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BitCoin Mining 
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Post Re: BitCoin Mining
I replied to your PM with some details on the pool I use, and how you setup a miner on your computer.

You are getting hung up on the same part that gave me a problem. You are probably trying to use the username and password you use to log into your pool website. Check your PM's and get back to me if you have any questions.

Since I started mining less than a week ago I've accumulated 3.43 bitcoins. At the current exchange rates that's $18.80.

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Sat Jan 28, 2012 4:32 pm
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Post Re: BitCoin Mining
it's working!!!!

yeah..turned out that's exactly my problem. it's confusing that they made you create user name after the account name and "_". i was only inputting the account name only.

what's the reason you chose btguild. i was trying ABCPool and couldn't get it to work for that exact same reason. is Bitguild better?

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Sat Jan 28, 2012 5:03 pm
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Post Re: BitCoin Mining
wow... so here's my performance score.

HD 5850
at stock speed: 280 Mh/s
overclocked speed: 350 Mh/s

what a difference. :)

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Sat Jan 28, 2012 5:09 pm
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Post Re: BitCoin Mining
I tried several different pools when I was trying to get things to work. It just so happened I was on BTC Guild when I was finally able to figure it out. They are also the 2nd largest pool. I find their site easy to use so I stuck around.

It seems that the notion of "workers" needs to be documented better...I'm no idiot and it took me a while to figure out and you got hung up at the exact same spot.

How fast is your card running?

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Sat Jan 28, 2012 5:10 pm
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Post Re: BitCoin Mining
Wow...not bad...your card will probably earn around BTC .30/day which is around $1.50. Possibly as much as $45/month at the current rate....but of course bitcoin value's can take some pretty drastic swings. This week alone they fell from $6.30 to $5.80. I'm holding out for $10.00! :mrgreen:

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Sat Jan 28, 2012 5:12 pm
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Post Re: BitCoin Mining
my card is overclocked from stock 725/1000 to 925/1200. i believe the 5850 shader count is almost exactly the same as 6950.

i am not going to keep it running, since it's my main entertainment rig in the living room, i don't want to kill it too fast lol. maybe when i eventually upgrade to 7950 and move my 5850 to the study room i'll have the study room rig do the work. but at the rate, according to the profit calculator you listed above, i am slated to make about $30 a month if i fold 24/7, that's with the high electricity rate here in cali.

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Sat Jan 28, 2012 6:08 pm
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Post Re: BitCoin Mining
My electrical rate in NY was almost 80% higher than it is here in Virginia, so that ends up being a big help. I did trip a circuit yesterday when I decied to iron some pants ont he same circuit my machines were mining on. Opps.

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Sun Jan 29, 2012 12:20 pm
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Post Re: BitCoin Mining
I'm wondering what it would be like with running in Crossfire with my two 5870's. But my electricity is so outrageous here that it wouldn't even make a dent. I pay close to 0.4618 cents a KWH :o !!!

But the main question I have is exactly how do you get paid?

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Fri Feb 03, 2012 11:33 am
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Post Re: BitCoin Mining
that's my question too.

but hey AK, do you ever watch, Flying Wild Alaska? i love that show. :D

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Fri Feb 03, 2012 11:47 am
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Post Re: BitCoin Mining
Oh yea ... plus Gold Rush. I've been out to some of those remote spots. Remember, I used to be in aviation. Flying single engine planes can be loads o fun, as well as shyt-in-your-pants scary!!

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Fri Feb 03, 2012 4:17 pm
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Post Re: BitCoin Mining
i love that show... flying wild. my wife also watches gold rush, but that's not really my show. somehow the crazy old grandpa creeps me out.

would love to visit some of those places in alaska one day. :)

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Fri Feb 03, 2012 4:31 pm
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Post Re: BitCoin Mining
AKHandyman wrote:
But the main question I have is exactly how do you get paid?


Trade your coins for cash at mtgox.com or any other BitCoin exchange.

For the first time today I transfered some coins from my mining pool site to my local wallet on my server. So far the coin haven't appears. I hope they do!!!

I could have also transferred them to my account at Mt. Gox to trade them for cash. That will be next. Just trying to get familiar with the whole system.

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Sat Feb 04, 2012 5:53 pm
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Post Re: BitCoin Mining
So what's the power usage (don't forget the rest of your system since it has to be on) compared to the money earned? Seems to me like instead of saving cash, you're losing (even if it's just a little bit) while you're "earning money".

