Cryptocoin Mining?

[Zargon]

jesus.

140.95 as I type.

wish I had reinvested my entire earnings account I have sitting around yesterday at 108

 

[Mixolydian]

Just out of curiosity how many BTC are you guys earning per day? Right now I'm at around 0.02/day.

 

[MeldarthX]

Just out of curiosity how many BTC are you guys earning per day? Right now I'm at around 0.02/day.

I'm at .02-.04 depending on my oc and which pool I go with it will go up once I get my 7870 TX/LE

 

[chimaxi83]

Just out of curiosity how many BTC are you guys earning per day? Right now I'm at around 0.02/day.

I'm getting about .12 a day, mining on two 7970s and one 7870 Tahiti LE.

 

[RussianSensation]

jesus.

140.95 as I type.

wish I had reinvested my entire earnings account I have sitting around yesterday at 108

Or what about when BTC was $2-6?

At current BTC prices and my existing BTC holdings, my 7970s have generated enough $ for me to have free GPU upgrades for the next 20 years, assuming I upgrade every 2 years. 2014 Maxwell - free, 2016 Volta - free, 2018 XYZ - free until 2032! Mind blown. That makes the 7970 the most legendary videocard series for those who dabbed into mining!

 

[TheUnk]

.05 / day.. So 20 days to get 1, I don't think I'm doing it right?

 

[thilanliyan]

Or what about when BTC was $2-6?

At current BTC prices and my existing BTC holdings, my 7970s have generated enough $ for me to have free GPU upgrades for the next 20 years, assuming I upgrade every 2 years. 2014 Maxwell - free, 2016 Volta - free, 2018 XYZ - free until 2032! Mind blown. That makes the 7970 the most legendary videocard series for those who dabbed into mining!

Lol yep I decided to invest in 2 more 7950s for LTC mining...will make my money back really soon. Don't know how I can go back to depreciating cards anymore hahaha.

 

[dajeepster]

anybody have any luck getting 5970 to mine litecoin?... with bitcoin i have no problem, but they don't seem to play well with litecoin.

 

[pm]

jesus.

140.95 as I type.

wish I had reinvested my entire earnings account I have sitting around yesterday at 108

As a veteran of several bubbles, I can say that this is a bubble. It looks like a bubble, smells like a bubble and eventually will pop like a bubble. It's a bubble like the internet stock bubble, like the housing bubble, and like the Tulip Mania bubble of 1637 (wikipedia it).

Get in, mine like crazy, make money, but don't think about sticking your life savings in - or even, for that matter, more money than you can afford to lose. As a veteran of three bubbles, I can tell you that this will end. It might not go crashing back down to the ground like a badly designed Kerbian rocket but it will come down to the ground at some point.

Just my BTC 0.02. On the flip-side, just like I did in the internet bubble, I check the LTC and BTC prices several times daily... so I'm caught up in all of it too.

 

[philipma1957]

Or what about when BTC was $2-6?

At current BTC prices and my existing BTC holdings, my 7970s have generated enough $ for me to have free GPU upgrades for the next 20 years, assuming I upgrade every 2 years. 2014 Maxwell - free, 2016 Volta - free, 2018 XYZ - free until 2032! Mind blown. That makes the 7970 the most legendary videocard series for those who dabbed into mining!

Thanks again for your postings on this. You are the main reason I got into the mining. Every day now is a new wonderment of how high will it go. While I never earned and held. I earned then sold if I could sell the coin at a profit. SO I have about 10000 in sold coins rather then 33000 if I had held. But truthfully I never sweat the load about should I hold them longer. IF I was holding the 240 coins I earned I would be freaking about the price.

. This way I have about 1 or 2 coins on hand and sell them every 3 or 4 days. My 6000 hash now earns about .4-.6 coins a day

 

[wbynum]

Lol yep I decided to invest in 2 more 7950s for LTC mining...will make my money back really soon. Don't know how I can go back to depreciating cards anymore hahaha.

One thing I have learned from mining is if you are going to dive into it, dive in deep.

I just bought four 7970's through newegg. Litecoin and PPCoin are very profitable right now for GPU mining. If price holds I will have made my money back plus some within a month.

On a side note, probably the most legendary card for mining was the $109 5830's a couple years ago.

 

[railven]

$140!?

Clearly I'm exhausting my time fixing the wrong thing. I should get my rig mining, and mining fast!

Damn you lucky bastards that held on through the rough patches. I thought I made a killing when I was selling for ~$20 a coin.

 

[RussianSensation]

$140!?

