So who's mining bitcoins here?

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  • Serge Litehead
    Confirmed User
    • Dec 2002
    • 5190
    #101
    100 BTC


    Agent 488 and anyone wanting learn more about mining, here is a good starting point

    Rowan, I haven't done any backing up yet, thus don't know what the exact procedures are. I know that wallet.dat file is located in win7 in users hidden "AppData" folder
    C:\Users\[username]\AppData\Bitcoin
    search the other forum, i'm sure there threads about it

      Comment

      • Serge Litehead
        Confirmed User
        • Dec 2002
        • 5190
        #102
        Wiki: How to secure your wallet

          Comment

          • rowan
            Too lazy to set a custom title
            • Mar 2002
            • 17393
            #103
            Originally posted by Agent 488
            anyone know of / care to share some basic and advanced guides to bitcoin mining?
            This might help get you started...

            http://forum.bitcoin.org/?topic=7374.0

              Comment

              • rowan
                Too lazy to set a custom title
                • Mar 2002
                • 17393
                #104
                Originally posted by holograph
                Rowan, I haven't done any backing up yet, thus don't know what the exact procedures are. I know that wallet.dat file is located in win7 in users hidden "AppData" folder
                C:\Users\[username]\AppData\Bitcoin
                search the other forum, i'm sure there threads about it
                I'm using the -datadir option but it keeps creating the Bitcoin dir in the appdata directory on C:\

                Tried deleting that dir to confirm - yep, it just recreates it every run like a new install.
                Tried changing the \'s to /'s in the path, no difference
                Tried running it from a cmd prompt, it complains about a missing directive in the conf file - the path reported for the conf file is on the C: drive, even though I have datadir=... on the cmdline



                edit: finally got it working, I realised I had "datadir Z:\..." instead of "datadir=Z:\..."
                Took about a minute to start, no sign of the program except in task manger, but once it did start my transactions, addresses and balance are all there. Yay.
                Last edited by rowan; 06-12-2011, 01:17 AM.

                  Comment

                  • rowan
                    Too lazy to set a custom title
                    • Mar 2002
                    • 17393
                    #105
                    Wonder how long it will be before we see viruses that look for wallet.dat and quietly send it to some eastern european cartel.

                    Or maybe zombie networks would make more money mining rather than relaying spam...

                      Comment

                      • Emil
                        Confirmed User
                        • Feb 2007
                        • 5658
                        #106
                        Originally posted by rowan
                        Wonder how long it will be before we see viruses that look for wallet.dat and quietly send it to some eastern european cartel.

                        Or maybe zombie networks would make more money mining rather than relaying spam...
                        I would be very surprised if people didn't use botnets to generate coins already.
                        Free 🅑🅘🅣🅒🅞🅘🅝🅢 Every Hour (Yes, really. Free ₿itCoins.)
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                          Comment

                          • rowan
                            Too lazy to set a custom title
                            • Mar 2002
                            • 17393
                            #107
                            Just figured out how to do a modest (~7%) overclock on my 5570 card. Went from 57Mhash/sec to 61.5Mhash/sec.

                              Comment

                              • Serge Litehead
                                Confirmed User
                                • Dec 2002
                                • 5190
                                #108
                                Who has mtgox usd and wants to or willing to trade small amount for paypal or paxum hit me up

                                  Comment

                                  • rowan
                                    Too lazy to set a custom title
                                    • Mar 2002
                                    • 17393
                                    #109
                                    Found this interesting graph. It takes into account the difficulty level and market value of BTC.

                                    http://bitcoin.atspace.com/income.html

                                      Comment

                                      • Serge Litehead
                                        Confirmed User
                                        • Dec 2002
                                        • 5190
                                        #110
                                        Another good article explaining Bitcoins
                                        http://www.economist.com/blogs/babba...rtual-currency

                                          Comment

                                          • rowan
                                            Too lazy to set a custom title
                                            • Mar 2002
                                            • 17393
                                            #111
                                            Guy had 25,000 bitcoins stolen:

                                            https://forum.bitcoin.org/index.php?topic=16457.0

                                            25000BTC ~= $500,000 USD

                                              Comment

                                              • Serge Litehead
                                                Confirmed User
                                                • Dec 2002
                                                • 5190
                                                #112
                                                Originally posted by rowan
                                                Guy had 25,000 bitcoins stolen:

                                                https://forum.bitcoin.org/index.php?topic=16457.0

                                                25000BTC ~= $500,000 USD
                                                that is just so insane! almost overnight you turn up with 500k and next thing it is all gone for real.

