Cryptocoin Mining?

[Chiropteran]

And if you believe that we'll see $500+ bitcoins then you're better off simply buying bitcoins directly than mining.

But that is less fun.

 

[ultimatebob]

By the way... did anyone else notice that the Coinotron LTC pool is really slow at paying out? I mean REALLY slow, like 24 hours slow.

 

[Chiropteran]

By the way... did anyone else notice that the Coinotron LTC pool is really slow at paying out? I mean REALLY slow, like 24 hours slow.

notroll.in pool was broken yesterday and this morning and wouldn't payout at all, though it got fixed a few hours later.

And I tried to mine novacoins just for variety and couldn't find a single working pool.

Seems like all the alt-coin pools suck.

 

[ensign_lee]

Are any meaningful calculations being performed while 'mining'?
Or is just complicated number crunching for the sake of crunching?

Yes, actually, you're validating the transactions that occurred on the network. You are the backbone of the network. Mining is how bitcoins prevent double spending coins (sending the exact same coins to two different people).

 

[chimaxi83]

By the way... did anyone else notice that the Coinotron LTC pool is really slow at paying out? I mean REALLY slow, like 24 hours slow.

I've been getting nearly instant payouts from them once my threshold is reached. It's been super fast for me.

 

[philipma1957]

Anything less than a 7950 is wasting PCIe slots.

My 7950 does 660 kh/s in LTC (which means at least 660 mh/s in BTC).

Windows only works properly with 4 gfx cards max and most boards support 3 at most.

More computers is always less ideal than less computers .

Besides, this way you can use one 7950 as your main gfx card for non-mining duties. You can even crossfire your 3-4 7950s if you are a masochist.

i have multi pc's and
many mobo's pcie slots are not important if the machine is all miner. I do agree that if you use the machine for more then mining you should have better gpus. same goes if you have a 1 card machine.

I got a g645 cpu for 60 bucks.
a z68 board from evga for 70 bucks
( a 250 board dumped be newegg) runs 3 gpus.
no case 3 wooden sticks and some nylon spacers. stock intel cooler.
i ran this for 5 months with 3 msi reference hd7970's. under volted it pulled 530 watts for 1600 hash. i sold the 3 7970's got 925 for them grabbed the 3 7790's for 430. put 500 in my pocket i hash 900 vs 1600 i use 270 watts vs 530.

today was 72 f so dropping watts must be done. my hash to watt is just a little better.

3.33 to 1 now vs 3.02 to one with the 7970's. over all my 13 gpu

6300 hash pulls about 2200- 2300 watts. that is a lot of heat . i need to off load some of the 7970's. i still have 7 slots available for gpus. i can run a max of 11 pc's and 20 pcie slots with gpus

every 7970 or 7950 i move out will lower heat if i replace with a hd 7790 the math works on the multi slot pc's of the 11 i have 7 have 2 to 4 gpu slots

 

[HydroSqueegee]

with summer coming around the corner, i cant WAIT for the extra heat my cards will generate. the basement get REALLY cold due to a horrid hvac setup.

i may be interested in those 7950s if you're gonna off load them.

 

[Silverforce11]

The next 2 waves of Avalon ASICs have already been sold, and each one represents at least 18 Th/s of hashing power. As those ASICs are being delivered, we'd have to see bitcoins in the $500 range to keep the current diff/price ratio.

And that's not counting all the additional hashing being added from GPUs, or other ASIC companies getting their ASICs up and running (whether in their own labs or in their customers' hands).

And if you believe that we'll see $500+ bitcoins then you're better off simply buying bitcoins directly than mining.

You are so skeptical and looking back on this thread, the posts between you & Russian are quite interesting.

I was skeptical too, but atm, if u have a radeon gpu already and its not mining when its idling or when you're sleeping, you are losing potential $$, that could be used to pay off that GPU you bought.. or even go towards a new upgrade later. Thats the way i see it now.

Dont be trying to "get rich quick" unless you like risk and have $$ to burn.. just do it on the side. As to speculating on prices, when it was $4 a coin, i thought it would never get anywhere higher where it would be profitable for ppl who pay 0.3 USD a kWh.. but look at where we are now, its approaching $200 a coin. Insanity? Yes.. but ride it with your hardware already bought for gaming, may as well.

