[How To] Bitcoin Mining
- Thread starter bossland
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Erm.. same post again?
Do me a favour: Calc how long it takes till you break even with a ATI 6870.
It's not worth buying new rigs except fpga or custom asic.
Existing rigs can be used till you spend more on electric energy than generating bitcoins.
Atm a 6870, 5870, rig is still profitable, BUT not when you buy it now! You will never get that money back.
Do me a favour: Calc how long it takes till you break even with a ATI 6870.
It's not worth buying new rigs except fpga or custom asic.
Existing rigs can be used till you spend more on electric energy than generating bitcoins.
Atm a 6870, 5870, rig is still profitable, BUT not when you buy it now! You will never get that money back.
I don't know where to post this, I don't really care for this currency I just find it dirty.
however that's not the point of this post. on the page where you allow people to buy DB for BTC.
the lifetime 1 session costs 4.556 BTC while the 1 year 1 session costs 6.074 BTC.
I'm thinking that's a mistake? unless I'm missing something.
Edit: nvm it's just a typo in your ad. the 1 year 1 session should be 1 year 3 sessions.
however that's not the point of this post. on the page where you allow people to buy DB for BTC.
the lifetime 1 session costs 4.556 BTC while the 1 year 1 session costs 6.074 BTC.
I'm thinking that's a mistake? unless I'm missing something.
Edit: nvm it's just a typo in your ad. the 1 year 1 session should be 1 year 3 sessions.
Further reading in case anyone still is confused.
What is BitCoin and What is BitCoin Mining? ? Foreverrising Blog
What is BitCoin and What is BitCoin Mining? ? Foreverrising Blog
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Bitminter, to my knowledge is not bosslands pool, rather a pool he mines on. Or at least he used to, haven't seen him on there in a while. To answer your question, yes, the bitminter client will work with those devices automatically assuming the driver installed correctly on windows.
Not in 1 computer
ATI cards were the most profitable. But not anymore.
GPU rigs are useless.
You need FPGA or custom ASICs. Bitcoin price is down and difficulty is way up, so electric bill is higher then the bitcoin production on a highly efficent GPU miner.
With a FPGA miner you need with the same difficulty (not realistic, because it will increase), you need more then 1 year to earn back your investment.
Don't waste money on rigs as newcomer. 2 years ago, joining with big rigs would still result in a big profit. Not today.
Just buy the bots with cash!
@ xandor: Your calculations seem legit.
But you're approx with bitcoin generation is probably wrong. In 6 months and increased difficulty, you'll earn less bitcoins/day.
It will take more than 1 year till you break even.
Mostly true. GPU mining with proper equipment is still very profitable as I detail here..
http://www.thebuddyforum.com/bitcoin-forum/46166-bitcoin-mining-dangerous-2.html#post836249
Coolstorybroz
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and what would that be?
Giant redfox
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OKPAY is the most simple and user-friendly bitcoin processing service, Bitcoin processing fees are lowered to 2.5% for a deposit/payment and 1% for a withdrawal. Cool
I would guess he means one of four things. You can use bitcoins to invest in certain "stocks" that are tradeable in bitcoin, you can invest money in bitcoins and make money on its increasing worth, you can gamble with bitcoins (if you have some decent inside information, can make a lot...or bet on sure things against people who are betting on near impossible things in the hopes of a giant payoff), or if you are super shady and a hacker, you could hack other people's computers and make them mine for you.
The first two options are legit, the third is a gamble, but that is the point, and the fourth is horrible and people that do that are scum.
Bitminter uses a java client and you must also have an account on their website. So assuming you have your account and you download the client while logged in with that account and you have java installed on your computer just double click the file you get when you click the start engine button on the website.
toliman
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just no.
