Jackson1647545504 Posted April 17, 2013 Report Share Posted April 17, 2013 Anyone actually do this? Quote Link to comment Share on other sites More sharing options...
Trouble Maker Posted April 17, 2013 Report Share Posted April 17, 2013 On the surface it seems like it's probably not worth it anymore. http://gizmodo.com/5994446/digital-drills-the-monster-machines-that-mine-bitcoin Quote Link to comment Share on other sites More sharing options...
Mr. Jones Posted April 17, 2013 Report Share Posted April 17, 2013 If you have your hands on an asic now you are good. If you get them with everyone else lol. Been running numbers on this for a bit... You can at least join a mining pool for now with your gpu's and get something but you aren't exactly going to make anything worth posting about. Quote Link to comment Share on other sites More sharing options...
Mr. Jones Posted April 17, 2013 Report Share Posted April 17, 2013 Ps you might give lite coins a try. Lots of peeps are mining lite coins to exchange for bitcoins. Quote Link to comment Share on other sites More sharing options...
Farkas Posted April 17, 2013 Report Share Posted April 17, 2013 I don't quite understand the concept behind Bitcoins, or how it's really working. Where are the actual bitcoins coming from? They're awarded for X amount of calculations solved by way of GPU/CPU power? Do these bitcoins actually translate into US currency? Like someone commented on that page, it seems like a tremendous amount of energy and computing power is being focused on something that is pretty far from productive, aside from wasting energy and farming. Quote Link to comment Share on other sites More sharing options...
ForeverMaker Posted April 17, 2013 Report Share Posted April 17, 2013 I mined one.. took a TON of cpu time. Quote Link to comment Share on other sites More sharing options...
jeffro Posted April 17, 2013 Report Share Posted April 17, 2013 I mined one.. took a TON of cpu time. Care to make an investment? :gabe: Quote Link to comment Share on other sites More sharing options...
jeffro Posted April 17, 2013 Report Share Posted April 17, 2013 I don't quite understand the concept behind Bitcoins, or how it's really working. Where are the actual bitcoins coming from? They're awarded for X amount of calculations solved by way of GPU/CPU power? Do these bitcoins actually translate into US currency? Like someone commented on that page, it seems like a tremendous amount of energy and computing power is being focused on something that is pretty far from productive, aside from wasting energy and farming. Extactly. Theyre like 90 bucks a piece now. Some stores accept them. Quote Link to comment Share on other sites More sharing options...
ForeverMaker Posted April 17, 2013 Report Share Posted April 17, 2013 (edited) They get tougher to mine as time goes on. A currency with no borders or governing body. Genius really. Edited April 17, 2013 by ForeverMaker typo Quote Link to comment Share on other sites More sharing options...
nurkvinny Posted April 17, 2013 Report Share Posted April 17, 2013 I am going to create CRoins. I am going to make the first 500,000 myself before I make my idea public, and limit the total that can ever be mined to 1,000,000. Quote Link to comment Share on other sites More sharing options...
Mr. Jones Posted April 17, 2013 Report Share Posted April 17, 2013 They get tougher ever 14 days, relative only to the processing power of the network. It keeps the currency from farmed rapidly and devaluing. Simply, the more power there is to crack them, the harder it is to crack them, and the overall generation of bitcoins is kept on a constant. If you have a decent ATI Mult-GPU rig capable of 800+mh/s I'd just join a mining pool and get small constant payouts.. Still trying to do the numbers on getting some asics and riding the first or two upticks in difficulty adjustment vs payout. Quote Link to comment Share on other sites More sharing options...
2highpsi Posted April 17, 2013 Report Share Posted April 17, 2013 Still trying to do the numbers on getting some asics and riding the first or two upticks in difficulty adjustment vs payout. That's a tough number to run, with the amount of variables in the given equation. Quote Link to comment Share on other sites More sharing options...
Mr. Jones Posted April 17, 2013 Report Share Posted April 17, 2013 That's a tough number to run, with the amount of variables in the given equation. Yeah but sometimes you just have to play it by your gut instincts. Even after several upticks in difficulty the asics would eventually pay for themselves and start netting income, small, but it's something. Quote Link to comment Share on other sites More sharing options...