This is even more true for ppl who live in cold climate regions.. turning on a 1000W heater just costs you money. May as well turn on 1000W of radeons and earn money.

 

[Spike]

Well screw it, I sold my little coinage from 6 months ago and came up with around $300, so I went ahead and ordered a 7970. I'll see if I can recoup that final $100 before the crash. I'm lucky though, even if it crashes before I can make up the cash I'm still a gamer, having a card faster than my 6970 is fine by me. I might actually be able to play BF3 at 5760x1200...

 

[Zxian]

Well screw it, I sold my little coinage from 6 months ago and came up with around $300, so I went ahead and ordered a 7970. I'll see if I can recoup that final $100 before the crash. I'm lucky though, even if it crashes before I can make up the cash I'm still a gamer, having a card faster than my 6970 is fine by me. I might actually be able to play BF3 at 5760x1200...

The other thing to realize is that the prices may rise up again at some point in the future. I was sitting on 37 BTC earlier this year because they weren't worth trading at the time. That 1BTC that you mine in the next few weeks might be worth quite a bit more than $180 a year down the road.

 

[Spike]

The other thing to realize is that the prices may rise up again at some point in the future. I was sitting on 37 BTC earlier this year because they weren't worth trading at the time. That 1BTC that you mine in the next few weeks might be worth quite a bit more than $180 a year down the road.

37... good golly man, that would be quite awesome to have and sell right now...

And yes, I do plan on keeping my 5870 mining even if the prices crash. Last time I did not which was a mistake.

 

[philipma1957]

The other thing to realize is that the prices may rise up again at some point in the future. I was sitting on 37 BTC earlier this year because they weren't worth trading at the time. That 1BTC that you mine in the next few weeks might be worth quite a bit more than $180 a year down the road.

speculation to the peak price is very interesting. since there is a maximum of them in existence 11 million and up to 21 million. it is possible they could go up to very high prices. at 500 usd a coin. the current 11 million of them would be worth 5.5 billion usd. having 5 billion in coins that can move just about anywhere in the world has a lot of practical use to many people in countries with great restriction. I could see the item as a coin having real use for many people.

this could really jack the price. even the full amount of coins 21 million at 1000 usd each is only 21 billion usd. once again when compared to the entire world 21 billion usd is not that much money. so down the road when it has been mined. will it trade at 1000 usd a coin. maybe it will. or not.

All my life I have had a desire to find an interesting thing to place some money in. Well bit coin does qualify as very interesting.



BELOW IS ALL SPECULATION ABOUT REPORTING BITCOIN HOLDINGS KEEP IN MIND NO IRS RULINGS EXSIST AS OF APRIL 7TH 2013.


This is about reporting your holdings in a bitcoin account. Not receiving it as payment or income. Just your holding it.

Oh to all usa owners miners buyers and sellers of coins. If you keep every sale under 200 usd and every transfer under 200 usd it may have a tax advantage. If you never exceed 200usd at one time
you are not required to report foreign holdings. one exception so many 199 moves or transactions that they go over 10000 usd in a year.

you would not be subject to foriegn bank account rules and reporting. of course as of today the IRS has no real rulings on bit coin holdings and if they are foreign bank accounts. it is something to keep in mind. that transfers of 200 usd or more in a foreign bank account are subject to reporting. so keeping all sales under 200 keeps you safe if the irs decides to call bit coins in an account a foreign bank account.

remember since no one has made a ruling all of the above is just a guess . the usa may decide the coins are not the same as a foreign bank account

 

[blastingcap]

You are so skeptical and looking back on this thread, the posts between you & Russian are quite interesting.

I'm not. If you would use a gaming card for gaming anyway, you can mine away with relatively low risk. I don't think anyone is disagreeing with that. This is the first group of miners.

But if you are like the people who buy cards specifically to mine on, like people buying multiple video cards, then that's a bigger risk since GPUs are nowhere near as efficient as FPGAs, and FPGAs are nowhere near as efficient as ASICs, and ASICs have already been released. The first wave of Avalons added about 20 TH/s, DOUBLING difficulty. And we have two more waves incoming, along with the hordes of people who are expanding GPU mining.

