Cryptocoin Mining?

[sandorski]

The US dollar has not been backed by any precious metals for quite sometime.

Value in a currency comes from the collective belief that is has value. For example, we all are pretty much 100% sure that we can wake up tomorrow and use our dollars to buy a certain amount of goods. It is this combined belief that makes money have value.

No, this is why people rush into the $US when Economic troubles start, but is not what gives the $US Value. The Value of a Currency is derived by that nations GDP, the Value of its' Natural Resources, but most specifically a nations Ability to pay off Debts and the prospect of its' future Economic Growth. It's not a simple matter of Faith alone.

 

[sandorski]

I don't understand why you don't leverage your savings to bitcoins right now, and reap the benefits of this skyrocketing, free monies for you !

Here is some new news about 'bitcoin' .
http://gawker.com/5808314/everyone-wants-bitcoins-after-learning-they-can-buy-drugs-with-them

economics Share


Everyone Wants Bitcoins After Learning They Can Buy Drugs With Them




Above is a chart of the exchange rate, in dollars, of the digital currency Bitcoin. That red arrow shows the price on Wednesday afternoon right after we published a story about Silk Road, a Bitcoin-powered online marketplace where you can easily buy illegal drugs. In the past 48 hours alone, a Bitcoin's worth has jumped from around $9.90 to around $14.
The Bitcoin market is notoriously volatile, and it's all but certain that there's a Bitcoin bubble. If anything, the revelations about Silk Road have delayed the popping of the bubble now that folks realize there's actually something you can do with the stuff besides buying alpaca socks and web design services. You're welcome!

How long before Governments put the kibosh on the whole thing? This undermines the future of Bitcoin more than any Bubble or any other factor.

 

[WelshBloke]

How long before Governments put the kibosh on the whole thing? This undermines the future of Bitcoin more than any Bubble or any other factor.

Well I doubt it will get big enough to trouble governments.

Mind you if it does start to take off it will get shut down very quickly.

Looks like an easy way to launder money and avoid taxes. And thats two things governments aren't keen on.

 

[PCboy]

Don't bother with bitcoin mining please, I'd rather not have more bandwagoners raising the difficulty factor.

 

[hdfxst]

It's this link that got me thinking https://mtgox.com/trade/buy.I just want to know why someone would give me money that can be used anywhere in the world for virtual money that can't be used anywhere.I decided to try it before i bash it so i'll run it for a while and see.It"s running about 3 hours now gets the gpu pretty hot(60's make me nervous) and it makes the machine worthless except for browsing

 

[Dark Shroud]

I can't even browse flash video sites without my PC crashing. That's why I'm putting in an order for some cards. Pretty soon I'll have enough bitcoins to pay for the bulk of a dedicated mining rig.

If I had a virtu enabled board I could use my IGP for video & flash and use my card just for mining.

 

[hdfxst]

Mine plays youtube videos it just drops the clocks to 400/900.and i guess you can cut the x1 pci-e slots and run cards in them for bit mining,so you don't need crossfire

 

[NoStateofMind]

I cannot get this set up. Am I an absolute moron?

 

[hdfxst]

I cannot get this set up. Am I an absolute moron?

i used this http://forum.bitcoin.org/?topic=3878.0 a lot easier

 

[Chiropteran]

The Value of a Currency is derived by
...
Ability to pay off Debts

Are you talking about the same USA that I live in? The debt can not and will not be paid off anytime soon, if ever.

I can't even browse flash video sites without my PC crashing. That's why I'm putting in an order for some cards. Pretty soon I'll have enough bitcoins to pay for the bulk of a dedicated mining rig.
.

Do you have a 6800 or 6900 series radeon? There is apparently a bug, running heavy openCL software (such as bitcoin mining) can cause your computer to lockup if you start some other process that requires 3d resources, such as accelerated flash or a game. This did not occur on my 5850 using the same 11.5 drivers, so it's clearly a bug. Hopefully it'll be fixed soon.

I cannot get this set up. Am I an absolute moron?

What part is giving you trouble? There is the bitcoin client, which is used to store money, send it, and receive. You can get the latest version here:

http://sourceforge.net/projects/bitcoin/

0.3.22 is the latest release.

Then there are miner programs, which can be used to mine bitcoins, either solo or in a pool, and allow you to use a GPU to do this mining. Before you mine in a pool you generally need to create an account on the pool's website, this varies from pool to pool.

I use the "guiminer", download link is in this forum post:
http://forum.bitcoin.org/index.php?topic=3878.0

Note that you will need the basic bitcoin client running on at least one computer to receive bitcoins, but you don't need to run it on each of your mining rigs, you can have all of your mined coins sent to the same wallet.

As far as selecting a pool, you can go through the "server" tab on guiminer once you have it working and see a list of pools, when you pick one there is a link to the pool's website on the main guiminer UI. Fees and features vary, but i don't think any of the pools are "bad" exactly and the differences due to luck overshadow any difference due to pool management.

 

[Motavian]

how long would I have to mine on a single 5770 to get a pair of Alpaca socks?

 

[dust]

It's this link that got me thinking https://mtgox.com/trade/buy.I just want to know why someone would give me money that can be used anywhere in the world for virtual money that can't be used anywhere.I decided to try it before i bash it so i'll run it for a while and see.It"s running about 3 hours now gets the gpu pretty hot(60's make me nervous) and it makes the machine worthless except for browsing

Yeah, it's probably a good idea to have a dedicated rig for it, other than your main. I'll fool around with it for some time, but eventually I'll slap two 6850's in my system for this purpose and migrate the 6950 to a Sandy Bridge. I'm bored with Freecell already!

