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Third, the organizations in Bitcoin's ecology are very flaky. Mt. Gox is two guys in Tokyo who are in way over their heads. We don't know much about Tradehill, which is somewhere in Chile. Neither of these "exchanges" has a published business address, a Dun and Bradstreet rating, published audits, or regulation as a bank or money transfer firm. Yet they're acting as depository institutions for sizable funds belonging to others.
I've seen several posts that echo this sentiment. What the authors of such threads fail to recognize is that fringe ideas are not embraced by the mainstream. If we all waited for Dun and Bradstreet, Goldman Sachs, etc. to enter the fray, BC would not be a new, radical idea. It would be part of the establishment. Oh course it's going to start off with two guys in the basement on a shoestring budget. How do you think Kinko's got started? Was Linux backed by Microsoft?
I imagine that centuries ago people were saying stuff like "You put your money in a Swiss bank? Are you crazy? Those guys are flakes without any established reputation or credentials."
Is there risk with BC's? Yes! Is there risk with any new, unproven idea? Yes! IMO, the author of this thread misses the whole point of BC's.
Matt
So this is a thread in the main forum, but as a newbie I can't post there. Since I have something to say, I'm starting a parallel comment thread for us (we rock!):
>Third, the organizations in Bitcoin's ecology are very flaky. Mt. Gox is two guys in Tokyo who are in way over their heads. We don't know much about >Tradehill, which is somewhere in Chile. Neither of these "exchanges" has a published business address, a Dun and Bradstreet rating, published audits, or >regulation as a bank or money transfer firm. Yet they're acting as depository institutions for sizable funds belonging to others.
I've seen several posts that echo this sentiment. What the authors of such threads fail to recognize is that fringe ideas are not embraced by the mainstream. If we all waited for Dun and Bradstreet, Goldman Sachs, etc. to enter the fray, BC would not be a new, radical idea. It would be part of the establishment. Oh course it's going to start off with two guys in the basement on a shoestring budget. How do you think Kinko's got started? Was Linux backed by Microsoft?
I imagine that centuries ago people were saying stuff like "You put your money in a Swiss bank? Are you crazy? Those guys are flakes without any established reputation or credentials."
Is there risk with BC's? Yes! Is there risk with any new, unproven idea? Yes! IMO, the author of this thread misses the whole point of BC's.
Matt
>Third, the organizations in Bitcoin's ecology are very flaky. Mt. Gox is two guys in Tokyo who are in way over their heads. We don't know much about >Tradehill, which is somewhere in Chile. Neither of these "exchanges" has a published business address, a Dun and Bradstreet rating, published audits, or >regulation as a bank or money transfer firm. Yet they're acting as depository institutions for sizable funds belonging to others.
I've seen several posts that echo this sentiment. What the authors of such threads fail to recognize is that fringe ideas are not embraced by the mainstream. If we all waited for Dun and Bradstreet, Goldman Sachs, etc. to enter the fray, BC would not be a new, radical idea. It would be part of the establishment. Oh course it's going to start off with two guys in the basement on a shoestring budget. How do you think Kinko's got started? Was Linux backed by Microsoft?
I imagine that centuries ago people were saying stuff like "You put your money in a Swiss bank? Are you crazy? Those guys are flakes without any established reputation or credentials."
Is there risk with BC's? Yes! Is there risk with any new, unproven idea? Yes! IMO, the author of this thread misses the whole point of BC's.
Matt
You might not be able to retire from BC mining. However, if computers are your hobby and you're buying equipment that you'd use for other purposes (e.g. gaming) where is the downside? Just don't buy equipment that you can't afford, and it'll work out.
Are you asking how to transfer from your PC to TradeHill?
If yes, on TradeHill go to Deposit Funds then click on BTC on the horizontal line of currency types. That will give you the option to deposit BC's.
Matt
If yes, on TradeHill go to Deposit Funds then click on BTC on the horizontal line of currency types. That will give you the option to deposit BC's.
