REVscene Automotive Forum - Bitcoins and mining bitcoins...

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Bitcoins and mining bitcoins...

for those of you that dunno what bitcoins are... wiki it.
http://en.wikipedia.org/wiki/Bitcoin

for those of you that do... do you guys mine it?

i started to mine it today (proportionally) and i use two gtx 260's... kinda slow.

I mine it at about 2bitcoins per month. (roughly 30USD)

i switched to pay per share, and im waiting to see if i get more out of that.

anyways, my vid cards are running at full speed and radiating mega heat lol.

i know guys that are mining almost 1 bitcoin per day!!! that's just over 500USD per month (at current rate), fuckin crazy.

here's the conversion/market rate for it
http://bitcoincharts.com/markets/

as of right now it's just under 17USD per bitcoin. it seems like it might be worth it to upgrade my cards to something that can mine about 1btc per day, get back the money in 2.5-3.5 months tops.

of course electricity bill might be a problem. Ive read reports of cops showing up at peoples doors with warrants cuz they think they're growing pot, but they're really just running a buncha mining computers.

anyways tell me what you guys think, or if there are any miners on rs, what's your setup? what's your advice?

hm sounds interesting how do I get started?

wow sounds awesome judging by what i just read, you just have your computer on?

What kind of setup do you need to get 1 coin a day? Some kind of triple SLI setup?

You'd need to be running something like crossfire'd 6690s

or triple crossfire 5870s and even then you will still need more to get 1 coin.

Also difficulty level will be going up, not sure at what rate, but as time goes by you'd need more firepower to make 1 coin per day.

Quote:

Bitcoin has just had it’s first major theft of the cyber-currency: $500,000 worth.

Rumors of the heist have been swirling since Monday, when a Bitcoin user named Allinvain claimed 25,000 Bitcoins, technically valued at close to $500,000, had mysteriously been transferred to an unknown user’s account. Allinvain speculated the thieves made off with the windfall after using malware to compromise his Windows-based computer.

But, of course, here’s the great problem with an entirely anonymous currency. It can’t be tracked. So no one knows who has got it and no one can know who has it.

For a good background description of the whole system try this earlier Forbes story.

Think now though of the problem facing the person who says his money was stolen and of anyone who might try to trace it. It’s all, umm, anonymous. There isn’t any way of tracing it.

Think back a bit, to the days when cash could be used in large quantities with no one worrying. Unlike a credit or debit card, cheque, anything like that, cash was anonymous. If you lost it or had it stolen, that was pretty much that. You couldn’t identify, from the cash itself, who had it nor who had taken it.

And Bitcoin is set up to work this way. So there is no way to work out who has the money when they try to spend it.

Actually, it’s worse than that. There’s no way of knowing whether the guy actually had the Bitcoins he says were stolen. They were simply digits on his hard drive and now they’re not there, well, they’re not there.

I would imagine that there will be some rethinking about the cleverness of the whole Bitcoin scheme soon enough. If you have cash you might at least keep it under your bed, in a safe, perhaps in a bank. But Bitcoins must, by definition, be kept on digital media. The most likely digital media being the hard drive of a computer and that computer’s going to be connected to the internet, isn’t it?

Yes, quite, like leaving your cash on the kitchen table and then the back and front doors open given the number of trojans, viruses and malware we’re all bombarded with all the time.

But I will admit to being amused. Not only can’t we solve the crime it cannot, even in theory, be proven that a crime or theft occured.

http://blogs.forbes.com/timworstall/...-500000-theft/

These guys in mission were bitcoin mining and the police thought the huge spike in power consumption was a grow op.

Eventho they were not doing anything illegal the owners were stuck with the $3,500 bill for the raid.

http://blogs.computerworld.com/18335...e_for_pot_farm

Does the value of a bitcoin exceed the cost of energy spent to generate the bitcoin? Electricity ain't free!

