Bitcoin mining

MrBlobby · 5 Apr 2013 at 08:56

Does bit coin mining actually achieve anything of value, I mean is it like SETI or folding DNA or is like calculating Pi over and over again !! ?

MrMoonX · 5 Apr 2013 at 08:56

Catanonia · 5 Apr 2013 at 08:57

Yes

Money or virtual money. In the last 5 days I have mined 0.25 Bitcoins and currently it is worth £90 per 1.0 bitcoin.

I will keep my bitcoins as the value of them will increase over the years as the difficulty of mining increases and people start to ditch banks in the Euro to a safer and government free form of banking. Bit coin value in the last month has risen over 100% due to the Spanish puling their money out of the national banks into safer places due to what happen to the cypriats.

Soon to add a 2nd graphics card (for gaming) and my mining rate will double

atpbx · 5 Apr 2013 at 09:00

Catanonia · 5 Apr 2013 at 09:04

Catanonia said:
Yes

Money or virtual money. In the last 5 days I have mined 0.25 Bitcoins and currently it is worth £90 per 1.0 bitcoin.

I will keep my bitcoins as the value of them will increase over the years as the difficulty of mining increases and people start to ditch banks in the Euro to a safer and government free form of banking. Bit coin value in the last month has risen over 100% due to the Spanish puling their money out of the national banks into safer places due to what happen to the cypriats.

Soon to add a 2nd graphics card (for gaming) and my mining rate will double. Once mining becomes too difficult, say 5 months time, I will sell the cards and proabably get 3/4 of that money back or keep them for gaming.

xGBHxPegasus · 5 Apr 2013 at 09:07

Yeh I had a look at bitcoin yesterday and didnt really understand it.

From what I gather its virtual money? Anything like a digital form of monopoly money?

Also didnt really understand Bitcoin mining, I imagined it was something to do with minecraft and everyone playing that were mining for bitcoins.

I should stick to my monopoly money

Cosimo · 5 Apr 2013 at 09:07

There is a lot of mining in here:

http://forums.overclockers.co.uk/showthread.php?t=18281512

MrBlobby · 5 Apr 2013 at 09:16

I know you earn Bitcoins but do but apart from the coins is the computer doing anything that benefits someone.?? I'll have a look through the thread above too thanks

Catanonia · 5 Apr 2013 at 09:20

MrBlobby said:
I know you earn Bitcoins but do but apart from the coins is the computer doing anything that benefits someone.?? I'll have a look through the thread above too thanks

no it is pure mining for profit. Number / hash crypto cracking for cash - electricity cost = profiit. No one else benefits apart from a public owned cash system.

Catanonia · 5 Apr 2013 at 09:21

Live Bitcoin currency rate

http://preev.com/btc/usd

6 months ago it was around $5 before Cyprus started having it's problems. The Spanish and Italians are the major countries to take this up recently causing a hike in the rate. In January it was around $30 or so. In the last week it has leapt from $90 to $140.

King85 · 5 Apr 2013 at 10:10

The other thread claims a £15 profit deducting costs for a week running 24/7. Hardly seems worth it imo.

platypus · 5 Apr 2013 at 10:12

King85 said:
The other thread claims a £15 profit deducting costs for a week running 24/7. Hardly seems worth it imo.

Not on a small scale, no.

Catanonia · 5 Apr 2013 at 10:18

King85 said:
The other thread claims a £15 profit deducting costs for a week running 24/7. Hardly seems worth it imo.

platypus said:
Not on a small scale, no.

Depends on your kit and right now the price of BTC is climbing and so the profits climb.

When I put the 2nd 7950 card in, I should be at todays prices be earning about £40 -£50 a week if I cashed in.

But I will keep the BitCoins as I believe the price will hit close to $1000 within 12 months. So if I mine 12 - 15 coins in that time, you can work out the math

Small scale, well my rig is only 2x7950 and that is small scale and within easy reach of most on this forum.

Edit

Got the math wrong by a factor of 2

Currently mining at 0.25 bitcoin a week. 2nd card should be about 0.5 bitcoin a week = 2 bitcoins a month = about 24 in a year.

If they hit $1000 mark as I expect in a year or 2, then for the cost of the electricity, I think it is a worthwhile adventure. Even at todays prices of $140 it is worth it and of course I still have the graphic cards.

Diagro · 5 Apr 2013 at 10:40

Catanonia said:
Depends on your kit and right now the price of BTC is climbing and so the profits climb.

When I put the 2nd 7950 card in, I should be at todays prices be earning about £40 -£50 a week if I cashed in.

But I will keep the BitCoins as I believe the price will hit close to $1000 within 12 months. So if I mine 12 - 15 coins in that time, you can work out the math

Small scale, well my rig is only 2x7950 and that is small scale and within easy reach of most on this forum.

Edit

Got the math wrong by a factor of 2

Currently mining at 0.25 bitcoin a week. 2nd card should be about 0.5 bitcoin a week = 2 bitcoins a month = about 24 in a year.

If they hit $1000 mark as I expect in a year or 2, then for the cost of the electricity, I think it is a worthwhile adventure. Even at todays prices of $140 it is worth it and of course I still have the graphic cards.

It will collapse by then.

Catanonia · 5 Apr 2013 at 10:43

Diagro said:
It will collapse by then.

As long as it doesn't in the next month when I would have paid for the 2nd graphics card then I am not losing.

So glad we had this joyful conversation on a Friday

Efour · 5 Apr 2013 at 10:43

Catanonia said:
some sad nonsense

When your mum stops paying your electric bill, lets talk.

edit: by talk i mean I don't want to talk, just a stupid, cliché phrase.

Catanonia · 5 Apr 2013 at 10:45

Efour said:
When your mum stops paying your electric bill, lets talk.

Love the internet sometimes with keyboard warriors.

Married, 40 with kids and my own computer consultancy company.

Next time try a normal conversation or go back to bed.

Mr-White · 5 Apr 2013 at 10:47

Only worth mining them on computers that you don't pay the leccy bill on. There's also no point using a work computer, it needs a decent gfx card as running it on your cpu takes an eternity.

Wish these were around when I was at uni

MW

Efour · 5 Apr 2013 at 10:51

Catanonia said:
Love the internet sometimes with keyboard warriors.

Married, 40 with kids and my own computer consultancy company.

Next time try a normal conversation or go back to bed.

Then why are you so silly?

Why don't you re-mortgage your house set up 100 Rigs and start living the high life?

You are a computer consultant after all you should have access to this stuff. Quad sli or whatever the amd one is called.

Catanonia · 5 Apr 2013 at 10:52

Mr-White said:
Only worth mining them on computers that you don't pay the leccy bill on. MW

That used to be to about 2 months ago, but with the prices the way they are, it is very profitable. That may change again tho.

I would say if you haven't got the kit, then it is a risk buying and hoping for the long run to recoup. If you have, right now what is there to loose.

One guy I know on the Bitcoin forums started early on. He had about 250 bit coins about 2 years ago when they were about $3 each. He forgot about it all until 2 weeks ago and he nearly had a heart attack when he realised 250 * $140 was not a bad present. Now I wish I had heard of them then as well