Cryptocoin Mining?

[pm]

nvidia 680 will hash at 150Mh a hd7970 will hash at 500Mh underclocked.

so if you get free power and don't mind the heat it will work. If the network is at 30Th you will hash a coin in 40 days. rough math i will check it out later. correction


http://bitclockers.com/miningcalculator says rate is 280Mh not 10Mh

so at 30 a coin figure a coin in 26 days. so maybe 30 a month.

280MH/s seems high for a GTX-680 from what I've read. Here they have it listed at 120MH/s.
https://en.bitcoin.it/wiki/Mining_hardware_comparison

So, yeah, if it's 280MH/s for a 680 then it is close to the 305Mh/s I get with my 7850. So you are looking at about the same as me - which is a bit less than $1/day - except I subtract out for electricity. If you only get 120MH/s, then take that down to less than $0.50/day.

If you want to get started, then download GUIMiner, choose a pool (I recommend deepbit.net) and create a user there and then let it go. When you get enough that you want to sell, make an account at MtGox.com and sell them.

 

[philipma1957]

280MH/s seems high for a GTX-680 from what I've read. Here they have it listed at 120MH/s.
https://en.bitcoin.it/wiki/Mining_hardware_comparison

So, yeah, if it's 280MH/s for a 680 then it is close to the 305Mh/s I get with my 7850. So you are looking at about the same as me - which is a bit less than $1/day - except I subtract out for electricity. If you only get 120MH/s, then take that down to less than $0.50/day.

If you want to get started, then download GUIMiner, choose a pool (I recommend deepbit.net) and create a user there and then let it go. When you get enough that you want to sell, make an account at MtGox.com and sell them.

YEAH I never used a 680 and I have read low numbers like 120-160. I found that calculator and it said 280. if power is free then go ahead and try.

If it is 120-160 it is far too slow maybe 1 or 2 coins will get made. if it is 280 you may make a few coins 3-4 before asics go mad. Asics could raise the numbers from;

30Th = now

100Th = June 1

300Th = Aug 1

then maybe 1000Th.

Next Feb 1.. all guesswork but I do think the 30Th will not go up much until June 1. I think March and April will be okay. 30Th to 50 to 60 Th. The next 60 days. After that through the roof.

 

[Chiropteran]

New all-time high USD value reached!

Was watching all day and the value was continually hovering just below the high of 2011. I leave for 15 minutes to walk my dog, come back and it's suddenly hit $33.1. Dropped a bit back down since then but it's still above the previous high.

When it hit the max in 2011, the hack/crash occurred minutes later, so we never really can know exactly what would have happened had mtgox never been hacked. This is completely new territory.

 

[BoFox]

Triceratops Chiropteran!

 

[philipma1957]

New all-time high USD value reached!

Was watching all day and the value was continually hovering just below the high of 2011. I leave for 15 minutes to walk my dog, come back and it's suddenly hit $33.1. Dropped a bit back down since then but it's still above the previous high.

When it hit the max in 2011, the hack/crash occurred minutes later, so we never really can know exactly what would have happened had mtgox never been hacked. This is completely new territory.

It is more then 32 usd which is amazing!

 

[Chiropteran]

http://venturebeat.com/2013/02/27/bitcoin-record-high-mt-gox-coinlab/

 

[Despoiler]

http://venturebeat.com/2013/02/27/bitcoin-record-high-mt-gox-coinlab/

Campbx is down in Atlanta. I use them for my US exchange. Competition is good though.

 

[Zargon]

damn

 

[HydroSqueegee]

so how long till the crash comes? its just as irrational as any other market.

 

[KingFatty]

so how long till the crash comes? its just as irrational as any other market.

Does increasing demand put it off? Seems more and more legitimate business are accepting it, so that would drive up demand.

 

[MrK6]

YEAH I never used a 680 and I have read low numbers like 120-160. I found that calculator and it said 280. if power is free then go ahead and try.

If it is 120-160 it is far too slow maybe 1 or 2 coins will get made. if it is 280 you may make a few coins 3-4 before asics go mad. Asics could raise the numbers from

I'm guessing it's a typo and should read GTX 690.

The value is insane right now, keeping a close eye on it but my 7970 is earning over $100 a month again :ninja:

 

[philipma1957]

I'm guessing it's a typo and should read GTX 690.

The value is insane right now, keeping a close eye on it but my 7970 is earning over $100 a month again :ninja:

YEAH 30 usd plus is very nice.

 

[birthdaymonkey]

What's the most reputable online wallet out there?

I've been using Walletbit, but it was down today for hours, during which time I was worried that they'd absconded with my coins at their peak value. It made me realize that Walletbit may not be the most trustworthy place to keep my money.

 

[philipma1957]

What's the most reputable online wallet out there?

I've been using Walletbit, but it was down today for hours, during which time I was worried that they'd absconded with my coins at their peak value. It made me realize that Walletbit may not be the most trustworthy place to keep my money.

