Cryptocoin Mining?

[notigg]

speaking of the costs of electricity... does anyone know how much it costs to mine 1 bitcoin?

and what do you mean by difficulty drop.... I thought as time went on bitcoins were harder to mine exponentially or something?

 

[Smartazz]

speaking of the costs of electricity... does anyone know how much it costs to mine 1 bitcoin?

and what do you mean by difficulty drop.... I thought as time went on bitcoins were harder to mine exponentially or something?

Difficulty was going up because more miners were joining. However, with people turning off their miners, difficulty will drop.

The cost of electricity will determine how much is costs to mine a bitcoin as well as the hardware you are using. As for me, electricity is included and my computer runs boinc anyway so I'll keep mining.

 

[Chiropteran]

I'm still mining on my most efficient machines. Not selling any coins anymore, not for awhile. The current trends look pretty grim, but I think they might turn up when the bounty is cut by 50%.

 

[Zargon]

i have 2 machines running on and off

with the weather my miner in my home office has been off the last 2 days as it got warm, but not warm enough for ac so the card was starting to cross 80F and its not worth it at 3 bucks a coin

 

[Spike]

Down to my most efficient machine now, turned the remaining ones off.

 

[SickBeast]

speaking of the costs of electricity... does anyone know how much it costs to mine 1 bitcoin?

and what do you mean by difficulty drop.... I thought as time went on bitcoins were harder to mine exponentially or something?

It's not worth it if you pay 5c/kwh or more, even with AMD hardware at this point.

 

[The-Noid]

Bitcoin will bottom near worthless. Very much the same as every bubble in history has ended near worthless. Once the value is near worthless and absolutely everyone despises the product market forces take over. We are near maximum hate but have not reached the stage to which everyone absolutely despises bitcoin, there are still those who want to "hold their way through this." Once even they have lost hope the real bottom will be in.

 

[DooKey]

I'm no longer mining. Not worth it anymore. I sold all of my coins between $8 and $15 and made a tidy sum.

 

[ultimatebob]

Heh... I bought a fancy new ATI video card to mine Bitcoins and play Duke Nukem Forever a few months ago. The value of bitcoins dropped 50% while I was waiting for the video card to arrive.

At this point, I'm not sure which one of those two original purposes was a bigger disappointment

 

[JSt0rm]

damn sounds like some people lost a lot of money if they are holding a shit ton of these things.

 

[IGemini]

I only ended up mining 0.30 total. Exchange value isn't even over $2.50 now. Glad I didn't invest a lot of time/power into this.

 

[Smartazz]

I just installed the Bitcoin client on my new rig and I'm wondering how to get my wallet to work. I copied the wallet.dat file, do I move it somewhere? I had a good number of bitcoins in that wallet and I'd like to get them.

 

[Arkaign]

I just installed the Bitcoin client on my new rig and I'm wondering how to get my wallet to work. I copied the wallet.dat file, do I move it somewhere? I had a good number of bitcoins in that wallet and I'd like to get them.

It's worthless, don't bother.

 

[Smartazz]

I got it. They're selling for $4, might as well get something.

 

[Chiropteran]

I got it. They're selling for $4, might as well get something.

Slowly going back. I'm glad I didn't sell at $2. I haven't been mining 24/7, but I do turn on the miners when I need the extra heat anyway.

 

[ghost recon88]

I sold 126 coins at $3.10, about 1.5 weeks ago, real ticked now that they went up to $4.60 a pop

 

[Magic Carpet]

so is it worth or not?

 

[Chiropteran]

so is it worth or not?

It would be a huge risk and probably unwise to invest much money into hardware purely for bitcoin mining.

However, if you already have the hardware and electricity is cheap and the waste heat is beneficial to you (cold winter), it could make you a few dollars and you might have fun playing around with it.

 

[v8envy]

Exactly. Investing real money in hardware is a huge crapshoot. You may win big, or you may wind up with squat.

If you do have a bunch of high end ATI video cards you are only gambling with a few tens of $ in power a month. I sold my bitcoins as quickly as I mined them and stopped around $5/coin, starting to think about about firing it up again. $30/month in profit beats $0/month.

 

[slag]

I have 3 machines, all 3 running low end nvidia cards, (8800gt, 7600gt, and a GTX460. They are on all the time anyway, but still, probably not worth the mining.

 

[wand3r3r]

speaking of the costs of electricity... does anyone know how much it costs to mine 1 bitcoin?

and what do you mean by difficulty drop.... I thought as time went on bitcoins were harder to mine exponentially or something?

How long does it take to create 1 coin, and what hardware was it with? I'm curious about this too, does it really not pay to do it with e.g. a gtx 560 ti with a 1000Mhz core?

 

[sandorski]

How long does it take to create 1 coin, and what hardware was it with? I'm curious about this too, does it really not pay to do it with e.g. a gtx 560 ti with a 1000Mhz core?

A 580 wasn't even as good as a HD 4850 last time I checked and a 4850 produced approx 2 BC/month. Of course the difficulty might be different now then when I was looking, but AMD GPU's are a must. Unless something has changed.

 

[wand3r3r]

A 580 wasn't even as good as a HD 4850 last time I checked and a 4850 produced approx 2 BC/month. Of course the difficulty might be different now then when I was looking, but AMD GPU's are a must. Unless something has changed.

Thanks for the info. That is about $6-8/month on a gtx 580 according the the aforementioned price. Wow what a moneymaking scheme.

Does anyone have the current average on something like the 6950 or 6970? How many coins/month or days/coin?

That can help deduce the cost / coin.
500watts: 24(hrs) = 12kW/day
12(kW)*31(days) = 372 kW.

372 kW * $0.15 per kW = $55.80 / mo.
372 kW * $0.10 per kW = $37.20 / mo.

 

[Chiropteran]

Thanks for the info. That is about $6-8/month on a gtx 580 according the the aforementioned price. Wow what a moneymaking scheme.

Does anyone have the current average on something like the 6950 or 6970? How many coins/month or days/coin?

That can help deduce the cost / coin.
500watts: 24(hrs) = 12kW/day
12(kW)*31(days) = 372 kW.

372 kW * $0.15 per kW = $55.80 / mo.
372 kW * $0.10 per kW = $37.20 / mo.

http://bitcoinx.com/profit/index.php

6970 is about 360 MHASH, 6950 i think around 300?

 

[Smartazz]

I got my miner back up and it seems like a lot of people are starting to as the network hashing power is up to 9 terahashes/second. I could use the extra heat and my GPU runs at a cool 60C mining so I don't think it's really affecting its lifetime much anyway.