 PM
Even the most profitable coins end up with very little (cash) profits, given the hassle...

Lazlo Panaflex
07-25-2013, 02:49 PM
Thanks Chiropteran. I didn't realize there were so many coins haha. Is Feathercoin really the most profitable right now?

http://www.coinchoose.com/index.php

thilanliyan
07-25-2013, 03:41 PM
Lol at all the coins...will stick to LTC and maybe FTC for now. :)

Binky
07-29-2013, 12:12 PM
Asicminer USB sticks are down to 0.45 bitcoins in at least one groupbuy. With the new entry of avalon in the usb miner sticks, maybe they will get down to a reasonable cost.

I'm really, really glad I sold most of mine right before the big price drop (for $150!).

philipma1957
07-29-2013, 01:14 PM
Asicminer USB sticks are down to 0.45 bitcoins in at least one groupbuy. With the new entry of avalon in the usb miner sticks, maybe they will get down to a reasonable cost.

I'm really, really glad I sold most of mine right before the big price drop (for $150!).

yeah at .45btc a stick they start to look pretty good.


.3 works well 30 sticks = 9 coins.

they will hash at 10gh. burn about 120-150 watts counting the pc + fans + a monitor.

at .3btc.

they would make roi in under 90 days.


at .45btc 30 are 13.5btc roi is more like 180 days.

I am using 100 usd 31 mill diff as a start with a 60% a month growth rate and 18 cents a k-watt. those are very conservative numbers.

I am not sure the network would grow from 31 mill diff to 345 mill diff in 6 months.


that would be from 325th to 4000th that is a lot of money's worth of gear.

gbeirn
07-29-2013, 01:44 PM
Where is the group but for 0.45BTC? Thanks!

Nevermind, here it is: https://bitcointalk.org/index.php?topic=263587.0

UNhooked
07-30-2013, 02:40 PM
According to the Where to mine, Memecoing seems to be profitable. Anyone what I can do once I have a bunch of Memecoins?

slayernine
07-30-2013, 02:56 PM
I've seen a lot of used 7970's saying its used for bitcoin mining, does bitcoin mining put that much stress on these GPU's that it shortens their life significantly?

I've been mining on a 7970 and two 5870's for 6 months with no issues. I had a bit of stability problems but I just added a couple more case fans and I've had 100% hardware uptime. Had some network issues but that was just on the mining pool end of things.

Binky
07-30-2013, 03:14 PM
According to the Where to mine, Memecoing seems to be profitable. Anyone what I can do once I have a bunch of Memecoins?
Not a direct answer to your question - why not look into middlecoin or multicoin and save yourself some headaches?

taltamir
07-30-2013, 03:42 PM
Not a direct answer to your question - why not look into middlecoin or multicoin and save yourself some headaches?

I don't know about others, but for me its because I never heard of it before.
Thanks for informing us of it.

Chiropteran
07-30-2013, 05:06 PM
While I have had very few bitcoin related GPU failures, I've lost two USB hub power supplies already from running multiple USB ASIC on them. Going to cut down to 8 per hub instead of 9, see if that helps.

philipma1957
07-30-2013, 06:05 PM
While I have had very few bitcoin related GPU failures, I've lost two USB hub power supplies already from running multiple USB ASIC on them. Going to cut down to 8 per hub instead of 9, see if that helps.

what hubs?

dajeepster
07-30-2013, 11:11 PM
I'm sure someone posted this, but here's a pretty good calculator for the various ASICs out there and ROI.

http://mining.thegenesisblock.com/

i just put in an order for one of the KNC saturns

jaedaliu
07-31-2013, 06:52 AM
While I have had very few bitcoin related GPU failures, I've lost two USB hub power supplies already from running multiple USB ASIC on them. Going to cut down to 8 per hub instead of 9, see if that helps.

look at the current requirements on each USB miner. multiply that by the number per hub, then take a look at the DC out amperage available on your transformer. Odds are you're way overloading power brick.

philipma1957
07-31-2013, 02:30 PM
look at the current requirements on each USB miner. multiply that by the number per hub, then take a look at the DC out amperage available on your transformer. Odds are you're way overloading power brick.

most 10 port usb3 hubs like anker oritech and aitech have a 12 volt 4 amp brick this is 48 watts if it is 100 percent when it coverts to 5v at best you get 80 percent or 38 watts. 10 sticks pull 25-30 watts so if the brick is really a 4 amp 12 volt brick you should be okay. my 3 hubs are going strong so far. but I do 9 sticks a hub.

My goal is about 45-60 sticks. I have 13 due on thur so I will go to 40. I may order 15 more which gets me to 55 sticks. I am not going to run more then 60 sticks. I have 2 pcs setup for this 24/7/365. I will attempt to run litecoin and btc. the pc's will have 2 7970's each for lite coin

ultimatebob
07-31-2013, 02:50 PM
I love how entire countries like Thailand are outlawing the use of Bitcoin, yet the currency is rallying :)

The reality distortion field sure is strong with this one...

philipma1957
07-31-2013, 03:12 PM
http://news.softpedia.com/news/Thailand-Outlaws-Bitcoins-371914.shtml

http://libertyfirewall.com/2013/07/31/thailand-outlaws-bitcoin/


http://www.i4u.com/2013/07/55240/virtual-currency-bitcoin-outlawed-thailand#full_story


I read the above links all indicate that btc still has some legs

nafees127
08-01-2013, 12:26 AM
Learn how to follow and read a thread.
The OP specifically asked twice if there was other situations where one hardware vendors cards showed superiority like AMD's apparently do in this.

MY ANSWER
Originally Posted by notty22 http://forums.anandtech.com/images/buttons/viewpost.gif (http://forums.anandtech.com/showthread.php?p=31758800#post31758800)
Folding@home favors Nvidia cards.
http://www.bit-tech.net/hardware/gra...-for-folding/3 (http://www.bit-tech.net/hardware/graphics/2011/04/26/best-graphics-card-for-folding/3)

i am mining there with my Nvidia GPU, but seems like AMD is superior and ruling in this mining field of processing. great speed

Chiropteran
08-01-2013, 06:53 AM
I love how entire countries like Thailand are outlawing the use of Bitcoin, yet the currency is rallying :)


There are entire countries that have outlawed marijuana, yet it seems to be holding it's value. Funny how things work =)

It's really not a big deal. In fact, I think it's having a net positive, since it's giving bitcoin a lot of free publicity.

In other news, I'm starting to hate Verzion. My FIOS internet went out at the beginning of the month, took 3 days for the tech to get over and fix it, apparently the cable in the phone closet at my condo was partially ripped out of it's socket. Yesterday had the exact same symptoms again, FIOS internet and land-line phone service out, so tech is coming down again. I bet almost anything it's the exact same problem. Assuming service is restored Friday, I will have lost 2 bitcoin in total from lack of mining for 6 days. I wish I could sue them.


what hubs?

anker 10 port hubs, which interestingly are no longer sold. Now they sell 9 port +1 charging port hubs.

look at the current requirements on each USB miner. multiply that by the number per hub, then take a look at the DC out amperage available on your transformer. Odds are you're way overloading power brick.

Not at all. I did a lot of research, there are dozens of cheap hubs where this is a big issue, but the anker branded hubs are supposed to be fine.

The power supply is rated for 12v 4amp, or 48 watts. USB power is at 5v, and each USB ASIC Miner device uses .5 amps, or 2.5 watts when multiplied by the 5 volts. Even with a full 10 devices on a hub it should only be drawing 25 watts, compared to the 48w maximum.

Interestingly enough, the new hubs have 12v 5amp power supplies, so a little extra breathing room. But based on my calculations even the 12v 4a supply isn't being overloaded. If I can find my kill a watt device I'll confirm power usage.

jaedaliu
08-01-2013, 07:33 AM
Not at all. I did a lot of research, there are dozens of cheap hubs where this is a big issue, but the anker branded hubs are supposed to be fine.

The power supply is rated for 12v 4amp, or 48 watts. USB power is at 5v, and each USB ASIC Miner device uses .5 amps, or 2.5 watts when multiplied by the 5 volts. Even with a full 10 devices on a hub it should only be drawing 25 watts, compared to the 48w maximum.

Interestingly enough, the new hubs have 12v 5amp power supplies, so a little extra breathing room. But based on my calculations even the 12v 4a supply isn't being overloaded. If I can find my kill a watt device I'll confirm power usage.

12V for a USB hub is a very strange number. USB runs on 5V.

I took a look at the manual for the 12V-5A version. they recommend no more than 8 Amp total draw on the USB hub. (8*5 = 40 watts) This is a fairly conservative efficiency estimate of 66% on a 60 amp power supply (12v -> 5v)

Your 25 watt draw is plenty low compared to the equivalent 12V4A version (probably recommend no more than 32 watts pulled)

philipma1957
08-01-2013, 08:30 AM
12V for a USB hub is a very strange number. USB runs on 5V.

I took a look at the manual for the 12V-5A version. they recommend no more than 8 Amp total draw on the USB hub. (8*5 = 40 watts) This is a fairly conservative efficiency estimate of 66% on a 60 amp power supply (12v -> 5v)

Your 25 watt draw is plenty low compared to the equivalent 12V4A version (probably recommend no more than 32 watts pulled)

yeah but I think the psu's are not that good not 12v x 4 as rated but less.

Also I think he has older sticks pre july 8th pull .55 not .5 amps.

Chiropteran when did you order the sticks? pre july 8th? iirc


my sticks are post july 8th they pull .5 amp = 2.5 watts

Chiropteran
08-01-2013, 08:48 AM
yeah but I think the psu's are not that good not 12v x 4 as rated but less.

Also I think he has older sticks pre july 8th pull .55 not .5 amps.

Chiropteran when did you order the sticks? pre july 8th? iirc


my sticks are post july 8th they pull .5 amp = 2.5 watts

20 are from the first batch offered at btcguild, ordered July 1st I think?

The other 30 are from later batches. They all look identical, so I am not sure which are from each batch. They all say Rev 3.00, is there a different Rev for the new ones?

fleshconsumed
08-01-2013, 01:37 PM
20 are from the first batch offered at btcguild, ordered July 1st I think?

