Hindsight is 20/20.
Multiple graphics cards in one system would be more efficient for mining than a single card. You only have to account for the power consumption of all non-GPU components once, it's not like a second GPU doubles the power consumption of the entire system. And quite a few people posting here have shown a profit, even after accounting for their power bill.still don't get how this is profitable at all especially with multiple gpus. Running 24/7 so you can't touch that computer and it sucks so much power even if you got platinum power supplies and such. A gtx 690 will draw a lot of power.
I would think 1 high end graphics card with the least amount of power draw vs multiple ones would be better. especially with the randomness of the prices.
You can sell them in an instant on a variety of websites, no hunting for buyers required.guys spending thousands of dollars on their power bill and then they have to find someone just to buy these bitcoins? way to much hassle. you could get screwed at anytime.
maybe if you mine coins at work where you don't have to pay a power bill, then yes I could see it. At home you are playing a dangerous game with the prices changing and looking for buyers.
If you have electric heat, bitcoins are ALWAYS profitable. Hell, I even CPU mine Litecoin while I'm away from the house. It is extremely inefficient, but that electric heater inside my computer case is doing a whole lot more for me than the electric heater that only puts out heat.still don't get how this is profitable at all especially with multiple gpus. Running 24/7 so you can't touch that computer and it sucks so much power even if you got platinum power supplies and such. A gtx 690 will draw a lot of power.
I would think 1 high end graphics card with the least amount of power draw vs multiple ones would be better. especially with the randomness of the prices.
guys spending thousands of dollars on their power bill and then they have to find someone just to buy these bitcoins? way to much hassle. you could get screwed at anytime.
maybe if you mine coins at work where you don't have to pay a power bill, then yes I could see it. At home you are playing a dangerous game with the prices changing and looking for buyers.
still don't get how this is profitable at all especially with multiple gpus. Running 24/7 so you can't touch that computer and it sucks so much power even if you got platinum power supplies and such. A gtx 690 will draw a lot of power.
I would think 1 high end graphics card with the least amount of power draw vs multiple ones would be better. especially with the randomness of the prices.
guys spending thousands of dollars on their power bill and then they have to find someone just to buy these bitcoins? way to much hassle. you could get screwed at anytime.
maybe if you mine coins at work where you don't have to pay a power bill, then yes I could see it. At home you are playing a dangerous game with the prices changing and looking for buyers.
the new GCN 1.1 seems to be the new bitcoin king
Hmmmmmmmm......4.3 coins sold; and 201.80 pounds later just means if I get the powercolor twin fan 7950 - I'll only of paid 22 pounds for it.......but someone wants my 6870 for 80 pounds
solid card that paid for itself and then some now do I sell or keep it to mine.......that is the question
ASICs are kings of mining. FPGAs queens. The Bonaire is at best a Jack. Less than a Jack because it's not fast enough when PCIe slots are at a premium.
Bitcoins are not unique unless you thought that Friendster was unique. Litecoins, Namecoins, etc. exist but even more exotic ones that are faster will come along. 10 minutes average transaction confirmation is UNACCEPTABLE for ordinary commerce, and if you try to build a layer on top of it as an escrow service, that costs extra.
I would much rather have precious metals or some types of equities than BTC vs. currency debasement. By the way, you still need fiat to live. People still have to pay taxes in fiat currency so there will always be some demand for it. So don't be too hard on it. BTC really needs to be recoded to supercharge its transaction speed to something acceptable. 10 minutes average is NOT acceptable for an irreversible-transaction, would-be currency in ordinary commerce. But I suspect that another type of e-currency fixing this will come along and dethrone BTC at some point. The Myspace or Facebook to the Friendster BTC. The only thing that is constant is change.
I agree in general, but to me it's more like video cards are queens and you are playing a deck of cards that only has 1 king and 1 ace. When ASIC are available they will kill video card mining, but they really aren't readily available yet, even if a few hundred exist. I'm not convinced they will be readily available before the 8 series cards are out in retail. And a high-end 8 series card may well be both an amazing miner and good card for gaming, so the mining capability is just an incidental freebie.
There is a massively huge difference between the bitcoin/litecoin competition and the myspace/facebook competition. Bitcoins are a completely open technology. If anything truly superior in the absolute sense comes around, bitcoins can instantly integrate that superior feature. There is no reason to switch to a new coin with 0 initial value when you can have the best feature of that new coin added to bitcoins.