2highpsi Posted April 17, 2013 Report Share Posted April 17, 2013 Yeah but sometimes you just have to play it by your gut instincts. Even after several upticks in difficulty the asics would eventually pay for themselves and start netting income, small, but it's something. I'm not saying not to do it. I have thought the same thing. My fear is that a significant drop in bitcoin value would happen, or someone would develop something that blows the ASIC out of the water in the near future. Quote Link to comment Share on other sites More sharing options...
Mr. Jones Posted April 17, 2013 Report Share Posted April 17, 2013 I'm not saying not to do it. I have thought the same thing. My fear is that a significant drop in bitcoin value would happen, or someone would develop something that blows the ASIC out of the water in the near future. You don't have to worry about anything blowing asic's out of the water, at least not in the rest of our lifetimes. What will happen is asic density per wafer, IE: just more and more asics at a slight power savings as best. Quote Link to comment Share on other sites More sharing options...
2highpsi Posted April 17, 2013 Report Share Posted April 17, 2013 You don't have to worry about anything blowing asic's out of the water, at least not in the rest of our lifetimes. What will happen is asic density per wafer, IE: just more and more asics at a slight power savings as best. If I had a dollar for every time I heard a certain tech was as good as it's gonna get............ only to be obsolete within a year, lol. Makes you wonder though, if it were that cut and dry, why would companies like Butterflylabs even sell miners? Why not just run them instead of selling them? Quote Link to comment Share on other sites More sharing options...
Jackson1647545504 Posted April 17, 2013 Author Report Share Posted April 17, 2013 If I had a dollar for every time I heard a certain tech was as good as it's gonna get............ only to be obsolete within a year, lol. Makes you wonder though, if it were that cut and dry, why would companies like Butterflylabs even sell miners? Why not just run them instead of selling them? there is probably more legit money in selling boxes than running them.... Quote Link to comment Share on other sites More sharing options...
2highpsi Posted April 17, 2013 Report Share Posted April 17, 2013 there is probably more legit money in selling boxes than running them.... Then that lends to the notion that there is not money to be made in buying the boxes...... Quote Link to comment Share on other sites More sharing options...
unfunnyryan Posted April 17, 2013 Report Share Posted April 17, 2013 CPUs will lose you a lot of money GPUs will lose you a lot of money FPGAs you will make change ASIC will make you a few bucks. Quote Link to comment Share on other sites More sharing options...
Jackson1647545504 Posted April 17, 2013 Author Report Share Posted April 17, 2013 ASIC will make you a few bucks. this Quote Link to comment Share on other sites More sharing options...
Jackson1647545504 Posted April 17, 2013 Author Report Share Posted April 17, 2013 Then that lends to the notion that there is not money to be made in buying the boxes...... I'd say speculative money ... I'm looking to order an ASIC rig but really taking this from a hobby/casual approach. If it turns out break even I'll be happy and worst case I figure to sell any ASIC hardware (near break even) to someone else looking to hoard hundreds of units. Quote Link to comment Share on other sites More sharing options...
Supplicium Posted April 17, 2013 Report Share Posted April 17, 2013 Ive been doing it for just a year, wasted alot of electricity ill say that. It helped when value was spiking. Rig I just specd out to make it worth my time came out to 15k. I am studying how to trade it as you can now trade on margin through some exchanges. Quote Link to comment Share on other sites More sharing options...
jeffro Posted April 17, 2013 Report Share Posted April 17, 2013 Ive been doing it for just a year, wasted alot of electricity ill say that. It helped when value was spiking. Rig I just specd out to make it worth my time came out to 15k. I am studying how to trade it as you can now trade on margin through some exchanges. i have about 70 pentium 4 pcs here at work. Think we could cluster them and make a 240ghz pc? Quote Link to comment Share on other sites More sharing options...
unfunnyryan Posted April 17, 2013 Report Share Posted April 17, 2013 i have about 70 pentium 4 pcs here at work. Think we could cluster them and make a 240ghz pc? A single GPU will outperform that. Quote Link to comment Share on other sites More sharing options...
jeffro Posted April 17, 2013 Report Share Posted April 17, 2013 A single GPU will outperform that. wtf? Quote Link to comment Share on other sites More sharing options...
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