Bitcoin mining

Antony101 said:
I wish I was a billionaire so I could just buy all of them and laugh.
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that would be great as you would have them all and no one could trade any and so it would collapse :)

On a realistic note, most exchanges only allow a limit per day of buying and selling to protect spammers.

So it would take a long time to buy 1 billion $ worth and the price would balance itself. Apparently :)
 
arknor said:
looks better to mine litecoins and exchange them for BTC on one of the exchanges :O
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Have you taken into account the % fee they charge per transaction. Seems to good to be true if a "single" exchange would make this basic mistake ?

UPDATE : Wifey missed the postman by 10 minutes this morning. Second cheap ebay 7950 graphics card waiting at post office for me. Get up early and get it. Guess what I am doing tomorrow :)

Should double my mining to hopefully to 1 BitCoin every 10 - 11 days. Price seems stable at the moment around the 140$ per coin recently too. Within 1 month I should have paid for the card baring disasters ;)
 
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arknor said:
1ltc
Total: 0.0263 BTC
Fee: 0.0001 BTC

I can do 2.387 coins a day on a 7850 set to low settings.
high caused my gpu driver to reset but was about 30% faster

mining BTC I would only get
0.0225 BTC / 24hours

http://cryptojunky.com/blog/2013/03/12/absolute-beginners-guide-to-litecoin-mining/
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ahhhh, apologies mis understood what you meant.

Yes Litecoins are increasing in popularity at the moment on the back of BitCoins. But it does flucuate a lot with BitCoin rising rapidly.

Also with the advent of ASIC machines (upto 160x quicker than a 7950 processing BitCoins) people are starting to switch thier GPU rigs to Litecoins as it uses Srcypt which ASIC machines are rubbish at compared to GPU's.

Personally I am sticking with the "stable" currency of BitCoins until the computing power forces me to change to ASIC.

When I get my 2 ASIC machines, I will put them on BitCoins and put my 2x7950 rig onto Litecoins too.
 
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One of the many things I don't get is that if there is any genuine potential in this, why aren't there banks of supercomputers (and by this I mean huge company/bank/government-invested supercomputers) dedicated to mining bitcoins?

Surely mining groups are all well and good, but huge conglomerates wanting a bit of extra cash on the side would be looking into mining on a huge scale if they thought there was any mileage?
 
just got my 2nd 7950 for bitcoin mining hope the iceq i just got from b grade can oc to the levels my windforce x3 does 1.3ghs would be nice for now
 
this_is_gav said:
One of the many things I don't get is that if there is any genuine potential in this, why aren't there banks of supercomputers (and by this I mean huge company/bank/government-invested supercomputers) dedicated to mining bitcoins?

Surely mining groups are all well and good, but huge conglomerates wanting a bit of extra cash on the side would be looking into mining on a huge scale if they thought there was any mileage?
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My 3930k OC to 4.8Ghz Water Cooled and 32GB RAM does 12 mhashs/s

My AMD 7950 OC does 580mhashes/s

That is why. Crypto cracking is very small calcs and millions of them. My 3930 has 6 cores, my GPU has 1780 shaders = cores = more parallel processing.
 
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Mr-White said:
Not long after posting that I read that the prices were going up due to people in Cyprus getting their money out the banks but it's stopped rising due to the recent hacks.

MW
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Cypiats are limited to the amount they can take out per day / week since the annoucements (Iceland have been like this for 2 years now). Cypriats are contributing to the rise, but the main contributors are the Spanish fearing the same thing and currently without restrictions.
 
Catanonia said:
My 3930k OC to 4.8Ghz Water Cooled and 32GB RAM does 12 mhashs/s

My AMD 7950 OC does 580mhashes/s

That is why. Crypto cracking is very small calcs and millions of them. My 3930 has 6 cores, my GPU has 1780 shaders = cores = more parallel processing.
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With all due respect and not wanting to sound condescending, I'm not sure you quite get the term "supercomputer". I'm thinking something that takes up a small factory, not something that fits onto the shelf of a computer desk bought at PC World.

OK, I failed at the respect and condescending bit.
 
this_is_gav said:
With all due respect and not wanting to sound condescending, I'm not sure you quite get the term "supercomputer". I'm thinking something that takes up a small factory, not something that fits onto the shelf of a computer desk bought at PC World.

OK, I failed at the respect and condescending bit.
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Because the return on investment is next to nothing, and the risks are far too high. The currency is yet to prove itself, several pundits are expecting it to collapse fairly soon, and even now you can only just make a return due to electricity prices.
 
this_is_gav said:
One of the many things I don't get is that if there is any genuine potential in this, why aren't there banks of supercomputers (and by this I mean huge company/bank/government-invested supercomputers) dedicated to mining bitcoins?

Surely mining groups are all well and good, but huge conglomerates wanting a bit of extra cash on the side would be looking into mining on a huge scale if they thought there was any mileage?
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How do you know they're not doing that? My single 7970@1075 mines @ 0.63 GHash/s, in the pool I'm in the top user there is doing over 7000 GHash/s.
 
It's a peculiar little thing bitcoin, only heard of it this week, seems like everybody is talking about them (which follows the same trend of gold and apple before they all dropped like a stone). I even heard banks are jumping into the action such as Goldman Sachs.

I think it's a neat experiment on how people perceive and employ value. Whatever happens it would be a hilarious outcome either if boitcoin people suddenly become millionaires or lose it all.
 
I still think it's horrendous to think of all that wasted power that people have spent running useless calculation cycles, it would be decent if the calculations that were being done were actually doing something useful.
 
this_is_gav said:
With all due respect and not wanting to sound condescending, I'm not sure you quite get the term "supercomputer". I'm thinking something that takes up a small factory, not something that fits onto the shelf of a computer desk bought at PC World.

OK, I failed at the respect and condescending bit.
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With all due respect if you work the numbers out it is not worth them doing it for what they charge the servers out for. I work in such datacentres and know that they cannot do this as they are there serving thier customers who pay much more.

Most of these datacentres draw so much power, they have thier own substations next door.

One such company I was selling performance software to bought the software because it would save them 20% power consumption and capacity which meant they only needed to build 2 datacentres a year instead of 3 over the projected long term and thus saving them over $100m per centre.

Now if they had high end AMD GPU's in the servers and they could get rid of the heat, perhaps. But blade racks and others don't have these.

Edit : I know the simple maths doesn't work out. But I am not going to spreadsheet it here.
 
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I think you need to start showing a bit more respect to people that don't "get" the idea or don't believe it's worthwhile. Just because you do doesn't mean everyone should and there's no need to be downright rude to them if they don't.
 
el_dazza said:
I think you need to start showing a bit more respect to people that don't "get" the idea or don't believe it's worthwhile. Just because you do doesn't mean everyone should and there's no need to be downright rude to them if they don't.
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Less words and more effect than my post :(
 
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