Cryptocoin Mining?

[Auric]

That sounds wise Aikouka. I was going to sell my 6850 and happily run Intel HD Graphics until BF3 is released -considering whatever GPU available at that time. But now I'm keeping it mining for giggles at the very least. Radeon is better for video playback as well and especially OpenVideo Decode allowing acceleration with madVR.

 

[v8envy]

With 'only' 6.5 million of 21 million coins having been mined and only a tiny portion of the population aware of bitcoins one might say this ponzi scheme has quite a bit of potential left. I'd say the odds of the bottom falling out in the next 60 days are as low as ever.

My hardware has just paid for itself after only 7.5 days. Roughly 7 bit coins, 4 sold at 22-24, 3 left. Assuming I can get $50 per 5830 (that'll be cake for another year or so) I have just covered my hardware and power costs.

Planning ot keep going. If this makes enough to get a 6990, sure, I'll get one. If not, I'm not worried either. It will have been entertaining while it lasted.

 

[pcm81]

@v8envy,
6990s are up to 6-8 weeks on back order everwhere i checked.

 

[ImDonly1]

With 'only' 6.5 million of 21 million coins having been mined and only a tiny portion of the population aware of bitcoins one might say this ponzi scheme has quite a bit of potential left. I'd say the odds of the bottom falling out in the next 60 days are as low as ever.

My hardware has just paid for itself after only 7.5 days. Roughly 7 bit coins, 4 sold at 22-24, 3 left. Assuming I can get $50 per 5830 (that'll be cake for another year or so) I have just covered my hardware and power costs.

Planning ot keep going. If this makes enough to get a 6990, sure, I'll get one. If not, I'm not worried either. It will have been entertaining while it lasted.

Did you cash out through mt gox? How is using Dwolla, never heard of it so seems sketchy giving bank info out?

 

[Muyoso]

I plan to mine for a few more weeks. Once I stop making ~80 dollars a week I will stop and tell my 5830 and maybe even my 5850 as well for an inflated price and then wait until BF3 and use the profits from the cards alone to pick up something nice. I am guessing by the time BF3 will be released, the bitcoin market will have crashed either due to government intervention or a massive attack by hackers or the difficulty driving out all but the people who spent tens of thousands on mining rigs. Maybe I will pick up a pair of cards for crossfire for next to nothing when they are flooding the market.

I also expect a lot of people are idiots and put thousands and thousands of dollars in hardware on credit cards expecting to make greater returns in bitcoins. When the value of the bitcoin falls dramatically I expect those people to throw their hardware on the market for whatever they can get for them.

 

[Cuhulainn]

I am running two 5830's on that exact PSU with no issues. Runs 24/7. The rest of the system is low wattage though (45w cpu, 1 hd, no dvd, etc). If the rest of your system is not eating a lot of juice then it shouldn't be a problem as a 5850 is lower wattage that a 5830.

Awesome, man, thanks for the info!

 

[Dark Shroud]

Did you cash out through mt gox? How is using Dwolla, never heard of it so seems sketchy giving bank info out?

It works, now, there is a bit of a delay between the groups when it comes to sending the money. It shouldn't take more than a few hours. You just have to remember that Mt Gox tells everyone to use Dwolla so they're probably flooded with transactions.

Just remember that every time you send money to Dwolla they'll take $0.25 from the transaction as a fee. So it's better to do fewer larger amounts if you're a penny pincher like I am.

 

[hdfxst]

Anyone use this place?I would rather not give out my banking info. http://www.btcbuy.info/Default.cshtml

 

[YoungGun21]

Dwolla is extremely safe, and is a competitor to PayPal. It has been around for a while now. If you trusted the evil Paypal, you should have no problems trusting Dwolla.

In fact, they do background checks when you make an account with them. We tried to make a joint account and just used a combination of our names, and our account got shut down because we weren't a "real person" lol. Fixed that now though.

To whoever was wanting to sell their 5970, you can probably make more money mining with it than you will sell it for. My advice is to keep mining with it, then when you aren't seeing as much of a return, sell it if the price is still at a premium. Or I'll give you $100 for it right now. (or even $100 worth of BTC!)

 

[NoStateofMind]

Anyone aware of a multi-GPU overclocking utility?

EDIT: Looks like you have to flash the clocks/voltage you want for each card individually. A tedious process that will have good rewards!

 

[Pneumothorax]

EDIT:



I'm actually tempted to try and sell my 5870 now if I can get a premium for it. Why worry about BitCoin mining when I can simply milk the fervor created by the mining itself. If the 7000-series is coming out soon, I could put the money toward that and just move my 6950 to my older machine (where the 5970 currently is).

Just took advantage of the craziness on fleabay on the 5870 right now. If I would've tried to sell my 5870 a fews months ago on FS/FT here I probably would've gotten at most $175-$200 shipped. Just sold my XFX for over $300 a couple of days ago! Just placed an order for a MSI 6950 reference card for a planned unlock.

 

[Desin]

Projected difficulty next bump is in the 1.5 million range. That is insane.