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Sat Feb 04, 2012 6:56 pm
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Post Re: BitCoin Mining
Nova wrote:
So what's the power usage (don't forget the rest of your system since it has to be on) compared to the money earned? Seems to me like instead of saving cash, you're losing (even if it's just a little bit) while you're "earning money".


If you read the whole thread you would understand that power consumption is taken into consideration when looking at profits. Since I started mining I've generated BTC 15 which is $90.00. I have yet to actually cash anything in so I haven't seen the whole process through from mining to $$$ in my bank account.

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Sun Feb 05, 2012 7:03 am
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Post Re: BitCoin Mining
let us know how it all goes :)

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Sun Feb 05, 2012 10:10 am
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Post Re: BitCoin Mining
wow... i just put my new beast to the test. HD 7950 at 1100mhz Core / 1575mhz mem (6300Mhz effective DDR5). the hash rate was 567mh/s!!!!! damn!!! that's 62% faster than my overclocked HD 5850~!! :clap:

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Mon Mar 05, 2012 8:00 pm
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Post Re: BitCoin Mining
Wow...nice results. I'm waiting on Keplar before I make my next graphics card purchase, but either way I expect to see a nice jump in hashing power.

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Thu Mar 08, 2012 9:09 am
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Post Re: BitCoin Mining
David, have you actually cashed in your bitcoin so far? i am just wondering what your experience is like. like how much real money you've made.

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Sun Mar 18, 2012 2:37 pm
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Post Re: BitCoin Mining
Yes...I have gone through the whole process from generating coins, converting them to USD, and then depositing them in my account. If I were to cash in all the coins I currently have for the going rate ($5.30 per BTC) I'd make off with $477. I've used about $100 in electricity to generate that. Now that I tested that I can actually get the $$$ to my account I'm just saving up BTC. I'll cash in when they are worth a bit more. The highest value since I started mining was around $6.50/BTC and the lowest down to $4.10/BTC.

I'm currently mining with my server, gaming rig and a computer I built just for mining. I'm waiting on Keplar before I make my next move. I'm pretty sure the GTX 680 will be the faster gaming card, but the 7970 will be the faster miner. AMD should drop the price on the 7000 series when Keplar is launched so that is when I'll upgrade.

I've already installed three new 20A circuits in my garage to power these machines if I really start to take this more seriously.

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Sun Mar 18, 2012 4:38 pm
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Post Re: BitCoin Mining
can you list your rigs... like how many rigs you have built for mining and what their hardware configurations are. because $377 is quite a bit of profit. is that all for one month? or is that across three months.

i did a bit of rough calculation on the bitcoin calculator... my study room rig which has the 7950 (overclocked), will only generate $24 of profit per month, which isn't a whole lot.

Network
Bitcoin difficulty: blockexplorer.com: 1498294
Generated coins per block: BTC/block currently 50, will drop to 25 some time around December 2012

Market
Conversion rate: USD/BTC Mt.Gox 24h average from bitcoincharts.com: 5.22
Mining Factor 100: 0.35 USD/24h@100MHash/s as in these charts.

Mining Operation
Hash rate: MHash/s = 560000 kHash/s
Average generation time for a block (solo): 133 days (can vary greatly depending on your luck - probabilities)
Coins per 24h at these conditions: 0.3759 BTC

Electricity rate: USD/kWh Power rates: USA, EU
Power consumption: W Mining Hardware Comparison
Power cost per 24h: 1.10 USD
Revenue per day: 1.96 USD
... less power costs: 0.86 USD
System efficiency: 1.22 MH/s/W

Profitability Estimate
Time frame: months
Cost of mining hardware: USD Amazon.com: HD5830, HD5850, HD5870, HD5970,
HD6850, HD6870, HD6950, HD6970, HD6990, new HD7970!,
PSU, case, mainboard (4x PCIe double spaced,
mind number of case slots)
Profitability decline per year: default assumption: decline by Moore's law.
Historic development charts here.
Mining Factor 100 at the end of the time frame: 0.33 USD/24h@100MHash/s
Average Mining Factor 100: 0.34 USD/24h@100MHash/s
Power cost per time frame: 33.60 USD
Revenue per time frame: 58.04 USD
... less power costs: 24.43 USD

Hardware break even: 1 day
Net profit first time frame: 24.43 USD


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Sun Mar 18, 2012 5:26 pm
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