Cryptocoin Mining?

[RussianSensation]

BTW thanks to the Russian Sensation ( He is my inspiration to mine bit coins). So far it has been a lot of fun. Now that I turned a profit it is all good. The asics I purchased could be a bust and I would still be good. Some advice to you (Mr. R. S.) sell 10 or 20 percent of the coins you have. Make yourself a sure winner. Thanks again. Phil

Thanks!! Glad you are well into profit territory now. BTC mining has been fun. I'll be great to look back to the past and reminisce about a time when $500 GPUs paid for themselves over time. :biggrin:

 

[OCGuy]

From a former miner and..err.....spender....Bitcoin will crash as soon as those who hoarded/stole thousands and thousands of them dump them on the market.

I know some people here have been around long enough to remember how fast we could get a BTC with 2 5850s running all day.....and all of the thefts.

The smart ones are unloading them a few at a time. The dumb ones will see a number that is just too much and unload...causing a minor crash...which will scare the other "insiders" to sell.

Also, TOR will no longer be a shield as soon as the Utah facility is up and running. Part of their insane mission is to monitor/record the "deep internet". No, I am not a tin-hatter. You can read about it, Wired did an amazing piece.

As we all know, once TOR is down, the main..path....trail......highway, so to speak, will be vulnerable for buyers, which will shut it down.

 

[Deltaechoe]

From a former miner and..err.....spender....Bitcoin will crash as soon as those who hoarded/stole thousands and thousands of them dump them on the market.

I know some people here have been around long enough to remember how fast we could get a BTC with 2 5850s running all day.....and all of the thefts.

The smart ones are unloading them a few at a time. The dumb ones will see a number that is just too much and unload...causing a minor crash...which will scare the other "insiders" to sell.

Also, TOR will no longer be a shield as soon as the Utah facility is up and running. Part of their insane mission is to monitor/record the "deep internet". No, I am not a tin-hatter. You can read about it, Wired did an amazing piece.

As we all know, once TOR is down, the main..path....trail......highway, so to speak, will be vulnerable for buyers, which will shut it down.

I remember when I started mining back when this started, hell, I forgot I even had a wallet until after halving day and I've been slowly unloading bitcoins, sold the last 45 I had a few days ago (and to the guy who's been trying to bruteforce my wallet, nice try)

Anyway, at this point I will reiterate, GPU mining isn't quite as profitable as it used to be and with ASICs starting to show up in the network things are only going to get worse for GPU miners

 

[blastingcap]

Dude, the NSA has much bigger fish to fry, namely China which initiates hundreds of attacks or more per day on major US government and corporate sites, not to mention radical Islamists and such. It takes a massive effort to do that stuff, I and I doubt they want to spend limited resources chasing after small fry pot dealers or buyers or whatever. That is not to say that Silk Road won't go down for other reasons, though. But NSA? Eh. I'm pretty sure their priorities lie with China and the War on Terror.

 

[OCGuy]

Dude, the NSA has much bigger fish to fry, namely China which initiates hundreds of attacks or more per day on major US government and corporate sites, not to mention radical Islamists and such. It takes a massive effort to do that stuff, I and I doubt they want to spend limited resources chasing after small fry pot dealers or buyers or whatever. That is not to say that Silk Road won't go down for other reasons, though. But NSA? Eh. I'm pretty sure their priorities lie with China and the War on Terror.

This is no one trick pony...massive complex. It is so under-reported that even me talking about it probably sounds like a Truther or JFK nutter. I suggest reading it all.....it is the real deal.

"According to another top official also involved with the program, the NSA made an enormous breakthrough several years ago in its ability to cryptanalyze, or break, unfathomably complex encryption systems employed by not only governments around the world but also many average computer users in the US. The upshot, according to this official: “Everybody’s a target; everybody with communication is a target.”

"The data stored in Bluffdale will naturally go far beyond the world’s billions of public web pages. The NSA is more interested in the so-called invisible web, also known as the deep web or deepnet—data beyond the reach of the public"

http://www.wired.com/threatlevel/2012/03/ff_nsadatacenter/all/



I'm not saying panic, I am just saying that the thought of a true "encrypted" currency will not last. No, the NSA will not give a rats ass about you buying a gram of whatever for personal use....but they will be willing to sell that information to an agency that does.