Plus I finally got The Witcher 2

Edit: I can also confirm the PC is crashing if I attempt to play any flash videos. Puts a hurt on my "income".

 

[sandorski]

Are you talking about the same USA that I live in? The debt can not and will not be paid off anytime soon, if ever.




.

Timing doesn't matter, just the Ability.

 

[Chiropteran]

Yeah, it's probably a good idea to have a dedicated rig for it, other than your main. I'll fool around with it for some time, but eventually I'll slap two 6850's in my system for this purpose and migrate the 6950 to a Sandy Bridge. I'm bored with Freecell already!

Plus I finally got The Witcher 2

Edit: I can also confirm the PC is crashing if I attempt to play any flash videos. Puts a hurt on my "income".

See above about the openCL bug on 6900 Radeon. This shouldn't always be the case, when I was using a 5850 I could game just fine while mining. Maybe the 11.6 drivers will fix the bug.

For "extra flags", I used -v -w128 -f120
I'm not even sure what the -v -w128 do, except improved hash rate, but -f is a priority flag and the higher the number the lower the priority, as such with f120 set your other 3d applications will get priority to use the GPU and your mining shouldn't slow them down much at all. Except of course for the current bug described above.

 

[Chiropteran]

how long would I have to mine on a single 5770 to get a pair of Alpaca socks?

Not sure how many BTC the socks cost. A 5770 is a pretty good miner for it's cost/power usage, although not as good as 5850 or 5830. 177-179 MHash/sec on one I have running at stock speeds with no real optimizations.

In the last 10.5 hours I earned .32 bitcoins with my 5850 running at 266Mhash/sec. Using math, that would be 0.49 BTC/day for 178MHash/sec on a 5770. Of course there is a factor of luck and difficulty will change in a few days, but if alpaca socks cost 1 BTC you could buy a pair after something like 2 days of mining.

 

[dust]

How do you check your wallet balance?

BTW I'm using 11.3 still, I'd like to bench The Witcher with it before I change to 11.5.

 

[hawtdawg]

Well I doubt it will get big enough to trouble governments.

Mind you if it does start to take off it will get shut down very quickly.

Looks like an easy way to launder money and avoid taxes. And thats two things governments aren't keen on.

It can't be shut down. They would have to turn off the internet to stop it. It works the same way as something like Freenet.

 

[NoStateofMind]

i used this http://forum.bitcoin.org/?topic=3878.0 a lot easier

Absolutely wonderful! Thank you!

Looks like I'm getting about 95 Mhash/s. Long time to generate coin? I suppose it will be with this old 4890

EDIT; Verification failed check hardware! Err what?

 

[Muyoso]

Currently mining at 344 Mhash/s with my 5850. Considering purchasing a 5830 for $110 shipped and throwing it in my server to just run wild. Would put me at 620ish Mhash/s. I am just worried about the difficulty increases and how long it would take to pay off the purchase. Anyone have an idea on that? If the difficulty stayed where it is now, the profitability calculator said I could pay it off in 4-5 days.

 

[Chiropteran]

Absolutely wonderful! Thank you!

Looks like I'm getting about 95 Mhash/s. Long time to generate coin? I suppose it will be with this old 4890

EDIT; Verification failed check hardware! Err what?

With 95 MHash/s, Average Generation Time: 227 days, 13 hours

You should join a pool, unless you just like playing the odds and likely never getting anything.

 

[hawtdawg]

Currently mining at 344 Mhash/s with my 5850. Considering purchasing a 5830 for $110 shipped and throwing it in my server to just run wild. Would put me at 620ish Mhash/s. I am just worried about the difficulty increases and how long it would take to pay off the purchase. Anyone have an idea on that? If the difficulty stayed where it is now, the profitability calculator said I could pay it off in 4-5 days.

the difficulty looks like its going to be at around 570000ish and will probably change here in the next 2-3 hours or so. The other thing you have to consider is the price increase of the coins. they've more than doubled in value in less than a week already. With any luck, the price will go up and compensate for the difficulty increase. The rise in price since the last increase more than made up for the time it takes to make them. It has gone up over 2 dollars in just the last 3-4 hours, likely in anticipation of the difficulty increase. Its right at the edge of hitting a new high at this moment.

 

[NoStateofMind]

With 95 MHash/s, Average Generation Time: 227 days, 13 hours

You should join a pool, unless you just like playing the odds and likely never getting anything.

How did you figure this? Maybe this is a reason to upgrade. Which GPU gives best bang for the buck?

 

[hawtdawg]

How did you figure this? Maybe this is a reason to upgrade. Which GPU gives best bang for the buck?

the $150 Sapphire 5850's are good buys. The 6950 1 gig is also a good buy. The Sapphire 5850's are usually on back order though from what i've seen. Me and my roomie are about to go balls-out with some 6950's. We should have 12 of them in 4 rigs by the end of the week.

if you can find a used 5970 for a good price, those are currently the king.

 

[Dark Shroud]

Yeah I'm running GUI Miner on my HD 6970. I'm going to buy a couple of HD 5830s for mining.

Does anyone know if running in a 4x slot affects a cards hash rate?

 

[hawtdawg]

Yeah I'm running GUI Miner on my HD 6970. I'm going to buy a couple of HD 5830s for mining.

Does anyone know if running in a 4x slot affects a cards hash rate?

nah you should be fine.