The other 30 are from later batches. They all look identical, so I am not sure which are from each batch. They all say Rev 3.00, is there a different Rev for the new ones?

How are you planning to run those 50? Are you doing linux/raspberry pi, or are you running windows?

Chiropteran
08-01-2013, 03:10 PM
How are you planning to run those 50? Are you doing linux/raspberry pi, or are you running windows?

They've been running for a few weeks now. Using an AMD E-450 powered netbook (win 7) to control them. I do have a raspberry pi but I've heard it won't properly work with the Anker hubs, and I don't have the patience to mess with it too much.

Binky
08-01-2013, 03:12 PM
My asciminer sticks run on a booksize system that works great. If I was going to buy/build a low power system to run these, I'd try to find a used Atom-powered model and just boot it to the WinPE mining system. You can probably find one of these systems on ebay/craigslist for well under $100 w/o HD.

fleshconsumed
08-01-2013, 03:34 PM
They've been running for a few weeks now. Using an AMD E-450 powered netbook (win 7) to control them. I do have a raspberry pi but I've heard it won't properly work with the Anker hubs, and I don't have the patience to mess with it too much.

So does every erupter get a separate COM port assigned by windows? So you would have to specify 50 different COM ports in the command line? o_0

Binky
08-01-2013, 03:50 PM
So does every erupter get a separate COM port assigned by windows? So you would have to specify 50 different COM ports in the command line? o_0
The latest cgminer doesn't need any special command line or other settings for asicminer sticks. Older versions need these (annoying) settings. I don't use it, but I think bfgminer has a single setting to see all usb sticks, maybe -S.

Chiropteran
08-01-2013, 08:00 PM
The latest cgminer doesn't need any special command line or other settings for asicminer sticks. Older versions need these (annoying) settings. I don't use it, but I think bfgminer has a single setting to see all usb sticks, maybe -S.

This. I use bfgminer.

Command line is-

bfgminer.exe -o http://stratum.btcguild.com:3333 -u accountname -p 123 -G -S all --icarus-options 115200:1:1 --icarus-timing 3.0=100

If I look in device manager, there are dozens of COM devices, but I don't need to specify them individually.

philipma1957
08-01-2013, 08:16 PM
My asciminer sticks run on a booksize system that works great. If I was going to buy/build a low power system to run these, I'd try to find a used Atom-powered model and just boot it to the WinPE mining system. You can probably find one of these systems on ebay/craigslist for well under $100 w/o HD.

or you can run it on a maximus gene v like I do. why?

I had it left over from gpu mining. I built all my gpu miners with good parts and sold most off in june-july as gaming machines.

my cost for them was -100 to +100 bucks due to BTC profit. So selling used gamers/pc was easy sold them at about 50% off.
with a 30 day return policy. and an option to buy a fair trade warranty . everyone makes out.

If I feel like using the 2 pc's I have with asus maximus genes for lite coin and btc I can. They pull very little power due to platinum psu's.

I have 1 running 39 sticks the whole unit pulls 200 watts (all the usb sticks+ fans) with the monitor turned off.


(no LTC for the summer too hot.)

Binky
08-01-2013, 08:19 PM
Mine pulls 15w or less. Beat that. ;)

dajeepster
08-07-2013, 10:38 PM
Mine pulls 0w... oh.. right.. i don't have any. o_O

T_Yamamoto
08-09-2013, 11:15 AM
Would anyone know if mining for me would be viable?

rig in sig, I'm running ubuntu

SickBeast
08-09-2013, 12:33 PM
Would anyone know if mining for me would be viable?

rig in sig, I'm running ubuntu
No, not viable at all. You need an AMD GPU and even then it's a stretch.

philipma1957
08-09-2013, 02:39 PM
yeah gpu is pretty dead. and amd gpus are far better for coin mining.

you could get a few usb sticks on ebay

they are low cost 70 bucks or less for .333gh low watts 2.5 watts a stick. if you grab 3 sticks for 180 usd you hash at 1gh for an extra 8 watts.

Zargon
08-09-2013, 03:01 PM
ah prices came down on them finally?

philipma1957
08-09-2013, 03:07 PM
ah prices came down on them finally?

yeah the sticks can be as low as .41 btc



https://bitcointalk.org/index.php?topic=264633.0;all

3DVagabond
08-11-2013, 03:28 AM
Don't know if anyone has posted this yet?

American Court Legally Declares Bitcoin A Real Currency
RT reports that a federal judge in the USA has declared Bitcoin a legitimate currency. This opens up the way for the digital crypto-cash to be regulated by government overseers, at least in the USA.

LINK (http://www.eteknix.com/american-court-legally-declares-bitcoin-a-real-currency/)

pandemonium
08-13-2013, 01:11 AM
Good news, indeed. I see prices on BTC are still steadily rising. ^^

thilanliyan
08-14-2013, 11:01 AM
nm

fleshconsumed
08-15-2013, 10:16 AM
So where is everyone mining litecoin? Last time I tried I had to give up because it's more difficult to set up, a lot more unstable, and pools were prone to going down. Any recommendations for a good litecoin pool?

AnonymouseUser
08-15-2013, 10:58 AM
WeMineLTC (http://wemineltc.com) and Give-Me-Coins (http://give-me-coins.com) are two that I would recommend. Both are super stable, and WeMineLTC also has a beta Java miner if you have trouble with your config. They can also generate batch files (worker page) to help start your miner.

thilanliyan
08-16-2013, 02:32 PM
I use WEMINELTC. Have had pretty good luck with them so far.

Chiropteran
08-20-2013, 11:20 AM
http://www.butterflylabs.com/monarch/

600 GH/s
Power
350W
Price
$4,680

Arrival time: 2 weeks*

*1 week in BFL lingo is about 400 days long.

Binky
08-20-2013, 11:31 AM
I'm no engineer, and I don't believe anything they say, but how could you dissipate 350w of heat from a full length card?

Chiropteran
08-20-2013, 11:34 AM
I'm no engineer, and I don't believe anything they say, but how could you dissipate 350w of heat from a full length card?

Plenty of video cards do the same, nothing unrealistic about that. I think it's probably mostly legit, except for their estimate of availability at the end of the year- I suspect it will take them much longer.

jaedaliu
08-20-2013, 11:37 AM
I'm no engineer, and I don't believe anything they say, but how could you dissipate 350w of heat from a full length card?

lots and lots of air. They hopefully went with a blower that pulls in case air and blows it out the back. It's completely doable, just need good circulation. You also probably will need to increase your air conditioner usage.

An example of a card that produces more heat: The AMD 7990 is 375 TDP. That one just pushes the air around the case, so it's even harder to cool.

jaedaliu
08-20-2013, 11:41 AM
Plenty of video cards do the same, nothing unrealistic about that. I think it's probably mostly legit, except for their estimate of availability at the end of the year- I suspect it will take them much longer.

their Q&A has 15 weeks from completed tape out, so without production problems, you're looking at beginning of next year.

I haven't even been mining recently. The increased difficulty has caused me to desire a quieter computer instead of a noise, penny creating machine. If i put a little mining farm in the basement or a ventilated closet, I wouldn't mind the noise. However, that's not what i have right now.

pm
08-20-2013, 12:04 PM
As someone who has a Jalapeno on order with BFL, BFL's schedules seem to be extremely aggressive (which is a nice way of putting it). They seem like legitimate people but I get the impression that they are learning how to mass manufacture something the hard way - I read Jody's blog and she seems like an honest person... but BFL's ability to predict the future is questionable based on past experience.

Binky
08-20-2013, 01:35 PM
lots and lots of air. They hopefully went with a blower that pulls in case air and blows it out the back. It's completely doable, just need good circulation. You also probably will need to increase your air conditioner usage.

An example of a card that produces more heat: The AMD 7990 is 375 TDP. That one just pushes the air around the case, so it's even harder to cool.

The 7990 doesn't have a stellar reputation for staying cool. Although, for about $5k, they can probably include a better cooler.

Piotrsama
08-20-2013, 03:36 PM
http://www.butterflylabs.com/monarch/

600 GH/s
Power
350W
Price
$4,680

Arrival time: 2 weeks*


* Yeah, right.

pandemonium
08-21-2013, 01:16 AM
Complete BS. My brother ordered in July of 2012 and still hasn't received his hardware.

Zargon
08-21-2013, 08:33 AM
they ARE shipping stuff, slowly

pm
08-21-2013, 11:46 AM
Complete BS. My brother ordered in July of 2012 and still hasn't received his hardware.

What did he order? They are shipping... just glacially.
https://forums.butterflylabs.com/blogs/bfl_jody/

pandemonium
08-21-2013, 11:44 PM
Apparently he swapped his order over now to a PCI miner card (http://www.butterflylabs.com/monarch/). I know he's changed his order a couple times due to the severe delays they've had, but it looks like they're catching up to speed now.

Edit: He received his 60GH/s SC that was the original order from July 2012.

dawp
08-22-2013, 07:08 AM
I just bought one of the usb miners to play with, now I just need to get drivers for it. it came yesterday just before I went to bed so I didn't have enough time to locate them then.

Chiropteran
08-22-2013, 07:38 AM
I just bought one of the usb miners to play with, now I just need to get drivers for it. it came yesterday just before I went to bed so I didn't have enough time to locate them then.

http://www.btcguild.com/index.php?page=support&section=blockerupter

These are the easiest to follow instructions.

dawp
08-22-2013, 07:57 AM
http://www.btcguild.com/index.php?page=support&section=blockerupter

These are the easiest to follow instructions.

have been gpu mining for around 6mo. now, was easy to get that going. was hoping the same thing for this miner. didn't have enough time yesterday to set it up.

thanks for the link.

Binky
08-22-2013, 11:42 AM
I just bought one of the usb miners to play with, now I just need to get drivers for it. it came yesterday just before I went to bed so I didn't have enough time to locate them then.
The latest versions of cgminer have all the instructions you need in the readme file. Basically, you use zdiag to install the drivers, then you don't have to use any special switches on cgminer.

Or, just use bitminter and their web-based miner. This method does not allow you to use fallback pools, so I would suggest not using this long-term.

toughtrasher
08-22-2013, 12:25 PM
How many bitcoins have you guys actually farmed/mined? And if u don't mind how long does it take ya?

dawp
08-22-2013, 02:23 PM
I wonder how hard it would be to water cool these usb miners, they sure as hell get hot.