 

[blastingcap]

This is no one trick pony...massive complex. It is so under-reported that even me talking about it probably sounds like a Truther or JFK nutter. I suggest reading it all.....it is the real deal.

"According to another top official also involved with the program, the NSA made an enormous breakthrough several years ago in its ability to cryptanalyze, or break, unfathomably complex encryption systems employed by not only governments around the world but also many average computer users in the US. The upshot, according to this official: “Everybody’s a target; everybody with communication is a target.”

"The data stored in Bluffdale will naturally go far beyond the world’s billions of public web pages. The NSA is more interested in the so-called invisible web, also known as the deep web or deepnet—data beyond the reach of the public"

http://www.wired.com/threatlevel/2012/03/ff_nsadatacenter/all/



I'm not saying panic, I am just saying that the thought of a true "encrypted" currency will not last. No, the NSA will not give a rats ass about you buying a gram of whatever for personal use....but they will be willing to sell that information to an agency that does.

I hope you realize that the bitcoin protocol can be upgraded over time. You just need to convince 51% to go along, which shouldn't be too hard considering that the top pools control such a vast percentage of total hashrate. There was already at least one such instance already (a bugfix IIRC).

Also, you don't seem to understand my point, which is that the NSA does not have unlimited resources. Let's say you're the NSA. You have a finite amount of processing power and manpower (because let's face it, data mining can't do it all for you, so at some point in time you need intelligence officers to actually make sense of anything). Are you going to go after that stack of intercepted messages from radical islamists, or Silk Road? Yes, that was a rhetorical question, because we all know the answer to that.

I think you vastly overestimate the NSA's resources and vastly underestimate how small the needles are in the data haystacks they sift through.

 

[Grooveriding]

http://www.wired.com/threatlevel/2012/03/ff_nsadatacenter/all/

That is some disturbing shit. Reading that I feel relieved to know I will be gone by the time this sort of thing is pervasive and everywhere.

 

[slayernine]

Let's say you're the NSA. You have a finite amount of processing power and manpower (because let's face it, data mining can't do it all for you, so at some point in time you need intelligence officers to actually make sense of anything). Are you going to go after that stack of intercepted messages from radical islamists, or Silk Road? Yes, that was a rhetorical question, because we all know the answer to that.

I think you vastly overestimate the NSA's resources and vastly underestimate how small the needles are in the data haystacks they sift through.

This is very true, it would require a lot of man power and resources. However what if the government was secretly behind bitcoin or tor and we just didn't know it.

 

[philipma1957]

This is very true, it would require a lot of man power and resources. However what if the government was secretly behind bitcoin or tor and we just didn't know it.

which government?

UK?
USA?
Iran?
Iraq?
China?
Russia?
France?
Canada?

 

[Imouto]

Andorra.

 

[Chiropteran]

$30 barrier broke, $31.30 high in the last few minutes. I'm fairly confident we will have new all-time high in value soon.

 

[Mir96TA]

Nice!

 

[SickBeast]

Wow!

 

[birthdaymonkey]

$30 barrier broke, $31.30 high in the last few minutes. I'm fairly confident we will have new all-time high in value soon.

Why did I sell my hoard at $19?! I could be $60 richer right now...

 

[Zxian]

Blarg! I sold most of my stash at $27.50 the other day to pre-order a BFL Single. Could have had another $100 to spare at this point.

 

[Chiropteran]

Back down to 28.70 I guess we must wait a few more days for the new record high.

 

[BoFox]

I think $30 is "inflated" for now.. it should hover at around $20 for the first half of the year, roughly..

and slowly rise as BTC becomes more popular and accepted as a currency among businesses

Take advantage of "crashes" below $20 - just buy them up, especially if much below $15.

I wish I had all the $$$ in the world to do that, ARGH!!!!!!!!!!!!!!!

 

[Phrost Phantom]

I use to Bitcoin Mine, but really for the time it takes and the power your machine uses, it's not worth it.

