Cryptocoin Mining?

[4ghz]

I hope at least some of you got out when I told people to at $10 or $11. I got rid of most of mine at that point although I still have 3 bitcoins left. Couldn't get rid of them in time. lol

My post on 8/6.

"I would expect bitcoins to continue to drop to under $5 as speculators throw in the towel and try to recoup some of their investment. Heck if mt glox allowed you to short bitcoins I would expect it to drop under $2 at some point."

I still say its going lower and will eventually hit under $2. If you still have some coins I would sell at the next spike. Maybe $6 if you are lucky but it may not even hit that. For those thinking about buying I would advise not to try and catch a falling knife.

 

[Spike]

I hope at least some of you got out when I told people to at $10 or $11. I got rid of most of mine at that point although I still have 3 bitcoins left. Couldn't get rid of them in time. lol

My post on 8/6.

"I would expect bitcoins to continue to drop to under $5 as speculators throw in the towel and try to recoup some of their investment. Heck if mt glox allowed you to short bitcoins I would expect it to drop under $2 at some point."

I still say its going lower and will eventually hit under $2. If you still have some coins I would sell at the next spike. Maybe $6 if you are lucky but it may not even hit that. For those thinking about buying I would advise not to try and catch a falling knife.

Meh, I'll keep mining. My power is cheap and the only hardware I bought was a single 5830 that was paid off long ago. Since I have the spare pcs doing nothing anyway might as well mine. If the prices drop low enough that it no longer covers the extra power needed then I'll stop, until then I might as well keep going.

 

[hdfxst]

What the hell happened last night,Mtgox graphs show it spiked to 12.50.I set my buy at 4.50 but i never set a sell price because i didn't think it would rise so fast

 

[dakU7]

You're assuming that it's going to go back up, which I doubt is going to happen. No business in their right mind is going to accept a currency for their product that might be worth $5 one day and $2.50 the next.

Even the potheads on SilkRoad aren't going to be willing to take a potential loss like that for much longer.

I just made a nice profit.

 

[tommo123]

so, i take it we've all kinda abandoned this now?

 

[Chiropteran]

so, i take it we've all kinda abandoned this now?

Yes and no.

Right now, profit is borderline. Depending on electricity cost, you might not make any money or might even mine at a loss even if you already have hardware. However, the difficulty has been calculated to decrease, down to less than half of what it is now. After the difficulty adjustment mining will be profitable once again for nearly everyone, unless things change in some other way before the adjustment.

 

[ghost recon88]

Right now I'm sitting on 20 coins, refuse to sell those 20 until prices reach at least $8 a coin. I thought earlier this week when it shot up to $6.70 that things might be on the rise once again. But then it quickly dropped back down, so yet again I'll wait it out. I'll just keep mining away in hopes that one day, I can score on a big cash-out

 

[ensign_lee]

Yes and no.

Right now, profit is borderline. Depending on electricity cost, you might not make any money or might even mine at a loss even if you already have hardware. However, the difficulty has been calculated to decrease, down to less than half of what it is now. After the difficulty adjustment mining will be profitable once again for nearly everyone, unless things change in some other way before the adjustment.

Kerswhat?!?!?!

From what I'm looking at, difficulty is going to decrease, but like 3%: http://bitcoinwatch.com/

 

[gorobei]

yeah, the difficulty isnt going down to half any time soon.

difficulty is a function of total hash power. unless half the miners out there decide to drop out, there isnt going to be any major change in the math. the value of a bitcoin is around what it was near the start of the year, but the total hash power is a couple hundred times the value of at the start of the year. the value proposition is just not there.

we will never be going back to the days of mining a few coins a day on a single cpu's worth of power, and with all the power miners stuck with all that equipment they are functionally forced to mine to make some of their initial expenditure back.

 

[Chiropteran]

Kerswhat?!?!?!

From what I'm looking at, difficulty is going to decrease, but like 3%: http://bitcoinwatch.com/

Haha, oops. I swear I saw it estimating a huge drop when I looked a couple days ago, must have been a fluke though. Oh well.

Still, even with profit only borderline, I'll fire the miners back up in a few months when it starts getting cold outside. Might as well make some money while I heat the condo.

edit: Maybe I was looking at the namecoin difficulty adjustment by mistake.

http://tvori.info/bitcoin/charts/
"If you decide to go after Namecoin instead, the numbers would look as following:
1.06962166 NMC/day, 0.0270 NMC/BTC ($0.1498 per NMC), and $0.1602/day.
After next Namecoin diff update: 10.32710478 NMC/day and $1.5470/day."

That is a rather insane drop, I guess nearly all the namecoin miners dropped and went back to bitcoins.

 

[OVerLoRDI]

I'm done, except for one machine I don't have to pay electricity for and don't have to house. I moved out of my large house and now living somewhere where I don't have room for 11 loud computers. My large FS/FT thread sold pretty much everything I had. Only have a few 5830s left to get rid of.

Bitcoin was an excellent adventure, but stuff like this that is too good to be true (making bank with our gaming cards?) doesn't usually last.

 

[m3t4lh34d]

I'm done, except for one machine I don't have to pay electricity for and don't have to house. I moved out of my large house and now living somewhere where I don't have room for 11 loud computers. My large FS/FT thread sold pretty much everything I had. Only have a few 5830s left to get rid of.