                                                at the time story unfolded, through out past Saturday bitcoin was down from 18 to 16 dollars (coincidentally?), but next day rebound back to 18-20 and keeps floating at this level atm.

                                                  Comment

                                                  • rowan
                                                    Too lazy to set a custom title
                                                    • Mar 2002
                                                    • 17393
                                                    #113
                                                    Yeah, it's made me a little paranoid. It makes it clear that someone doesn't need access (either physical or remote) to your machine in order to steal your BTC, nor do they necessarily need the current wallet file... if you received 100BTC 5 years ago and still have them a copy of the wallet from 5 years ago is sufficient to steal them.

                                                    Right now I just run my bitcoin client on my normal windows desktop, with the wallet stored on my NAS. The NAS (and its backups) are encrypted but that won't stop some virus or malware running on the 'doze box from accessing it "in the clear"

                                                    It's interesting that the official bitcoin client doesn't offer any attempt at basic security, like encrypting the wallet with a password. This wouldn't get past keyloggers but at least it would provide SOME protection if a copy of your wallet was acquired some other way.

                                                    If you're in it for the long run then maybe using multiple savings wallets would be a good idea - you send yourself some bitcoins to a 100% virgin account, then the media the wallet for that account is stored on is physically disconnected and remains that way. For safety it would be stored on at least two different media and stored in two locations.

                                                    Maybe also periodically regenerate your wallet by sending all your BTC to a new account?

                                                      Comment

                                                      • rowan
                                                        Too lazy to set a custom title
                                                        • Mar 2002
                                                        • 17393
                                                        #114
                                                        Maybe BTC could be backed by the value of the USB stick the wallet is stored on.

                                                          Comment

                                                          • Serge Litehead
                                                            Confirmed User
                                                            • Dec 2002
                                                            • 5190
                                                            #115
                                                            I'm not completely sold on the password thing. what if you forget your password for the wallet? i've heard dev team will be working on encrypting wallet for the next update though so we'll see how's that turn out. in the past i've forgotten couple of passwords, one for 5-6 digit icq i had when icq first came out which could not be retried and another was for some zip or excel file, thankfully i was able to brute-force it with conveniently available tool from the web. I wouldn't want to forget my pass for the wallet, and i'm sure it will require some long string of text for good encryption so that will be one more piece to worry about it's safety and security.

                                                              Comment

                                                              • rowan
                                                                Too lazy to set a custom title
                                                                • Mar 2002
                                                                • 17393
                                                                #116


                                                                mtgox had a compromise and the market crashed.

                                                                The value of a bitcoin on mtgox got down to around ONE CENT!!

                                                                  Comment

                                                                  • rowan
                                                                    Too lazy to set a custom title
                                                                    • Mar 2002
                                                                    • 17393
                                                                    #117
                                                                    Anyone with a standing order for buying BTC at a seemingly impossibly low rate (say $1) would have done nicely when it crashed then bounced back up to $14+ a few minutes later... except that mtgox is busy winding back those transactions. If you cashed out fast enough, they can't do anything (except maybe close your account)....

                                                                    Bet some guys had their dicks in their hand when it went to 1 cent, you could buy 500BTC for $5 and a couple of minutes later it was worth $7,000
                                                                    Last edited by rowan; 06-19-2011, 04:31 PM.

                                                                      Comment

                                                                      • rowan
                                                                        Too lazy to set a custom title
                                                                        • Mar 2002
                                                                        • 17393
                                                                        #118
                                                                        Just received an anonymous email... someone is spamming every address in the compromised mtgox database suggesting people move to tradehill. The vultures are circling...

