I don't think you understand much about bitcoins.how is it bs? I didn't say you can't make a profit but the way you guys are doing it and their are risks.
if you haven't even paid off your cards that is not a profit.
so your cards aren't paid off and you are getting a big bill each month.
how is that a good anything?
I am sure there are some people on this site who work in computer stores or with big companies and can leave there computer there to mine. now that is smart thinking.
I think that there's an interesting correlation between the Bitcoin value and the network hash rate.
Right now, it's going up at a very steep rate (over 50 Thps, which is about 2x more than exactly one month ago), and so is the value.
But once the global hash rate is no longer so steep, I expect the bubble to pop. The steepness is adding hot air to the balloon, letting it fly over really high mountains, but once it goes over, don't expect it to stay so high.
It seems that $40 is probably what it would be at for the long term. $10 for most of 2H 2012, and then $70 now? That's some serious bubble..
I'll just ride out the steep increase in mining rate, and then BAM! Sell them and use the money to buy NV stock, I guess!!
After all, if we consider the sum total value of all bitcoins mined thus far (10 million times $70), that's $700 million. $700M for something that can not really be used in the economy yet.. That's a LOT of hot air right there.
Just like Apple being valued at $700b, then now back to $400b right where it belongs.. Push it upwards, and let go... it will continue going up a bit by itself (due to the inertia force), and then come back down to where it belongs.
Not in the economy? I've bought several games with bitcoins; stand alone and steam games....
I know a lot of places you can use bit coins to get hardware....the list isn't huge but it grows every day - so to day they are not part of the economy is false.....
Honest question:
I haven't mind in over a year, so not sure if it's *too* late to get back in.
I'm seriously debating buying a second HD 7970 for my gaming needs, but figured why not put both cards to work *IF* they can return a profit.
I believe I'm paying 12kw/h right now, but with the cool whether coming in, I won't expect to use much electricity since my house is electric (I budget ~$300 a month for electricity since my winters are harsh and I use the system from my electricity company to lock me in on the average of the prior year (which means during the summer I use about $120 worth but still pay $300 but during the winter I can use about $450 but still pay $300.)
Anyways TL;DR:
2x7970, with current difficulties @ $0.14kw/h - is it worth mining?
Here in the states if we do monthly budget for heat 200 usd a month once a year they settle. By settle they say you paid us 200 x 12 = 2400 for the year you really used 2576 or 2256 (the real amount).
If your contract does this then you will save money.
The 2x 7970 will run about 400 to 500 watts an hour.
at 500 watts that is 12k watts a day. or 360 kwatts a month.
you would make 100 usd a month
I used 1100 hash which 2x 7970's can do.
I used 500 watts
I used 12 cents a k-watt
I used 7,000,000 for difficulty
I used 60 usd a coin
https://bitclockers.com/calc
this does not count your heat savings. If you like to game it is kind of worthwhile.
Honest question:
I haven't mind in over a year, so not sure if it's *too* late to get back in.
I'm seriously debating buying a second HD 7970 for my gaming needs, but figured why not put both cards to work *IF* they can return a profit.
I believe I'm paying 12kw/h right now, but with the cool whether coming in, I won't expect to use much electricity since my house is electric (I budget ~$300 a month for electricity since my winters are harsh and I use the system from my electricity company to lock me in on the average of the prior year (which means during the summer I use about $120 worth but still pay $300 but during the winter I can use about $450 but still pay $300.)
Anyways TL;DR:
2x7970, with current difficulties @ $0.14kw/h - is it worth mining?
With the difficulty going up, you may not break even on purchasing the 2nd card for 6+ months. Then again if your in Bitcoin for the long term, do not pay attention to the short term gains/losses.
Which pools do people mine now; I've been using bitcoinpool.com....
also which miner; as I'm on phoenix miner 1.7
Right now, mining is easy money, but difficulty is set to adjust upwards in a day or so and that will not improve the situation.
Personally, I have every card I have available working at mining, but I wouldn't dream of spending money on a card for mining purposes, very doubtful it would ever make back it's cost. On the other hand, if I needed a new card for a computer anyway, I would try to get one that can also do some mining on the side.
Not done Amd :
1)announces 8000 series will have a turbo /super boost for asic mining while you sleep vs using the gpu to do gaming
All this talk about bubbles, does this look like a bubble to anyone else?
All this talk about conventional wisdom and stocks and such I think misses a basic point: bitcoins are not stocks, and they aren't precious metals. They are unique in many ways, and their uniqueness gives them clear advantages. The total number of coins ever being a known quantity is one such advantage,
and the free and "fair" distribution system through mining is another huge advantage,
and lack of any real singular central power like a CEO equivalent is yet another.
