Cryptocoin Mining?

[pm]

In the three days I mined give-me-ltc has not been down, and even though it is no longer 3 times as profitable to mine LTC than BTC it is still advantageous. This could of course change any minute.

My problem with LTC is how to move the coins. BTC-e does not trade LTC/EUR and the other sites accepting EUR are either shut down or look too dodgy. Not having a USD account I suppose the best deal is to trade to BTC then BTC to EUR, but it is an additional nuisance.

Actually give-me-ltc was down for a bit in the last three days - they swapped out some servers and the outtage was only a couple of hours though. I've been using give-me-ltc as well, although the Stratum server on give-me-ltc has been flaky and the stale rate on their non-stratum pool has been in the 7-10% range for me. But, in general, Give-Me-LTC is a pretty good pool.

I've been doing LTC -> BTC on BTC-E and then selling the BTC on MtGox. You get the upside that BTC-E sells BTC cheaper than MtGox so you get a nice bump when you sell on MtGox. Since I make ~10% more on the BTC-E to MtGox conversion of BTC, I don't mind the nuisance of the two step... I believe MtGox can do EUR as well.

 

[slayernine]

Man..the prices are going nuts! I have three 7970s and a 5870 should I still bother with GPU mining?

You can still make some money with GPU mining. Just look at the profitability thingy:

http://www.bitcoinx.com/profit/

If we are placing guesses as to how high of a price bitcoins will stabilize at I'm going to say over the next year it will likely be in the range of 700-1000 USD per bit coin. The really hard part of the analysis is to figure out who is using bitcoins for what. This is something that really drives the price, demand. If we know what people are buying bitcoins for we then can predict what the price is based on the market caps for the markets that people are spending bit coins. Obviously there is a lot of people buying up bitcoins as an investment right now and there isn't a fully functioning bitcoin economy that can support the extremely high current value of bitcoins. So if all the investors dump bit coin we can still expect a gigantic crash. If organizations and individuals start using bitcoins to move money between countries to dodge taxes or for anonymity we can expect the price to stay high because this will create continuous demand for currency which there is and will be for a long time, a lack there of.

edit: I don't really take into account how long it will take governments to get super pissed off about people being able to move money without their interference. I'm sure the DEA will fly off the handle when they realize that people don't just buy drugs with bitcoins but that the money can disappear into another country with almost no trace. I really think the two main things driving bitcoin right now is investment and various illegal activities and organizations.

 

[Rikard]

Actually give-me-ltc was down for a bit in the last three days - they swapped out some servers and the outtage was only a couple of hours though. I've been using give-me-ltc as well, although the Stratum server on give-me-ltc has been flaky and the stale rate on their non-stratum pool has been in the 7-10% range for me. But, in general, Give-Me-LTC is a pretty good pool.

I meant to write in my previous post that I have been mining sporadically, making about 3 LTC in as many days, so I could have missed the down time. For me the stale rate is ~1%, but I am on http://eu-pool.give-me-ltc.com with stratum in cgminer.

I've been doing LTC -> BTC on BTC-E and then selling the BTC on MtGox. You get the upside that BTC-E sells BTC cheaper than MtGox so you get a nice bump when you sell on MtGox. Since I make ~10% more on the BTC-E to MtGox conversion of BTC, I don't mind the nuisance of the two step... I believe MtGox can do EUR as well.

Good info, I will definitely check it out!

 

[Chiropteran]

http://dustcoin.com/mining compares mining value of cryptocurrencies based on current variables.

However, it can be deceptive. For example right now NVC shows as most profitable, but I couldn't mine it at all- there was only one pool listed and it's registration was broken when I tried. Litecoin mining at the pool I use works, but the pool takes a healthy fee out of it and it's had some downtime. So that 40% extra profit can get whittled down to a lot less.

 

[slayernine]

Definitely something wrong. I'm at ~1950MH/s with my three at 1050/340. I'm using Diablominer but that shouldn't make a big difference.