                                                                          Comment

                                                                          • Boozer
                                                                            So Fucking Banned
                                                                            • Feb 2005
                                                                            • 3134
                                                                            #119
                                                                            Originally posted by rowan
                                                                            Just received an anonymous email... someone is spamming every address in the compromised mtgox database suggesting people move to tradehill. The vultures are circling...
                                                                            got the same email. Got to love the referral code

                                                                              Comment

                                                                              • Si
                                                                                Such Fun!
                                                                                • Feb 2008
                                                                                • 13900
                                                                                #120
                                                                                Not much longer now!

                                                                                  Comment

                                                                                  • Serge Litehead
                                                                                    Confirmed User
                                                                                    • Dec 2002
                                                                                    • 5190
                                                                                    #121
                                                                                    rowan, how much was BTC traded for throughout the day?
                                                                                    i was off line whole weekend

                                                                                      Comment

                                                                                      • Agent 488
                                                                                        Registered User
                                                                                        • Feb 2006
                                                                                        • 22511
                                                                                        #122
                                                                                        hasn't mt gox suspended trading until the 20th? and reading tradehill might have suspended trading as well.

                                                                                          Comment

                                                                                          • Agent 488
                                                                                            Registered User
                                                                                            • Feb 2006
                                                                                            • 22511
                                                                                            #123
                                                                                            good breakdown of the weekend.

                                                                                            http://www.dailytech.com/Inside+the+...ticle21942.htm

                                                                                              Comment

                                                                                              • Serge Litehead
                                                                                                Confirmed User
                                                                                                • Dec 2002
                                                                                                • 5190
                                                                                                #124
                                                                                                thanks agent

                                                                                                  Comment

                                                                                                  • rowan
                                                                                                    Too lazy to set a custom title
                                                                                                    • Mar 2002
                                                                                                    • 17393
                                                                                                    #125
                                                                                                    Tradehill is also suspending trading as a precaution...

                                                                                                    TradeHill has recently learned that a large number of user accounts at a competing Bitcoin exchange have been compromised. Because of the possibility that our users may have used the same password on multiple exchanges, we will be halting the ability to trade or withdraw funds for a few hours. We hope this will give all of our users time to reset their passwords if needed. You can reset your password by clicking on your username in the upper right of the website. This merely a precaution, and we do not have any evidence that our site has been compromised in any way. More info soon.

                                                                                                    Wonder how many speculators are using exactly the same password on each exchange?

                                                                                                      Comment

                                                                                                      • rowan
                                                                                                        Too lazy to set a custom title
                                                                                                        • Mar 2002
                                                                                                        • 17393
                                                                                                        #126
                                                                                                        Here's the guy that bought up a bunch of bitcoins (about $5m worth once value is restored) at just over 1 cent.

                                                                                                        http://forum.bitcoin.org/index.php?topic=20207.0

                                                                                                          Comment

                                                                                                          • HarryMuff
                                                                                                            Confirmed User
                                                                                                            • Dec 2005
                                                                                                            • 271
                                                                                                            #127
                                                                                                            Thanks to all who participated

                                                                                                              Comment

                                                                                                              • Chris GAMBA
                                                                                                                So Fucking Banned
                                                                                                                • May 2011
                                                                                                                • 101
                                                                                                                #128
                                                                                                                Haven't you guys ever heard of bulk mailing? lol

                                                                                                                  Comment

                                                                                                                  • Chosen
                                                                                                                    VIPPay.com | AdultWebSponsors.com
                                                                                                                    • Aug 2001
                                                                                                                    • 63151
                                                                                                                    #129
                                                                                                                    Originally posted by Chris GAMBA
                                                                                                                    Haven't you guys ever heard of bulk mailing? lol
                                                                                                                    No. What is it?

                                                                                                                      Comment

                                                                                                                      • rowan
                                                                                                                        Too lazy to set a custom title
                                                                                                                        • Mar 2002
                                                                                                                        • 17393
                                                                                                                        #130
                                                                                                                        Been mining with the ATI5570 card for 13.7 days now; have earned 1.339BTC ($USD19.42) in that time, or about $1.41/day. Electricity costs are about $0.30/day, leaving a whopping profit margin of $1.11/day.

