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-   -   Bitcoins anyone? (https://www.revscene.net/forums/681292-bitcoins-anyone.html)

Boostaholic 03-05-2013 10:34 AM

Bitcoins anyone?
 
Anyone on RS mining or trading or speculating Bitcoins?

Ulic Qel-Droma 03-05-2013 10:56 AM

I almost bought one of these new super mining rigs. almost.

BurnoutBinLaden 03-05-2013 11:31 AM

I bought some bitcoins when they were $11/btc through cavirtex.com.

Now they're at $35/btc so I might hold onto them or invest-but they were $35 18 months ago, and then the price plummeted.

Bitcoin mining is not recommended unless you have an extremely powerful PC-find odd jobs that pay in bitcoins, or just buy them with cash.

ryugeeh 03-05-2013 11:36 AM

Been mining for a year now on my single 7970, made quite a bit with the recent spike @$40USD/BTC. Not worth it anymore to GPU mine.

Manic! 03-05-2013 11:54 AM

where they not like a buck each last year?

Lomac 03-05-2013 12:47 PM

My knowledge about bitcoins is extremely limited, but I thought there was a finite number of bitcoins available? How does mining them work, then?

murd0c 03-05-2013 01:05 PM

I think there is only 21mill bitcoins available, fuck I have no clue how that shit works at all or how you even mine them.

BurnoutBinLaden 03-05-2013 01:15 PM

Data is recorded in the Bitcoin protocol through "blocks". Blocks are records of the most recent Bitcoin transactions that have not been recorded in previous blocks (think of a stock transaction ledger). When you mine a block, there is a difficult mathematical puzzle to solve-each block has unique solutions. It uses the Hashcash proof-of-work system, which is used to limit email spam and denial of service attacks. When you solve the puzzle, you get rewarded with Bitcoins. The amount of bitcoins rewarded halves every 210,000 blocks, or four years. The reward for solving the puzzle will be the first transaction recorded in each block. Additionally, each newly mined block will have a reference (or hash) to the previous block to ensure it was mined legitimately, and is added to the end of the record of all blocks, which is known as the block chain. The block chain is the database of all Bitcoin transactions and is Bitcoin's main innovation. It serves to limit spending Bitcoins twice.

A bitcoin is divisible to 8 decimal places. Once the reward for Bitcoins becomes 0.00000001, it turns into 0 when halved and no more Bitcoins will be produced. This will happen when block 6,929,999 is mined, which should happen in the year 2140. Right now there are about 224,300 blocks, and a new block is added to the block chain every 10 minutes or so. Blocks will continue to be generated without end as long as people are trading Bitcoins, since it's the record of all transactions. If you go onto Black Market Reloaded and buy some Adderall because MSP doesn't cover it, that transaction of Bitcoins will be added to the block record.

Computational power is used to mine bitcoins. You can use CPU or GPU power to mine them, with a specialized program. Unfortunately, the amount of processing power needed, combined with the cost of electricity for home miners, makes it extremely difficult to turn a profit.

For an explanation in plain English: http://codinginmysleep.com/bitcoin-m...-plain-english

tool001 03-05-2013 01:18 PM

i have access to multiple servers, how easy is it to mine bitcoins.

BurnoutBinLaden 03-05-2013 01:23 PM

Quote:

Originally Posted by tool001 (Post 8176902)
i have access to multiple servers, how easy is it to mine bitcoins.

Depends on the power of your hardware. Check here: https://en.bitcoin.it/wiki/Mining_Hardware_Comparison

Ulic Qel-Droma 03-05-2013 01:49 PM

with all theses ASIC's coming out... unless you have one, there's no point trying to mine.

as soon as these become wide spread, it will be the standard for mining.

I couldn't get the first wave shipments (i calculated you'd mine like 150-300 bux a day)... but as soon as they become wide spread it becomes like 150 bux a month....

not worth it in my opinion.

in BC we do have really cheap electricity vs other places... but the costs are negligible.


if u order an ASIC now you wont get it for a few months. in my opinion that's too late.

the window of opportunity for benefiting from having an ASIC machine was the end of last year to this april/may. after that anyone GPU mining will be paying more for electricity than the amount they mine.