^ That all depends how good your gpu(s) are. That will determine how fast you can mine for bitcoins. Figure out how much power your computer will use if its on 24hrs and see what your hash rate is. Then work out if its worth it. Ie, a single 5850 could net you around 300 Mh/s. And at the current difficulty rate of 1379223.42967, it will take 5 days of 24hr mining to make 1 bit coin. That one bitcoin is currently worth $17 or so. To achieve 1 bitcoin per day you would need a hash rate of at least 1500 Mh/s.

http://www.weusecoins.com/

good to buy drugs with.

So "mining" for "bit coins" is basically distributed computing? If you are mining 24 hours a day at say 500W, you are spending at least $140 a month on power....

^ So if you are running a single stock 5870 on 500W, you will just be breaking even per month.

Or if you're running a slower video card that still uses a lot of power, you are losing money. Potentially a lot.

I bet one of these would generate a lot though :)

http://www.hardcoreware.net/wordpres...ry-570x381.jpg

^ That is why you figure out if electricity is more than you would be earning. And if it is, this isn't for you/your current setup.

Or do what the grow-ops do, and steal a neighbour's power :troll:

Quote:

Originally Posted by SkinnyPupp (Post 7494515)

So "mining" for "bit coins" is basically distributed computing? If you are mining 24 hours a day at say 500W, you are spending at least $140 a month on power....

We only pay roughly 7 cents per kWh here (at least that's what my last bill said).

A PC pulling 500watts for 24 hours a day only works out to about $26 a month.

0.5kW x 24hours x 31days x 0.07c/kWh = $26.04

So by Tos'd's estimate of $17 every five days, you could post a profit of roughly $75 a month. That's better than a sharp stick in the eye.

The IT guys in my company have been supplying GTX460's and HD5770's in all the new PC's at work, I kind of want to install this on everyone's computer. It's not like anyone would notice a performance decrease since most people just use word and excel.

Quote:

Originally Posted by Great68 (Post 7494571)

Yup, we are fortunate to have electricity at such a low cost.

Quote:

Originally Posted by Great68 (Post 7494571)

Hmm I used their stupid "power saving" calculator, since I couldn't find the rate (finally found it on a pdf buried deep within their site). Naturally, they grossly over-rate how much you can "save" by lowering power consumption. It should be more like "how much surplus can we sell at a higher rate if you use less power by buying shitty expensive ugly CFLs and low performance appliances?"

I wouldn't suggest installing it without prior consent, that could lead to some major issues (and has in the past, with it leading to jail time IIRC)

Yeah I wouldn't actually do it without their OK. Realistically though, this is kind of just like SETI/folding@home that actually makes money for using your PC's resources.

BTW to compare, I pay about $0.12 CAD per kWh in HK... so it would be even more for me (the price steps up very fast - first 400 units then 600. And this is for TWO months!

Bit coin mining cost calc

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

Bit coin prices are also all over the map. In the last month they have as high as $30 and as low as 1 cent.

find current prices here.

https://www.mtgox.com/

Skinnypupp maybe you should install this on RS

http://www.bitcoinplus.com/miner/embeddable

Quote:

Originally Posted by Manic! (Post 7494749)

Skinnypupp maybe you should install this on RS

http://www.bitcoinplus.com/miner/embeddable

CPU mining is far less efficient than GPU mining.

Quote:

Originally Posted by TOS'd (Post 7494770)

CPU mining is far less efficient than GPU mining.

Yes but there would be no costs to RS and you would have 7-800 computers working at once.

http://forum.bitcoin.org/index.php?a...;topic=18363.0

My websites combined get approx 6.000 Unique visitors/day
Average time spent on websites per visitor/day is 4.2 minutes

I just started with BitCoin yesterday...
Using BitCoinPlus.com to let my website visitors CPU's mine for me...

In my 1st 24 hours I have made 0.39 BTC

RS has way more traffic.

Well, I can see some ppl being really opposed to that whole idea. Not sure how well it will go over with everyone that uses RS.