Binky
08-22-2013, 02:42 PM
I wonder how hard it would be to water cool these usb miners, they sure as hell get hot.
An $8 fan works perfectly. No need to over-engineer it. ;)
http://www.newegg.com/Product/Produc...82E16800995115 (http://redirect.anandtech.com/r?url=http%3A%2F%2Fwww.newegg.com%2FProduct%2FProd uct.aspx%3FItem%3DN82E16800995115&user=u00000687)

Binky
08-22-2013, 03:18 PM
How many bitcoins have you guys actually farmed/mined? And if u don't mind how long does it take ya?
The usb miner we are discussing makes about 0.0032 BTC per day or about $11.40 per month at current rates, which are not static. One can be bought for $40-$50.

If things stayed constant, it would pay for itself in less than 100 days. If things continue as they have been going, it will never pay for itself.

toughtrasher
08-23-2013, 02:40 PM
The usb miner we are discussing makes about 0.0032 BTC per day or about $11.40 per month at current rates, which are not static. One can be bought for $40-$50.

If things stayed constant, it would pay for itself in less than 100 days. If things continue as they have been going, it will never pay for itself.

So you actually have to buy a USB miner? At barely a third of a cent per day? I don't think I'd be willing to make my computer run that :P

Binky
08-23-2013, 02:57 PM
It earns $0.35-$0.40 per day. You math is off, but I agree, it's not a lot. In comparison, a 7950 video card can make double that amount, but its daily cost in electricity is far more than it earns.

toughtrasher
08-23-2013, 03:06 PM
It earns $0.35-$0.40 per day. You math is off, but I agree, it's not a lot. In comparison, a 7950 video card can make double that amount, but its daily cost in electricity is far more than it earns.

Oops, didn't see your currency. I mistook it for USD instead of bitcoins.

Do you just let your computer running the program w/o touching it or do you use it while it's running?

frostedflakes
08-24-2013, 01:51 PM
Finally got the Jalapeno ordered in January lol.

It's hashing along at about 5.83GH/s.

gorobei
08-26-2013, 07:55 AM
what's the current easiest way to get cash out? (I dont really want to set up a dwolla acct.)

and or get a newegg/amazon gift card for a specific amount?

pm
08-26-2013, 11:51 AM
Finally got the Jalapeno ordered in January lol.

It's hashing along at about 5.83GH/s.

Cool. They are getting close to shipping mine it looks like.

How much power does it use?

Chiropteran
08-26-2013, 12:01 PM
Finally got the Jalapeno ordered in January lol.

It's hashing along at about 5.83GH/s.

Kinda pisses me off that they are still so far behind on singles. Aug 2012 order and still nothing.

Chiropteran
08-26-2013, 12:02 PM
what's the current easiest way to get cash out? (I dont really want to set up a dwolla acct.)

and or get a newegg/amazon gift card for a specific amount?

Install gyft on your android device and buy gift cards.

Zargon
08-26-2013, 12:20 PM
Kinda pisses me off that they are still so far behind on singles. Aug 2012 order and still nothing.

yep. pretty annoying

pm
08-26-2013, 12:34 PM
Kinda pisses me off that they are still so far behind on singles. Aug 2012 order and still nothing.

Agreed. It's annoying and frustrating. But on the flip-side, they are getting close. According to Jody she's shipping 6 July 2012 now... It looks like they ship about one pay-date per day, so you should have yours within 5 weeks...

Zargon
08-28-2013, 07:51 AM
planning on grabbing a another 27" korean IPS that does 100+ hz.....so I ordered some block eruptors to replace the hash of the 7950 I will be migrating to my main rig(I dont mine on it)

my office is pretty swampy anyways thanks to all the heat, and the power bill is getting retarded :P

frostedflakes
08-28-2013, 03:27 PM
Cool. They are getting close to shipping mine it looks like.

How much power does it use?
I've been kind of curious about power usage. Was going to try replacing the TIM and fan on the Jalapeno (stock one is pretty loud and obnoxious) here in the next few days hopefully, will hook it up to a Kill-A-Watt when I'm working on it and see how much it's reporting.

I think the early Jalapenos were using about 30-35W, but they might have managed to tweak and reduce the power draw a bit on the newer ones.

And yeah, they're still pretty far behind on the singles last time I checked Jody's blog. Was only in the last few weeks it seems like that they really started getting Jalapenos out the door quickly.

Just spent about $480 on 9x Block Erupters, a 10-port hub, and USB fan earlier this week as well. Probably won't even end up breaking even on them, but oh well, after getting the Jalapeno was just in the mood to play around with some more ASICs. At current difficulty and BTC price, payoff for the Jalapeno is only like a month, so that should make up for it.

edit: Looks like mine's drawing exactly 30W at the wall. So looking at about 21.6kWh per month, roughly a couple dollars a month to operate based on local electric rates.

Replaced the stock fan as well with a slim 92mm Noctua and it made an enormous difference in the noise, can't even tell the Jalapeno is on and doing it's thing now. Didn't have to sacrifice too much on temperature either, replacing the thermal pad with IC Diamond paste might have helped with that. Temp reported in cgminer was 41-42C before, now about 43-44C.

philipma1957
08-29-2013, 05:17 PM
blades are for sale at 4 btc a blade is about 10gh and about 100 watts 4btc is about 480usd at coinbase. blade thread is here


https://bitcointalk.org/index.php?topic=283458.0

these are voltage locked

this is for new blade also cheaper usb sticks


here is a slighter older blade thread


https://bitcointalk.org/index.php?topic=282785.0

I have 3 of these due on fri these are not voltage locked.

still waiting on 2x jally's

techietechnics
08-30-2013, 01:00 PM
I really dont understand the concept here.

You provide compute cycles.
Someone pays you money.

Where is the money coming from? Is someone buying your compute cycles and what are they doing with them?

Same question mate!

I just started mining myself, I'm using a 7770 vapor-x on my rig. I'm hitting around 198Mhash/s. :|

thilanliyan
08-30-2013, 02:52 PM
Same question mate!

I just started mining myself, I'm using a 7770 vapor-x on my rig. I'm hitting around 198Mhash/s. :|

If you're in it just for fun, cool...but if you're trying to make money, I doubt you will when taking into account power costs because the difficulty is so high right now.

pm
08-30-2013, 03:06 PM
Same question mate!

I just started mining myself, I'm using a 7770 vapor-x on my rig. I'm hitting around 198Mhash/s. :|

The money comes from people buying bitcoins. And people buy bitcoins to pay for things.

It's like Disney Dollars (http://en.wikipedia.org/wiki/Disney_dollar). Disneyland prints Disney dollars and you can use them as if they were real money within Disneyland. Now why would people want to spend Disney dollars instead of real US dollars - because they are souvenirs, possibly will have some antique value and because they are fun. And you can trade Disney Dollars back to US dollars.

Similarly with Bitcoins, they are minted/mined by people using their computers. People - like you - are using their computers to create new Bitcoins and to authenticate Bitcoin transactions. And then people buy these bitcoins to use to spend on things. As to why people want to buy bitcoins - well, there are some who think that they are a hedge against inflation (ie. the Fed is printing too many dollars but there are only a finite amount of bitcoins), but the majority are buying to use to buy things anonymously. The main thing that makes bitcoins vaguely interersting is that they allow you to pay for things over the internet with a relatively high level of anonymity. So what things can you buy? Mostly shady things - no offense to anyone, I believe it's the truth. You can use them to buy illegal things on Silk Road (google it), you can use them in online gambling, and you can use them to pay for things that you don't want traced back to you - like usenet accounts, and VPN connections (used to bittorrent things... mostly pirating movies and music). And then there are a variety of legal non-shady things.. but I bet that most of the use is for semi-shady things.

So that's it. The one thing that everyone gets stuck on is why they are worth ~$100 each. The reason for this is much more philosophical and gets into why things have value. They are worth $115 today because people buying them are willing to pay $115 for them and the ones selling them are happy that they are selling them for $115. As to whether this is too much or too little, it's debatable... Back it 2008 the price of rice quadrupled in a matter of a month or two because of really flimsy reasons - lots of people wanted it, not many were selling it. (http://en.wikipedia.org/wiki/2008_global_rice_crisis ) Things have value because people assign them a value and, as a group, we agree to this value. They have value because people give them value. Right now, if you wanted to buy something on the internet and not have the payment tracked back to you, your easiest solution is to buy some bitcoins to use for this.

So that's where the money comes from.

I will say that I'd be surprised if you could make much money with a 7770 at 200MH/s. Have you done the calculations? Unless your electricity is super cheap or your computer is super efficient, you are probably losing money over time due to the price of electricity.

pandemonium
08-30-2013, 11:02 PM
In addition to the excellent description pm provided above, take note that we're illusioned about how FIAT money works. It has value because it's been established for a good amount of time. Value is given and accepted for currency. If we wanted to trade in Twinkies, that'd probably be a good idea, since they're finite now. ;)

hawtdawg
08-31-2013, 02:31 AM
Complete BS. My brother ordered in July of 2012 and still hasn't received his hardware.

I ordered on July 4th and just got my singles only a week ago.

Emulex
08-31-2013, 09:05 AM
so mondern asic boxes do 100,000 mhash a sec and you do 200mh/sec won't every second essentially kill your chances of ever making anything since gpu speed is not going up as fast as the asic boxes?

next year they will be at 1M hash/sec and you will be at 400?

techietechnics
09-01-2013, 11:25 AM
If you're in it just for fun, cool...but if you're trying to make money, I doubt you will when taking into account power costs because the difficulty is so high right now.

well, i made calculations before, and yeah, electricity costs will get me, so i only mine when i'm using the PC, like when i'm working or watching a few movies.

techietechnics
09-01-2013, 11:27 AM
The money comes from people buying bitcoins. And people buy bitcoins to pay for things.

It's like Disney Dollars (http://en.wikipedia.org/wiki/Disney_dollar). Disneyland prints Disney dollars and you can use them as if they were real money within Disneyland. Now why would people want to spend Disney dollars instead of real US dollars - because they are souvenirs, possibly will have some antique value and because they are fun. And you can trade Disney Dollars back to US dollars.