Boostaholic 03-05-2013 04:48 PM

the price went up so much the last month, it almost seem like a huge bubble again.

rsx 03-05-2013 05:24 PM

Is this a gaming currency? I'm lost =/

Razor Ramon HG 03-05-2013 05:50 PM

Quote:

Originally Posted by Manic! (Post 8176833)
where they not like a buck each last year?

I think about 15-20USD.

Boostaholic 03-05-2013 05:53 PM


jing 03-05-2013 06:03 PM

Quote:

Originally Posted by Ulic Qel-Droma (Post 8176918)
in BC we do have really cheap electricity vs other places... but the costs are negligible.


if u order an ASIC now you wont get it for a few months. in my opinion that's too late.

the window of opportunity for benefiting from having an ASIC machine was the end of last year to this april/may. after that anyone GPU mining will be paying more for electricity than the amount they mine.

Most RS users still live at home anyways and probably don't pay rent or have to contribute to the household so it could still be worth it for such individuals.

FerrariEnzo 03-05-2013 06:08 PM

so you mine these bitcoins and then they can used to buy things?
but... how does the mining thing work and how long does it take to get the coins???
so its based on GPU? so having the best GPU would yield the most coins?

twitchyzero 03-05-2013 07:33 PM

I have nVidia cards so it's not worth it :okay:

SkinnyPupp 03-05-2013 09:06 PM

If you want to mine at home, it depends on the hardware. I just posted this AMD vs Nvidia review yesterday, comparing a couple GPUs:

http://www.hardcoreware.net/wordpres...oin-mining.png

The 7870 does a decent job of mining... I don't know what all the rates are, so I just used this conversion calculator. According to it, mining with the Radeon 24/7 would bring in 1.45 BTC per month, worth about $62 USD a month.

Looking at the power consumption then:

http://www.hardcoreware.net/wordpres...ning-watts.png

It depends on the power cost of your country. For me in HK, it would cost about $17 a month to do, which is a net profit of $45 a month. In BC it would only cost about $8 a month to mine 24/7.

There is certainly more efficient hardware out there, which would be more profitable to run, but then you have to factor in the cost of the hardware itself.

IMO if you have a high end Radeon card, it might be worth mining a bit just to recover the cost of the card itself :)

Gerbs 03-05-2013 09:11 PM

I have the radeon hd 7870 but would it be harmful to my graphic card if i was to run this 24/7 for a month?

mos_skeeto 03-05-2013 09:13 PM

I bought a few days ago. Already made 30 bucks :)

https://blockchain.info/charts/market-price

Quote:

Originally Posted by FerrariEnzo (Post 8177115)
so you mine these bitcoins and then they can used to buy things?
but... how does the mining thing work and how long does it take to get the coins???
so its based on GPU? so having the best GPU would yield the most coins?

Yes but mining isn't the only way to aquire. You can buy them off people who usually charge a % for profit just like currency exchange shops. You can mine from pretty much anything. GPU is just yields better results than CPU.

Quote:

Originally Posted by rsx (Post 8177083)
Is this a gaming currency? I'm lost =/

Think of it as another currency that isn't controlled by banks. Some really smart guy came up with a really cool way to distribute money and you can use it wherever its supported. For example... Google stripcoin (nsfw)

you! 03-05-2013 11:21 PM

can anyone provide a step by step on how to get started thats geared for total noobs?

twitchyzero 03-05-2013 11:21 PM

Quote:

Originally Posted by Gerbs (Post 8177419)
I have the radeon hd 7870 but would it be harmful to my graphic card if i was to run this 24/7 for a month?

no but having it at pretty much full load 24/7 (i presume) would likely mean a shorter lifespan.

For some this isn't an issue because they just use the money earned from mining to get a new card every other year.

TOPEC 03-06-2013 12:25 AM

dude these ppl r nuts,

will068 03-06-2013 01:29 AM

Only time I heard about bitcoin is when I was reading about "deep web" and how there were merchants in there that accepted bitcoin.

E.g. You would have drug dealers, from hard-to-attain prescription drugs to weed. Interesting part was how weed was delivered via regular USPS.


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