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Bitcoins

Andy

Champion of the Sun
Thread starter #1
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
 

Dan

Contributor
#2
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!
 

x3sphere

Administrator
Staff member
Enforcer Team
#3
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.
 

KezraPlanes

Just some dood
#5
Can someone simplify what this does? xD

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

x3sphere

Administrator
Staff member
Enforcer Team
#6
Can someone simplify what this does? xD

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

KezraPlanes

Just some dood
#7
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.
Thank you Mr. x3 :p

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

x3sphere

Administrator
Staff member
Enforcer Team
#8
Thank you Mr. x3 :p

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

FrozenIpaq

Justin B / Supp. Editor
Staff member
Enforcer Team
#9
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.
 

x3sphere

Administrator
Staff member
Enforcer Team
#10
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.
I would go pooled mining, when going solo you can only mine in blocks of 50, will take months to see a return.
 

Sousanator

Shockingly Delicious
#12
I believe it's like folding@home, but instead of donating the information your computer calculates to researchers, you're selling it instead.
 

El Xando

"Dam whippersnapper"
#13
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?
 

El Xando

"Dam whippersnapper"
#15
Deepbit.net doesn't seem to say it supports that Miner?
 
#17
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?
 

Andy

Champion of the Sun
Thread starter #18
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?
It takes up 99% of my gpu power, can't even watch a film. Not sure about your second question.
 
#19
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.
 

El Xando

"Dam whippersnapper"
#20
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.