560ti produces about 70 - 120 mhash/s. and that's at pretty full on heat load of 70'c core, approx 200w of power consumption on an average 80plus silver PSU.
at 0.01btc/day, it would never break even.
you can hower, switch to namecoin mining, which has less graphical interfaces, harder setup, but does work better with CUDA on NVIDIA hardware.
however, by switching to an ATI card, and if you're going to do that, get the new one ... an ATI 7970, with 220-240w power consumption, produces about 500 mhash/s without optimisation, up to 700 mhash/s if in a dedicated PC.
if we check http://www.bitcoinx.com/profit/ you get roughly $1 power usage/day (if under peak power usage, i think it's 0.33 for over-peak power),
in 1 week you'd mine 0.5 BTC, which is about $15 or so now (crazy values at the moment), but if it drops to ~ $4, that's $2/week.
because of the drop from 50btc to 25btc a while ago, it takes a considerable time to mine 1btc on GPU hardware (12 days for a $400 GPU, full time.) where it used to be 1btc every 5-6 days.
the predatory advance of ASIC hardware, currently $1500 or so for the 65,000 mhash/s avalon "box" http://store.avalon-asics.com/?product=avalon-asic-batch-2 makes things interesting.
the Butterfly Labs setup is a bit cheaper, but will be delayed until June perhaps, and will be cheaper at $150, the smaller 1-chip ASIC designs will run from USB power, or attached to a PC, for about 4500mhash/s power. or, in relative terms, 6 video cards worth of processing power, at 20-50w of power, and the size of a mobile phone. but it's unknown and the real values might be higher or lower.
so far, the avalon ASIC "box" is essentially a PC that will produce 150 video card GPU's worth of bitcoins in a day, for about the same power consumption as 3x 7970s, and cost about the same to run and operate. so, when these ASIC designs are released onto the market, it all changes. it won't produce 1BTC a day, it will push down everyone on the mining system. once ASIC is refined or improved, it will be an entirely odd system, to be honest.
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If you have money to invest you should buy a ASIC device and not a PC if it is only for mining
toliman
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depends on the ubiquity of ASIC devices.
the exponential speeds won't cripple the BTC industry (those people using btc to trade, not mine), because there's not an infinite data supply in pan-network traffic. at some point, the traffic won't be high enough and the diversity of machines will find an equilibrium of network traffic. what ASIC does is make the network larger and cheaper and more embedded, like the highway system of a country, state, province or nation.
using the highway metaphor, you won't be able to get very far unless you get a car to drive, or a bus/ truck / ferrari / train, sic. instead of chaining bicycles together alongside the main roads. At the moment, ASIC's are at the model T ford stage, driving on dirt roads without brakes and using hand signals, scaring the people using multiple horses and carriage trains (FPGA/GPUs) on the same system. and it's still people showing off and using the system to deliver goods and messages.
this works because bitcoin is small compared to a bank system, and it relies on the nodes create 2 kinds of work, busy work to generate new BTC tokens, "mining", and the actual network validation "trading" traffic of people exchanging coins to addresses on the network, as well as collating historical data of the transactions so all the nodes can keep up to date and avoid collisions, delays and faults, i.e. people spending or generating the same coins, trying to double-spend the same amount, or sending bad data to pollute or corrupt data exchange, etc.
90% of ASIC's will be generating completely useless traffic to find new coins at increasing difficulty levels, a small portion will be distributing and checking data is valid.
because the difficulty is fairly stoic, even if people get new coins faster, say every minute, the system only produces so many new coins a day, and has to spend the rest of the idle time working on "spare" transactions traffic.
AFAIK
arguably, the next step in ASIC hardware is making the system more integrated into PCs and adding in IPv6 for future work, with ROM coded BTC node clusters, a plugin and forget solution to keeping the network alive and distributed, where all the configuration is hard-coded onto chips, ideally having banks invest in a micro-credit system makes it viable to use BTC as a central currency.
there's millions of problems with banks using btc as a fluid 'instant' currency exchange for avoiding tax or commission charges between "friendly" banks, as is likely being used as a barter system for traders to exchange stock for btc.
right now, 8th decimal point transactions may be needed to handle transaction costs if the value becomes higher than $100/btc, and that also creates logging hassles for personal BTC clients too with the huge influx of breaking a 25btc "coin" into 10,000 fractional purchases every hour, and individuals trying to store the entire spending history of 1 million+ transactions a day, etc. just to store a handful of coins individually.
of course, it could all change in a month if the technology changes or something new happens.