Cryptocoin Mining?

[NoStateofMind]

I'm curious OVerloRDI, what's your avg bitcoins/day?

I bet an average of 13 BTC a day. http://bitcoinx.com/profit/index.php

 

[OS]

i'm surprised no one has touched this yet, but the real reason why USD has value is legal tender laws, the government MAKES you pay taxes with it and accept it to pay off debt.
USD is not back by anything either, so it is also sort of a pyramid scheme but a government enforced one.

As for the USD not manipulated, that is laughable, it is probably THE most manipulated currency on the planet, thanks to the federal reserve's "quantitative easing" and other lesser central banks trying to peg their currencies to the USD.

The US federal gov has essentially been bankrupt for the last 2 years and without natural/market buyers to fill the huge ~1T annual deficits, the federal reserve has resorted to QE which is essentially printing money to fill in the huge deficit hole.
This a huge part in why fuel and commodities have risen in cost relentlessly.

 

[Powermoloch]

Hmmmph I got confused on how to bitcoin mining

<--- software illiterate

 

[NoStateofMind]

Hmmmph I got confused on how to bitcoin mining

<--- software illiterate

I had trouble at the start too.

Download http://www.bitcoin.org/ to get a wallet assigned.

then

http://forums.anandtech.com/showpost.php?p=31812028&postcount=184

If you don't have the hardware (like me) join a pool. Select the pool from drop down menu in guiminer, click on the link to the right, sign up, create a worker, use the worker name you created and the password for your account. Start mining = Profit!

 

[Powermoloch]

I got the software, but the drop down menu is not showing my GPU(s), just the 955 BE CPU

 

[NoStateofMind]

I got the software, but the drop down menu is not showing my GPU(s), just the 955 BE CPU

Ah! Out of my expertise as I don't have crossfire running. But I bet it has to do with assigning -0 -1 -2 or the like. Maybe someone can chime in and help.

 

[dakU7]

I got the software, but the drop down menu is not showing my GPU(s), just the 955 BE CPU

I think you downloaded the software that allows CPU-mining only.
Get GUIMiner here;
http://forum.bitcoin.org/?topic=3878.0

 

[soccerballtux]

yeah I think the value is going to drop now that paypal is out of the loop.

 

[NoStateofMind]

yeah I think the value is going to drop now that paypal is out of the loop.

Paypal is not needed. Personally hated using them and still only do so when I HAVE TO. Otherwise they can DIAF.

 

[soccerballtux]

Paypal is not needed. Personally hated using them and still only do so when I HAVE TO. Otherwise they can DIAF.

yeah spoke too soon. mot gx yes?

 

[gorobei]

not to spark too much of a panic, but 1 bitcoin now averaging 14$ down from 30. looks like the sell off is still going.

what kind of Mhash would 2x 5770 do? i read the table of actual hashes from clients and it seems to be a range i.e. 5870 300-400. is crossfiring required?

 

[Powermoloch]

I think you downloaded the software that allows CPU-mining only.
Get GUIMiner here;
http://forum.bitcoin.org/?topic=3878.0

That's where I DLed

 

[Chiropteran]

I got the software, but the drop down menu is not showing my GPU(s), just the 955 BE CPU

You probably don't have openCL. The latest catalyst drivers include it, 11.5 for example works great.

For nvidia cards, I am not so sure, but they mine slow anyway and it's barely worth it.

 

[Chiropteran]

not to spark too much of a panic, but 1 bitcoin now averaging 14$ down from 30. looks like the sell off is still going.

what kind of Mhash would 2x 5770 do? i read the table of actual hashes from clients and it seems to be a range i.e. 5870 300-400. is crossfiring required?

A single 5770 is around 150-180 MHash/s. You might need to plug in your monitor to one card, start 1 miner, then plug it into the other card, and start a second miner, and each should mine at full (single card) speed. Crossfire isn't used.

 

[OS]

not to spark too much of a panic, but 1 bitcoin now averaging 14$ down from 30. looks like the sell off is still going.

what kind of Mhash would 2x 5770 do? i read the table of actual hashes from clients and it seems to be a range i.e. 5870 300-400. is crossfiring required?

from my reading of the dailytech article, this sort of event shouldn't be much a surprise, the bitcoin market is extremely thin and illiquid;

Well, today on Mt. Gox alone, approximately $2M USD in Bitcoins were bought and sold in 5,871 trades. That's unusual in and of itself -- only a total of $19M USD in trading volume occurred over the past six months.

 

[dakU7]

not to spark too much of a panic, but 1 bitcoin now averaging 14$ down from 30. looks like the sell off is still going.

what kind of Mhash would 2x 5770 do? i read the table of actual hashes from clients and it seems to be a range i.e. 5870 300-400. is crossfiring required?

Yeah, but let's not forget BTC was under 2$ at the end of april.

 

[gorobei]

A single 5770 is around 150-180 MHash/s. You might need to plug in your monitor to one card, start 1 miner, then plug it into the other card, and start a second miner, and each should mine at full (single card) speed. Crossfire isn't used.

ah thanks. i have an older system not being used, debating if it is worth it to start mining.

 

[Muyoso]

I don't know why they would sell them off though, I mean as long as you are making more than you pay for electricity, you are profiting. It will take us a long, long time until we hit that. Even if difficulty goes up more than projected.

Because who wants to leave their computers running for a week to mine a single bitcoin, even if they are worth 50 dollars each? I currently pull like 660Mhash/s and a bitcoin a day. As soon as that drops to a bitcoin every 5-7 days, I will prob bail and sell the 5830 I bought, unless the value of bitcoins SKYROCKETS. I can't imagine the value of bitcoins skyrocketing though, because there are people with literally tens of thousands of them who will flood the market if the price gets too high. How I wish I had known about this 9 months ago. I would have invested thousands into mining equipment.

 

[gorobei]

in effect it seems like everyone might be profit taking given the 30$ peak.

 

[NoStateofMind]

yeah spoke too soon. mot gx yes?

Yes. I have no personal experience with it so don't take my word for it.

 

[OVerLoRDI]

I'm curious OVerloRDI, what's your avg bitcoins/day?

~14 at current difficulty. More hardware is on the way to push me over 10 Ghash/s.

I'm running out of circuits.

 

[OVerLoRDI]

yeah I think the value is going to drop now that paypal is out of the loop.

There are numerous ways to get money in and out of mtgox without using paypal. Granted paypal is what most people are familiar with, but capital can still enter the market pretty easily.

 

[Powermoloch]

I'm taking the opportunity to get rid of my HD 5850 :awe:

 

[YoungGun21]

I'm taking the opportunity to get rid of my HD 5850 :awe:

Right now if you mine with it you will make more money than you will sell it for. You could even mine 3 weeks, profit, then sell it off.

 

[ZimZum]

So does this appreciate my 5850s?

Seems like it. People are listing them on ebay for $200+ now.