Cryptocoin Mining?

[philipma1957]

I dumped a good chunk of coins @ ~$4 last year. Shoulda hung on to them for sure.

that has to hurt.

 

[birthdaymonkey]

Probably canadianbitcoins.com, although their rates are terrible. Depending on where you are, you might want to try localbitcoins.

I think I'm going to go with Cavirtex. A friend of mine successfully sold some coins through there a month or so ago. 3% transaction fee and $6 bank transfer fee, but the rates are competitive with the Mt. Gox.

 

[Binky]

Transfer from mtgox to dwolla to bank is much cheaper. See if that's available in Canada.

 

[birthdaymonkey]

Transfer from mtgox to dwolla to bank is much cheaper. See if that's available in Canada.

"No, at this time Dwolla is only available for use within the United States. We do not have plans to expand internationally at this time, but please stay tuned for future updates."

Doesn't sound like it.

The price seems to be falling quickly at the moment though - back under $16. I'll probably just sit tight for the time being--shoulda sold this morning!

 

[IGemini]

Grr...I was gonna cash in when it was $18, but I also had a bitcoin coming from slush that wasn't showing up in my wallet until a half-hour after I got to work.

 

[thujone]

soooooooooooo... i've been patiently waiting for coins to hit $20... but given how fast they've been going up lately now i feel like i should patiently wait a little longer lol

 

[Shephard]

I don't get this whole bitcoining thing. My friend wanted to put all are computers together so we could 'mine.'

from my understanding it takes like a week just to get a coin unless you have a super good gpu.

so 1 coin right now is $18.

so now take into consideration your computer running 24/7 just to get 1 coin. your power bill is going to make you go negative.

 

[philipma1957]

I don't get this whole bitcoining thing. My friend wanted to put all are computers together so we could 'mine.'

from my understanding it takes like a week just to get a coin unless you have a super good gpu.

so 1 coin right now is $18.

so now take into consideration your computer running 24/7 just to get 1 coin. your power bill is going to make you go negative.

no here is the math. at 16 cents a k-watt ;

a 7970 gpu underclocked will pull 540 hash for about 180 watts.

180 watts x 24 = 4320 watts or 4 kwatts that is 64 cents a day. x 30 days = 20 bucks. power for 1 7970. in the 30 days it should mine 2 to 3 coins that is about 36 to 54 bucks so it would earn 16 to 34 bucks a month running 24 7 for a month. don't forget it makes heat so if it is cold it is a space heater that you get paid to run.

all of the above has a lot of assumptions.

16 cents full price for a k watt in the us that is the power and the delivery combined.

price stays at 18 it dropped already.

asics stay off the market until the spring.

so the gpu world of mining is ending.
jan
feb
mar
apr
may

take your pick.

but if you have a hd7970 you are crazy not to check it out it is free to try it.

the key is don't over clock it burns up power like mad.

I have 8000 hash (16 gpus) Does wonders heating my home.
I am doing okay so far.
Not going to get rich but it is fun.

Do not go out and buy a lot of gear you
will lose money setting up. But if you have it try it out. Only 7970 or 7950 work for profit ( not true but easier)

 

[Shephard]

I guess if you got a lot of money to invest it could be worth it. I don't got 7970. So you would need like 10 of them to make some good money.

 

[Elfear]

So I think I may have lost 10 BTC. The pool I mine with has a BTC payout button and they recently revamped their site so the button is now a one-click payout (used to be a two-step process). Well I hit the button thinking I'd have another step in the process so I could check the address it was being sent to. Turns out it got sent to an old address I used in the past to receive coins.

From what little I understand about bitcoin wallets, the .dat file is stored on your local computer and has a private key associated with it. If that wallet.dat file is lost, then any bitcoins associated with the address are also lost.

So what happens to bitcoins that are sent to an address that is no longer used?

 

[MrTeal]

So I think I may have lost 10 BTC. The pool I mine with has a BTC payout button and they recently revamped their site so the button is now a one-click payout (used to be a two-step process). Well I hit the button thinking I'd have another step in the process so I could check the address it was being sent to. Turns out it got sent to an old address I used in the past to receive coins.

From what little I understand about bitcoin wallets, the .dat file is stored on your local computer and has a private key associated with it. If that wallet.dat file is lost, then any bitcoins associated with the address are also lost.

So what happens to bitcoins that are sent to an address that is no longer used?

The coins will just sit there, you'll just never be able to access them. Each public key has a corresponding private key which is stored in the wallet file, and without that private key you can't access the coins.
Do you have a backup of the wallet.dat file you lost, even if it's a little older? You might be able recover them if that's the case. The wallet in the standard client isn't deterministic so you can't recreate all future receive addresses from an old backup, but it does create and save the next 100 new addresses you'd create, so as long as you don't make a huge number of transactions an old wallet should be ok.