Similarly with Bitcoins, they are minted/mined by people using their computers. People - like you - are using their computers to create new Bitcoins and to authenticate Bitcoin transactions. And then people buy these bitcoins to use to spend on things. As to why people want to buy bitcoins - well, there are some who think that they are a hedge against inflation (ie. the Fed is printing too many dollars but there are only a finite amount of bitcoins), but the majority are buying to use to buy things anonymously. The main thing that makes bitcoins vaguely interersting is that they allow you to pay for things over the internet with a relatively high level of anonymity. So what things can you buy? Mostly shady things - no offense to anyone, I believe it's the truth. You can use them to buy illegal things on Silk Road (google it), you can use them in online gambling, and you can use them to pay for things that you don't want traced back to you - like usenet accounts, and VPN connections (used to bittorrent things... mostly pirating movies and music). And then there are a variety of legal non-shady things.. but I bet that most of the use is for semi-shady things.

So that's it. The one thing that everyone gets stuck on is why they are worth ~$100 each. The reason for this is much more philosophical and gets into why things have value. They are worth $115 today because people buying them are willing to pay $115 for them and the ones selling them are happy that they are selling them for $115. As to whether this is too much or too little, it's debatable... Back it 2008 the price of rice quadrupled in a matter of a month or two because of really flimsy reasons - lots of people wanted it, not many were selling it. (http://en.wikipedia.org/wiki/2008_global_rice_crisis ) Things have value because people assign them a value and, as a group, we agree to this value. They have value because people give them value. Right now, if you wanted to buy something on the internet and not have the payment tracked back to you, your easiest solution is to buy some bitcoins to use for this.

So that's where the money comes from.

I will say that I'd be surprised if you could make much money with a 7770 at 200MH/s. Have you done the calculations? Unless your electricity is super cheap or your computer is super efficient, you are probably losing money over time due to the price of electricity.

This clears out things. I'm just mining when I'm doing other things/working. But since electricity doesn't come cheap here, i only mine when i'm using the pc for other purposes.

Zargon
09-03-2013, 08:58 AM
http://www.newegg.com/Product/Produc...82E16817182257 (http://redirect.anandtech.com/r?url=http%3A%2F%2Fwww.newegg.com%2FProduct%2FProd uct.aspx%3FItem%3DN82E16817182257&user=u00000687)


I am running 5 block erupters on this and a usb fan without issues

I may order a 6th once to test it, but I dont really want to blow it up :P

makes it good for the price, since its a 3rd the price of the ankers and holds more than half the # of eruptors

Chiropteran
09-09-2013, 12:29 PM
Better Nate than lever!

Thank you for your order from Butterfly Labs! Your order (#4721) was shipped via USPS, USPS Priority Mail on 9/7/2013. You can track your package at any time using the link below.

Zargon
09-09-2013, 12:39 PM
congrats!!

I should have my jalapeno in a a few weeks now it looks like

single?

probably never

sweenish
09-09-2013, 01:18 PM
This clears out things. I'm just mining when I'm doing other things/working. But since electricity doesn't come cheap here, i only mine when i'm using the pc for other purposes.

Those other uses only draw a fraction of the power that mining does.

I kind of see where you're coming from, though.

Chiropteran
09-12-2013, 10:01 PM
I think the included from BFL power supply died in two days. Not sure, because I don't want to waste a lot of time testing it, but my single stopped working and switching to my PC power supply made it start working again.

As late as it is, the single will absolutely pay for itself, probably offer between double and triple what I invested in it before reaching the point of being obsolete. My other two singles ordered April 1, I'm not so sure about. Might be another couple months before I see them.

pandemonium
09-12-2013, 11:41 PM
A warning to anyone getting their BFL singles: use another PSU!

The PSU that came with my brother's died in a little less than a week. Now he's in hell with dealing with a return.

They also screwed up his second order made in the later part of July of 2012. He originally ordered 3 60GH/s singles and they sent him 1, then 2 30GH/s singles. So now he has to deal with a return for all 3.

He's livid, to say the least!

Zargon
09-13-2013, 07:17 AM
I think the included from BFL power supply died in two days. Not sure, because I don't want to waste a lot of time testing it, but my single stopped working and switching to my PC power supply made it start working again.

As late as it is, the single will absolutely pay for itself, probably offer between double and triple what I invested in it before reaching the point of being obsolete. My other two singles ordered April 1, I'm not so sure about. Might be another couple months before I see them.

pics!

Chiropteran
09-13-2013, 08:59 AM
Okay here is a pic, not all that exciting though:

https://dl.dropboxusercontent.com/u/42573745/single.jpg


bfgminer version 3.2.0 - Started: [2013-09-11 11:25:58] - [ 1 day 22:32:35]
[M]anage devices [P]ool management [S]ettings [D]isplay options [H]elp [Q]uit
Connected to stratum.btcguild.com diff 32 with stratum as user odyn_asic
Block: ...e0fb05d4 #257747 Diff:86.9M (622.3Th/s) Started: [09:55:38]
ST:5 F:0 NB:409 AS:0 BW:[ 57/ 52 B/s] E:262.85 U:26.6/m BS:8.59M
1/16 64.0C | 60.94/60.60/60.66Gh/s | A:74182 R:389+0(.50%) HW:3834/.16%
--------------------------------------------------------------------------------
BFL 0: 64.0C | 61.21/60.60/60.66Gh/s | A:74184 R:389+0(.50%) HW:3834/.16%
--------------------------------------------------------------------------------
[2013-09-13 09:56:58] Accepted 029cf56d BFL 0f Diff 97/32
[2013-09-13 09:56:59] Accepted 02706268 BFL 0b Diff 104/32
[2013-09-13 09:57:06] Accepted 06258f03 BFL 0p Diff 41/32
[2013-09-13 09:57:15] Accepted 07c4082c BFL 0e Diff 32/32
[2013-09-13 09:57:15] Accepted 03840d5a BFL 0a Diff 72/32
[2013-09-13 09:57:20] Accepted 03f4470f BFL 0h Diff 64/32
[2013-09-13 09:57:20] Accepted 078e07fb BFL 0b Diff 33/32
[2013-09-13 09:57:22] Accepted 020d15db BFL 0i Diff 124/32
[2013-09-13 09:57:24] Stratum from pool 0 requested work update
[2013-09-13 09:57:28] Accepted 00cd81f1 BFL 0p Diff 318/32
[2013-09-13 09:57:30] Accepted 001f1d3a BFL 0m Diff 2.11k/32
[2013-09-13 09:57:30] Accepted 047c7e4c BFL 0l Diff 57/32
[2013-09-13 09:57:31] Accepted 02e73c1b BFL 0k Diff 88/32
[2013-09-13 09:57:32] Accepted 02f3ce1b BFL 0o Diff 86/32
[2013-09-13 09:57:33] Accepted 066bf26c BFL 0g Diff 39/32
[2013-09-13 09:57:37] Accepted 045618f9 BFL 0o Diff 59/32
[2013-09-13 09:57:38] Accepted 038eb196 BFL 0d Diff 71/32
[2013-09-13 09:57:39] Accepted 0406fe4d BFL 0a Diff 63/32
[2013-09-13 09:57:39] Accepted 0145704c BFL 0p Diff 201/32
[2013-09-13 09:57:44] Accepted 045e3db6 BFL 0j Diff 58/32
[2013-09-13 09:57:45] Accepted 0592b050 BFL 0n Diff 45/32
[2013-09-13 09:57:45] Accepted 051e10c5 BFL 0k Diff 50/32
[2013-09-13 09:57:47] Accepted 0535fdcd BFL 0c Diff 49/32
[2013-09-13 09:57:53] Accepted 03202580 BFL 0i Diff 81/32
[2013-09-13 09:57:54] Stratum from pool 0 requested work update
[2013-09-13 09:57:54] Accepted 00ead16f BFL 0k Diff 279/32
[2013-09-13 09:57:56] Accepted 02b6f9f0 BFL 0m Diff 94/32
[2013-09-13 09:57:59] Accepted 035e1dcc BFL 0b Diff 76/32
[2013-09-13 09:58:00] Accepted 04c3af67 BFL 0i Diff 53/32
[2013-09-13 09:58:02] Accepted 01b0099f BFL 0k Diff 151/32
[2013-09-13 09:58:07] Accepted 05174e32 BFL 0d Diff 50/32
[2013-09-13 09:58:09] Accepted 04e1a2a9 BFL 0e Diff 52/32
[2013-09-13 09:58:09] Accepted 030a94b9 BFL 0g Diff 84/32
[2013-09-13 09:58:11] Accepted 04398ae7 BFL 0h Diff 60/32
[2013-09-13 09:58:12] Accepted 034f83a4 BFL 0p Diff 77/32
[2013-09-13 09:58:13] Accepted 00b0ca65 BFL 0g Diff 370/32
[2013-09-13 09:58:19] Accepted 0531bfcc BFL 0j Diff 49/32
[2013-09-13 09:58:19] Accepted 033cae4c BFL 0n Diff 79/32
[2013-09-13 09:58:23] Accepted 0523d620 BFL 0j Diff 49/32
[2013-09-13 09:58:24] Stratum from pool 0 requested work update
[2013-09-13 09:58:25] Accepted 020270e8 BFL 0j Diff 127/32

Batmeat
09-16-2013, 12:09 PM
Im done. Tired of fighting Saphire over my 7950. Bought it on 4/8/13. Rear fan has failed twice on it. Selling all my bitcoins. Anyone want to save me the search hassle of going through this thread, and tell me the best place to sell them? I've got a video of it. HERE (http://youtu.be/C50o3Fwd2WU)

Zargon
09-16-2013, 12:14 PM
wemineltc is reporting weird khash for my card

card shows running at 560 but I keep seeing 10kh or 6kh on their site.....blargh

Zargon
09-17-2013, 09:04 AM
I now have 6 block eruptors on a rosewill usb hub, running for 12+ hours

had 5 for the last few weeks

and a usb fan

I will add a seventh in another day or so, to see how well the advertised 3.5A PSU holds up


at 20 bucks compared to 60 so far it seems like a hell of a deal

Chiropteran
09-17-2013, 12:25 PM
at 20 bucks compared to 60 so far it seems like a hell of a deal

Yeah I feel like a fool for buying them at full price a few months ago. Made some bitcoin in the meantime, but they won't ever return what I paid for them.

