BITCOIN - mining 4 a year now

[Jonny Quick]

If a motherboard says atx,then I have to get a ATX Full tower case?

EDIT: Does the amount of ram affect Mh/s or just the type?

Start your own thread asking help for a build, send me a PM with the link. Your questions will completely dominate this thread if they get answered.

 

[Roparadise]

For those that want the 5830,you can buy them at bitporium for 8.60BTC. FTICcomputer has them for $140

Bitcoin's difficulty went up alot,Instead of mining .35 a day,I am now getting .2 a day,and thats with adding a second pc thats getting 35Mh/s

 

[tacopalypse]

mining hardware comparison

https://en.bitcoin.it/wiki/Mining_hardware_comparison

 

[Roparadise]

50% more perfomance to get 1BTC,and the price is still about $19.70.

If i get continue to get .26BTC a day,I'll make $4.14 a day factoring in the electric costs. And the next expected rise is in 7.2 days. Then ill get .17BTC a day which if it doesn't rise ill make $2.36 a day after electricty. So in 2 weeks ill make only $45.

 

[bgalakazam]

Too many monkeys on the tree and it will get worse.

I get about $2 worth of bitcoins with a $140 dollar card, and that is running 24/7. Not to mention difficulty will keep going up.

Mining for profit was never a goal for the creator of bitcoin. It is simply an incentive for the people to distribute the bitcoins. Too bad many kids bought 2-10 GPUs with hope they will get ROI.

 

[Jonny Quick]

mining hardware comparison

https://en.bitcoin.it/wiki/Mining_hardware_comparison

Too many monkeys on the tree and it will get worse. I get about $2 worth of bitcoins with a $140 dollar card, and that is running 24/7. Not to mention difficulty will keep going up.

If the link tacopalypse posted is correct (and it's a great piece of information, and everyone should thank him), the fact that your card is $140.00 may not be relevant to BitCoin production.

Look at the chart from the link and notice the H U G E variation in production between the various video cards.

bgalakazam, what card/chipset did you have, and what kind of production did you get from it ? Was it comparable to the numbers on the chart?

 

[jtgjustin]

Where do you buy bitcoins? And where is this drug filled bitcoin market?

 

[bgalakazam]

bgalakazam, what card/chipset did you have, and what kind of production did you get from it ? Was it comparable to the numbers on the chart?

Diamond Radeon HD 5770. I get 212 at stock max 960 and mem at 300. 1000 as suggested for 220 crashes for me, so 212 is fine.

I will return to store and if I find a 5830 for <= $142 I will swap and see how that goes.

Edit: I run at 0.04 - 0.08 bitcoins per block from mtred pool.

 

[Jonny Quick]

Diamond Radeon HD 5770. I get 212 at stock max 960 and mem at 300. 1000 as suggested for 220 crashes for me, so 212 is fine.

I will return to store and if I find a 5830 for <= $142 I will swap and see how that goes.

Edit: I run at 0.04 - 0.08 bitcoins per block from mtred pool.

See the attached photo (below). Of the 10 differet 5770's, none produced more than 240. The lowest was 156. Compare all of those to the 5850's; they produce almost twice as much, with only a moderate increase in cost. NewEgg seems to be sold out of the 5850's. I wonder if all the BitCoin miners have bought them all up.



Note: While looking at the hardware chart and comparing what GPU's were used for the high-production numbers, and how much they cost, I discovered one of those Video Cards sells for about $800.00



So, I can see it's not simply a matter of finding the best Video Card. The cost of the VC has to be taken into account.

 

[Roparadise]

Some people are saying that it will keep going up 50% in difficulty every 7 days. Is that bullshit? Cause at that rate a 5830 will only net you $100 in the first month,if the price doesn't go up. And it hasnt with this change.

 

[MrSmith]

I like how a Jr.Vip gave me a negative rep and told me to get a "brain" and stop talking "clueless" about this.

How can I not have a brain when I am the one making US DOLLARS, BRITISH POUNDS and EUROS? I'm not about to make 35 USD for 1 bitcoin that I mined for 1.5 years with a shitty graphics cards and GPU.

Also, an uncontrolled currency that is dependant on what: Speculators? It holds no asset, has no liquidity and is dependant on people that "dig" for it with their computers. Come on please.

I know which one is the fool between me and the one who gave me a neg-rep

Good day and good riddance when this currency gets dumped like a whore on a Russian millionaire.

 

[bgalakazam]

at:MrSmith

Same amount of bitcoins will be found each 2 weeks, so even if 1 person in the world mines, the bitcoins will go into circulation. This steady rate of supply will limit the chances of inflation.

As for mining and trading bitcoin for currency, keep in mind that that is not the main reason bitcoin was created. It is meant to be used for payments. Don't assume people who use bitcoins either mine or trade for USD. If you really thought that, you deserve a lot more negative feedback.

Mining was never meant to be profitable, it is just a means of generating said amount of bitcoins each period.

 

[xoxxx]

Lots of people buy drugs with bit coin...
If it continues they will become ultra valuable.
If not, they will become useless.