 

[Kippa]

I know having a lot of cpu and gpu power is good for bitmining, but what about ram? Does having more ram change any factors in bitmining at all?

 

[Binky]

I know having a lot of cpu and gpu power is good for bitmining, but what about ram? Does having more ram change any factors in bitmining at all?

Zero impact. You want to downclock the memory and reduce the voltage, if possible. This is only to save energy and maybe reduce heat a little.

 

[Elfear]

The coins will just sit there, you'll just never be able to access them. Each public key has a corresponding private key which is stored in the wallet file, and without that private key you can't access the coins.
Do you have a backup of the wallet.dat file you lost, even if it's a little older? You might be able recover them if that's the case. The wallet in the standard client isn't deterministic so you can't recreate all future receive addresses from an old backup, but it does create and save the next 100 new addresses you'd create, so as long as you don't make a huge number of transactions an old wallet should be ok.

Thanks for the tip. I tried all the wallet.dat files I could find on my computer and all of them were empty. I was about to give up when I remembered my phone might have an old wallet on it. I was able to import my private key from a backup and found all my bitcoins. Woot!

Moral of the story - be very careful with your wallet! Make sure and back it up anytime you use a new address.

 

[thujone]

glad to hear you recovered those coins given the current prices lol

 

[KlokWyze]

sick prices. i always found them interesting and starting looking into using m rig that's on 24/7 anyways as a miner. Lazy w/ tons of other stuff going on.

Without doing any research I'm asking here. How do ARM/APU processors do for mining?

For instance, I just picked up an iMito (1.6Ghz Cortex A9 Dual Core). Any bitcoin miners for Android? Crazy low power consumption on these... though I did they have any processing power to them.

 

[KlokWyze]

Look at these.

 

[IGemini]

Without doing any research I'm asking here. How do ARM/APU processors do for mining?

For instance, I just picked up an iMito (1.6Ghz Cortex A9 Dual Core). Any bitcoin miners for Android? Crazy low power consumption on these... though I did they have any processing power to them.

AMD APUs work individually as a supplement to a GPU miner. I have access to an A8-3850 (6550D) that gets about 62Mhash/s, which adds to the 280 I get on my 6870. I think it only adds 17W over idle draw as well, since the computer is always on. Trinity does better but I'm not sure by how much. I wouldn't buy APU systems solely to mine, though.

ARMs (and CPU-based mining in general) aren't worth doing. An A9 1.2GHz Cortex on a Galaxy SII gets a whopping 1.2MHash/s.

 

[Zargon]

Look at these.

yeah I cancelled my preorder that was supposedly coming in november, about 2 weeks ago

 

[KlokWyze]

AMD APUs work individually as a supplement to a GPU miner. I have access to an A8-3850 (6550D) that gets about 62Mhash/s, which adds to the 280 I get on my 6870. I think it only adds 17W over idle draw as well, since the computer is always on. Trinity does better but I'm not sure by how much. I wouldn't buy APU systems solely to mine, though.

ARMs (and CPU-based mining in general) aren't worth doing. An A9 1.2GHz Cortex on a Galaxy SII gets a whopping 1.2MHash/s.

Thanks for the info. I didn't think ARMs would do much...

I'm looking at some h/w lists now and might pick up a new GPU for this purpose. I know I'm years late to the party, but I figure better late than never since my primary PC is always on.

 

[KlokWyze]

yeah I cancelled my preorder that was supposedly coming in november, about 2 weeks ago

Pulled this from HERE.

As of January 1, 2013 there are no ASIC products shipping yet, nor have they been publicly used in mining.
Below is a recapitulation of all currently publicly available information as of November 25, 2012.

The Jalepeno looks sick, but it still hasn't made it to market? :|

 

[Zargon]

correct

 

[MrK6]

I think the key phrase there is "publicly been used in mining." One of those 1500GH/s machines is literally half a mining pool's power. If they have a working prototype they could literally be making $1,000's a day while the company floats on pre-orders. Call me a cynic.

 

[Spades45]

is it even worth it to mine coins for profit anymore or is it all professionals now? j/w since i am way late to the game, ha

 

[blastingcap]

If you have an AMD video card you may be able to eke out a few bucks after paying for electricity, but when I say a few bucks I mean literally a few bucks per month. When ASICs hit, and they WILL hit, difficulty will go up by an order of magnitude and make GPUs effectively worthless for mining unless you have free electricity.

As for actually running out and buying a new video card to mine on, dream on, the ship has sailed and it's not worth buying new hardware just for mining.