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BitCoin Mining 
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 BitCoin Mining
Do we have any bitcoin miners in here?

For those who never heard of bitcoins, it's like F@H except you get paid...

http://www.hardocp.com/article/2011/07/ ... comparison

Comixion probably couldn't do it...in order to be profitable you have to use AMD graphics cards.

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Sun Jan 22, 2012 12:55 pm
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Post Re: BitCoin Mining
i still don't get it....

1. so what exactly is this "mining" process doing. i understand that you get a virtual currency by doing cycles... but what exactly is the work that's doing that's generating money, are you solving some complex math equations in order to receive money as a reward?

2. what can you buy with bitcoin?

3. is this mining illegal?

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Sun Jan 22, 2012 2:56 pm
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Post Re: BitCoin Mining
Basically you are solving complex mathmatical eqations for Bitcoins. A bitcoin is a virtual currency that is accepted by some retailers, but the most common method is to trade it for cash on a bitcoin exchange.

https://mtgox.com/?gclid=CJjb59Ht5K0CFQWDhwodAhyzTQ

You can currently get $6.42 per bitcoin if you wanted to trade them in. I'm mining with my GTX 580 and currently have 0.01 bitcoins...good for about $0.06 if I wanted to cash in. :mrgreen:

I made that six cents in about 3 hours...so overtime it will add up.

A Radeon 6950 flashed to a 6970 would mine about 3 times as fast as my GTX 580...just so happens I have two 6950's on the way. I'm going to install them in my server and get it to work on BitCoin mining. Once I get that up and running I'll have to get the exact wattage the system pulls, get the amount I pay for electricity and see how long it will take those cards to pay for themselves. I'll post the info once I have it.

And to think, back in July a single Bitcoin was worth over $30...that would have been the time to really make the money.

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Sun Jan 22, 2012 3:16 pm
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Post Re: BitCoin Mining
so what does Bitcoin exactly gain from us solving those math equations? is Bitcoin a medical corporate entity like Stanford? this is very new concept to me lol.

the reward will definitely have to be more than what i pay for in eletricity in order to be profitable.

let me know what your findings are... i might be interested. :P

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Sun Jan 22, 2012 3:29 pm
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Post Re: BitCoin Mining
It's treads a fine line on legalities if I recall as it's used (or can be used) for money laundering.

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Sun Jan 22, 2012 3:58 pm
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Post Re: BitCoin Mining
It's an anonymous currency and since it can't be tracked it can be used for bad things if you wanted.

For more info BAM check out http://en.wikipedia.org/wiki/Bitcoin

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Sun Jan 22, 2012 4:11 pm
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Post Re: BitCoin Mining
Avid6eek wrote:
It's an anonymous currency and since it can't be tracked it can be used for bad things if you wanted.

For more info BAM check out http://en.wikipedia.org/wiki/Bitcoin


interesting......

i might give this a try... but you first avid :lol:

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Sun Jan 22, 2012 5:01 pm
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Post Re: BitCoin Mining
Good thing its not the national currency or I would be considered below poverty.


Sun Jan 22, 2012 5:19 pm
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Post Re: BitCoin Mining
BAM! wrote:
Avid6eek wrote:
It's an anonymous currency and since it can't be tracked it can be used for bad things if you wanted.

For more info BAM check out http://en.wikipedia.org/wiki/Bitcoin


interesting......

i might give this a try... but you first avid :lol:


I'm mining...as of this morning I have 0.06 in bitcoins....$0.36!!! GTX 580 = Mining Turd.

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Mon Jan 23, 2012 3:20 am
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Post Re: BitCoin Mining
Bitcoin Mining Profit Calculator: http://bitcoinx.com/profit/index.php

Network
Bitcoin Difficulty: XXXXXX (Automatically filled in based on current available bitcoin info)
Generated Coins per Block: XXXXXX (Automatically filled in based on current available bitcoin info)

Market
Converstion Rate: XXXXXX (Current exchange rate automatically filled in)

Mining Operation
Hash Rate: XXXXXX (Provided to your by your mining client)
Electricity Rate: 0.15 (Rate in kWh - consult your utility bill for your rate as it varies across the US and world. A default value of $0.15/kWh is inserted. At my house I pay $0.105/kWh. In some states rates can be as high as $0.18/kWh)
Power Consumption: XXXXXX (Type in your total system power consumption)
Time Frame: 12 months (Change it to 12 months so you can see the calculations per year, or to 1 month to see per month)
Cost of Mining Hardware: XXXXXX (Insert the cost of your hardware)
Profitability Decline Per Year: 0.5 (Leave at default)