 

[Desin]

Looks like I'm going to pass on this one. I can't find a 2X6990 or even a single one for that matter for MSRP. I don't think I could even make up the losses on the card with the difficulty increase before the whole thing tanks.

 

[Aikouka]

Just took advantage of the craziness on fleabay on the 5870 right now. If I would've tried to sell my 5870 a fews months ago on FS/FT here I probably would've gotten at most $175-$200 shipped. Just sold my XFX for over $300 a couple of days ago! Just placed an order for a MSI 6950 reference card for a planned unlock.

Hmm I looked at the cards on eBay and I saw one for $220 (bid) with about 2 hours left, so I was a bit weary to try my own luck. I'm not sure if I have it available so I can check to see what it ended at... I should probably try and find it.

Projected difficulty next bump is in the 1.5 million range. That is insane.

Hmm, so if I generate ~1 BTC a day right now... how much is this going to hurt me?

 

[Desin]

Hmm I looked at the cards on eBay and I saw one for $220 (bid) with about 2 hours left, so I was a bit weary to try my own luck. I'm not sure if I have it available so I can check to see what it ended at... I should probably try and find it.



Hmm, so if I generate ~1 BTC a day right now... how much is this going to hurt me?

Difficulty went up to 8xxK today from 567K. So in ten days you'll be getting 1/3 of what you were getting yesterday roughly.

 

[Arkaign]

Can someone PM me some understandable instructions, I have the GuiMiner thing, and signed up with BTCMine, but it doesn't seem to be doing anything. I have the ATI Stream SDK installed, selected 'Cayman', but nothing is happening.

 

[Aikouka]

Can someone PM me some understandable instructions, I have the GuiMiner thing, and signed up with BTCMine, but it doesn't seem to be doing anything. I have the ATI Stream SDK installed, selected 'Cayman', but nothing is happening.

1) Get GUI Miner
2) Setup your wallet (online or on your PC)
3) Sign up with a pool and setup wallet details
4) Create a worker at your pool
5) Set your miner to use your worker's settings (worker name + password)
6) Start mining

EDIT:

Difficulty went up to 8xxK today from 567K. So in ten days you'll be getting 1/3 of what you were getting yesterday roughly.

Ouch... if the price of Bitcoins doesn't rise sharply, I'll probably just bail then :\. I'd still probably make money over the electric use, but whether it will be worth it or I will find people to buy the coins... that's what I can't guarantee.

 

[hans030390]

Ouch... if the price of Bitcoins doesn't rise sharply, I'll probably just bail then :\. I'd still probably make money over the electric use, but whether it will be worth it or I will find people to buy the coins... that's what I can't guarantee.

I bet the decline had something to do with Silk Road being temporary offline and closed to new registrations. Now that it is back up (and the black market that uses BTC seems to be doing fairly well now), I imagine prices will remain at least somewhat more stable. BTC had that incredible growth after the "public" articles/news came out about Silk Road.

Also, once there is a fast way to get USD into MtGox (or other similar ways to buy BTC within a few hours), I imagine prices will increase. It's such a PITA to buy BTC now, and eventually it won't be feasible for the average user to continue mining BTC (unless it is met with a proportional increase in USD value). Once you can quickly, easily, and safely buy BTC with USD, I imagine many people will opt out of mining and continue on with that route. I already do a bit of both, but I primarily mine because it's such a hassle to buy BTC. By the time I get money into MtGox from Dwolla, who knows how the value of BTC will have changed!

I know someone is setting up a site that will allow you to send money to MtGox "instantly". It seems as though that's all the site will offer for now. That could be a potentially excellent service for BTC. Once things like this are implemented, I imagine the value of BTC will increase and be more stable.

 

[hdfxst]

there's a couple open box 5850's on newegg http://www.newegg.com/Product/Produ...7320 600007601&IsNodeId=1&name=Radeon HD 5850

 

[ensign_lee]

there's a couple open box 5850's on newegg http://www.newegg.com/Product/Produc...on%20HD%205850

Both are out of stock.

 

[hdfxst]

Both are out of stock.

That was quick,the 5830 show in stock but you can't add them to your cart http://www.newegg.com/Product/Produ...7320 600007612&IsNodeId=1&name=Radeon HD 5830

 

[artvscommerce]

The 5850 is back in stock now, but they now have a limit of 1 per customer, and the price is fairly high.

 

[stargazr]

Here's a link to some general information with a few videos:

http://www.zdnet.com/blog/btl/bitcoin-a-guide-to-the-future-of-currency/50601?tag=nl.e539

 

[Attic]

For those doing this have you noted the value of Bitcoins moves linearly with the difficulty?

If the next difficulty is 1/3 more difficult than todays difficulty, do bitcoins move to trade at 1/3 higher price in the market? Or do they move up but only at something like a 50% rate relative to difficulty increases, ie) 1/6th in this case?

 

[notty22]

World's First Virtual Heist? BitCoin User Loses $500000

‎Mtgox.com seems to be offline again.