now 8 connections & 86K blocks
BITCOIN - mining 4 a year now
- Thread starter nappy-headed
- Start date
- Status
now 8 connections & 86K blocks
Guys bitcoins have value because there are businesses that are accepting them as money for products and services. A lot of computer resellers are accepting them now.
Bitcoin to dollar trade jumps around quite a bit anywhere from $5 to $28 dollars a coin. Jumps can be huge each day. You don't have to mine them either you can buy them on the market and wait till they go up and sell them.
You have to have high end ATI based video card to do the math required to do the mining. Most rigs have multiple cards and multiple computers dedicated to mining. You don't do this on your main work machine.
If you want the money to be somewhat stable you want to build up a couple of rigs and rent them out for a flat fee. If you like the game aspect of it, then do your own mining. OR if you want to get paid more often join a "pool" of people and the pool managers will dole out your share of the money every week or in the case of the larger pools they pay daily.
here is the bad news.
Some states are trying to outlaw the bitcoins because they are a virtual currency that is now being used to purchase medical supplies from canada. OR illegal drugs too. Yahoo and reuters been running news stories on it for the last few days, so now that everyone knows what they are the scammers are tapping in and trying to get an angle on the business. So beware. If you use the marketplace to buy and sell bitcoins make sure you use an escrow service.
Do your homework. There are a lot of people making hundreds of dollars a month at it. And many people making thousands a month. I did my homework on it and decided to not do it, but I was tempted. Read the forums mentioned above you will find all your answers there.
Hope this helps.
Bitcoin to dollar trade jumps around quite a bit anywhere from $5 to $28 dollars a coin. Jumps can be huge each day. You don't have to mine them either you can buy them on the market and wait till they go up and sell them.
You have to have high end ATI based video card to do the math required to do the mining. Most rigs have multiple cards and multiple computers dedicated to mining. You don't do this on your main work machine.
If you want the money to be somewhat stable you want to build up a couple of rigs and rent them out for a flat fee. If you like the game aspect of it, then do your own mining. OR if you want to get paid more often join a "pool" of people and the pool managers will dole out your share of the money every week or in the case of the larger pools they pay daily.
here is the bad news.
Some states are trying to outlaw the bitcoins because they are a virtual currency that is now being used to purchase medical supplies from canada. OR illegal drugs too. Yahoo and reuters been running news stories on it for the last few days, so now that everyone knows what they are the scammers are tapping in and trying to get an angle on the business. So beware. If you use the marketplace to buy and sell bitcoins make sure you use an escrow service.
Do your homework. There are a lot of people making hundreds of dollars a month at it. And many people making thousands a month. I did my homework on it and decided to not do it, but I was tempted. Read the forums mentioned above you will find all your answers there.
Hope this helps.
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You need to join a pool. Then search online for the amount of hashes your video card will complete per second. Take that number and put it into any of the bitcoin calculators out there that will give you a estimate of how much you can make. Bitcoin mining is all about the video card/s.
nappy-headed
Newbie
- Apr 4, 2010
- 27
- 14
THANKS GIVEN to pigp3n
The following;
Note: These are general comments and may not be right for all individual.
If you are new to bitcoin why not buy and sell BITCOINS like the FOREX market ?
Convert $$$ into Bitcoin (high frequency trading)
THANKS
Bitcoin mining profitability calculator
bitcoinx.com/profit/
Bitcoin Block Explorer allows you to easily view information about the blocks, addresses, and transactions created by Bitcoin
blockexplorer.com/
compared to electricity consumption
i54.tinypic.com/2wmi989.png
TRADE - list of sites that currently accept Bitcoin - Currency exchange
en.bitcoin.it/wiki/Trade
How To Get Started With Mining
forum.bitcoin.org/index.php?topic=9430.0
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Simple Bitcoin Mining Guide
First of all, Bitcoin software is NOT a mining tool. If you want to mine, you can join a pool and download a mining tool. There are so many pools inside the bitcoin forum. Here's what I did last night to setup my mining pc.
1. Download the bitcoin software:
2. Join a pool. I am using deepbit for the testing. You will require insert your unique bitcoin address in deepbit registration page which is able to get once you start the bitcoin software.
3. Now it's time to configure our mining tool. There are many mining tools but most all are using command line interface (CLI). However, there is a GUI (graphic user interface) tool called GUIMiner for newbie which doesn't require to configure by using CLI. You can download GUIMiner at:
4. Startup GUIMiner and then select server from drop down list. In this case, choose deepbit as your server. Insert your email and password that registered on deepbit. Also, choose your device as graphic card (for AMD, it shows codename instead of product model.)