Click "Calculate" to get your results

-----------------------------------------------------------------------
Example using the above information for my GTX 580

Network
Bitcoin Difficulty: 1307728.360000
Generated Coins per Block: 50

Market
Converstion Rate: $6.33

Mining Operation
Hash Rate: 140 MHash/sec
Electricity Rate: $0.105

Power Consumption: 180w (In this example I leave my main rig on 24/7 even when not mining. As a result of mining my graphics card runs at full load, adding an additional 180w of power consumption. If you build a computer dedicated to mining you would use the power consumption of the whole computer. Since I already own the computer and would be running it anyways I've already accepted those costs. The only new cost is for the additional electrical load on my GPU.)
Time Frame: 12 months
Cost of Mining Hardware: $0 (There is no additional cost for the hardware...I already own it)
Profitability Decline Per Year: 0.5

Results:

Value of Bitcoins generated in 1 month: $20.16
Cost of electricity for 1 month: $13.81
Profit per month: $6.35

Now, for the GTX580 these results aren't very good. Now if I owned a 6970, or a 6950 flashed to a 6970 they would be a little different. A 6970 can run the calculations at 380 Mhash/sec compared to my GTX 580's 140 Mhash/sec. My results with this card if I had it would be:

Value of Bitcoins generated in 1 month: $56.16
Cost of electricity for 1 month: $13.81
Profit per month: $42.35

With ATI cards this is where things get interesting and people start mining for profit. $42/month is a good amount of money considering you are getting it for letting your graphics card work for you. Knowing a reflashed 6950 could simply pay for itself in a certain number of months and then start earning money for you is an interesting concept.

------------------------------
Conclusion: Running BitCoin mining on your current graphics card at the very least will pay for the additional power consumption, so give it a try. As the value of a bitcoin varies compared to the USD your profits could go up or down which can make things interesting.

In BAM's situation where he is considering a 6950 anyways, he's got nothing to lose.

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Mon Jan 23, 2012 8:58 am
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Post Re: BitCoin Mining
A very good guide that answers just about all questions:

http://ewoah.com/technology/a-very-good-guide-to-building-a-bitcoin-mining-rig-cluster-guide/#How%20much%20money%20do%20I%20have%20to%20invest

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Mon Jan 23, 2012 9:45 am
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Post Re: BitCoin Mining
that was a good read... i guess only question now i have is... what's the cashing in process like. how often can you cash in, and can you setup direct deposit to your checking account? it'll be nice if it can cash in automatically once a month and automatically deposit to your checking account.

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Mon Jan 23, 2012 10:30 am
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Post Re: BitCoin Mining
I don't know...I haven't made it that far yet. I'm posting things as I learn them so others who may be interested don't have to do the same research I'm doing.

I'm talking with a guy on Craigslist about picking up 3 x Radeon 6950's from him (already flashed)....negotiating on the price now. Maybe I'll have a new toy to play with this evening.

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Mon Jan 23, 2012 11:12 am
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Post Re: BitCoin Mining
i can just imagine what the college kids will do with this... living on campus.... sucking on school's free electricity to make some pocket money... i think pretty soon the college campuses will probably roll out with tier utility plans to go along with their housing plans.

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Mon Jan 23, 2012 1:26 pm
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Post Re: BitCoin Mining
I'm sure college kids are a bit tight on money so the chances of them having mining farms are pretty limited.

I did get my hands on a 6950 to play around with. It's averaging over double what my GTX 580 can produce all while using less power and running cooler. Unfortunately it is not a version that can be unlocked and the GPU core is only at 840Mhz.

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Tue Jan 24, 2012 3:36 pm
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Post Re: BitCoin Mining
you can probably still overclock it and bump up the votage. those things are suppose to hit at least 950~1000 mhz .

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Tue Jan 24, 2012 3:48 pm
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Post Re: BitCoin Mining
This is just a test card for me to play around with...it's going back to it's actual owner in a couple days. My two Gigabyte cards should be here by then.

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Tue Jan 24, 2012 3:55 pm
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Post Re: BitCoin Mining
ok... i am gonna test it on my HD 5850 and see what kind of performance my video card gets.

i downloaded the bitcoin wallet now what do i do.

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Sat Jan 28, 2012 12:10 pm
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Post Re: BitCoin Mining
ok.... apparently... running it solo is taking forever to just accumulate a block.

what pool are you using Avid?

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Sat Jan 28, 2012 1:42 pm
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Post Re: BitCoin Mining
i tried out a pool, but i am getting a "problem communicating with bitcoin RPC" error.

i am tired... and sick of fiddling with this shyt... can't figure it out.

i give up

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Sat Jan 28, 2012 3:04 pm
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