                                                                                                                        On the +ve side the effective value of the card is pretty much covered, if I had to I could fairly easy sell it at 30% less than retail.

                                                                                                                        I'm assuming the difficulty level went up which is why I'm earning less per day than I calculated at the start of it...

                                                                                                                        The micro mining experiment continues.

                                                                                                                          Comment

                                                                                                                          • rowan
                                                                                                                            Too lazy to set a custom title
                                                                                                                            • Mar 2002
                                                                                                                            • 17393
                                                                                                                            #131
                                                                                                                            http://bitminer.info/ 8 days ago:

                                                                                                                            5570: $2.20/day, 29 day break-even
                                                                                                                            6870: $8.19/day, 24 day break-even

                                                                                                                            today:

                                                                                                                            5570: $0.97/day, 69 day break-even
                                                                                                                            6870: $3.72/day, 58 day break-even

                                                                                                                            Definitely getting harder... and I just ordered a 6870!

                                                                                                                            (I don't know if the $ values are skewed by the recent mtgox problems...)

                                                                                                                              Comment

                                                                                                                              • johnnyloadproductions
                                                                                                                                Account Shutdown
                                                                                                                                • Oct 2008
                                                                                                                                • 3611
                                                                                                                                #132
                                                                                                                                Bitcoin is a novelty for techies but I find that I will not tamper with it much. I guess the way to go is if you lived by a nice stream of water and built your own hydro electric generator to run all your bitcoin machines.

                                                                                                                                I've read several people getting raided by the police because of the power all their machines consume. Bitcoins are power hungry. People who consume a lot of energy are thought to be producing drugs perhaps.

                                                                                                                                The people who should salivate the most though are those with really illegal intentions because bitcoin makes it harder, much harder to trace and hell if you lose your key good luck. People who peddle drugs, illegal porn, weapons, and terriorism are the happy ones.

                                                                                                                                Still I think bitcoin is neat.

                                                                                                                                  Comment

                                                                                                                                  • Serge Litehead
                                                                                                                                    Confirmed User
                                                                                                                                    • Dec 2002
                                                                                                                                    • 5190
                                                                                                                                    #133
                                                                                                                                    cash is also not that easy to trace btw which makes it perfect for all those intentions listed in the post above and it is even more discreet than bitcoins are. and hell if you loose your wallet or suitcase good luck.

                                                                                                                                      Comment

                                                                                                                                      • johnnyloadproductions
                                                                                                                                        Account Shutdown
                                                                                                                                        • Oct 2008
                                                                                                                                        • 3611
                                                                                                                                        #134
                                                                                                                                        Originally posted by holograph
                                                                                                                                        I'm not completely sold on the password thing. what if you forget your password for the wallet? i've heard dev team will be working on encrypting wallet for the next update though so we'll see how's that turn out. in the past i've forgotten couple of passwords, one for 5-6 digit icq i had when icq first came out which could not be retried and another was for some zip or excel file, thankfully i was able to brute-force it with conveniently available tool from the web. I wouldn't want to forget my pass for the wallet, and i'm sure it will require some long string of text for good encryption so that will be one more piece to worry about it's safety and security.
                                                                                                                                        Just don't store more than a couple hundred for each bitcoin account and keep important passwords in a hidden truecrypt volume. Funny thing about truecrypt is you can make a database of files layers upon layers deep. Hell you could probably do 20 layers and they'll never get to it. But I digress.

                                                                                                                                        I actually hope they don't come up with any password recovery or method of recovery, this gives a sense of security.

                                                                                                                                        Use a password manager if nothing else.

                                                                                                                                          Comment

                                                                                                                                          • Serge Litehead
                                                                                                                                            Confirmed User
                                                                                                                                            • Dec 2002
                                                                                                                                            • 5190
                                                                                                                                            #135
                                                                                                                                            very true

                                                                                                                                            after keeping an eye on bitcoin world and seeing how shit gets stolen i'm upping my password management.

                                                                                                                                            tip: never talk online how secure or un-secure you may be or how you store some particular things.

