AMD destroys Nvidia at Bitcoin mining, can the gap ever be bridged?

[JAG87]

This.

Also, GPU hardware takes 6 months to break even.

And by then there's going to be something new that bitcoins faster and you'll want to upgrade to that, the cycle never ends.

I make around 300$ a month at the rates atm. And nobody can argue about free monies lol.

But i only run mine when im am not gaming and overnite.

Okay, and how many GPUs you got going?

 

[Imouto]

Okay, and how many GPUs you got going?

Where he has them running is another question.

 

[hokies83]

And by then there's going to be something new that bitcoins faster and you'll want to upgrade to that, the cycle never ends.





Okay, and how many GPUs you got going?

3 7950s

Where he has them running is another question.

In my Puter.

 

[SlowSpyder]

Virtual currency will not pat your electric bill, won't pay the bar tab, and won't get you a flight for vacation.

You know, working at a company won't do any of those things either unless you have an agreement in which you exchange that work for dollars, which is what most of us do. Likewise you can exchange bitcoins for dollars. With money you can do all the things you just said you cannot.

But if you insist on paying directly with Bitcons, here you go:

https://www.spendbitcoins.com/places/

 

[cmdrdredd]

You know, working at a company won't do any of those things either unless you have an agreement in which you exchange that work for dollars, which is what most of us do. Likewise you can exchange bitcoins for dollars. With money you can do all the things you just said you cannot.

But if you insist on paying directly with Bitcons, here you go:

https://www.spendbitcoins.com/places/

Blah blah...blabber all you want. Virtual money is not really valuable. Get back to reality.

You guys act like you will replace all the real world currency with some crap that isn't even tangible. Won't happen.

 

[hokies83]

Blah blah...blabber all you want. Virtual money is not really valuable. Get back to reality

It holds a Stock exchange value.

Anywho this is my Auction.. 1/10th for 37$

http://www.ebay.com/itm/190822765375?ssPageName=STRK:MESOX:IT&_trksid=p3984.m1561.l2649

My Point is even if you do not want to look into it with Amd Gpus there are Asic machines.. and investing into it could pay off in the long run.

Im about 6000$ invested into BTC mining i have 2 50 GH/S Asic miners ordered.

At the market price now if i had my 2 50 GH/S asic machines running this is what it would look like a month.

Coins per 24h at these conditions 5.6039
BTC Power cost per 24h 0.53 USD
Revenue per day 690.46 USD
Less power costs 689.93 USD
System efficiency 500.00 MH/s/W Mining Factor 100 at the end of the time frame 0.66 USD/24h@100MHash/s Average Mining Factor 100 0.68 USD/24h@100MHash/s Power cost per time frame 16.07 USD
Revenue per time frame 20588.97 USD
Less power costs 20572.90 USD

http://www.bitcoinx.com/profit/

 

[SlowSpyder]

Blah blah...blabber all you want. Virtual money is not really valuable. Get back to reality

Are the pieces of paper you have folded up in your wallet really worth anything? How about a number in an account online that you trade via Paypal? Would you agree that if I had $10,000,000 USD worth of Euros that cannot be spent here in America, aren't they worth money since I can exchange them for USD?

You don't have to agree with Bitcoins, you don't have to like them, you can hate AMD all you want. I can't predict what will happen in a year, five years, 20 years, etc. But the fact is that right now, today, Bitcoins are worth money and profitable to mine with an AMD GPU (and at current prices, very possible that an Nvidia GPU might be profitable yet, too. Just less so.)

 

[cmdrdredd]

Are the pieces of paper you have folded up in your wallet really worth anything? How about a number in an account online that you trade via Paypal? Would you agree that if I had $10,000,000 USD worth of Euros that cannot be spent here in America, aren't they worth money since I can exchange them for USD?

You don't have to agree with Bitcoins, you don't have to like them, you can hate AMD all you want. I can't predict what will happen in a year, five years, 20 years, etc. But the fact is that right now, today, Bitcoins are worth money and profitable to mine with an AMD GPU (and at current prices, very possible that an Nvidia GPU might be profitable yet, too. Just less so.)

Yes it is because it has official backing from governments and other institutions.

 

[SlowSpyder]

You guys act like you will replace all the real world currency with some crap that isn't even tangible. Won't happen.

Huh? No we don't, at least I haven't seen a post that is like that. I think just because it is AMD you see this through your green colored lense and feel that way. Almost every post I see says you can make money at this, it can be profitable. People have posted real numbers in this thread, no one is suggesting cashing in your 401k and buying $50k in AMD GPU's.

 

[Rikard]

Yes it is because it has official backing from governments and other institutions.

Say that to people on Cyprus. Wear a helmet.

 

[JAG87]

It holds a Stock exchange value.

Anywho this is my Auction.. 1/10th for 37$



My Point is even if you do not want to look into it with Amd Gpus there are Asic machines.. and investing into it could pay off in the long run.

Im about 6000$ invested into BTC mining i have 2 50 GH/S Asic miners ordered.

At the market price now if i had my 2 50 GH/S asic machines running this is what it would look like a month.

Coins per 24h at these conditions 5.6039
BTC Power cost per 24h 0.53 USD
Revenue per day 690.46 USD
Less power costs 689.93 USD
System efficiency 500.00 MH/s/W Mining Factor 100 at the end of the time frame 0.66 USD/24h@100MHash/s Average Mining Factor 100 0.68 USD/24h@100MHash/s Power cost per time frame 16.07 USD
Revenue per time frame 20588.97 USD
Less power costs 20572.90 USD

That's quite the prediction considering you don't know (1) how the mining difficulty will change and (2) what bitcoins will be worth in the future.

But anyways, the same thing can be said about equity and real estate, they both have the same variables.