 

[tacopalypse]

epic mining rig

 

[Jonny Quick]

Don't assume people who use bitcoins either mine or trade for USD. If you really thought that, you deserve a lot more negative feedback. Mining was never meant to be profitable, it is just a means of generating said amount of bitcoins each period.

Erm. Well that's a tad annoying. Nice to get the historical background, context and everything, but I detect the tone of an idealogical zealot in there somewhere. What things were "meant" to be. Some noble and higher "purpose". Poo-poo the idea that profit is somehow unworthy of effort, that the Grand Master Wizard has foreseen all these earthly impediments to the Shining Silver Path and has taken all of these possiblities into account, and nothing bad will happen because we are pure of purpose and remain focused on achieving Nirvana.

Well, fuck that, because we're about making fucking money, and that's all we give a fuck about. People can shove their "noble purpose" up their ass.

This is a black hat forum, in case you haven't noticed. And people do not reject doing things in the "accepted manner" because they just feel like it. There's a certain amount of risk in breaking rules, and the reason for breaking those rules transcends the spiritual; it's much more important than that. It's about acquiring material wealth, and lots of it. More than what one could acquire by remaining "spiritually pure" or whatever spoon-fed baby puke one must swallow in order to invest time and energy into BitCoin mining without some very realistic expectation of profit.

And high-profit too. This is make-believe Monopoply money and you'd have to be bone-dumb stupid not to consider that it's just a matter of time before the whole house of cards collapses and someone is going to be standing there holding an empty electronic bag; an account somewhere in the timeless Cyberverse just chock-full of BitCoin "currency". Meanwhile, someone ELSE is driving around in a Maseratti, living large in a McMansion on a hill by the beach and doing lines of blow off some hooker's ass.

So, please refrain from making any anti-profit and discouraging comments in the future. This entire forum is dedicated to the idea that money is a good thing. Rather than handing out negative rep for being concerned about the money, they ought to be handing out some MONEY as a reward for thinking right.

 

[Randy569]

This may be a stupid question, but I'm going to ask it anyway.

Instead of dumping a couple hundred dollars into equipment in the hope you can make a couple of bucks a day, why not take said couple hundred dollars, watch the charts and wait for the Bitcoin value to drop down to about $10 (like it has a few times in the last couple of months), buy 10 or so, and wait a week or so for it to jump back up to above $20 (which it has also done)?

The chart for this stuff looks like a roller-coaster, but, if you look closely, it always seems to bounce back. And I'm guessing it usually will.

Why?

With so many people invested in it, there are too many players involved to let it completely tank. And even if it does, if you play it smart and don't get stupid/greedy, you can keep your loses to a minimum if it does completely tank.

I'm thinking of maybe waiting for it to dip down to around $10 again, and throw maybe $100 or so at it.

If I lose, big deal. I've lost more than that in one hand of poker.

If it goes back up to over $30, I've tripled my money, and really didn't do a damn thing.

Seems smarter to me than buying a bunch of equipment for something that I'm not completely sure is going to be around for a long time.

 

[sipser]

This may be a stupid question, but I'm going to ask it anyway.

Instead of dumping a couple hundred dollars into equipment in the hope you can make a couple of bucks a day, why not take said couple hundred dollars, watch the charts and wait for the Bitcoin value to drop down to about $10 (like it has a few times in the last couple of months), buy 10 or so, and wait a week or so for it to jump back up to above $20 (which it has also done)?

The chart for this stuff looks like a roller-coaster, but, if you look closely, it always seems to bounce back. And I'm guessing it usually will.

Why?

With so many people invested in it, there are too many players involved to let it completely tank. And even if it does, if you play it smart and don't get stupid/greedy, you can keep your loses to a minimum if it does completely tank.

I'm thinking of maybe waiting for it to dip down to around $10 again, and throw maybe $100 or so at it.

If I lose, big deal. I've lost more than that in one hand of poker.

If it goes back up to over $30, I've tripled my money, and really didn't do a damn thing.

Seems smarter to me than buying a bunch of equipment for something that I'm not completely sure is going to be around for a long time.

Because the break-even date on current equipment is ~50-60 days. So if you buy a $3000 rig, you'll make it back in about 2 months at current prices/difficulty and you'll have the hardware left over, with everything on top being the gravy. If you buy coins at $10 a pop and it tanks, you're left with nothing.

Throwing $100 at it is not worth even talking about. You'll make more money doing other things.

 

[tacopalypse]

you're taking pretty much the same risks with mining as with investing.

if you invest $100 and the market crashes, you've lost $100.
if you buy a $3000 rig and the market crashes, you've lost $3000.

 

[helpmeplz]

this is a stupid question but i have to ask, what does this "miner" do? and for doing what we get bitcoin?

 

[Rushdie]

OK, but why have our computers do work to get bitcoins?

Because it's as good as any other limiting factor?

I'm just asking if the work the computers are doing and wasted electricity serve a higher purpose than creating a virtual currency.

By comparison, I suppose one could argue gold is useless and mining for gold is a waste of energy that serves no function other than producing currency...but on some level it actually has a tangible product.

Maybe google can borrow this network of computers to have it run some copyscape algorithms on the millions of sites out there...that might have some real value (well, to google at least...and they can pay for it, which gives the bitcoins a backed value)

they dont accomplish anythhing