My Bitcoin Challenge and Journey

The best thing that could possibly happen in all of this is a reset button on bitcoin prices. If bitcoins were to go down to $1 a piece I'd personally but a good 10k of them. I think bitcoins will go on for a while, if there's 60k people on that exchange, imagine how many people are using bitcoins?

There's a game called second life that used linden dollars or some kinda nonsense, linden didn't even get auto corrected when i was typing this, that's how big linden dollars are

I think that at worst bitcoins will be like linden dollars, people are hungry for this kinda stuff. And in time the price will increase organically even if they get raped right now. Especially since theres a finite supply of them that will ever be available (21million ish).

People pay for stuff in bitcoins a lot, and often in small increments. So if buying something thats say worth $5, when bitcoins are worth $20, they will pay .25 btc
People sometimes i see ask for and make transactions as small as .001 btc.

So its possibly bitcoins could one day be $100 bucks a piece, and just be traded in small increments. at $100 bucks .01 would be $1

Who knows? I don't, but this is surely an interesting thing to watch

interesting look at people selling stuff for bitcoins. Everything from gold and silver to video cards to bdsm services in nyc! lol
http://forum.bitcoin.org/index.php?board=26.0

I need to share some news I just read...

Bitcoin trading site MtGox.com has suspended operations for the rest of the day after illicit access to at least one account resulted in a steep drop in the price of Bitcoins on the site:

https://support.mtgox.com/entries/20208066-huge-bitcoin-sell-off-due-to-a-compromised-account-rollback

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PerfectChoice4u said:

People seem to be VERY concerned about the power consumption. I guess maybe I live in a very low cost power area, but my power costs fluxuate do to usage and time of day, but are always .04-.08 a kw hour. So I'm looking at maybe, and i do mean maybe 40-60 bucks a pc per month, but i don't even think that's likely. But in the grand scheme of things, it seems very miniscule and like nitpicking to me.

But then again, i feel like people nitpick about gas prices too, but, i guess for some people the extra little bit matters. I look at things in a much broader and grander sense.

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It's not so much the price of power that a concern but whether your residence is capable of powering several mining rigs. When you've got multiple cards in each machine + cooling the computers + cooling down the rest of the residence from the massive amount of heat generated by all of the rigs...well, it adds more strain to your home's electrical grid than you might expect. I have to wonder where some of these people setting up dozens of mining rigs expect to power these machines.

Good luck OP. The math is really where you discover whether or not it is worth it to do bitcoin. In the longterm, the market will be stable, so count on that. Secure your wallet and don't be the guy\gal that just lost over a million dollars. Take a look into namecoin since it has a higher profit margin as of now and isn't too hard to get started. I'd recommend looking up a calculator online for hardware costs versus profit. You should overclock one card to the max and then repeat to all cards. Don't worry about killing them. The extra 10 to 20% will make up for the loss. By the time you get new cards, the 7000 series may be out with twice the stream processors. Personally, I have a single 6870 chugging away, but soon it will be other people doing the work for me...

good luck and keep us posted

I am also trying bitcoin mining
I now have 3 rigs up and earning

2 rigs in pc cases with 1X6990 and 2x 6950 (1.2 Ghash/sec each)
(tryed to put 4 x 6950 in case but was running to hot - very small gap between cards)
and
1 open rig with 2 x 6990 (1.35 GHash/sec)

the ones in the cases get very hot -- trying to run them under under 77 degrees C
cannot over clock without temputure going over 90 degrees

also the ist GPU get hotter than the rest and needs to be under clocked

Luke

tshin810 said:

You forgot a vital factor: difficulty increment. Recently difficulty increased around 3 times per month, each time increase 50% difficulty.

Let's assume you have 3.2GH/s hashing power, which mean you can get around 3.6BTC OR 63USD per day. After next update, lets say difficulty increase 50% again, your earning cut half, that's mean you get 1.8 BTC per day. Let's say only 2 difficulty update for the month, your earning will be down to 0.9BTC per day. It will become worse and worse, and 3.2GH/s means nothing after few months.