Matt
Did you look at this link?
https://en.bitcoin.it/wiki/Mining_hardware_comparison
My cards match up pretty well with the data shown there.
Matt
https://en.bitcoin.it/wiki/Mining_hardware_comparison
My cards match up pretty well with the data shown there.
Matt
Power costs isn't a issue for me I live in a apartment building and have un-metered power as part of the unit, I forgot to add that.
Thanks for the reply burp! Looking at the hardware list I can get somthing around 60Mhash/s
Would the Nvidia still be worth it or would it just take too long to collect any useful amount of coin? Join a Pool ?
Thanks for the reply burp! Looking at the hardware list I can get somthing around 60Mhash/s
Would the Nvidia still be worth it or would it just take too long to collect any useful amount of coin? Join a Pool ?
If electricity isn't a cost, then join a pool. Keep in mind you might only get $20 a month. If you like playing around with your computer as a hobby then check it out!
I'm getting between 750 to 800 Mhash/s on my 2 6970's. They are clocked to 940. You'll need to bump up the voltage to +5% and use the -v -w 128 flags (poclbm) or else you'll only get 600 Mhas/s (~300 per card). I'm doing the mining in windows using the poclbm miner.
At the current difficulty level, they are producing roughly 1 BC per day (slightly less). At current BC prices that means I can get about $400 per month.
My computer uses 650 Watts when mining. That's about $70/month in added electricity without factoring in added cooling (i.e., AC) costs.
IMO it's also prudent to assume there will be downtime on your computer and the mining pool. I'm using an adjustment factor of 0.9.
So my current back of the envelope, conservative estimate is to clear $250 / month. The big question is how fast will the difficulty increase and what will the market prices do? It's very likely that the monthly return will decrease.
If you bought your computer and/or cards for another reason (i.e. gaming) then you can definitely make some money mining for BC's. If you bought your setup for personal use (i.e. gaming) and mining, then you can definitely recoup some of your initial investment. If you're looking to break even or turn a profit....that seems less certain.
Hope this helps. I'm interested in any feedback to my comments.
Matt
At the current difficulty level, they are producing roughly 1 BC per day (slightly less). At current BC prices that means I can get about $400 per month.
My computer uses 650 Watts when mining. That's about $70/month in added electricity without factoring in added cooling (i.e., AC) costs.
IMO it's also prudent to assume there will be downtime on your computer and the mining pool. I'm using an adjustment factor of 0.9.
So my current back of the envelope, conservative estimate is to clear $250 / month. The big question is how fast will the difficulty increase and what will the market prices do? It's very likely that the monthly return will decrease.
If you bought your computer and/or cards for another reason (i.e. gaming) then you can definitely make some money mining for BC's. If you bought your setup for personal use (i.e. gaming) and mining, then you can definitely recoup some of your initial investment. If you're looking to break even or turn a profit....that seems less certain.
Hope this helps. I'm interested in any feedback to my comments.
Matt
The 6990's look to be the best bet as far as max hashing power per motherboard. You should be able to run 3-4 6990's on one computer (with a good PSU). However, you need to factor in the difficulty increases, cooling costs, and power costs when deciding how long it will take to break even.
Matt
Matt
You can also buy PCIe 16x and/or 1x extenders.
I was able to pick up a few here: http://www.cablesaurus.com/
I'm able to run my cards on a board with 2 PCIe x16 v1.0 slots and
1 PCIe 1x slot.
If you use the extenders you'll have to find an alternative way to
mount/support the cards since they won't be slotted directly into your
motherboard. I built a frame using PVC pipe and hang the cards
from it using zip ties.
Good luck,
Matt
I was able to pick up a few here: http://www.cablesaurus.com/
I'm able to run my cards on a board with 2 PCIe x16 v1.0 slots and
1 PCIe 1x slot.
If you use the extenders you'll have to find an alternative way to
mount/support the cards since they won't be slotted directly into your
motherboard. I built a frame using PVC pipe and hang the cards
from it using zip ties.
Good luck,
Matt