Associate
Bitcoin mining
- Thread starter MrBlobby
- Start date
but its not horrendous to think of all the wasted power and food etc that goes into people doing jobs and working just to create the normal type of currency ?
were all just calculation cycles in a bigger version of bitcoins
and now its getting far to deep for friday nightshift so im off to complete more cycles and earn my employer some more coins
Associate
See this post, please stop sending me trust's on BitCoins help. I have helped a few but it has to end at this point in time. And also other hate trusts may be dealt with when i am bored. (For the sake of OC, no threat implied other than personal fun / boredom and plenty of servers, nothing to implicate OC)
I "may" start a thread as requested somewhere else on it later and answer questions. I am needing to think whether it is worth my effort to help people vs the mob rulz and currently I don't know as what is the point in carrying on. Maybe it is just me, but then that is what i am used to and paid to do. At the end of the day my time is worth $$$ and well..... some of you may get the picture and some won't and post stupid pictures and i expect nothing less.
Good luck to all those who understand the tech and are playing with Bitcoins
laters
Cat
Edit
And also other hate trusts may be dealt with when i am bored. (For the sake of OC, no threat implied other than personal fun / boredom and plenty of servers, nothing to implicate OC)
If you didn't get it the 1st time, please don't bother it is not worth your time and it will probably keep me entertained for ages for the sheer hell of it.
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Soldato
I've been really lucky. I had about £120 worth of Bitcoins left in a wallet about 4 weeks ago, and the other night it was worth over £600! When I had the £120 I did consider investing quite a bit (at this time they were around £14/BTC) but I felt it might have been too risky, I really wish I had done it now! Even just bought £1k of them, I would have made about £5k!!!
Anyway, I made about £500 and now I'm spending it all
Anyway, I made about £500 and now I'm spending it all
I'm sure theres a silent majority that you've helped with your posts so dont take too much notice of the vocal few.
Soldato
Every time I try to download a bitcoin mining program, my antivirus tells me it's a trojan and blocks the site. Should I heed its warning or is my antivirus being stupid?
Soldato
wow, seems BTC is now worth 93 GDP
source: http://bitcoincharts.com/markets/
but with the current difficulty you would need about 17000 M/Hash to make just 1 BTC per day (my single 6870 does about 250 M/Hash)
source: http://bitcoincharts.com/markets/
but with the current difficulty you would need about 17000 M/Hash to make just 1 BTC per day (my single 6870 does about 250 M/Hash)
Hey Guys - had a few q's -
I know a 7970 does around 750Mh/sroughly, but came across this https://products.butterflylabs.com/homepage/5-gh-s-bitcoin-miner.html
That is only $274 - but does 5GH/s - aka 5000Mh/s - why would anyone NOT go for one of these? Surely it would pay for itself very quickly? OR am I missing something. I'm tempted to buy one!
I know a 7970 does around 750Mh/sroughly, but came across this https://products.butterflylabs.com/homepage/5-gh-s-bitcoin-miner.html
That is only $274 - but does 5GH/s - aka 5000Mh/s - why would anyone NOT go for one of these? Surely it would pay for itself very quickly? OR am I missing something. I'm tempted to buy one!
Soldato
If Bitcoins crash tomorrow then you're left with a $274 piece of hardware that's useless and worth nothing. Also based on what whatshisname is called here, I think they're on backorders too.
So what I am reading here upholds the point I was making. It is aimed at geeks, by their nature very enthusiastic sorts often with a good education who find the techy nature of the offer attractive. It is complex and ill defined and involves a lot of luck to determine success. That isn't something I believe offers a viable long term investment vehicle that, outside of a few areas of society will be invisible. Of course if the geeks value the currency highly then it could maintain a value in those circles, that I understand and why I collect some geek stuff, but I am not sure it is going to revolutionise the world.
Associate
I really don't understand the solving the equations/mining part of this, who or what is gaining from the equations being processed if nothing is being achieved by doing them.
Soldato
As financial gambles go, $274 isn't huge. On the other hand, the bitcoin market shows every sign of being a bubble that could collapse at any moment. In fact, the availability of devices like that may be what triggers the collapse in the first place.
I don't know. If you can afford to kiss goodbye to a couple hundred quid, it may be worth it, because the payoff could be huge.
It's not meant to be safe, the whole concept is an experiment, it's a gamble. It's not a secret either, it's stated on it's own website that it is an experiment and in no way should be looked upon as a safe investment alternative.
So a 6870 would take 68 days to mine one coin at 24/7 and a 7970 22.6 days? Where as this machine would only take 3.4 days? Other than Bitcoins collapsing/losing almost all their value, what's the catch? A couple of hundred quid isn't too much of a gamble.....
Soldato
I don't know the exact details, but this is roughly how I understand it. The equations being solved are of an arbitrary difficulty to ensure that a set number of bitcoins are created every day/week/month, which ensures there is a steady increase in the currency without a sudden explosion of currency onto the market, which would flood the market and the price would plummet. So as more people start mining with more M/Hash's, it gets progressively harder to mine.
So it is a random equation simply because it means the difficulty of the equation can easily be manipulated to ensure that the BTC are created at regular intervals because the difficulty can easily be altered as desired.
However, the mining of bitcoins is vital for the currency to survive, which is why they are rewarding BTC to those who mine. When a transaction occurs, it has to propogate throughout the BTC network to ensure that everyone knows about who spent their money and who recieved it. Naturally this makes sense, because otherwise you could simply say 'Well, I have a million BTC' and nobody could prove it either way. When a transaction happens, it is somehow added to the current block that is being mined. That block also contains a hash for the previous block, and so on, so there exists a complete transaction history, every BTC should be tracable, to the extent that you can see what wallet the money was transferred to and from, there is no way of knowing who owns each wallet.
If people weren't mining, there wouldn't be more blocks being created, there would be no way to track who was spending and receiving and it would collapse.
I believe once all the coins are mined, the miners will instead collect a transaction fee for each transaction that is made in the block they complete. So instead of getting 25/50BTC for completing a block, they get a small % of every transaction completed and recorded in that block. SO they would still make money, the amount they take would depend on how popular BTC are and how many people are spending.
Who said it was a secret, I didn't, I said it wasn't easy to comprehend for it isn't. Also it's designed as an alternative trading system, to be effective it needs to be valued and accepted, which based on it's current commercial model I can't see outside of the aforementioned demographic. Doesn't mean it won't work of course, I just cant see it being widely used and eventually that will see it fail I suspect, but I don't know. Alternative monetary systems are nothing new after all.
Soldato
The catch is that the bitcoin collapse isn't as remote a possability as you might like to think. The value has soared in the past few weeks, so it's extremely volatile as currencies go.
I've been giving the mining thing a whirl on my PC for about an hour and a half and have obtained 0.0015 bitcoins. At this rate, it'll take 1000 hours, just shy of six weeks to obtain one whole bitcoin, assuming I keep it running day and night (I won't). So yeah, assuming the value doesn't drop between now and then, I might be able to buy a new graphics card to replace the ones I nuked by doing this. I'm using a crossfired pair of ATI 6850s and getting about 412 MH/s.
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This machine looks a don! 1,500 GH/s
https://products.butterflylabs.com/homepage/1500gh-bitcoin-miner.html
Worth watching the state of it all over the next few months. Research ahoy.
https://products.butterflylabs.com/homepage/1500gh-bitcoin-miner.html
Worth watching the state of it all over the next few months. Research ahoy.