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[How To] Bitcoin Mining

So let me explain a bit more then

Bitcoins are a digital "currency" that is being mined, as more miners there are as more difficult you mine them. Each block you mine, you get rewarded with 50 Bitcoins.

But if you would mine alone, you will probably be mining for years with not finding anything. Thats why pools are there, everyone contributes to the pool, and once the pool finds an Block, the shares get split.

Electricity is relative, in Germany you pay a lot for electricity in US and Canada you do not. But even with that expensive electricity, its still profitable to mine Bitcoins, if you run an ATI/AMD Card - any HD5xxx, HD6xxx, HD7xxx will do it, they have the best ratio btc/kwh.

It is something that looks like an sci-fi movie.

Exchange services and the latest price you can find here: Bitcoin Charts

A table of the cards and their Mhash power you can find here: https://en.bitcoin.it/wiki/Mining_hardware_comparison

Again CPU mining and Nvidia Mining are not worth it, but AMD is.

And in cold winters like this, the electricity consumed in your computer turns into warm air :p
 
bitcoin.webp

just tested this on one of my servers im running in a datacenter seems like a joke :) could be i do something wrong tho :)


ohhhh now i get it :)
 
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Its not a joke, its simply what i said.

CPU Mining, thats what you do there, is not worth it :)

It seems GPUs, especially the AMD ones, are the best for that sort of work. Even the Software tells you that.
 
but for example you buy 2x ATI cards, and AMD processor system just for mining and farm 24/7 how much bitcoins will you make per month?

or let me ask you this, how about you post the exact speccs of your system bossland, and tell us how much you make per month (bitcoins that is) so we can tell if it's doable or not.(atleast this is something I'm interested in).
 
A GFX Card like the AMD/ATI HD6870 does at the present difficulty around 0.2 BTC a day
 
I get free electricity, might consider putting the spare power of my 6990 to use here :P Though I want to know who founds the operation. If it's something legit like protein folding, I'm in. If it's electricity companies, nah.
 
Xillidan said:
289.35 Euro / Year... seems... not worth it?
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I get that for a simple design job.. if that's for a year then why bother, how can it even be profitable then bossland?
 
There are a lot of people that do not have your privileges.

And there are countries where you do not pay 23 cents/kwh, and there are people that earn as low as 3$ a day.

Imagine an old 5770 gfx, it does 0.13 BTC a day or ~ 3.9 BTC a month. In an country where you have low spending power, cheap electricity, its worth it.

And the BTC price can be anything between 0.01 $ per BTC to 30.00 $ per BTC, this rage was already seen.

It has not to apply for everyone.
 
We can rule Sweden out instantly.

Probably the most expensive electricity in EU.
 
The best way to earn money with Bitcoins is by setting up your own pool.
The pool owner takes a share of the bitcoins generated by the pool, just by keeping the pool going (and that isn't all that much work). Shares range from "voluntary" (you get perks from giving shares to the pool) to 25%.
 
Bitminter has no fees and based on PPLNS. There are other pools that have fees between 1 - 4 %
 
I'm still rather confused on if it's any profit, netherlands doesn't seem to high on the list but still how much do you make of it per month then bossland?
 
If you had changed 2,500 euros into bitcoin last spring, they would be worth more than two point five million euros today. (2.5 Million EUR)
There is a currency that is worth much more over time
​
 
Is Bitminter already a Pool or just "wallet" ?
 
panyama said:
I'm still rather confused on if it's any profit, netherlands doesn't seem to high on the list but still how much do you make of it per month then bossland?
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Think about it from a different perspective maybe. For example you live in Romania where electricity is extremely cheap, but you earn very little and it is hard to buy or even find meat to put on the table. You don't have 25 euros to spend on a luxury item, but you can earn the equivalent of 25euros in bitcoins to purchase the luxury item you desire.
 
You can even exchange services for bitcoins. The only problem with such virtual money is that it's continuously generated, thus inflation is inevitable. Just take a look at WoW's economy, it's always the same: new things cost way more than in the past, this because players own more and more gold.
 
jim87 said:
You can even exchange services for bitcoins. The only problem with such virtual money is that it's continuously generated, thus inflation is inevitable. Just take a look at WoW's economy, it's always the same: new things cost way more than in the past, this because players own more and more gold.
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Thats wrong, BTC is limited.

Bitcoin - Wikipedia, the free encyclopedia
 
This got me interested, i know running this on CPU yields little hash calculations per second on a single PC however i have access to about 50-100 pc's + a few blades on a blade server (all whom which are new or newer then 3 years) that idle nearly 16 hours per day, worth even attempting to setup? Or will my GPU that gives me 250Mhps while i have 5 instances of wow running give me higher yield? (Obviously i have no experience with bit mining)
 
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