Clearly I'm exhausting my time fixing the wrong thing. I should get my rig mining, and mining fast!

Damn you lucky bastards that held on through the rough patches. I thought I made a killing when I was selling for ~$20 a coin.

Number 1 rule of bitcoin mining: never stop mining Right now 2 7970s at 1150mhz going 24/7 for a month are clearing $300 after electricity. That's free $ doing nothing.

Thanks again for your postings on this. You are the main reason I got into the mining. Every day now is a new wonderment of how high will it go.

:thumbsup: Thanks! Glad you took the risk and now you are getting the rewards.

A lot of people talked about risk of mining but this generation there isn't much risk unless someone is buying 50+ videocards. Now that we know AMD won't have any single GPU faster than HD7970GE for all of 2013. NV is pricing the Titan at $1K and there is no news on GTX600 refreshes. HD7970s can be bought for under $400 with free games that can be resold. Even if mining lasts just 1 more month, an overclocked 7970 will have made at least $150. The 7970 should retain its resale value for a while since there doesn't appear to be anything on the GPU front on the horizon.

 

[railven]

:thumbsup: Number 1 rule of bitcoin mining: never stop mining Right now 2 7970s at 1150mhz going 24/7 for a month are clearing $300 after electricity. That's free $ doing nothing.

Way to rub salt in the wound haha. I shall get my miner going TONIGHT! Or die trying!

What pool do you guys recommend?

 

[pm]

Way to rub salt in the wound haha. I shall get my miner going TONIGHT! Or die trying!

What pool do you guys recommend?

For BTC, I've used BTCGuild, Deepbit, Eligius and mtred, and I personally like mtred because he doesn't do some of the weird rounding things that others do, although he had some server stability issues. I liked Eligius a lot too - gotta love the lack of account creation - but I had some weird hiccup problems that were hurting throughput.

For LTC, I haven't found a good pool and I'm just mining solo right now. I actually spent last night trying to set up an LTC pool on Ubuntu with moderate success.

 

[RussianSensation]

Way to rub salt in the wound haha. I shall get my miner going TONIGHT! Or die trying!

What pool do you guys recommend?

I use Mt.Red. A lot of people like Slush's (http://mining.bitcoin.cz/) or Deepbit (http://deepbit.net/) or BTC Guild (http://www.btcguild.com/)

 

[blastingcap]

Risk is in the bubble bursting, difficulty escalating, and GPUs depreciating more than you might think, once more ASICs arrive and drive more people out of GPU mining.

Two more Avalon batches = 40 more TH/s difficulty, and that's if BFL and other ASIC vendors don't come up with anything at all and if GPU mining stays flat... but with so many johnnycomelatelys, there will be increased GPU mining (if nothing else, more people will overclock). LTC difficulty will rise as well. What this means is that you can expect a doubling or tripling of difficulty within a month or two.

So making calculations based on today's prices at constant difficulty is simply wrong.

Making blanket assertions about electricity price is wrong, when people's power prices vary greatly (this is why you don't find as many people GPU-mining in the EU or places like Hawaii with higher power prices).

If one is so sure BTC price will rise, you can make money faster by simply buying BTC directly.

That said, this bubble hasn't completely burst yet, so for the moment, it is still profitable to mine on GPUs. But like pm, I've gone through bubbles in other markets before and agree that this is an unsustainable bubble. It is not normal for something to rise 50% in value in a single 24-hour timeframe. The "this time it's different" talk always happens in every major bubble. No, it's not different. A bubble is a bubble. Regardless of BTC's long-term viability this is definitely a bubble. I don't know exactly when it will burst or how low the price will go afterwards, but it'll be ugly.

 

[RussianSensation]

So making calculations based on today's prices at constant difficulty is simply wrong.

That's the point of buying physical hardware. You minimize your risk since the hardware can be resold. If you just buy $400 worth of coins and they drop in value by 5x, you will have lost $320. If you buy a $400 GPU and mine with it for 1 month, you make up $150 and even if mining fails entirely. Even if mining fails the day you buy the 7970, you can sell the GPU and lose maybe $50 on it, not $200 or $300 should BTC value drop from $135+ to $30.

What about long-term? If say you purchase $800-1200 of GPUs today and mining lasts say 2-3 months, even if GPU mining ultimately fails, it makes no difference since the hardware won't depreciate that much in the next 1-3 months. At today's rates, even mining with 2-3 7970s for just 15 days already puts you into the positive territory even if you have to resell them in 15 days after. Add game bundles and that means there has never been a better time to buy a 7970 for mining. The risk was actually much greater before because we thought HD8970/GTX780 might launch and tank 7970's resale value. Also, profitability was much lower which meant a much longer pay-off period.