Some guy selling them for like $17 each on Amazon now.

Zargon
09-17-2013, 02:42 PM
17 is really cheap vs .15 btc

birthdaymonkey
09-17-2013, 03:55 PM
Wow... today is the first time I've checked the BTC difficulty since shutting down in July. 132 million estimated for the next increase!

How are the alt coins doing for GPU mining profitability these days?

24601
09-17-2013, 11:20 PM
Wow... today is the first time I've checked the BTC difficulty since shutting down in July. 132 million estimated for the next increase!

How are the alt coins doing for GPU mining profitability these days?

http://dustcoin.com/mining

Litecoin is holding steady.

I hope the new AMD cards coming out will have same or less compute ability compared to 7970 so that my investment doesn't degrade.

Durvelle27
09-30-2013, 09:10 AM
Anybody having problems with BTCGuild

Chiropteran
09-30-2013, 09:28 AM
Anybody having problems with BTCGuild

Yeah BTCguild is being ddosed.

"The pool is still under attack. You can contact webmaster@btcguild.com to request access to a special private server."


I actually switched my ASIC over to mining PPcoin for a bit, slightly lower profit than bitcoin currently but I have a feeling it may jump in value soon- if others start mining it with ASIC difficulty will skyrocket and that may push up the value.

It's also a lot more exciting to mine 110 PPC per day rather than .25 bitcoins, even if the relative value is similar.

Binky
10-02-2013, 01:31 PM
So the FBI shut down Silk Road...and BTC is down pretty significantly from ~$140 to ~$114 right now.

thilanliyan
10-02-2013, 02:01 PM
Don't care about SR. Hopefully more legitimate businesses start using BTC...and takes LTC along for the ride! :)

Zardnok
10-02-2013, 03:46 PM
I was using the Mining Calculator at http://www.coinish.com/calc/# to check for profitability of the newer ASIC devices. Under the Novice tab, all looks well since that only takes into account the current difficulty levels, but when you change it over to the Expert level, it factors increases in difficulty into the equation and things take on a decidedly different result.

My first check was using the BFL Jalepeno as sort of a baseline, since you can pick one up for $300ish, which I thought was a decent price considering the Hash Rate. Once I plugged it into the Calculator under Expert, it showed that it would never earn enough to pay for itself, because the difficulty would increase faster than it could keep up. Granted, if BC pricing increases with difficulty, that might be a moot point, but I am not willing to invest money on a "prices may increase".

The next miner I tried out was the new "Monarch" 300 GH/Sec card from Butterfly labs for $2800. The Monarch cards are pre-production now, so who knows what difficulty levels would be when they actually are shipped, but inputting the numbers from the Monarch card, it shows a profit of $2885 or roughly a doubling of my money after 12 months. If I change the utilization from 12 months to 24 months, the profit increases by $3 to $2888. Double the time using and only $3 increase in profit? Increasing the time to 36 months shows the same $2888 profit as 24 months.

Does this mean that in 12 months time the difficulty level will increase so much that even a 300GH/Sec miner is no longer profitable?? What am I not understanding here?? None of the of the other calculators seems to factor in the increased difficulty levels like the coinish one does.

philipma1957
10-03-2013, 12:05 AM
I was using the Mining Calculator at http://www.coinish.com/calc/# to check for profitability of the newer ASIC devices. Under the Novice tab, all looks well since that only takes into account the current difficulty levels, but when you change it over to the Expert level, it factors increases in difficulty into the equation and things take on a decidedly different result.

My first check was using the BFL Jalepeno as sort of a baseline, since you can pick one up for $300ish, which I thought was a decent price considering the Hash Rate. Once I plugged it into the Calculator under Expert, it showed that it would never earn enough to pay for itself, because the difficulty would increase faster than it could keep up. Granted, if BC pricing increases with difficulty, that might be a moot point, but I am not willing to invest money on a "prices may increase".

The next miner I tried out was the new "Monarch" 300 GH/Sec card from Butterfly labs for $2800. The Monarch cards are pre-production now, so who knows what difficulty levels would be when they actually are shipped, but inputting the numbers from the Monarch card, it shows a profit of $2885 or roughly a doubling of my money after 12 months. If I change the utilization from 12 months to 24 months, the profit increases by $3 to $2888. Double the time using and only $3 increase in profit? Increasing the time to 36 months shows the same $2888 profit as 24 months.

Does this mean that in 12 months time the difficulty level will increase so much that even a 300GH/Sec miner is no longer profitable?? What am I not understanding here?? None of the of the other calculators seems to factor in the increased difficulty levels like the coinish one does.

you can not do any long term calculations on any calculator since no one knows what % increase to use each difficulty adjustment. it has been as low as 5% and as high as 38% so picking any number for more then 4 or 5 months is a shot in the dark


https://bitclockers.com/calc

use this one and use 5% per month all the way up to 100% per month and you will most likely be able to see why picking more then 2-3 months is hard to do.

lopri
10-03-2013, 12:52 AM
I noticed lots of VPN providers take bitcoins as payment, which kind of made sense. What other goods/services can you buy with bitcoins? (not from Silk Road, obv.)

taltamir
10-03-2013, 08:42 AM
So the FBI shut down Silk Road...and BTC is down pretty significantly from ~$140 to ~$114 right now.

how?

ginfest
10-03-2013, 02:02 PM
how?

Very simple. Take the illegal/criminal usage of bitcoins out of the equation and their relative worth goes down. Everyone knows their main appeal is as an "under the table" currency.

reb0rn
10-03-2013, 06:00 PM
BTC just proved its here to stay, price recovered in a day from silk road fall...

pandemonium
10-04-2013, 01:17 AM
I must admit, it seems compared to other markets and stocks (I'm no expert trader), BTC sure did stabilize relatively quickly.

taltamir
10-04-2013, 03:32 AM
Very simple. Take the illegal/criminal usage of bitcoins out of the equation and their relative worth goes down. Everyone knows their main appeal is as an "under the table" currency.

I know that, let me clarify my question
How did the FBI shut it down.

24601
10-04-2013, 04:25 AM
I know that, let me clarify my question
How did the FBI shut it down.
http://edition.cnn.com/2013/10/04/world/americas/silk-road-ross-ulbricht/

taltamir
10-04-2013, 06:58 AM
http://edition.cnn.com/2013/10/04/world/americas/silk-road-ross-ulbricht/

so
"the most sophisticated and extensive criminal marketplace on the Internet today"
was actually a single grad student from san francisco. Who created it as a libertarian economics experiment, and the FBI was unable to catch him until, several years later, he had posted his gmail address online, thus revealing his identity?
Wow, just wow.

24601
10-04-2013, 05:09 PM
so

was actually a single grad student from san francisco. Who created it as a libertarian economics experiment, and the FBI was unable to catch him until, several years later, he had posted his gmail address online, thus revealing his identity?
Wow, just wow.

FBI doesn't deal with drugs, they also don't deal with tax evasion.

That makes this purely done to try to stop bitcoin.

Binky
10-04-2013, 05:33 PM
That's not true at all.

http://www.fbi.gov/about-us/faqs
"The FBI has divided its investigations into a number of programs, such as domestic and international terrorism, foreign counterintelligence, cyber, public corruption, civil rights, organized crime/drugs, white-collar crime, violent crimes and major offenders, and applicant matters."

24601
10-04-2013, 05:38 PM
That's not true at all.

http://www.fbi.gov/about-us/faqs
"The FBI has divided its investigations into a number of programs, such as domestic and international terrorism, foreign counterintelligence, cyber, public corruption, civil rights, organized crime/drugs, white-collar crime, violent crimes and major offenders, and applicant matters."

I like how they listed literally everything any branch of the US government does on an enforcement effort.

They even put a catch all at the end that says "anything we feel like"

It's not true in reality.

taltamir
10-06-2013, 03:50 AM
That's not true at all.

http://www.fbi.gov/about-us/faqs
"The FBI has divided its investigations into a number of programs, such as domestic and international terrorism, foreign counterintelligence, cyber, public corruption, civil rights, organized crime/drugs, white-collar crime, violent crimes and major offenders, and applicant matters."

apparently 1 college student is organized crime.
I remember all the news were saying the silk road was a mafia/triad ran black market. I guess that was wrong

3DVagabond
10-06-2013, 03:58 AM
FBI doesn't deal with drugs, they also don't deal with tax evasion.

That makes this purely done to try to stop bitcoin.

Since this activity took place across state lines it comes under federal jurisdiction. It wouldn't matter if it was an old granny illegally selling parakeets. :D

24601
10-06-2013, 04:27 AM
Since this activity took place across state lines it comes under federal jurisdiction. It wouldn't matter if it was an old granny illegally selling parakeets. :D

FBI != SEC
FBI != IRS
FBI != DEA

The FBI is tenuously claiming jurisdiction under the RICO act.

1 person is definitely an extremely large and sprawling organization, obviously.

FBI does not have jurisdiction directly from the Controlled Substances Act unless it also falls under the RICO act.

Once that line of reasoning fails in court, they will argue the shit they made up about the guy hiring another guy to kill another guy, which is the flimsy pretense they used to arrest him in the first place.

By the way, the real reason the FBI is the one tasked with this job is that the Patriot act applies to the FBI, allowing them the same free reign in the communication domain that the NSA is afforded. The DEA/SEC/IRS does not fall under that act automatically.

Chiropteran
10-21-2013, 03:18 PM
Nearing $200 again. At first I thought the recent rally in value was due to the US government shutdown, but it's continued to rise. Maybe we will see a new all-time-high before 2014.

I don't really have very many bitcoins anymore, wasted a lot buying USB ASICminers which have proven to be a terrible investment. Even my 60GH/sec BFL single is only bringing in about 1 BTC a week, and that will go down significantly next difficulty adjustment.

Still, I think bitcoin has a future, even if mining bitcoin is becoming less and less relevant. I'm going to start buying something like $50 worth of bitcoin per week, every week, just as a savings plan.

I'm also holding a few primecoin and Peercoin as alternatives.

