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Bitcoin mining

Discussion in 'General Discussion' started by MrBlobby, Apr 5, 2013.

  1. hanluc

    Wise Guy

    Joined: Oct 22, 2010

    Posts: 2,082

    Location: Ratae Corieltauvorum

    The Litecoin boat is still in the docks though :)
    I've been reading that mining litecoins then converting them to bitcoins is becoming more productive than mining bitcoins directly. I plan to put it to the test later today.
     
  2. Locky

    Capodecina

    Joined: Oct 14, 2003

    Posts: 11,809

    Location: Leicestershire/Derbyshire

    can 3 7970's be used at a single time, I can clock these to 1300mhz
     
  3. Chrisoldinho

    Gangster

    Joined: Apr 17, 2010

    Posts: 458

    Litecoins are currently worth (at this second) 3.94 USD, I am mining 4.7 of these every 24 hours, I pay 10.9p per KwH, my PC is consuming 400w, so I am paying £1.05 every day in electric and make $18.52, after converting to GBP this is 12.07, less the £1.05 gives me a net profit of £11.02 every 24 hours. Clearly this will diminish over time, but hopefully the share price will increase, this is the gambling part.

    I have been doing this for just over 2 months now, have 297 litecoins that I could trade in at any second and earn 762.76, less my electric cost of £70 and it's easy money.
    Going to keep at it for another month or so then pay for me and my family to go on holiday.

    This is with 2 undervolted 7950's, only doing 1000 khash/s as I am balancing the increase in khash with a sharp rise in KwH produced at the wall with over clocking the cards.
     
    Last edited: Apr 7, 2013
  4. Locky

    Capodecina

    Joined: Oct 14, 2003

    Posts: 11,809

    Location: Leicestershire/Derbyshire

    How does one start doing this?
     
  5. SpaghettiOs

    Hitman

    Joined: Apr 3, 2007

    Posts: 857

    It was originally set arbitrarily, much like the gold standard.
     
  6. Addicted

    Mobster

    Joined: Jul 23, 2007

    Posts: 2,573

    Location: Worcester

    Very nice!
     
  7. aardvark

    Soldato

    Joined: Jan 2, 2005

    Posts: 6,527

    Location: leeds

    if this isn't tulip mania i don't know what is!
     
  8. hanluc

    Wise Guy

    Joined: Oct 22, 2010

    Posts: 2,082

    Location: Ratae Corieltauvorum

    Join a ltc mining pool (I'm with give-me-ltc)

    Download GUIMiner-scrypt and enter your mining pool's sever details and your username.

    more in depth guide

    .. just thought you'll need to download a wallet from the litecoin site to send your payments to.
     
    Last edited: Apr 7, 2013
  9. Addicted

    Mobster

    Joined: Jul 23, 2007

    Posts: 2,573

    Location: Worcester


    Which pool is that on?
     
    Last edited: Apr 7, 2013
  10. iKettles

    Wise Guy

    Joined: Sep 26, 2007

    Posts: 1,213

    Location: Amsterdam

    I have unmetered electricity in my uni halls so just going to rinse my crossfire 6950s until I move out, I'm mining LiteCoins on the LitePool.eu pool using cgminer averaging about 655Mh/s
     
  11. SlyReaper

    Soldato

    Joined: Apr 26, 2008

    Posts: 5,871

    Location: Hotwells, Bristol

    Doesn't work. It refuses to connect.
     
  12. Addicted

    Mobster

    Joined: Jul 23, 2007

    Posts: 2,573

    Location: Worcester

    You're doing it wrong then.
     
  13. iviv

    Soldato

    Joined: Jun 2, 2007

    Posts: 6,730

    Location: Mornington Crescent

    The value comes from the value people place on it. The higher the demand is for them, the higher the value people are willing to pay for them. Because there are so few shops that actually accept BTC as payment, I would say that the majority of people buying BTC are people seeing the massive price rises and attempting to buy low and sell high. Essentially the entire market is probably people waiting for it to get to a high enough price before they can sell and make a nice profit. Then as soon as this happens the price will dip, everyone else will start to panic sell and the BTC economy will crash, leaving everyone who paid a silly amount of money for one of those ASIC machines will suddenly be left with a machine that is only good for mining worthless BTC.
     
  14. SlyReaper

    Soldato

    Joined: Apr 26, 2008

    Posts: 5,871

    Location: Hotwells, Bristol

    Never mind, I got it working. I couldn't connect to give-me-ltc, but I'm able to connect to litepool.eu. Getting about 260kH/s at low power settings which allow me to do other stuff on the computer. I can get about 450 when I throttle it up to the maximum settings for my GPUs. No idea what that translates to in litecoins, since my wallet is still synchronising and the litecoin miner doesn't give me a real-time count of the amount collected.
     
  15. Nexus

    Capodecina

    Joined: Feb 13, 2003

    Posts: 10,582

    Location: London

    That's what I was trying to understand about this Bitcoin thing.

    I can't ever see shops or normal businesses having Bitcoin as a form of transaction. I do see though that as others have pointed out, that Bitcoin is popular for unscrupulous transactions for the lack of accountability.

    Surely though, anyone who is buying coins to buy whatever kind of material they do, there is only ever going to be so much they are willing to pay to buy coins to then purchase what they require. So its going to reach a stage where these coins are worth more than people want to buy them for.
     
  16. SlyReaper

    Soldato

    Joined: Apr 26, 2008

    Posts: 5,871

    Location: Hotwells, Bristol

    Yep, which is why I think mining coins is far more sensible than buying them at the moment. Mining them doesn't cost you anything except the electricity used to run your PC, so even if (when) the market crashes, you haven't lost much. But if your plan is to buy these things for the purposes of speculation... I think the boat has sailed.

    Of course, I may be eating crow in a couple of months time when their value has increased another four-fold or whatever.
     
  17. doodah

    Capodecina

    Joined: Oct 18, 2002

    Posts: 14,264

    Location: London

    Started GUIMiner but it's stuck on 'starting'.
     
  18. benwoodcock

    Hitman

    Joined: Dec 20, 2008

    Posts: 727

    Can't see them going much higher without some huge systemic crisis in the global economy. Some have suggested the banks still have loads of toxic debt, but they seem to be doing a good job keeping it secret.
     
  19. SlyReaper

    Soldato

    Joined: Apr 26, 2008

    Posts: 5,871

    Location: Hotwells, Bristol

    What, you mean like the one that's been going on for nearly 5 years? :p
     
  20. Nerusy

    Wise Guy

    Joined: Jul 12, 2010

    Posts: 2,259

    So if **** hits the fan then there's going to be huge demand for currency that is not a legal tender anywhere in the world and relies solely on goodwill of few places to accept it?

    My view is that the exact opposite will happen if **** hits the fan, bitcoin will crash.
     


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