That second group of people may want to simply buy bitcoins, especially if they think bitcoin prices will continue to rise. Mining difficulty WILL go way, way up so whatever projection you have about profitability today will likely be wrong tomorrow, unless somehow bitcoin price keeps rising as fast as difficulty. Buying bitcoins directly is riskier than mining but it's also been more profitable... the value of buying $1k worth of coins in early 2012 and selling now, would be about TEN TIMES the value of the bitcoins produced from mining with two 7970s in early 2012 and selling them now, even if you had free electricity.

 

[Mir96TA]

$210
Freaking.......
I can't stop mining ......can I

 

[markyh]

This is even more true for ppl who live in cold climate regions.. turning on a 1000W heater just costs you money. May as well turn on 1000W of radeons and earn money.

Ha, hence i've started mining in England! You may have heard of our crap summers when whe are lucky to get a few odd weeks between June and September above 28 degrees. The majority of the summer is in the 15-22 degree range.

And weve just had the coldest March for 66 years, average temp in march was just 2 degrees. The UK is slowly turning into a mini flipping Canada climate wise!

M

 

[Chiropteran]

Sounds like you guys beat global warming.

 

[24601]

Sounds like you guys beat global warming.

https://en.wikipedia.org/wiki/Jet_stream

 

[MrK6]

For combined that's probably so, but even if I run a cgminer instance with the -d 1 flag (pointing it to run the 5850 only) I still get the same issue. It won't produce a valid nonce.

For those parties interested, I figured it out. The 5850 instance of cgminer needed the -g 2 tag.

Anyway, $150/BTC is sweetness. I'm currently making $20 just to let my computer mine.

 

[wbynum]

FYI: If any of y'all are LTC mining under ozcoin and have not seen the update, that pool has implemented stratum. I switched over to the stratum port this evening and it has been a lot more stable. Hopefully it continues as the connectivity to the pool was pretty bad today.

 

[arkcom]

Anyone know what is up with litecoin fees? I'm trying to send my mined coins to my btc-e address and the client is trying too charge .7 ltc for a 2.7 transaction.

 

[railven]

NVM, it came through. Sorry guess I just needed to wait a bit longer.

 

[philipma1957]

fourth day card earns about 2.22 usd after electricity total earnings for the card .

$12.12 in four days. this brings net price to under 100. about $99.88.
I will track card for a few more weeks.

since I purchased the first hd7790 on april 2.

I earned about 460 usd this is about 6000 hash and 300 or 1/20 is from the hd7790 so that is 23 bucks earned just under 6 days. take away about 2 dollars in power. this means the card earned 21 dollars. the card cost me 111 after rebates sale of code minus the 21 the first card is now 90 bucks net. the second card has run since the third and the third card arrived on sat. price is crazy high and money is rolling in. truly amazing. I will need ac very soon as my home is too hot today.

Even though I have 59Gh coming from bfl they can take another few months of slow motion delays as long as the price rises . I think I may have misjudged this bull run. coins could move far higher. only 11 million right now with a max of 21 million . maybe they could push up the scale to 300 or 400 usd by years end.


Now that I wrote this they will crash tomorrow. LOL

 

[VulgarDisplay]

How long does it take for transactions to process? I just sent a bitcoin to my mtgox account and it hasnt' showed up yet. Making me nervous.

 

[blastingcap]

How long does it take for transactions to process? I just sent a bitcoin to my mtgox account and it hasnt' showed up yet. Making me nervous.

Several hours at most. Depends on how much load there is on the servers, but just go to sleep and it'll be ready when you wake up.

 

[Silverforce11]

speculation to the peak price is very interesting. since there is a maximum of them in existence 11 million and up to 21 million. it is possible they could go up to very high prices. at 500 usd a coin. the current 11 million of them would be worth 5.5 billion usd. having 5 billion in coins that can move just about anywhere in the world has a lot of practical use to many people in countries with great restriction. I could see the item as a coin having real use for many people.

this could really jack the price. even the full amount of coins 21 million at 1000 usd each is only 21 billion usd. once again when compared to the entire world 21 billion usd is not that much money. so down the road when it has been mined. will it trade at 1000 usd a coin. maybe it will. or not.

All my life I have had a desire to find an interesting thing to place some money in. Well bit coin does qualify as very interesting.

This is pretty sound reasoning, if bitcoins maintain its freedom without boundaries, it may be the go-to currency for a lot of people for many reasons and that would really massively inflate its value.