                                                                                                                                              Comment

                                                                                                                                              • johnnyloadproductions
                                                                                                                                                Account Shutdown
                                                                                                                                                • Oct 2008
                                                                                                                                                • 3611
                                                                                                                                                #136
                                                                                                                                                Originally posted by holograph
                                                                                                                                                very true

                                                                                                                                                after keeping an eye on bitcoin world and seeing how shit gets stolen i'm upping my password management.

                                                                                                                                                tip: never talk online how secure or un-secure you may be or how you store some particular things.
                                                                                                                                                speaking of which, this whole thing google is coming out with there chrome book. The laptop that is essentially just a browser and you store everything in the cloud. FUCK THAT!!! I don't want to store my smut in the cloud. I like to have all my content on an encrypted hard drive that I can beat off to.
                                                                                                                                                I really don't care about people being able to view what I have but I usually like to keep things organized here. On top of that my ISP outs at critical times and I need to be able to do a lot offline too.

                                                                                                                                                It will be a novelty to some but it won't catch on like mobile devices have or like smart phones.

                                                                                                                                                  Comment

                                                                                                                                                  • mayabong
                                                                                                                                                    Confirmed User
                                                                                                                                                    • Jan 2010
                                                                                                                                                    • 1952
                                                                                                                                                    #137
                                                                                                                                                    Originally posted by rowan
                                                                                                                                                    http://bitminer.info/ 8 days ago:

                                                                                                                                                    5570: $2.20/day, 29 day break-even
                                                                                                                                                    6870: $8.19/day, 24 day break-even

                                                                                                                                                    today:

                                                                                                                                                    5570: $0.97/day, 69 day break-even
                                                                                                                                                    6870: $3.72/day, 58 day break-even

                                                                                                                                                    Definitely getting harder... and I just ordered a 6870!

                                                                                                                                                    (I don't know if the $ values are skewed by the recent mtgox problems...)
                                                                                                                                                    I got 3 rigs running some 6950's and linuxcoin software running straight from the USB. No hard drive or anything. Hopefully the price goes up. lol

                                                                                                                                                    EDIT: saw an interesting post on the forums throwing around the idea of a cam service with bitcoins. I believe the post was called bitcams. Is that someone on here? Seems like it would be sorta like myfreecams but with bitcoins as the tokens. Seems like a very interesting concept..
                                                                                                                                                    Last edited by mayabong; 06-25-2011, 08:12 AM.
                                                                                                                                                    Bitcoin Gambling Sites

                                                                                                                                                      Comment

                                                                                                                                                      • rowan
                                                                                                                                                        Too lazy to set a custom title
                                                                                                                                                        • Mar 2002
                                                                                                                                                        • 17393
                                                                                                                                                        #138
                                                                                                                                                        Originally posted by mayabong
                                                                                                                                                        EDIT: saw an interesting post on the forums throwing around the idea of a cam service with bitcoins. I believe the post was called bitcams. Is that someone on here? Seems like it would be sorta like myfreecams but with bitcoins as the tokens. Seems like a very interesting concept..
                                                                                                                                                        That thing could almost market itself - rather than thinking about how you're going to get people to use bitcoins to buy <random_product_or_service>, think about what a typical bitcoin early adopter might be interested in. BOOBIES!

                                                                                                                                                          Comment

                                                                                                                                                          • Fuseblown
                                                                                                                                                            Registered User
                                                                                                                                                            • Dec 2002
                                                                                                                                                            • 56
                                                                                                                                                            #139
                                                                                                                                                            Mine bitcoins, buy drugs:
                                                                                                                                                            http://gawker.com/5805928/the-underg...rug-imaginable
                                                                                                                                                            Fuseblown

                                                                                                                                                              Comment

                                                                                                                                                              • rowan
                                                                                                                                                                Too lazy to set a custom title
                                                                                                                                                                • Mar 2002
                                                                                                                                                                • 17393
                                                                                                                                                                #140
                                                                                                                                                                Set up my 6870 now, I bought one that was factory overclocked to 950Mhz (up from standard 900) so I could have a go at pushing it further. So far I have it working at 1025MHz stable which gives me 250Mhash/sec (I also tried it at standard 900MHz, 219Mhash/sec)

                                                                                                                                                                So I put the 5570 into my Windows machine. Strange thing is that on the dedicated Linux machine, with a faster CPU and newish mainboard, it was getting a max of about 61Mhash/sec... but now in the windows machine, with a slower CPU and older mainboard, it's getting 69Mhash/sec. WTF? Maybe it's a driver thing...