Bitcoin was an excellent adventure, but stuff like this that is too good to be true (making bank with our gaming cards?) doesn't usually last.

Yeah it's definitely not as good as it used to be...

5 6970s, 2 5770s, and a 5870 all mining away can barely bring a little over 1 coin per day for me... and that 1 coin is worth what, $5-6 tops? Not exactly an ideal counter for the electric bill they bring. My Bill is around $400-500 per month and that is only mining with 50% of the cards 24/7 and 100% at night. So at $6 per coin x 30 days, I'm only basically paying for the electricity that they are burning since my bill was around $250 before I started.

I decided it wasn't worth it as soon as it dropped below $8. I've got a couple 5770s going 24/7 because I don't use them and they're on an old P4 rig (which I should swap with another rig because of the P4's power consumption at load). But even with a few cards going just for the fun of it, it's not enough at this difficulty to even check your pool stats except every few days to a week.

It's all but dried up unless something drastic happens. Let's hope a bright mind will reinvigorate the business with a new angle.


Does anyone know if namecoins bring in a little more?

I heard someone saying it was roughly 100% more income with namecoins, which would make it worth it for me to keep going. I guess I could try it for myself, but don't really want to burn up hundreds in electricity only to find out I wasn't even breaking even lol.

I guess I can do the math however, but the math can deceive sometimes due to other outstanding factors in the operation such as pool uptime/rig uptime/etc.

Good luck guys and Best Regards

 

[ghost recon88]

How many hash are you getting? With a 6970, 5870, and 5770 I'm getting .65 BTC a day.

 

[m3t4lh34d]

2500-2600 MH/s max

 

[MoreGranularity]

In addition to mining, I would like to accept bitcoins for products on my web pages but I have not been able to find any software to perform the following functions, at a minimum:

1. automatically adjust my product prices in bitcoins to my $ prices based on the latest exchange price (e.g. mt gox). I do not want to have to set a fixed bitcoin price and have to modify it every day or so as the $ exchange price varies.

2. offer the option to convert bitcoin revenues to $ and deposit them into an account that I specify.

Is there software available to perform these functions? I have not found it.

Until it is as easy to incorporate such software into a web page as it is to put a PayPal button on a page, I am not sure bitcoins have a real future. But I continue to mine out of curiosity.

 

[m3t4lh34d]

How many hash are you getting? With a 6970, 5870, and 5770 I'm getting .65 BTC a day.

Have you done the financial calculations as to how much power it is costing you vs. the net profit?

It's hard for most of us in the southeast USA to pay these insane power bills AND mine anymore with the reduced value of BTC.

 

[sandorski]

In addition to mining, I would like to accept bitcoins for products on my web pages but I have not been able to find any software to perform the following functions, at a minimum:

1. automatically adjust my product prices in bitcoins to my $ prices based on the latest exchange price (e.g. mt gox). I do not want to have to set a fixed bitcoin price and have to modify it every day or so as the $ exchange price varies.

2. offer the option to convert bitcoin revenues to $ and deposit them into an account that I specify.

Is there software available to perform these functions? I have not found it.

Until it is as easy to incorporate such software into a web page as it is to put a PayPal button on a page, I am not sure bitcoins have a real future. But I continue to mine out of curiosity.

Given the volatility, even having Realtime Pricing may not be enough to be successful. You could make a Profit on a Sale, then in a few hours take a huge Loss on the same Sale.

 

[ghost recon88]

Have you done the financial calculations as to how much power it is costing you vs. the net profit?

It's hard for most of us in the southeast USA to pay these insane power bills AND mine anymore with the reduced value of BTC.

First off where I live I don't pay for my own power, secondly even if I was it may cost more in power than what coins are worth currently, but I don't plan on selling my coins anytime soon with the current prices. The cost to generate a coin remains fixed, so as long as I sell later on when the prices are better, it's all net profit to me.

 

[chihlidog]

Im finally considering just letting go of my BTC for the paltry sum they'd fetch right about now and forgetting the whole thing before they're worth less than a dollar. Greed is ready to overtake my principles.

 

[Smartazz]

Anyone have a problem where GPU utilization falls if the screen turns off? I finally managed to underclock the memory to 300MHz to lower load temps to 60C, but this problem is bugging me.

 

[v8envy]

Given the volatility, even having Realtime Pricing may not be enough to be successful. You could make a Profit on a Sale, then in a few hours take a huge Loss on the same Sale.

This problem may already be solved. Bitcoinica lets you short bitcoins (with something like a 5:1 margin), and they do rudimentary options. As a merchant you could establish short positions on your daily expected volume and hedge the upside risk by mining.

Or, yeah, just accept credit cards, pay 3%, and not worry about it.

 

[purefun1965]

men I dont post often. I am revisiting this thread. I was slammed for my comments and I apologize. my last post was july. I am sorry if i upset people.

 

[Acanthus]

$2.20! Oh the humanity!!

 

[frostedflakes]

Was a pretty big difficulty drop recently. Looks like there will be another if this trend keeps up.

 

[Acanthus]

Was a pretty big difficulty drop recently. Looks like there will be another if this trend keeps up.

It would have to drop 60% or more to get me back.

I was mining one coin every two days... not even close to worth the electricity.