Also, every time I try to cash some money out, or add money to my account to buy more bitcoins, I realized what a huge pain in the neck the process is. Despite this huge hassle and annoyance, bitcoins are flourishing.
I think that there's an interesting correlation between the Bitcoin value and the network hash rate. Right now, it's going up at a very steep rate (over 50 Thps, which is about 2x more than exactly one month ago), and so is the value.
But once the global hash rate is no longer so steep, I expect the bubble to pop. The steepness is adding hot air to the balloon, letting it fly over really high mountains, but once it goes over, don't expect it to stay so high.
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.
He's sitting on tulip bulbs.
http://en.wikipedia.org/wiki/Tulip_mania
No, that looks like debt. You understand that debt is the opposite of positive value, right?
That would be an interesting "bubble":
"Can I borrow $1000?"
"Sure."
"Can I borrow another $1000?"
"Sure."
"Can I borrow another $1000?"
"Sure."
"Do you want me to pay you back now?"
"No, your debt got too high. I just don't see it being worth $3000 anymore. I'm sorry, but the most I can take is $100."
So, pretty much the same as stocks and precious metals.
A tiny percentage and meaningless when the inflationary period ends, which is where stocks are and precious metals pretty much are: if you want them, you have to pay for them.
So again, the same.
Except a few large wallets hold the majority of bitcoins, like the majority of gold is held by central depositories. And stock ownership isn't controlled by a central authority.
So again, no advantage.
Oh, you mean like cashing out stocks or precious metals?
Sure, can't be a bubble, because it's "different!"
Why? You know that an increasing hash rate doesn't make more bitcoins, right?
25 are mined per day. That's it. Double the hash power of the network or halve it, and adjusts so that 25 are mined per day.
The power of the network is utterly meaningless.
No, that looks like debt. You understand that debt is the opposite of positive value, right?
So, pretty much the same as stocks and precious metals.
Okay, the distribution is meaningless once the inflation ends? I don't really get what you are saying. The effects of distribution are not fully felt *until* inflation ends, which is when it is at it's maximum level of "meaningfulness". I mean, did you think the early adopters were excited to have 50,000 bitcoins when they were worth 1/1000 of a penny each, or do you think they are excited about it now that they are worth $70 each? Go ahead, tell them that their holdings are meaningless now, since the inflationary period is nearly over.A tiny percentage and meaningless when the inflationary period ends, which is where stocks are and precious metals pretty much are: if you want them, you have to pay for them.
So again, the same.
Except a few large wallets hold the majority of bitcoins, like the majority of gold is held by central depositories. And stock ownership isn't controlled by a central authority.
So again, no advantage.
Oh, you mean like cashing out stocks or precious metals?
Sure, can't be a bubble, because it's "different!"
Why? You know that an increasing hash rate doesn't make more bitcoins, right?
25 are mined per day. That's it. Double the hash power of the network or halve it, and adjusts so that 25 are mined per day.
The power of the network is utterly meaningless.
this part is wrong ^^^ 25 coins a block not a day.
But this gravy train is going to die. The key reason is too much hash power in too few hands.
You seem to be confused. The USD is entirely driven by debt. Every time the fed gives the big banks another 0% interest loan, it's effectively the same as printing money and putting it into circulation. Now, you are correct about one thing- the increase in debt has a direct reduction in value of the currency.
Well, the bitcoin "bubble" is a measure of the value of bitcoin in what currency exactly? USD. If debt is increasing at hyperbolic rates, value of USD will go down hyperbolic, and in relation the bitcoin value will seem to increase the same sort of rate. If it's impossible for the USD debt bubble to "collapse", then it is also impossible for the BTC bubble to collapse.
Not the same at all. New gold can be mined at variable rates, asteroid mining may destroy precious metal value for example. Stocks could fail due to problems with the company unrelated to the activity of stock traders. This CAN NOT happen to bitcoins.
Okay, the distribution is meaningless once the inflation ends? I don't really get what you are saying.
It's a huge advantage. Who the hell cares who else has coins? That is irrelevant.
I never said it can't be a bubble, I just said that it doesn't follow the same rules as corporate or metal stock because it's unlike both.
You really are ill-informed. The hash rate determines the security of the network. One of the few threats to bitcoin is the possibility of a 51% attack, which has a directly calculable cost based on the total hash of the network. Double the hash and the security of the currency is doubled.
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