Bitcoins

Discussion in 'Off Topic' started by Andy, Jun 18, 2011.

  1. Andy

    Andy Champion of the Sun

    Just interested in whether anyone else here has been involved with them? I know me and x3sphere have. For those who have no idea what I'm talking about, they're a virtual currency that you can use your GPU power to "mine" for, almost like simulated gold mining.

    They've kicked off dramatically the past few months, the exchange rate is approx. $15 per bitcoin at the moment. To show how much it's grown, a year ago the exchange rate was about $0.05 per bitcoin. I was reading about a guy who casually spent 25,000 bitcoins to buy 2 pizzas a year ago; if he had saved them for today they would be worth over $200k.

    http://en.wikipedia.org/wiki/Bitcoin
     
  2. Dan

    Dan Contributor

    Yeah I saw it on the news or something to do with Anonymous a while back, and seems like it could actually work well.

    Thanks for the reminder!
     
  3. x3sphere

    x3sphere Administrator Staff Member Enforcer Team

    Yeah if you have an ATI GPU, you can make a nice profit off this. I've mined around 3 BTC last week on my 6970, got $55 from it.

    Ordered a 5830 to go alongside my 6970 so at the currently difficulty rate I'll be making $388.55 a month. This is a good site for calculating earnings...

    http://www.alloscomp.com/bitcoin/calculator.php

    And also, here's a handy hardware chart to see how much mileage you'll get out of your GPU:

    https://en.bitcoin.it/wiki/Mining_hardware_comparison

    You can also mine with CPU power, however it is much slower and not really profitable anymore after factoring in power costs.
     
  4. Sousanator

    Sousanator Shockingly Delicious

    This may encourage me to buy a new graphics card I've been wanting to get
    I currently can only make $0.11 a day
     
  5. KezraPlanes

    KezraPlanes Just some dood

    Can someone simplify what this does? xD

    I use my GPU for?.... xD and earn money for it? :O
     
  6. x3sphere

    x3sphere Administrator Staff Member Enforcer Team

    Well the computational power you contribute helps process and verify transactions on the Bitcoin network (it's entirely decentralized, there's no point of authority). As it grows, more power is needed. Miners receive Bitcoins based on their contribution, in accordance to the difficulty factor, which rises as more people mine.
     
  7. KezraPlanes

    KezraPlanes Just some dood

    Thank you Mr. x3 :p

    Can anyone enter? For free? I might enter since I need all the cash I can get...
     
  8. x3sphere

    x3sphere Administrator Staff Member Enforcer Team

    All you need to do is run the Bitcoin client to get setup with a wallet. From there you can send/receive transactions.

    The entire network operates on unique hashes only for sending money around, so it's essentially like digital cash. You'll have a hash like "6YURBgdHt" and that's used as your "address" for receiving money.

    I would read up on http://www.weusecoins.com/mining-guide.php to get started. Then there are also exchanges like MtGox that allow you to convert Bitcoins to USD or EUR.
     
  9. FrozenIpaq

    FrozenIpaq Justin B / Supp. Editor Staff Member Enforcer Team

    Am only getting 4.0 mhash with my GTX 275 which is definitely not right... (solo mining). No idea what the issue is that is causing such a slowdown.

    EDIT: NVM, looks like I was running two instances.
     
  10. x3sphere

    x3sphere Administrator Staff Member Enforcer Team

    I would go pooled mining, when going solo you can only mine in blocks of 50, will take months to see a return.
     
  11. Bran

    Bran Yell

    I don't understand how this generates any money
     
  12. Sousanator

    Sousanator Shockingly Delicious

    I believe it's like folding@home, but instead of donating the information your computer calculates to researchers, you're selling it instead.
     
  13. El Xando

    El Xando "Dam whippersnapper"

    Hmmmm, well I've installed the client but am a bit stumped as to how to start generating... You say joining a pool is better x3?
     
  14. Andy

    Andy Champion of the Sun

    I use deepbit.net, try there to get started. Also grab GUIMiner here.
     
  15. El Xando

    El Xando "Dam whippersnapper"

    Deepbit.net doesn't seem to say it supports that Miner?
     
  16. Andy

    Andy Champion of the Sun

    It does, I use it.
     
  17. El Diablo

    El Diablo Member

    Is this something I can run in the background and have doing stuff while playing games or does it use the GPU too much? Also if I was to put my old GTS450 in my computer, would I essentially be able to run 2 of this program?
     
  18. Andy

    Andy Champion of the Sun

    It takes up 99% of my gpu power, can't even watch a film. Not sure about your second question.
     
  19. El Diablo

    El Diablo Member

    Yeah I figured I wouldn't be able to do too much while doing it. Also was wondering if I could log into my account on another computer and run it from there at the same time if anyone knows? This seems like an interesting concept, and maybe a nice way to make a little extra cash while I'm at work or not home using my computer heh.
     
  20. El Xando

    El Xando "Dam whippersnapper"

    OK, I've got it running on Deepbit using that GUI. I'm getting just under 300MH/s with no flags. I tried -v which slowed it down to about 260MH/s.
    Anyway I can improve this? Using an XFX 6950.
     

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