I can confirm that 1950MH/s is about right for three cards. 7970's seem to get a solid 630-670 depending on your over-clock.

 

[Rikard]

Sapphire Dual-X 2L 7950 54.6% ASIC Quality 1.175v@1100 core 1.600v@1575 ram. The memory speed (and consequently the hash rate) would be higher if I could get the .dll trick with afterburner to work for more than 1 video card.

24000 thread concurrency 20 intensity. cgminer 2.11.4 . Catalyst 13.3 beta 3

I suspect it would probably do 700+ mh/s easy in bitcoin mining.

I tried something similar, but it did not get me far. First with the same clocks as I used earlier (1000/1600) I moved voltage from 0.95 to 1.087 V which is the stock OC voltage (the second non-OC bios has stock voltage 1.003 V). Withing seconds the VRMs hit 85 C and the core 65 C, and this is for a card that never exceeds 60 C unless I overvolt it. I did not like that so I went to 1.003 V which was more reasonable temperature wise, but increased TPD. I played around with the thread concurrency and set it to 24000 like you did but I got black screens at high intensity and at low intensity I could not break 600 khash/s.

I have gone back to 1000/1600/0.95 which gives 609 khash/s at intensity 19 (when I am AFK) or 460 at intensity 15 (which is OK for wathing youtube etc).

 

[Suspicious-Teach8788]

would it be worth it to buy a Jalapeno still? I sold off some coins last weekend (stupid) but I have some cash sitting around.

Ive already made back my mining hardware costs since 2011, so im sitting on coins right now lol.

 

[TheUnk]

If we are placing guesses as to how high of a price bitcoins will stabilize at I'm going to say over the next year it will likely be in the range of 700-1000 USD per bit coin.

But in reality when the bubble pops we are probably looking at dropping back down to around $100/coin?

 

[Rikard]

But in reality when the bubble pops we are probably looking at dropping back down to around $100/coin?

"It is difficult to make predictions, especially about the future"

 

[Chiropteran]

But in reality when the bubble pops we are probably looking at dropping back down to around $100/coin?

I don't think so, at least not instantly.

For example:

Over $5 million in BTC sold with ZERO new buy offers would only push value down to $190 per BTC. There is a huge level of market depth right now on the buy side. Now of course, once a crash is going on it is possible for those buy orders to be cancelled, but I think it will be a controlled descent rather than an instant crash to double digits, and I strongly believe that it'd turn around after dropping in value by 20-25%, unless there is some critical failure in bitcoin itself that causes everyone to lose confidence in it at once.

We have had several dips in value the last few weeks, what may look like a crash could very easily turn into a momentary dip as users rush to buy the "cheap BTC" made available.

 

[Grooveriding]

I played with this a little when I got my 7950, ended up earning like 1 bitcoin. They were worth $20 or something then, now just a month later they are $160 ? haha, my bad for uninstalling the bitcoin wallet, $160 down the toilet.

 

[Chiropteran]

would it be worth it to buy a Jalapeno still? I sold off some coins last weekend (stupid) but I have some cash sitting around.

Ive already made back my mining hardware costs since 2011, so im sitting on coins right now lol.

It would be a huge money maker if you could get one up and running right now today at the listed price. The problem is, that won't happen. If we are lucky, maybe BFL will start shipping in two weeks, but even then an order placed today won't get shipped out in the earliest shipments, it would probably be months behind. Depending on where difficulty is and just how long it takes to receive it could still make a good bit of money, or it might arrive too late and miss it's window of optimal BTC generation.

And then of course, see Rikard's post- "It is difficult to make predictions, especially about the future"

 

[wand3r3r]

If I were to guess, once they really hit the downward spike it will be down to next to nothing. Whether or not they'll have value long term remains to be seen.

How is the price even going up so rapidly? Genuine interest, price manipulation, something unkown?

Either way in general things without true value tend to devalue at some point. (Tulip mania, etc.)

It is interesting to follow regardless.