IEC
10-21-2013, 03:45 PM
My BFL Jalapenos will be nice coasters by the time they arrive in a week or so. At best I'll break even in 4-5 months.

At least I made my profits in GPU mining to offset that loss...

Binky
10-21-2013, 03:53 PM
I made money on USB miners. I bought 9 then sold 7 at a 50% profit (should have sold all!). Then I bought 7 more with "coupons" and eventually sold them for a 25% loss. Including earnings, I made a small profit. I am 100% out of the game now. It was an interesting ride.

Zargon
10-21-2013, 03:57 PM
might have to cancel my single order at this point and keep the jalapenos just for kicks

Mr. Pedantic
10-21-2013, 03:58 PM
My BFL Jalapenos will be nice coasters by the time they arrive in a week or so. At best I'll break even in 4-5 months.

At least I made my profits in GPU mining to offset that loss...

Don't think of them as coasters. Think of them as Butterfly Labs Weighted Companion Cubes.

AnonymouseUser
10-21-2013, 04:26 PM
ASICs have really killed mining for profit. I just hope they never come out for Scrypt (Litecoin).

KentState
10-21-2013, 06:19 PM
might have to cancel my single order at this point and keep the jalapenos just for kicks

I can't get mine cancelled. Not sure what I will do with it.

pm
10-21-2013, 06:52 PM
I can't get mine cancelled. Not sure what I will do with it.

Stick it on Ebay... the lowest priced one right now is $297. I sold mine last week for more than I paid for it.

And who knows.. $/BTC may continue to rise. It's $193 now...

But yeah, if yours is still a ways out... then personally, I'd just wait it out. You might be able to upgrade it when you get it to something faster via faster BFL chips... or via overclocking (https://bitcointalk.org/index.php?PHPSESSID=99l7n0g5dln7am10e5v8dcs2u4&topic=244235.0) and if not... well, sometimes you take a gamble and it doesn't pan out... but I hear you guys on the frustration. I bought my jalapeno in early March and if they'd shipped it in June/July/August like they said they would, I would have been thrilled. Instead I got it in early Oct and I'm looking at 100% difficulty increases per month... and I was pretty annoyed.... although I got my money back via Ebay.

Rikard
10-22-2013, 04:05 AM
What is the reason for the latest increase of BTC/USD ratio? It has been on a steady rise for the past week.

Meanwhile, the LTC/USD has a long term negative trend. I was looking at getting back in the game now that it is getting cold outside and it is a fun way to heat my house, but BTC is not profitable, LTC looks like it has no future and all the other alts are just junk TBH. Thoughts?

Btw, I am mainly using my mined BTC for micro transactions like Humble Bundle and getting electronic goods off BitMit. I find it more convenient than taking out my credit card, and probably safer too.

KentState
10-22-2013, 08:47 AM
Stick it on Ebay... the lowest priced one right now is $297. I sold mine last week for more than I paid for it.

And who knows.. $/BTC may continue to rise. It's $193 now...

But yeah, if yours is still a ways out... then personally, I'd just wait it out. You might be able to upgrade it when you get it to something faster via faster BFL chips... or via overclocking (https://bitcointalk.org/index.php?PHPSESSID=99l7n0g5dln7am10e5v8dcs2u4&topic=244235.0) and if not... well, sometimes you take a gamble and it doesn't pan out... but I hear you guys on the frustration. I bought my jalapeno in early March and if they'd shipped it in June/July/August like they said they would, I would have been thrilled. Instead I got it in early Oct and I'm looking at 100% difficulty increases per month... and I was pretty annoyed.... although I got my money back via Ebay.

I ordered back in March so not sure when it will come. It was a gamble and luckily I only went in for $300.

pm
10-22-2013, 11:28 AM
I ordered back in March so not sure when it will come. It was a gamble and luckily I only went in for $300.

I ordered mine March 11th for the old price of around $149 and got it about a week and a half ago. I used it for a day or two, did some calculating and decided that doubling my money on Ebay was a better bet than trying to mine with it. Besides, they are loud.

According to BFL, they've shipped out all of the Jalapenos ordered in March as of yesterday.
https://forums.butterflylabs.com/blogs/bfl_jody/

Jody's blog was spot on for my order. The day she said it shipped was the day it shipped. So yours is on the way to you? I got an email notification when it shipped.

KlokWyze
10-22-2013, 02:45 PM
I ordered mine March 11th for the old price of around $149 and got it about a week and a half ago. I used it for a day or two, did some calculating and decided that doubling my money on Ebay was a better bet than trying to mine with it. Besides, they are loud.

According to BFL, they've shipped out all of the Jalapenos ordered in March as of yesterday.
https://forums.butterflylabs.com/blogs/bfl_jody/

Jody's blog was spot on for my order. The day she said it shipped was the day it shipped. So yours is on the way to you? I got an email notification when it shipped.

Did the exact same thing with mine ordered Feb 26th. Got about $350 after ebay fees.

Crazy trend in BTC now. People are saying it's because it's rising in popularity in China. A new site (https://btcchina.com/) opened up.

I've got most my CC in LTC. Crossing my fingers it will shoot up on some good news, like being implemented on Gox or something stupid. Gox is terrible, but the way the value fluctuates isn't based on sanity.

Zargon
10-22-2013, 02:48 PM
I can't get mine cancelled. Not sure what I will do with it.

ah yeah they changed all their TOS before the last big update, welp.

KlokWyze
10-23-2013, 06:31 PM
BTC is $225 on Gox. Here we go again... :awe:

24601
10-23-2013, 06:50 PM
BTC is $225 on Gox. Here we go again... :awe:

Looks like LTC has recovered to 2.00 USD as well in the interim, as the ones using LTC as a hedge against BTC pulled out and others have covered this left-over previous position.

pandemonium
10-24-2013, 03:31 AM
So, that was interesting. The NDA for the R 290X was lifted at 1am, and coincidentally, BTCs started to plummet. Fell to 175ish then quickly came back up to 200 (currently). I'm guessing all of the AMD favoring for buying that card and vendors that accept BTC surged with BTC traffic sales that the value dropped in reflection?

Either way, interesting coincidence.

Edit: MTGox trading is being pounded with traffic. These prices are fluctuating wildly! >.<

VulgarDisplay
10-24-2013, 12:14 PM
What's the best way to exchange coins for US dollars these days? I've been sitting on 7.75 bitcoins for a long time. Now looks like the time to get out.

AnonymouseUser
10-24-2013, 12:21 PM
What's the best way to exchange coins for US dollars these days? I've been sitting on 7.75 bitcoins for a long time. Now looks like the time to get out.

I've used Coinbase (http://coinbase.com) which deposits directly to my bank account within a week. There may be better options, I just haven't looked for anything else in a while.

pandemonium
10-24-2013, 10:48 PM
I'm also on Coinbase. They're legit (registered in all 50 states and federally as a currency transmitter business), super easy, more secure than most, integrated for merchant capture services, recurring payments for general wallet/financial account use, and has lower fees than others.

You'll just have to wait about a week before you can really start trading after you've registered a bank account and bought your first btc. That's the only downside.

24601
10-25-2013, 06:34 PM
http://www.forbes.com/sites/andygreenberg/2013/10/25/fbi-says-its-seized-20-million-in-bitcoins-from-ross-ulbricht-alleged-owner-of-silk-road/

Qianglong
10-25-2013, 06:45 PM
Can someone help me with my MTGOX USD Withdrawal issue? On Sept 25th, I tried to withdraw my USD into my bank account. When I checked the account transaction history, the equivalent dollar amount was converted into BTC and sent an address. So lets say I wanted to withdraw the USD$500 into my bank account, when I performed the transaction, $500 worth of BTC was purchased and sent to an BTC address instead??

To this date I still have not received the deposit...anyone know what is going on?

jester55
10-27-2013, 11:41 AM
Can someone help me with my MTGOX USD Withdrawal issue? On Sept 25th, I tried to withdraw my USD into my bank account. When I checked the account transaction history, the equivalent dollar amount was converted into BTC and sent an address. So lets say I wanted to withdraw the USD$500 into my bank account, when I performed the transaction, $500 worth of BTC was purchased and sent to an BTC address instead??

To this date I still have not received the deposit...anyone know what is going on?

I waited over 2 months for MTGOX to get there crap together and wire the money to my US bank account. I had to eventually cancel the bank transfer and repurchase Bitcoin to transferr back to my wallet. I plan to try Coinbase and hope for a better outcome.

The sad part is that MTGOX has known about their wire transfer issue to US bank accounts for months and never document it! So they basically never communicate to you the user that there are issues - in fact their site states that the transfer could take 10 day to 2 weeks to complete. To me this is an outright lie.

I HIGHLY RECOMMEND TO NEVER USE MTGOX! JMO... :)

AnonymouseUser
10-27-2013, 12:50 PM
I HIGHLY RECOMMEND TO NEVER USE MTGOX!

Is the problem with MtGox, or is it with US banking or government? Do non-US customers have the same delays?

jester55
10-27-2013, 01:36 PM
Is the problem with MtGox, or is it with US banking or government? Do non-US customers have the same delays?

From what I understand the issues they are having are not just contained to the US, but to countrys that have certain standards when it comes to international transfer. Didn't make a lot sense to me - just know that US is it not the only company effected. YMMV

AnonymouseUser
10-27-2013, 02:22 PM
From what I understand the issues they are having are not just contained to the US, but to countrys that have certain standards when it comes to international transfer. Didn't make a lot sense to me - just know that US is it not the only company effected. YMMV

The good news is that there are a lot more legitimate places to buy/sell BTC now than there were even 6 months ago. The bad news is it's becoming harder to remain anonymous when doing so.

Zargon
11-06-2013, 05:26 PM
got my jalapeno

pulling ~9ghs with it

24601
11-06-2013, 05:31 PM
http://www.cryptocoincharts.info/v2/

Another high. Lots of new money coming in right now. Wonder if it'll hold.

pandemonium
11-07-2013, 01:47 AM
Yup, BTC has officially matured (adult pun intended). Peaking @290 now.

hawtdawg
11-07-2013, 01:48 AM
got my jalapeno

pulling ~9ghs with it

and you'll also never make your money back?

pandemonium
11-07-2013, 02:31 AM
Hey, if all the miners in the world just suddenly stopped working, we'd have no transactions being processed and the value would deflate like crazy. So...I say we get everyone on board so the value drops, then organize the attack and get everyone rich. Go, team BTC, go!