Transaction confirmations aren't the big deal people make them out to be. A litecoin with 6 confirmations is MORE LIKELY to be double-spent than a bitcoin with 1 confirmation, because the litecoin network difficulty is so much lower and easier to manipulate. In the scheme of things, a 2.5 minute wait for a single litecoin confirmation is still way too long for a retail setting.
I see very simple technological solutions to these problems. The simplest of all is doing nothing and going through with small sales with 0 confirmations. A 0 confirmation BTC transaction is likely valid, at least as much as any regular credit card transaction. Or, more likely, you will have a bitcoin/debit card linked to your bitcoin bank of choice, which pays in cash through something like bitpay using your bitcoin balance.
How do you figure 10 minutes is unacceptable? I can't even move money from one of my bank accounts to another in less than 2 business days, yet I accept that because I do need to move the money. The transactions you are comparing bitcoins to are completely reversible.
still don't get how this is profitable at all especially with multiple gpus. Running 24/7 so you can't touch that computer and it sucks so much power even if you got platinum power supplies and such. A gtx 690 will draw a lot of power.
I would think 1 high end graphics card with the least amount of power draw vs multiple ones would be better. especially with the randomness of the prices.
guys spending thousands of dollars on their power bill and then they have to find someone just to buy these bitcoins? way to much hassle. you could get screwed at anytime.
maybe if you mine coins at work where you don't have to pay a power bill, then yes I could see it. At home you are playing a dangerous game with the prices changing and looking for buyers.
100 grand? I do not believe that. That would be foolish to sit on that much money if it were true.If you have electric heat, bitcoins are ALWAYS profitable. Hell, I even CPU mine Litecoin while I'm away from the house. It is extremely inefficient, but that electric heater inside my computer case is doing a whole lot more for me than the electric heater that only puts out heat.
As for the price, I've only ever mined with the one gaming card I've had and it isn't a high end card. So I'm only sitting at about 27 coins right now or close to 2 grand. It makes me a little sick that a loser friend of mine who has no job and lives with his parents and got into bitcoin early is sitting on nearly 100 grand worth of coins.
Funny thing is that even talking about this reminds me that BTC is *not* immutable. There is no 21 million upper limit. Because it can be recoded along with all the other variables. You would need to get a majority of hashing power on your side to change things, and I can only imagine the angry howls if something like that were to happen, but it's not technically impossible.
100 grand? I do not believe that. That would be foolish to sit on that much money if it were true.
Looking at the comments in this thread the price change at anytime and usually it goes much lower.
If he lives with his parents 100 grand he could retire.
lol I don't have a burning hole in my pocket. I have been saving money since I was a kid.Well, it depends on how you define "bitcoins". If literally everyone switched to a new client version that allowed this, it could happen, but the new client wouldn't really be following the original specs as defined as bitcoins.
If 99% of the people switched to such a new client, and 1% remained using the original client, there would be a hard fork. Effectively the 1% who insist on sticking with bitcoins could still continue to do so fine and well, but they would be on a separate block chain compared to the 99% who switched to the inflationary model or whatever.
Because of this, only a truly beneficial change is likely to be accepted. You can't force a negative change onto the rest of the network, even if you have 51% control- at best, you can fork your 51% away from the rest of bitcoin, and then you just have a network of yourself- which anyone can do easily at any time, and serves no purpose.
Foolish to sit on money? Sounds like you may have a problem with money burning a hole in your pocket. Sitting on money, aka saving money, is considering a smart thing to do. Not really foolish at all.
Luckily, the comments in this thread don't always have a barring with reality. It's not exactly secret information to see how the price has changed over time.
BTC started out being worth 0, and is now for $70+ per BTC. That can't occur if the price is going lower.
Even if there was a tremendous crash and value dropped to $20 per bitcoin, which many think is impossible (there are tons of buy orders for coin in the $40-$50 range), it would still be nearly a 100% increase in value over last years value. Do you have a safer investment that performs better?
If you cash out $100k, you draw a lot of attention. At the very least, he would have to pay taxes on it. And why? If he has no pressing need for the money, better to leave it be and let it appreciate further.
Since mining started I've pretty much kept every card lol...do you think you could get $XX from selling the card in 6 months? Will the card make more than $XX in 6 months of mining?
If $80 is more than you would get from the selling price in Y months time and the money made from mining in Y months, then sell it. I know...hard to predict
not everyone does it because you have to invest in an expensive gpu and in then run it 24/7. so you have to pay for your gpu with bitcoins to break even, then you see how much you can actually make after you get a massive power bill each month.
I can only see this profitable for those who live at home with their parents and don't have to pay the bill or those who work at a company where they can leave a computer in an office running 24/7 untouched.