                                                                                                                                                                  Comment

                                                                                                                                                                  • Serge Litehead
                                                                                                                                                                    Confirmed User
                                                                                                                                                                    • Dec 2002
                                                                                                                                                                    • 5190
                                                                                                                                                                    #141
                                                                                                                                                                    Originally posted by Fuseblown
                                                                                                                                                                    Mine bitcoins, buy drugs:
                                                                                                                                                                    http://gawker.com/5805928/the-underg...rug-imaginable
                                                                                                                                                                    LOL what a revelation! NEWSFLASH: cash is used to buy drugs EVERY DAY

                                                                                                                                                                    cash is safer to buy drugs with, who is in their right mind would use that site after getting so much media attention? it will be used as a honeypot by authorities to go after buyers, the same way they bait men looking for hos.

                                                                                                                                                                    be very scared! lmao
                                                                                                                                                                    Last edited by Serge Litehead; 06-28-2011, 06:53 AM.

                                                                                                                                                                      Comment

                                                                                                                                                                      • Serge Litehead
                                                                                                                                                                        Confirmed User
                                                                                                                                                                        • Dec 2002
                                                                                                                                                                        • 5190
                                                                                                                                                                        #142
                                                                                                                                                                        Originally posted by rowan
                                                                                                                                                                        Set up my 6870 now, I bought one that was factory overclocked to 950Mhz (up from standard 900) so I could have a go at pushing it further. So far I have it working at 1025MHz stable which gives me 250Mhash/sec (I also tried it at standard 900MHz, 219Mhash/sec)

                                                                                                                                                                        So I put the 5570 into my Windows machine. Strange thing is that on the dedicated Linux machine, with a faster CPU and newish mainboard, it was getting a max of about 61Mhash/sec... but now in the windows machine, with a slower CPU and older mainboard, it's getting 69Mhash/sec. WTF? Maybe it's a driver thing...
                                                                                                                                                                        I upgraded guiminer to latest newer version which has Phoenix miner integrated which allows to set flag such as BFI_INT VECTORS AGGRESSION=12 -k phatk (i use aggression=8 because my cards perform unstable at 12) huge improvement in hashing rate with the same gpu settings, I was doing 500-510MH/s before upgrade and now they are crunching 550 stable. over 10% improvement in hashing rate!

                                                                                                                                                                        find guiminer thread and at the end of OP there is a link to instructions how to use it with phoenix phatk miner if you haven't done so

                                                                                                                                                                          Comment

                                                                                                                                                                          • rowan
                                                                                                                                                                            Too lazy to set a custom title
                                                                                                                                                                            • Mar 2002
                                                                                                                                                                            • 17393
                                                                                                                                                                            #143
                                                                                                                                                                            I've been using linuxcoin and the poclbm miner, because I'm not familiar with linux, or X... LC is still a work in progress though because the default settings do not maximise the throughput. Today I read up on the options and adjusted a couple of the commandline args and managed to leap from 250 to 299 Mhash/sec on my 6870, which is a massive difference. this thread also describes a simple optimisation which added a couple more Mhash.

                                                                                                                                                                            Similar commandline option tweaks on the winbox got the 5570 past 72Mhash/sec, but before that I was running it for nearly 3 weeks with the defaults on the Linux box only getting to 61Mhash/sec...

                                                                                                                                                                            The realisation that I was 20% down for 3 weeks is made worse by knowing I'm getting into this too late. According to http://bitminer.info/, at the moment the cost of electricity versus income with a 5570 is now about 50%, with a projected break-even of 106 days. A couple of weeks ago it was <20% and 29 days to break even. The 6870 fares a little better, but it's still trending downwards as the difficulty increases. At some point in the near future the cost of electricity will exceed the value of the coins it's creating. I'll hit that limit sooner because I pay a bit more, but others won't be that far behind. I wonder what will happen then? Will the value of BTC increase as they become more rare?