 

[blastingcap]

Nobody would disagree that getting a card you would have gotten anyway would be good. But going over and above what you would have gotten for gaming is a risk: of card depreciation, BTC prices crashing, difficulty skyrocketing, etc. The risk is lower than buying BTC directly, but there is still plenty of risk. Even Chip who is a huge BTC fan crunched the numbers a few days ago and concluded that it was iffy to buy a card for the sole purpose of mining. Prices rose tremendously in the last 36 hours but they can also crash tremendously. BTC prices are incredibly volatile and we could be at $20 or $200 next week.

Edit: Sorry, I meant Chiro not Chip.

 

[railven]

BTC prices are incredibly volatile and we could be at $20 or $200 next week.

And hopefully by then I'll be $20 or $200 richer!

 

[RussianSensation]

Even Chip who is a huge BTC fan crunched the numbers a few days ago and concluded that it was iffy to buy a card for the sole purpose of mining. Prices rose tremendously in the last 36 hours but they can also crash tremendously. BTC prices are incredibly volatile and we could be at $20 or $200 next week.

In 7 days an HD7970 OC will earn $48. Let's say the system uses 400W of power (very high but we'll go with it). At 15 cents per kWh, that's $10 in 7 days, or $38 profit. You get Bioshock Infinite and Crysis 3 that can be sold together for at least $20. That's $58 in total, but you can probably sell those game for more. Let's go with $20. If you buy the card and have to sell it in 7 days, you probably won't lose more than $50 on it. That means after only 7 days, you are in the clear and your risk is 0 after that point. If a person cannot handle 7 days of risk worth $50 GPU of depreciation, then sure it's "high risk" for that type of person.

 

[VulgarDisplay]

Any detailed tutorials on how to actually sell your bitcoins. I must be dumb because I can't figure it out on MtGox, that or their website is bad.

Do you send funds to paypal or something?

 

[UaVaj]

how much bitcoin can one expect to make with mining with two gtx680?

as for electricity cost.

680sli draws 500w (473w exact)
http://www.guru3d.com/articles_pages/geforce_gtx_680_sli_review,4.html

$0.1045 per kiloWatt Hour for 500w = $8.78 week / $35.11 month
http://www.electricity-usage.com/El...ce=&Watts=850&CostPerKWH=.1045&HoursPerDay=24

thanks.

 

[Binky]

how much bitcoin can one expect to make with mining with two gtx680?

Google "mining hardware," look up your card on the list and find mhash, then google "bitcoin profit" and use that mhash in the calculator.

Short answer = not much. Nvidia cards don't work well.

 

[blastingcap]

In 7 days an HD7970 OC will earn $48. Let's say the system uses 400W of power (very high but we'll go with it). At 15 cents per kWh, that's $10 in 7 days, or $38 profit. You get Bioshock Infinite and Crysis 3 that can be sold together for at least $20. That's $58 in total, but you can probably sell those game for more. Let's go with $20. If you buy the card and have to sell it in 7 days, you probably won't lose more than $50 on it. That means after only 7 days, you are in the clear and your risk is 0 after that point. If a person cannot handle 7 days of risk worth $50 GPU of depreciation, then sure it's "high risk" for that type of person.

You simply cannot assume risk away. Don't give me that 7 days stuff. BTC prices are incredibly volatile, and they can be $20 or $200 an HOUR from now, let alone 7 days from now. How much money would you make (or lose!) if you plug in $20 instead of $140 for BTC prices over 7 days at constant difficulty? If you plug in $200? I feel like this is the third time I've had to make this point and you seem unable to comprehend it.

As for difficulty, it will keep rising. Difficulty is already scheduled to increase 15% hours a couple of hundred blocks from now, and Avalon ASICs from the 2nd and 3rd batch are already shipping. It's low risk if you were going to get the card anyway, riskier if you are speculating that prices will remain high or go higher and buy more than you were going to. If you really truly believed that BTC would go higher in value you would make way more, way faster, buy simply buying BTC directly. If you think price/difficulty ratio will remain where it is for a while, mining may be better. Everything in life is a risk to some degree, mining is too. Just because it's less risky than buying BTC doesn't mean it's riskless. That's like saying buying Intel stock is less risky than buying derivatives on credit default swaps. Yes, it is less risky, but no, it's not riskless because you can make or lose money on INTC stock too, just not as much or as quickly as by buying derivatives on CDSs.