5. Press start mining button and waiting for bitcoin rolling in
Be sure to choose your graphic card as device instead of processor. Graphic card is 100x faster than cpu because GC has lots of streaming processing units. For my testing, I use HD6850 and I get 167MHash/s which is getting around 0.01 BTC per hour. This means I will get 1 BTC or bitcoin in around 4 days.
You can estimate Mhash/s for your graphic card at this page:
Currently the best mining rig (hash/rig price) is 2 x ATI HD5850 or HD 5830 with cheap AMD processor + motherboard.
Keep in mind that bitcoin difficulty is gaining overtime. It's getting harder and harder to farm the bitcoin. So, be sure to know more about the concept of bitcoin before you invest your money into "bitcoin mining farm"
That's all I know about bitcoin in few hours reading. Please correct me if I made some mistake on this post.
First of all, Bitcoin software is NOT a mining tool. If you want to mine, you can join a pool and download a mining tool. There are so many pools inside the bitcoin forum. Here's what I did last night to setup my mining pc.
1. Download the bitcoin software:
Code:
http://www.bitcoin.org/2. Join a pool. I am using deepbit for the testing. You will require insert your unique bitcoin address in deepbit registration page which is able to get once you start the bitcoin software.
Code:
https://deepbit.net3. Now it's time to configure our mining tool. There are many mining tools but most all are using command line interface (CLI). However, there is a GUI (graphic user interface) tool called GUIMiner for newbie which doesn't require to configure by using CLI. You can download GUIMiner at:
Code:
http://forum.bitcoin.org/?topic=3878.04. Startup GUIMiner and then select server from drop down list. In this case, choose deepbit as your server. Insert your email and password that registered on deepbit. Also, choose your device as graphic card (for AMD, it shows codename instead of product model.)
5. Press start mining button and waiting for bitcoin rolling in
Be sure to choose your graphic card as device instead of processor. Graphic card is 100x faster than cpu because GC has lots of streaming processing units. For my testing, I use HD6850 and I get 167MHash/s which is getting around 0.01 BTC per hour. This means I will get 1 BTC or bitcoin in around 4 days.
You can estimate Mhash/s for your graphic card at this page:
Code:
https://en.bitcoin.it/wiki/Mining_hardware_comparisonCurrently the best mining rig (hash/rig price) is 2 x ATI HD5850 or HD 5830 with cheap AMD processor + motherboard.
Keep in mind that bitcoin difficulty is gaining overtime. It's getting harder and harder to farm the bitcoin. So, be sure to know more about the concept of bitcoin before you invest your money into "bitcoin mining farm"
That's all I know about bitcoin in few hours reading. Please correct me if I made some mistake on this post.
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marcgenesis
Junior Member
- Jul 29, 2010
- 175
- 62
I'm wondering if bitcoin mining is really worth it compared to electricity consumption...
JB2003
Registered Member
- Mar 16, 2010
- 99
- 13
Someone needs to calculate the bitcoin break-even price in regards to electricity consumption.
Roparadise
BANNED
- May 25, 2011
- 784
- 1,422
Once it finishes,you need to get a miner and join a pool.
marcgenesis
Junior Member
- Jul 29, 2010
- 175
- 62
Just found a calculator : http://bitcoinx.com/profit/index.php
According to this calculator, if I buy two HD 5830 with electricity consumption, run them 24/7 for mining, I might get even for the hardware in about 30 days.
marcgenesis
Junior Member
- Jul 29, 2010
- 175
- 62
None. You just have to figure out how to run the miner for solo mining or pool mining...
I'm used to computers and it took me about an hour to get up and running without ANY knowledge of bitcoin before that.
I am not running it anymore because my video card is not powerful enough to run it effectively so...
Roparadise
BANNED
- May 25, 2011
- 784
- 1,422
Its free to start.
marcgenesis
Junior Member
- Jul 29, 2010
- 175
- 62
I'm wondering where one would go to sell their bitcoins once enough have been mined...
marcgenesis
Junior Member
- Jul 29, 2010
- 175
- 62
Here :
Code:
http://cgi.ebay.ca/5-Bitcoins-BTC-Bitcoin-Digital-Currency-Lot-5-/220798507229?pt=LH_DefaultDomain_0&hash=item33689dd8dd
This mining and bitcoin thing seems retarded and the only winner behind it is the creator.
Whoever thinks they can make big bucks on it either runs a million PC botnet or simply just hijacked a bunch of bitcoin miners computers and transferred it.
So who's doing the payouts for bitcoin? The Central Bank of Obukistan?
Whoever thinks they can make big bucks on it either runs a million PC botnet or simply just hijacked a bunch of bitcoin miners computers and transferred it.
So who's doing the payouts for bitcoin?
The Central Bank of Obukistan?- Status