                                                                                                                                                                              Comment

                                                                                                                                                                              • porno jew
                                                                                                                                                                                Too lazy to set a custom title
                                                                                                                                                                                • Nov 2006
                                                                                                                                                                                • 10166
                                                                                                                                                                                #144
                                                                                                                                                                                anyone who is entering now is entering too late.

                                                                                                                                                                                  Comment

                                                                                                                                                                                  • Serge Litehead
                                                                                                                                                                                    Confirmed User
                                                                                                                                                                                    • Dec 2002
                                                                                                                                                                                    • 5190
                                                                                                                                                                                    #145
                                                                                                                                                                                    Originally posted by rowan
                                                                                                                                                                                    I've been using linuxcoin and the poclbm miner, because I'm not familiar with linux, or X... LC is still a work in progress though because the default settings do not maximise the throughput. Today I read up on the options and adjusted a couple of the commandline args and managed to leap from 250 to 299 Mhash/sec on my 6870, which is a massive difference. this thread also describes a simple optimisation which added a couple more Mhash.

                                                                                                                                                                                    Similar commandline option tweaks on the winbox got the 5570 past 72Mhash/sec, but before that I was running it for nearly 3 weeks with the defaults on the Linux box only getting to 61Mhash/sec...

                                                                                                                                                                                    The realisation that I was 20% down for 3 weeks is made worse by knowing I'm getting into this too late. According to http://bitminer.info/, at the moment the cost of electricity versus income with a 5570 is now about 50%, with a projected break-even of 106 days. A couple of weeks ago it was <20% and 29 days to break even. The 6870 fares a little better, but it's still trending downwards as the difficulty increases. At some point in the near future the cost of electricity will exceed the value of the coins it's creating. I'll hit that limit sooner because I pay a bit more, but others won't be that far behind. I wonder what will happen then? Will the value of BTC increase as they become more rare?
                                                                                                                                                                                    anyone who doesn't believe value of bitcoins will go up has no reason to mine or enter mining and especially invest in smallish mining equipment, that's for sure

                                                                                                                                                                                    if you believe bitcoins will increase in value it might be worth of risk to keep at mining especially if it doesn't take huge investments

                                                                                                                                                                                    next difficulty increase/s is promising to be tiny. UNLESS bitcoin value will shoot above $30 in my opinion, then it will be profitable again for some time before more hardware added to the network. it is constant race and re-evaluation of profitability =)

                                                                                                                                                                                    I'm myself contemplating whether i should invest more in mining or just buy bitcoins at current rates atm. Some oldtimers have optimistic outlook that BTC will hit $50 in some near time future.

                                                                                                                                                                                      Comment

                                                                                                                                                                                      • Chosen
                                                                                                                                                                                        VIPPay.com | AdultWebSponsors.com
                                                                                                                                                                                        • Aug 2001
                                                                                                                                                                                        • 63151
                                                                                                                                                                                        #146
                                                                                                                                                                                        Originally posted by porno jew
                                                                                                                                                                                        anyone who is entering now is entering too late.
                                                                                                                                                                                        It's never too late... hopefully...

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                                                                                                                                                                                          • rowan
                                                                                                                                                                                            Too lazy to set a custom title
                                                                                                                                                                                            • Mar 2002
                                                                                                                                                                                            • 17393
                                                                                                                                                                                            #147
                                                                                                                                                                                            Originally posted by holograph
                                                                                                                                                                                            if you believe bitcoins will increase in value it might be worth of risk to keep at mining especially if it doesn't take huge investments

                                                                                                                                                                                            next difficulty increase/s is promising to be tiny. UNLESS bitcoin value will shoot above $30 in my opinion, then it will be profitable again for some time before more hardware added to the network. it is constant race and re-evaluation of profitability =)
                                                                                                                                                                                            Hmmm. If the value of BTC doesn't go up to match the increase in difficulty then the market for 5970 cards will probably crash. They'll no longer be worth buying second hand at artificially inflated prices (I've seen them on ebay for $1k+) as they'll be worthless for mining, so they'll go back to being a last gen model that most hardcore gamers will have zero interest in. They're still useful for other things like password cracking, but that particular niche doesn't have the same buying frenzy that bitcoin has caused...