 

[birthdaymonkey]

I use to Bitcoin Mine, but really for the time it takes and the power your machine uses, it's not worth it.

I didn't bother until this winter. I wasn't paying for heat before, so it never seemed worth it to me either. But now that I'd be paying the same $/watt to run my baseboard heaters anyway it seemed worth a try.

Using an existing video card, a single 5870 in my backup machine, I've mined 9.5 BTC since the end of October, which would be worth almost $300 if I hadn't sold most of my coins prematurely.

The only thing I'm out is the slight annoyance of a noisy computer in the room while I work on my main system.

And it's been fun checking my hash rate, BTC prices, and so on every day.

Even though it seems like we're at the beginning of the end (my rewards have been in steady decline since I started and I have no plan to invest in ASICs) it's been a good experience. I just wish I'd started sooner.

 

[philipma1957]

I didn't bother until this winter. I wasn't paying for heat before, so it never seemed worth it to me either. But now that I'd be paying the same $/watt to run my baseboard heaters anyway it seemed worth a try.

Using an existing video card, a single 5870 in my backup machine, I've mined 9.5 BTC since the end of October, which would be worth almost $300 if I hadn't sold most of my coins prematurely.

The only thing I'm out is the slight annoyance of a noisy computer in the room while I work on my main system.

And it's been fun checking my hash rate, BTC prices, and so on every day.

Even though it seems like we're at the beginning of the end (my rewards have been in steady decline since I started and I have no plan to invest in ASICs) it's been a good experience. I just wish I'd started sooner.

well living in Canada anything that helps pay for heat is a good thing. prices are still around 29 usd.

the network hash rate dropped a bit. it is under 30Th. still shows me that a lot of asics either crashed and burned or simply are not out in the wild. works for me.

I will hash the gpus as long as they keep making money. I sold off two more so I am down to 12 of them. I am hashing around 6Gh.

 

[Chiropteran]

Nearly hit a new record high, peaked at 31.699 which is about $.21 below the high of 2011.

I'm watching this closely because I think a new all-time high record is an interesting milestone.

Based on current prices and difficulty, I've calculated that a Radeon 5830 earns about $1 a day. Not too bad, enjoy it while it lasts. BFL announced another delay so it may last a bit longer

 

[pm]

Yeah, measuring the power output from my computer using a Kill-a-Watt (170W), with local electricity being $0.08/kWh and using a Radeon 7850 overclocked (but not overvoltaged), I'm getting 305MH/s which works out to ~$0.93/day. It's not the "good 'ole days" but I'll take ~$30/month.

 

[philipma1957]

Yeah, measuring the power output from my computer using a Kill-a-Watt (170W), with local electricity being $0.08/kWh and using a Radeon 7850 overclocked (but not overvoltaged), I'm getting 305MH/s which works out to ~$0.93/day. It's not the "good 'ole days" but I'll take ~$30/month.

Yeah I now look at btc price to network hash rate.
Right now it is 31 usd to 26Th. That is 1.19/1

As long as it is better then .4/1 I am making money with gpus.
So at 31 usd the hash rate would need to be at 77Th for me to be in trouble.

 

[JBT]

It is my understanding that Nvidia 680's are not good for BitCoin Mining. Is this true or did I hear wrong?
With that said my machine sits idle about 22 hours a day, I wouldn't mind having it do a little work for me. I don't pay my electric bill so that is not much of a concern....

 

[philipma1957]

It is my understanding that Nvidia 680's are not good for BitCoin Mining. Is this true or did I hear wrong?
With that said my machine sits idle about 22 hours a day, I wouldn't mind having it do a little work for me. I don't pay my electric bill so that is not much of a concern....

nvidia 680 will hash at 150Mh a hd7970 will hash at 500Mh underclocked.

so if you get free power and don't mind the heat it will work. If the network is at 30Th you will hash a coin in 40 days. rough math i will check it out later. correction


http://bitclockers.com/miningcalculator says rate is 280Mh not 10Mh

so at 30 a coin figure a coin in 26 days. so maybe 30 a month.