Also, bitcoinity (http://bitcoinity.org/markets/mtgox/USD) is hilarious. The price hit 300 and a nice little Sparta meme popped up real quick captioned, "madness, aww hell yeah". I was literally rofling.

Shmee
11-07-2013, 04:09 AM
hmm, lite coins seem a lot more profitable for GPUs, just did some research on them. I wonder how it will do with a 290?

Also, anyone know the best way to get USD from litecoin into either a bank or into paypal?

Zargon
11-07-2013, 07:42 AM
and you'll also never make your money back?

break even is about 3 months is it sits around 300 bucks :P


so no, unlikely to payoff in the near term without BTC continually increasing in value



alot better change tho with it hashing almost double what was advertised


but as far as long term, not bad, I need to get it on my kill-a-watt and see what wattage its really pulling

hopefully my 25ghs unit is here by the end of the month

I doubt I can expect 40 out of it sadly

should have just ordered 4 more jalapenos instead

Silverforce11
11-07-2013, 07:47 AM
Well a few months ago I was expecting by year's end, BTC may reach $1,000 USD... seemed far fetched, but not at this RATE!!

Jesus I should have kept on mining, would have a few coins by now.

njdevilsfan87
11-07-2013, 10:28 AM
Well, this should help the resale value of my 7950s when I sell them off soon. Even LTC is rising. It's near the highest it's even been.

ultimatebob
11-07-2013, 11:34 AM
It looks like Litecoin mining has become temporarily profitable again!

I guess that it's time to fire up the mining rig again. Oh well... my basement was getting chilly, anyway :)

EDIT: Wait, never mind. With the difficulty as insanely high as it is now, I'd be lucky to net 30 cents a day.

Comdrpopnfresh
11-08-2013, 12:17 AM
I have pretty much stopped keeping up to date with BTC, but still have ingrained interest.

I do not have much more than a hypothetical interest in starting up mining again:
-The highest-spec'd item I have is an AMD 6950 card that can be flashed to 6970, which is nothing to the ASICs that are dominating.
-I had a few bitcoins; but, my SSDs with my wallets are dead/locked, I cannot remember the exchange I had deposited a few on (or it stopped operating), and the pool I was a member of has essentially wiped the slate on accrued (but uncollected) earnings.

I really wish I still had access to the BTC I had- I had a few.... back when they were selling for ~$12-18 USD/BTC. But this leads me to ask- what mechanisms are there to compensate for lost/removed BTC from the total? Are these even accounted for in the currency valuation- one would believe that if a portion (even a drop in the proverbial ocean) of the available coins have been lost forever, it should boost the value of those still in circulation...

Also, are there any investment mechanisms for BTC currently? Like, something similar to a savings account or money market account, or even stocks/bonds? I may consider purchasing a bit of BTC to invest in something like that; however, I think my involvement in mining has long passed feasibility and profitability.

Subyman
11-08-2013, 12:21 AM
Good lord, I'd dump those coins now haha. Last time were were this high it fell through the floor REAL quick. I need to dump my LTC.

pandemonium
11-08-2013, 01:12 AM
should have just ordered 4 more jalapenos instead
Should've just bought BTCs with that money instead. :P

Darkstar757
11-08-2013, 02:44 AM
Good lord, I'd dump those coins now haha. Last time were were this high it fell through the floor REAL quick. I need to dump my LTC.

YGPM

canadiantrex
11-08-2013, 02:47 AM
So I'm sitting on just under a third of a bitcoin and 41 litecoins. What's the best way currently to go about getting these turned into cash?

Zargon
11-08-2013, 07:21 AM
Should've just bought BTCs with that money instead. :P

fair enough :P

birthdaymonkey
11-08-2013, 08:13 AM
So I'm sitting on just under a third of a bitcoin and 41 litecoins. What's the best way currently to go about getting these turned into cash?

If you're in Canada, cavirtex is the only game in town--at least it was in the spring/summer when I sold all the BTC I mined in 2012-2013. You'll have to change your LTC to BTC first of course, but you can use any crypto exchange to do that.

VirtEx's fees are a bit steep ($10 IIRC), but you can easily deposit money into any Canadian bank account. Just save up enough cash in the exchange to make it worth the withdrawal fee.

flamingelephant
11-13-2013, 06:42 AM
Has anyone had any experience buying computer hardware with bitcoins? There is an outfit called Memory Dealers out of California that seems to sell computer hardware for bitcoins on part of their sites? Good? Bad? Others?

Thanks

Zargon
11-13-2013, 07:18 AM
never tried

24601
11-13-2013, 05:35 PM
Has anyone had any experience buying computer hardware with bitcoins? There is an outfit called Memory Dealers out of California that seems to sell computer hardware for bitcoins on part of their sites? Good? Bad? Others?

Thanks

A credit card puts the customer on the advantage.

Bitcoin levels the playing field.

Personally I wouldn't purchase things you may need to return with Bitcoin/Litecoin.

Bitcoin/Litecoin shine more in more uniform commodity trading, where you have less suspicion as to the quality of the product.

ultimatebob
11-13-2013, 06:58 PM
Can someone explain to me why Bitcoin is worth over $400 now? What in the hell happened to justify that valuation?

24601
11-13-2013, 07:03 PM
Can someone explain to me why Bitcoin is worth over $400 now? What in the hell happened to justify that valuation?

Limited supply.

Increased Demand.

Bitcoin/Litecoin acts as a commodity.

The reason why national currencies don't fluctuate that much is because they are directly managed by the nations by increasing or decreasing currency supply.

https://en.wikipedia.org/wiki/Money_supply

https://en.wikipedia.org/wiki/Federal_reserve

The current spike in Bitcoin/Litecoin valuation is due to recent increase of interest in Bitcoin/Litecoin in China.

This causes volatility which also attracts day traders.

gorobei
11-13-2013, 07:09 PM
anyone done any localbitcoins.com for cash transactions? they seem to have a face to face option for transactions. i figure if we meet at a coffee shop with internet i can maybe get the transfer in 1 or 2 block updates(20min?).

or is there a better way to get cash out if you dont have a mtgox acct?

Capt_Kob
11-13-2013, 09:10 PM
Has anyone had any experience buying computer hardware with bitcoins? There is an outfit called Memory Dealers out of California that seems to sell computer hardware for bitcoins on part of their sites? Good? Bad? Others?

There are a few options I have used:
Bitsumo.com - It is basically a service that will order stuff for you and send you a bitinstant invoice. They charge a fee, but their service is great. I have ordered from Newegg and ebay through them.

Gyft.com - buy giftcards with bitions. Amazon is on there, but no Newegg.

taltamir
11-14-2013, 02:23 AM
Can someone explain to me why Bitcoin is worth over $400 now? What in the hell happened to justify that valuation?

plummeting value of a dollar
More specifically, people are losing trust in government issued fiat money.
The greece asset seizures, the USA printing of money like there is no tomorrow, etc.
It doesn't matter if those threats are real or not (they are real), a segment of the population perceive them as real and as such shift their money to other assets such as gold or bitcoin. depending on personal preference.

pandemonium
11-14-2013, 02:41 AM
plummeting value of a dollar
More specifically, people are losing trust in government issued fiat money.
The greece asset seizures, the USA printing of money like there is no tomorrow, etc.
It doesn't matter if those threats are real or not (they are real), a segment of the population perceive them as real and as such shift their money to other assets such as gold or bitcoin. depending on personal preference.

That's a very, very small portion of the reason right now. The major reason is China's involvement; more specifically BTCChina(.com), which in a little less than a month of BTC hitting the public via mass media (CCTV and Baidu), has almost doubled the volume of MtGox already.

In essence: demand is driving it.

money.CNN (http://money.cnn.com/2013/11/12/investing/bitcoin-record-high/) actually has this laid out fairly well.

ultimatebob
11-14-2013, 05:50 AM
That's a very, very small portion of the reason right now. The major reason is China's involvement; more specifically BTCChina(.com), which in a little less than a month of BTC hitting the public via mass media (CCTV and Baidu), has almost doubled the volume of MtGox already.

In essence: demand is driving it.

money.CNN (http://money.cnn.com/2013/11/12/investing/bitcoin-record-high/) actually has this laid out fairly well.

Yeah... it looks like a speculative bubble to me. I'd imagine that the price will correct back to sane levels even quicker than it went up. Anyone buying at $400 right now is going to regret it.

pandemonium
11-14-2013, 05:57 AM
That's what I'm hoping for (for future investment sake), but I don't know. At the consistent rate that it's going, I think it's still locating the true market value.

The only thing I see dropping value will be major interruption by government agencies at this point.

I just hope I'm wrong, because that will be somewhat disastrous for an otherwise sound currency option IMHO.

24601
11-14-2013, 06:17 AM
That's what I'm hoping for (for future investment sake), but I don't know. At the consistent rate that it's going, I think it's still locating the true market value.

The only thing I see dropping value will be major interruption by government agencies at this point.

I just hope I'm wrong, because that will be somewhat disastrous for an otherwise sound currency option IMHO.

That's why I use BTC-E. It's outside US jurisdiction, unlike most other exchanges.

ultimatebob
11-14-2013, 10:52 AM
That's why I use BTC-E. It's outside US jurisdiction, unlike most other exchanges.

I would be more worried about Chinese intervention than US intervention at this point. China loves to have tight control of their currency, and Bitcoin doesn't work with that philosophy.

Just a few tweaks in their "great firewall", and Bitcoin becomes a non entity there.

Zargon
11-14-2013, 11:02 AM
Yeah... it looks like a speculative bubble to me. I'd imagine that the price will correct back to sane levels even quicker than it went up. Anyone buying at $400 right now is going to regret it.


whats sane? what if 500$ per is sane?

how would you know?

ozzy702
11-14-2013, 11:38 AM
I'll buy back in after the crash. While the general long term trend for BTC is upwards this, just like all the past sharp spikes in price are a bubble fueled by speculation.

Chiropteran
11-14-2013, 12:30 PM
Has anyone had any experience buying computer hardware with bitcoins? There is an outfit called Memory Dealers out of California that seems to sell computer hardware for bitcoins on part of their sites? Good? Bad? Others?