I don't keep them very long. i also have wallet bit. I make about 1 coin a day and sell them at the end of the week.- if I had held all my coins it would be 250 x 32 usd or about 8k. I sold my coins in a range of 10 usd to 31 usd. the average may be 18 or 17 . The list of risks is long enough that I decided to sell them off once a week. While on paper I would be much further ahead if I held them I would have gone nuts when walletbit was down for 20 plus hours.

I also spent sold coins on more gpus so to be fair I would not earn that fast if I held the coins and did not buy more gear. If you sell when your reach 50 usd in your wallet you can never lose more then 50 bucks.

 

[Minjin]

so how long till the crash comes? its just as irrational as any other market.

Why is it irrational? If you believe it has a future as an alternative world wide currency, then it will need to replace at least a few percentage points of the world's monetary supply. Do the math, taking into consideration the limited supply of Bitcoins and you'll see that its value is still several orders of magnitude too low.

 

[philipma1957]

Why is it irrational? If you believe it has a future as an alternative world wide currency, then it will need to replace at least a few percentage points of the world's monetary supply. Do the math, taking into consideration the limited supply of Bitcoins and you'll see that its value is still several orders of magnitude too low.

so you are looking at 300 a coin or 3000 a coin.

if a magnitude is 10x 2 orders would be 100x.

not impossible, but how likely?

As to the rationality of markets tulips have sold for insane prices.

Lets face facts us humans are not that rational. We just like to think we are.

 

[Chiropteran]

so how long till the crash comes? its just as irrational as any other market.

So in other words, it's just as likely to crash as the USD? That doesn't sound so bad.

Actually I think bitcoins have a couple advantages over other markets.

Compared to gold/silver/platinum etc, mining of bitcoins is a known quantity. A sudden influx of newly discovered precious metals could mess up the market unpredictably, but that is much less likely to occur with bitcoins. The only equivalent would be someone finding an old "lost" wallet with a large quantity of BTC in it, and even then the total number of coins is still completely known.

Compared to any corporation, BTC is far more consistent. You know what it is, what it is used for, and what it can do. There isn't any real possibility of CEOs mismanaging things and bringing down value.

Compared to the fiat currency of any nation, bitcoin is out of government control. QE is just a funny name for "printing more money", and each time it occurs it chips away a little bit of value from our dollars. Bitcoins don't have to worry about that, beyond the the well known results of mining.

Now, I am under no illusions, I still realize that even with these advantages the bitcoin market could indeed turn south. But it's a risk I'm willing to take. I think over time bitcoins most likely will increase in value tremendously, it's just a question of whether it takes 5 years, 50 years, 500 years, or 5 months. Or maybe some terrible flaw or problem will be discovered and they will lose all value completely, it's a possibility. I just don't think it's very likely, and I'm willing to bet against it.

One other thing I want to point out, is a terrible scenario already took place, when mtgox was hacked and value plummeted. Bitcoins have been proven to be resilient enough to recover, and with this knowledge I am not sure a similar crash will ever occur again.

Think about it, you wake up tomorrow and value has dropped to $5 per coin for whatever reason, what would you do? I'd buy a ton of coins, because I know they came back from the lows before and I think they will do it again. I think a lot of other bitcoin investors think the way I do, so I think the next crash will be short-lived as speculators buy up as much cheap coin as they can.


edit: all that said, I am hedging my bets somewhat, sold about 1/6 of my coins a week ago.

 

[Zargon]

man, if only I had used the couple hundred in mining profits sitting in dwolla to buy 6 or 12 buck coins instead of having it sit there

 

[philipma1957]

Following my late dad's advice if you are gambling and the opportunity comes along to be a guaranteed winner always take it. I sell my coins fast.

I never worry about the future and if the coin can be sold at a profit it is sold. So far so good.

 

[BoFox]

Following my late dad's advice if you are gambling and the opportunity comes along to be a guaranteed winner always take it. I sell my coins fast.

I never worry about the future and if the coin can be sold at a profit it is sold. So far so good.

Gambling? Geez! :awe:

 

[Dark Shroud]

I sell my coins off during each week. I don't hold them too long.

 

[Mir96TA]

Difficulty: 4367876

 

[philipma1957]

Difficulty: 4367876

It is a big jump 3,600,000 to 4,367,876 is about 21 percent.

Coins are holding value around 34 usd.
The next 4 weeks should be very interesting.
The hash rate is still not bad since avalon is not shipping much.

BFL has yet to show a working box.
If the usd value stays high pressure to deliver real asics in bulk will become
very intense.

Right now asicminer is pulling in huge amounts of coin.

 

[ultimatebob]

Gambling? Geez! :awe:

All investing is gambling when you think about it. BitCoin even more so, considering that the government could step in and attempt outlaw it at any time.

Why would they try to outlaw it? Because they aren't getting their cut in taxes, duh.

 

[ultimatebob]

Difficulty: 4367876

Maybe we should start mining LiteCoins instead?