If you really want to start farming bitcoin, I suggest you get HD5850 instead of HD6970 as HD5850 can easily get 300~350MH/s and it's cheap (around 150 USD). Please read more on bitcoin forum about hash/$ and this will safe lots of your money.

You might want to try namecoin also, as it has huge potential to boost up it's value.

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Thats the point. Some days ago the difficulty was 0.7, now its 1.3 - it increases by 50% in average. In 2 months mining will be complete useless. If you google you can find a calculator for this, today good earning machines will bring some cents only in 2 months.. So from my point NEW investments in mining TODAY are completly useless - Pay attention! Even if there is no crash or something, you'll have a hard time getting your investment back.
If you want to invest, just buy bitcoins.

Can we have an update on your progress please?

update please

check your address mate, in case you forgot about them
1DMBAYFeHENLc15ZVDdyc3AQxQ95UBu2p8

the dude all here is a legend lol, are they became rich now?

101% he lost the wallet as many others. $200k sitting there.

All the best in your journey man! Very inspiring!

If you are starting off with a little cash, and hate the instability of "the race" to win BT transactions, have you thought of Staking on ETH?

So if anyone was ever curious as to what happened with all of this stuff, I did end up buying all of those mining computers, but I never ended up using them l o l
I was making thirty or sixty thousand a month by spamming.Craigslist and never really could sit down and figure out how to join the pools
Serious oversight on my park, but at the same time, I probably would have just had it in an exchange that ended up going bankrupt through getting seized anyway
I have about 400 ltc on btce.com when it was seized by the f b I and I never got any of that money back, of course
I'm sure something would have ended up happening with all of my bitcoin between all of that time or I would have ended up selling it during the time that it was a hundred to three hundred dollars, which was about a five year period
Anyway, it's a fun thread to look over for historical purposes.

Good luck with this journey.

PerfectChoice4u said:

So if anyone was ever curious as to what happened with all of this stuff, I did end up buying all of those mining computers, but I never ended up using them l o l
I was making thirty or sixty thousand a month by spamming.Craigslist and never really could sit down and figure out how to join the pools
Serious oversight on my park, but at the same time, I probably would have just had it in an exchange that ended up going bankrupt through getting seized anyway
I have about 400 ltc on btce.com when it was seized by the f b I and I never got any of that money back, of course
I'm sure something would have ended up happening with all of my bitcoin between all of that time or I would have ended up selling it during the time that it was a hundred to three hundred dollars, which was about a five year period
Anyway, it's a fun thread to look over for historical purposes.

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You lived a thrilling life worth sharing with your gradchildren.

seomaster5 said:

You lived a thrilling life worth sharing with your gradchildren.

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You sir, are a gentleman and a scholar

seomaster5 said:

You lived a thrilling life worth sharing with your gradchildren.

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You should check out my youtube channel
https://youtube.com/@professorshaun4u?si=TWj6VLKlP9gfH-f5
Once again thank you send me a message anytime

PerfectChoice4u said:

So if anyone was ever curious as to what happened with all of this stuff, I did end up buying all of those mining computers, but I never ended up using them l o l
I was making thirty or sixty thousand a month by spamming.Craigslist and never really could sit down and figure out how to join the pools
Serious oversight on my park, but at the same time, I probably would have just had it in an exchange that ended up going bankrupt through getting seized anyway
I have about 400 ltc on btce.com when it was seized by the f b I and I never got any of that money back, of course
I'm sure something would have ended up happening with all of my bitcoin between all of that time or I would have ended up selling it during the time that it was a hundred to three hundred dollars, which was about a five year period
Anyway, it's a fun thread to look over for historical purposes.

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Hiya can u DM me ur TG

I need to ask about the bitcoin miners and the average cost of them