Thanks

They own or are related to https://www.bitcoinstore.com/

I've bought from bitcoinstore.com a couple times, had no issues and products arrived quickly.

Chiropteran
11-14-2013, 01:06 PM
It's only $.43 per mBTC, I feel the price is extremely reasonable and sane ;)

I wouldn't count on it crashing. It might crash, or this might just be a bump before heading to $2000.

Historically, each run up bitcoin value has gone up tremendously. In comparison, simply going from $250 up to $450 is a relatively small jump in value.

$1 high, crash to $.50.

$32 high (60X higher than previous low), crash to $4 (higher than previous high)

$260 high (65X previous crash low), crash to $50 (higher than previous high)

$450 high? (9X higher than previous crash low point). Maybe, but I think value could potentially go a LOT higher before the next crash. If it follows past patterns, I'd expect to see a value around $2500 before crashing to around $900.

Meh, doesn't really matter to me. I think that most evidence points to the idea that simply holding your bitcoin for the next 10 years is a much better idea than cashing out at any given price.

thilanliyan
11-14-2013, 01:22 PM
Yeah, I'm fairly certain LTC is gonna crash too, but I'm going to hold mine because I think it will go higher eventually than the $4.1x value it is right now.

AnonymouseUser
11-14-2013, 01:53 PM
It's only $.43 per mBTC, I feel the price is extremely reasonable and sane ;)

I wouldn't count on it crashing. It might crash, or this might just be a bump before heading to $2000.

Historically, each run up bitcoin value has gone up tremendously. In comparison, simply going from $250 up to $450 is a relatively small jump in value.

$1 high, crash to $.50.

$32 high (60X higher than previous low), crash to $4 (higher than previous high)

$260 high (65X previous crash low), crash to $50 (higher than previous high)

$450 high? (9X higher than previous crash low point). Maybe, but I think value could potentially go a LOT higher before the next crash. If it follows past patterns, I'd expect to see a value around $2500 before crashing to around $900.

Meh, doesn't really matter to me. I think that most evidence points to the idea that simply holding your bitcoin for the next 10 years is a much better idea than cashing out at any given price.

Agreed. If and when it crashes I doubt it will drop below $200 ever again, and it's far from a big gain yet.

The problem most people have is looking at the wrong chart. You need to look at the weekly chart, logarithmic scale, to see how small the gain really is right now. It has potential to hit $1000 within weeks, but you definitely need to protect your investment and not jump in 100% right now. If BTC breaks above $448 soon, jump in and hang on for the ride, but don't hold if it crashes below $400 afterwards.

Take a look at this chart (http://bitcoincharts.com/charts/mtgoxUSD#rg360zigWeeklyztgSza1gSMAzm1g10za2gSMAzm2 g25zvzl) (weekly, logarithmic scale) and you'll see it's only closed below the 25-week moving average once. It's a beautiful chart, and it may even be forming a pennant formation (http://bitcoincharts.com/charts/mtgoxUSD#rg180zigDailyzczsg2013-05-19zeg2013-12-12ztgSzm1g10zm2g25) right now which is a continuation pattern (http://www.chartpatterns.com/flagsandpennants.htm) for when it breaks above it's most recent high.

OCGuy
11-15-2013, 04:24 AM
Well...those 2x 5850s making over 1 btc per day in 2011 paid for themselves. :P

OCGuy
11-15-2013, 04:48 AM
Im getting into pure currency speculation by dumping one of my 5850s and buying coins with the proceeds.

Iol

pandemonium
11-16-2013, 01:06 AM
L2Edit.

Edit: See how easy it is?

Edit #2: I'm expecting another drop this weekend then rise the same as last. And away it goes! @440 and rising. Expect the fall in the evening if the trend remains true.

wand3r3r
11-16-2013, 02:21 AM
The prices are through the roof! I haven't been following since the last rise in April.

Is it far more difficult now than then to mine with a GPU?

pandemonium
11-16-2013, 02:46 AM
Don't even bother without a farm of ASICs. You'll waste your time/money/effort. The efficacy of GPU mining officially died in about March/April when the public started getting wind of BTCs.

If anything, look into an altcoin.

Chiropteran
11-16-2013, 06:43 AM
If anything, look into an altcoin.

I like this site for seeing how the various altcoins are doing relative to eachother:

http://coinmarketcap.com/

Personally, I really like primecoin as an altcoin with potential. Litecoin was originally supposed to be CPU-only, but eventually some creative programmers wrote GPU miners for it that were faster than the CPU miners, so that difference disappeared. Now litecoin sells itself as a coin without ASICs, but eventually ASICs can be written to mine litecoin just the same as bitcoin ASICs exist today.

Primecoin is somewhat unique in that it's algorithm has proven to be very hard to implement on anything but a CPU. Several have tried to create a GPU miner and failed (even some forum drama because one programmer collected a lot of BTC in donations before eventually giving up).

Right now, I believe primecoin is one of the only CPU-only mined coins, which makes it interesting.

Of course, that doesn't help if you want to GPU mine. For GPU mining I think litecoin is still the best option, but I haven't used my GPU to mine in a long time.

suklee
11-16-2013, 07:49 AM
What's a safe way to store away my mined bitcoins for the next decade, or more? I still have my mined coins (from 1.5 years ago) in one of the pooled miners and haven't touched them since.

Chiropteran
11-16-2013, 08:18 AM
What's a safe way to store away my mined bitcoins for the next decade, or more? I still have my mined coins (from 1.5 years ago) in one of the pooled miners and haven't touched them since.

Install the bitcoin-qt wallet, send the coins from the pool to yourself once your wallet is working.

Encrypt the wallet with a very long pass-phrase, like "she sells bitcoins at the seashore plox please diet pizza" it doesn't really matter exactly what it is as long as it's something you can remember, it's sufficiently long, the words are at least partially random, and it helps a lot if at least one word is a made up word not in a dictionary. If you must, write it on a piece of paper and store it in a safe, but never ever use the same paraphrase anywhere online and never type it into your computer unless you are actually moving your bitcoins, and even then make sure you scan extra well to be sure you have no keyloggers.

Then you shut down bitcoin-qt, go into your appdata/roaming/bitcoin folder and copy wallet.dat into dropbox, microsoft skydrive, or google drive or better yet, all three. And keep a local backup too.


Or you can use a paper wallet, but there are potential risks involved in the printer storing the image and such. My above method is pretty safe.

VulgarDisplay
11-17-2013, 11:20 AM
I'm still looking for what the best way to sell coins in the US is. I'm going to cash out now. I have them all at MTGox right now, but do they not buy them from you in the US?

Binky
11-17-2013, 11:24 AM
I'm still looking for what the best way to sell coins in the US is. I'm going to cash out now. I have them all at MTGox right now, but do they not buy them from you in the US?

Make a coinbase account and connect it to your bank account. The fee varies as BTC prices fluctuate, but I think it's generally around 5% to sell and transfer to your bank account. Coinbase automatically sends dollars to your bank account when you sell - they don't hold currency other than BTC.

VulgarDisplay
11-17-2013, 11:32 AM
Make a coinbase account and connect it to your bank account. The fee varies as BTC prices fluctuate, but I think it's generally around 5% to sell and transfer to your bank account. Coinbase automatically sends dollars to your bank account when you sell - they don't hold currency other than BTC.

Any horror stories of them emptying bank accounts after gaining access? All this stuff makes me very nervous.

chihlidog
11-17-2013, 02:34 PM
What pools is everyone using at the moment? Tried working for some of my old pools but they wont connect. Any of them still going strong?

Silverforce11
11-17-2013, 03:55 PM
Litecoin is the one to go to if you're on Radeons, its still profitable. But pretty low due to the high electricity prices for me.

It's better just to dump $400 and buy around 100 coins, hold it for 6 months and it will prolly jump to $50 a coin..

Chiropteran
11-17-2013, 04:45 PM
What pools is everyone using at the moment? Tried working for some of my old pools but they wont connect. Any of them still going strong?

I use BTCguild. Pretty reliable and the fees are reasonably low.

Chiropteran
11-18-2013, 01:54 PM
Okay, bitcoin at $650, still going strong, but what is even more shocking to me is litecoin doubling in value overnight, to $8.70 per LTC

Peercoin has also been increasing lately, it just passed $1 for the first time.

Primecoin hasn't been gaining like the other altcoins, which is unfortunate for me given that I have a few of them.

thilanliyan
11-18-2013, 02:00 PM
Keep going LTC!! :)

pm
11-18-2013, 02:17 PM
Keep going LTC!! :)

Well that was quick... back down to $5.50. I went to all-chains.info, and it wasn't listed there, and then went to btc-e where every time I hit refresh it dropped another $0.50.

[Edit]
And now it's back up to $7.70... in like 10 minutes...


It's always funny seeing these prices, and this difficulty. I remember when I was mining like 40 litecoins per day and selling them for something cheap like $0.15 each and thinking "$180 per month, this is awesome". Since Jan/Feb. I have mined and sold thousands of LTC at prices than were less than $0.20 each. And now I have more compute power, can mine 2 per day and they are worth $8 and probably headed upwards. It's amazing how it's changed and it's amazing how much money I'd have if I'd never sold them. :)

thilanliyan
11-18-2013, 02:58 PM
^As for LTC, I've been holding since March. I actually bought some as well instead of mining. I hope it gets to about $20-$25 at least.

pm
11-18-2013, 03:30 PM
^As for LTC, I've been holding since last March. I actually bought some as well instead of mining. I hope it gets to about $20-$25 at least.

Yeah, I have something like 80 LTC... but only because prices in Sept were so low that I decided to just hold and since then I never got around to selling them. But I think if I looked at my litecoin wallet, that I've mined something like 3000 litecoins... maybe even more. Which would get me a nice car based on today's prices if I'd held.

Tempered81
11-18-2013, 04:05 PM
$760 LTC $8.00

Dang.

Silverforce11
11-18-2013, 04:23 PM
Hehe.. $1000 by this years end, said it in Feb!! Once the chinese are onboard, this is what happen, demand skyrockets, supply is always limited.. GG and PHUCK ME for not buying heaps when it was $30 each.