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Cryptocoin Mining?

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Powermoloch said:
damn interesting read, I wished I read this earlier lols 5800s are gone!
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I wish I would have known about this a year ago. Would have several thousand Bitcoins right now. I went and looked at the difficulty over time, and it makes me weep thinking how much you could have mined even a few months ago.
 
OCGuy said:
So does this appreciate my 5850s?
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Out of curiosity, I looked at this earlier since I have one. 5850s seem to be selling in the 200 range now. So yes. However, assuming the bitcoin market hold for a few weeks, you'll make more by mining with it than selling it.
 
the last 3 days my 5850 has been .46-.50 per day.I'm gonna stick a 4830 in and see how much it helps
 
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Ah I get it now, you guys farm the bitcoin. If a person wants to make a transaction, they buy a bitcoin "per se" and send it to another user as "payment" for some service/product/gift etc w/o the B.S middle men fees, paper work etc etc etc

brilliant
 
OCGuy said:
So does this appreciate my 5850s?
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Really depends on your definition of appreciate or rather what sense you are using it in. Are you asking if it will use the full power of your 5850's, then yes and very well I might add. If you are asking whether the current situation raises the value of your 5850's, then I would say if you sold them this week, MAYBE. Pretty soon I think there is going to be a flood of 5xxx series gpu's on the market as the difficulty rises and the bitcoins correct to a lower value. A couple more difficulty rises and unless the price of bitcoins just goes nuts, I see a lot of people selling their extra cards.
 
I don't know why they would sell them off though, I mean as long as you are making more than you pay for electricity, you are profiting. It will take us a long, long time until we hit that. Even if difficulty goes up more than projected.
 
YoungGun21 said:
I don't know why they would sell them off though, I mean as long as you are making more than you pay for electricity, you are profiting. It will take us a long, long time until we hit that. Even if difficulty goes up more than projected.
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Because at a certain point it's going to cost more in electricity than what the cards are going to produce as the difficulty goes up. So when you quit you sell your spare hardware as a final profit.

If I had started mining properly when I first found out about this I'd have $1000 USD that I could have invested back into mining & coin trading.

I just bought a second card for mining, a HD 5770. So now I have a total of $142.97 invested in mining hardware. My mining rig still needs a mobo and case; lucky for me I have a spare & old PSU I can reuse. I'll need to replace that PSU after a month or two of use or when I buy more cards.

I'm just looking to cover my hardware costs and pay a few bills. I don't pay for my eletricity so I can hold out longer than normal.
 
I hope I have this set up correctly...

With one of my 5870's at 99% use and the other at 97% I'm getting over 360Mhash each. I'll let it run overnight and see what happens. 🙂

This thing is killer on the GPU! With my fan on auto and at 59% the GPU's are in the upper 70's. Even Furmark doesn't do that to my Vapor-X cards.
 
Dark Shroud said:
Because at a certain point it's going to cost more in electricity than what the cards are going to produce as the difficulty goes up. So when you quit you sell your spare hardware as a final profit.

If I had started mining properly when I first found out about this I'd have $1000 USD that I could have invested back into mining & coin trading.

I just bought a second card for mining, a HD 5770. So now I have a total of $142.97 invested in mining hardware. My mining rig still needs a mobo and case; lucky for me I have a spare & old PSU I can reuse. I'll need to replace that PSU after a month or two of use or when I buy more cards.

I'm just looking to cover my hardware costs and pay a few bills. I don't pay for my eletricity so I can hold out longer than normal.
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I said as long as it is covering electricity costs. Even as a high estimate, we are only spending roughly $11 per week on electricity. BTC would have to be worth less than $2 each for us not to be profitable at our current mining rate. Or at the current exchange rate, we would need to produce less than a third of a BTC per week. Anyone who has purchased hardware to mine is a fool for selling off when there is still money that can be made.
 
YoungGun21 said:
Verifying the block chain. Basically, checking the validity of every transaction that takes place to insure there is no double spending.
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Are you sure it's not hacking the playstation network? 😛

Seriously, though. Do we know what all of this computing/crunching power is doing? Seems like an awful waste to just have it accomplishing nothing but checking on it's own existence.
 
gorobei said:
i caught this on another site, any number of possible reasons for the crash. the main takeaway was that now that paypal is no longer accepting bitcoin/mtgox people are going to find it harder to get their money out.
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If the valuation of bitcoins are based on speculation then its not difficult to understand or explain.

Speculation driven boom and bust cycles are unavoidable.

With the liquidity situation, one can expect the speculation cycles to run parallel to those observed in the Pink Sheet (OTCBB) markets (aka so-called penny stocks).

Not sure if many of you got into, or were ever aware of the existence of, e-gold but the BTC situation just seems awfully deja vu to me.

BTC itself need not be a scam or intentional fraud of any sort and yet it could still very well still fall into the same footsteps as e-gold (which itself was also not intended to be a scam).
 
Idontcare said:
Not sure if many of you got into, or were ever aware of the existence of, e-gold but the BTC situation just seems awfully deja vu to me.

BTC itself need not be a scam or intentional fraud of any sort and yet it could still very well still fall into the same footsteps as e-gold (which itself was also not intended to be a scam).
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My understanding is that e gold was investigated by the US government for money laundering, taken to court, and fined. I am not sure how the same could ever occur with bitcoins- there is no central authority, nobody to fine, nobody to sue.

Further, while the media likes to state otherwise, BTC transactions are recorded in each block and are indeed trackable to an extent, at least as well as cash can be. It's not really the dream currency for illegal activities it is made out to me, because you can simply follow the block chain to see who spent what.



All said, I think the recent "crash" was merely a needed correction. BTC value should rise, but it was rising a little too fast. I am not going to sell, I kinda wish I had the funds to buy when it dipped down to $13 this morning.

edit: Of course, another key difference is you had to buy e-gold to get e-gold. I have not bought any BTC, yet I have nearly 30. Mining is in some ways safer because worst case scenario I can use my computers for other purposes or sell them.
 
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Joined BTC Guild last night and have been at it for about 13hrs. Return so far is .059 BTC. Poor 4890 had been chugging along at 95 Mhash/s. Dropped RAM to 900Mhz and bumped GPU clock up to 900Mhz as well. I'm now pulling down a steady 101 Mhash/s. LOL I need a replacement!
 
When I started mining the price was less than 1 dollar. My mining operation is profitable as long as price stays above 1.5 usd. I'm not sweating yet.

This was bound to happen anyways, as much as I like bitcoin, $30+/btc is insane and would not last. Currently the market price is hovering around 17, that is still a very high price in my mind and very profitable for mining. Just not as profitable as 30 😛
 
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