 

[Chiropteran]

I played with this a little when I got my 7950, ended up earning like 1 bitcoin. They were worth $20 or something then, now just a month later they are $160 ? haha, my bad for uninstalling the bitcoin wallet, $160 down the toilet.

They are worth $240 each today, not $160 Check your appdata folder for a bitcoin folder, if you still have your wallet.dat the money isn't lost!

 

[Zargon]

If I were to guess, once they really hit the downward spike it will be down to next to nothing. Whether or not they'll have value long term remains to be seen.

How is the price even going up so rapidly? Genuine interest, price manipulation, something unkown?

Either way in general things without true value tend to devalue at some point. (Tulip mania, etc.)

It is interesting to follow regardless.

there have been some large purchases, multiples of over 2000 BTC each

someone just bought 5000 coins at about 240 a pop

thats over a MILLION DOLLARS, in bitcoins, in one transaction

 

[aaksheytalwar]

Why is the price rocketing?

 

[Chiropteran]

Why is the price rocketing?

Beginning of the week, only reason it didn't increase as much yesterday is the artificial barrier of $200. Pattern seems to be big gains Mon-Tue with a slight drop later on Friday-Sat. Of course as soon as I call it a pattern it will change, but that is how I have seen it lately.

Edit: as far as why is it rising at all, we are still lagged from events a week or two ago- the verification queue for mtgox is huge and people just can't get money in fast enough to buy bitcoin.

 

[Chiropteran]

Another tidbit, that might be indirectly responsible for the recent value increases:

There is, in total, 31million BTC in bids on mtgox. That means people have purchase orders for a total of 31 million bitcoin, if the value drops low enough to fill them. Except, there will only ever be 21 million bitcoins in existence, and currently we only have a bit over half the total. Obviously there are not enough bitcoins to meet the demand as it is, which is why price goes up.

https://bitcointalk.org/index.php?topic=171509.0

*Though, I haven't fully researched this, it probably includes millions of bitcoin bids at $.01 or something equally silly. I just found it to an interesting piece of information, it doesn't really prove anything.

 

[slayernine]

there have been some large purchases, multiples of over 2000 BTC each

someone just bought 5000 coins at about 240 a pop

thats over a MILLION DOLLARS, in bitcoins, in one transaction

It is people like that who will keep the momentum going in the bitcoin market, they also have the most to lose if the bottom falls out.

 

[VulgarDisplay]

If the price keeps rising I may do something stupid, like buy Two titans with my 7.75 bitcoins. Already able to get $1800 from them...

 

[philipma1957]

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

THE QUOTE FROM ABOVE is about 1 in the morning. my earnings from april 2 to the end of april 8 were 460 usd 15 hours later my earnings are at 562.24. 1 /20 of that is 28,11 minus 2.10 in power the hd 7790 has now earned 26 bucks in 7 days! coins are now above 225! I feel they are closer to 100 in value based on hash and price. will post back on this

 

[Absolution75]

They are worth $240 each today, not $160 Check your appdata folder for a bitcoin folder, if you still have your wallet.dat the money isn't lost!

this!

Unless you formatted windows, it should still be there. Even if you installed a new copy of windows it will be in the windows.old/users/appdata folder

 

[PrototypeZ]

If we are lucky, maybe BFL will start shipping in two weeks, but even then an order placed today won't get shipped out in the earliest shipments, it would probably be months behind.

Do you really think that BFL is going to make a shipping date? I had considered buying one of their units way back but they have come back with nothing for the ASICs.

I don't get why they don't sell the FPGAs still and make some cash while their ASICs continue to be developed. Seems like they had that figured out if nothing else.

 

[Jimzz]

So whats a safe VRM and GPU temp or the limits?
My 7870 is doing around 477Mhash/s with the GPU at a steady 93 and the VRM at 111. That's at 1200Mhz

92 and 106 at 1150 with 455Mhash/s

 

[Grooveriding]

What's the safest and best way to convert these into straight cash ?