                                                                                                                                                                                            I guess it's possible that people will decide that a 5 or 10% profit margin isn't sufficient and drop out (maybe to try to sell their hardware before it's too late), so the difficulty increase trend will taper off, or perhaps even reverse and start decreasing?

                                                                                                                                                                                            A 10% profit margin at the current value of BTC would only net me about USD 10 cents a day with my setup... even for those with generous rigs of a couple of ghash/sec it would be less than a dollar per day. Worth it for all the noise and heat? Probably not. Let's hope so.

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                                                                                                                                                                                              • dev777
                                                                                                                                                                                                Confirmed User
                                                                                                                                                                                                • Jul 2005
                                                                                                                                                                                                • 366
                                                                                                                                                                                                #148
                                                                                                                                                                                                i see lots of people jumping on this mining bandwagon, buying big computer setups, trying to make a quick buck.

                                                                                                                                                                                                So that means more bitcoins being introduced to the market. What happens though when the trend doesnt pickup with merchants? I'm having a hard time seeing Amazon accepting bitcoins in the near future.. As a currency.. it has no room for growth outside of the black market.

                                                                                                                                                                                                supply will soon outweigh demand and the value will shit itself.
                                                                                                                                                                                                Last edited by dev777; 06-28-2011, 06:57 PM.

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                                                                                                                                                                                                  • Serge Litehead
                                                                                                                                                                                                    Confirmed User
                                                                                                                                                                                                    • Dec 2002
                                                                                                                                                                                                    • 5190
                                                                                                                                                                                                    #149
                                                                                                                                                                                                    Originally posted by dev777
                                                                                                                                                                                                    i see lots of people jumping on this mining bandwagon, buying big computer setups, trying to make a quick buck.

                                                                                                                                                                                                    So that means more bitcoins being introduced to the market. What happens though when the trend doesnt pickup with merchants? I'm having a hard time seeing Amazon accepting bitcoins in the near future.. As a currency.. it has no room for growth outside of the black market.

                                                                                                                                                                                                    supply will soon outweigh demand and the value will shit itself.
                                                                                                                                                                                                    how soon?

                                                                                                                                                                                                    bitcoins are produced at very predictable quantities, difficulty variable keeps that balance. more miners and hashing power more difficult to produce block of bitcoins, less miners and hashing power easier to find new blocks. difficulty resets each 2016 blocks, which averages to every 10-14 days. it tries to keep production to 1 block (50 BTC atm) every 10 minutes or 10 blocks/hour. based on this you can calculate how many bitcoins are introduced in existence annually, at the end of 2012 and on 1 block will have reward reduced in half to 25 bitcoins. its made to reduce reward in half approximately every 4 years

                                                                                                                                                                                                    If supply outweighs demand it simply means price per BTC will decrease. miners mostly try to hoard bitcoins (who wants to sell at cost or below of production?) unless they need money right away. this means that most new bitcoins don't get introduced in the market right away which keeps supply in check with demand.

                                                                                                                                                                                                    Amazon is far away, you are right about that, which gives leverage to smaller merchants to get head start.

                                                                                                                                                                                                    I'm not sure if black markets can go totally unnoticed being on internet and using bitcoins, unless they going to be very private with limited members, they surely would not want to be in the spotlight of media and authority's attention.

                                                                                                                                                                                                    Overall there is a long way to go although it's been growing exponentially thus far .
                                                                                                                                                                                                    Last edited by Serge Litehead; 06-28-2011, 08:15 PM.

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                                                                                                                                                                                                      • rowan
                                                                                                                                                                                                        Too lazy to set a custom title
                                                                                                                                                                                                        • Mar 2002
                                                                                                                                                                                                        • 17393
                                                                                                                                                                                                        #150
                                                                                                                                                                                                        Anyone else getting a heap of nigerian scams sent to their mtgox email?

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