The only difference is that these two have centuries of history and trends, while bitcoin only has only existed for a few years.

So best of luck!

 

[hokies83]

If nobody ever took a risk there would be no rewards.

 

[Xarick]

Bitcoin wont ever get a foothold because of it's wild fluctuations. Nobody is going to accept a currency that is worth $50 early today and $100 later today. The other problem is people keep mining bitcoins and selling them for real money.. which means even the users of bitcoin don't believe in them.

 

[SlowSpyder]

Yes it is because it has official backing from governments and other institutions.

Right! And you can exchange bitcoins for that money that is backed by governments and other institutions. Just like the work you do at a company. That work isn't worth any buying power until you get cash for it (though above I linked a bunch of sites that take bitcoins directly). Or when you sell a car, a used piece of hardware, etc. Things can have value without being backed up by goverment or financial institutions.

 

[wand3r3r]

Bitcoin wont ever get a foothold because of it's wild fluctuations. Nobody is going to accept a currency that is worth $50 early today and $100 later today.

The USD was 0.90 EUR in 03, and 0.63 EUR in 08. (50% swing) It was also over a Euro at some point before that.
http://www.xe.com/currencycharts/?from=USD&to=EUR&view=10Y

Anyways I agree with the point in general.

Anyways on topic, I think the only thing that matters is if you can mine it and sell it high. The risk is low, the reward (relative to risk) is fairly high.

 

[cmdrdredd]

Say that to people on Cyprus. Wear a helmet.

Their government failed them. That is what happens when you don't have any fiscal responsibility...the us is headed the same direction.

Anyway I do understand slowspyder, I just can't jump behind something that doesn't seem to have any central control to keep it stable.

 

[JAG87]

If nobody ever took a risk there would be no rewards.

I'm not going to dispute that.

It's just that the way you're setting up is not common, you won't easily find people who are willing to invest 5K into machines that supposedly will turn a 15K net profit within a month. It's one of those things that sounds too good to be true, otherwise everyone would be rushing out to do this. So my point is that the risk is quite high, but hey like I said before, bitcoin is just starting, and if you happen to be one of the pioneers of something very succesful in the future, good. But the risk you're taking is not feasable for the average person. The average person will stick to mining on their AMD card, which by the numbers is a complete waste of time.

 

[Chiropteran]

This.

Also, GPU hardware takes 6 months to break even.

I love your contradictory advice. Real estate never broke even for anybody in 6 months.

Anyway, my numbers were for a single video card. You know, like 90% of the people on this forum already have. That is kinda the point of this thread: if you have an AMD card, you can mine on the side & game. If you have nvidia, not so much- mining is so slow and inefficient on them it's barely worthwhile.

 

[Chiropteran]

The other problem is people keep mining bitcoins and selling them for real money.. which means even the users of bitcoin don't believe in them.

People with USD keep spending them on bitcoins, which means even the users of USD don't believe in them.

 

[Rikard]

Anyway I do understand slowspyder, I just can't jump behind something that doesn't seem to have any central control to keep it stable.

Think of it as a stock market. Prices are dictated by hopes, fears and greed, and actual finances of a company plays a smaller role. It is a gamble, but as long as you are just mining on equipment you already own the potential reward far outweighs the risk. It is hazard game where the odds are in favor of the neirdiest. Otherwise you might as well go into stocks, bonds, gold or other common trade.

 

[Xarick]

People with USD keep spending them on bitcoins, which means even the users of USD don't believe in them.

People are using USD to buy bitcoins to they can ride the wave and make more USD. Not so the they live off bitcoin.

 

[blackened23]

I honestly believe that neither nvidia or their users care highly about bitcoin mining. I have reservations about bitcoins because it seems to be an extremely volatile market, so I can't see myself ever buying a card for such a purpose.

I mean, if you like to mine bitcoins that's cool. But I highly suspect it's a non factor to most buyers.

 

[wand3r3r]

It's like gold fever, either it hits you or it doesn't.

 

[SlowSpyder]

Their government failed them. That is what happens when you don't have any fiscal responsibility...the us is headed the same direction.

Read the above, this is the first part of your post.

Anyway I do understand slowspyder, I just can't jump behind something that doesn't seem to have any central control to keep it stable.

Now read this quote of yours from the same post. Don't you feel what you said is very at odds with your stance on bitcoins (and the two quotes are rather at odds with each other as well, if you ask me)?

If the US is headed in that direction, wouldn't you want something that might be an alternative one day? I'm not saying that it'll necessarily be bitcoin... but if you feel this way I would think you'd be very behind alternative monies.

 

[Plimogz]

It is also worth noting that once Folding Core 17 is out of beta, AMD will likely also have the performance advantage in Folding@Home.

Really? well that's certainly interesting to me.

In fact, I was just going to point out that to folks running DC apps on their GPUs this sort of thing is hardly surprising at all: for years now, different DC programs have had widely differing performance on hardware sold by the manufacturers at similar price-points and with roughly equal gaming performance.

I've always kind of envied NV's F@H performance given that I pretty much only use ATi cards (but of course, I made up for it by using my cards optimally by running other DC programs in which the Radeons are clearly superior.)

To me, Distributed Computing (the charitable humanitarian kind, that is) shouldn't exactly be about which cause you prefer, but rather which cause is best suited to your hardware from a Price x Energy Use / Performance stand point. (edit: unless you're buying hardware specifically to best support a chosen cause, in which case it is reversed)

But then again, to each his or her own.

...but yeah, Bitcoin is a ridiculous pyramid scheme, pretty much however you look at it. Although the concept is certainly interesting, and the geek-factor is definitely strong with it.

And I'm pretty sure Colbert gave it a healthy bump 2 days ago lol.