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Re: How much Bitcoin can I expect to make with this setup?
by
tbaked
on 28/11/2012, 18:59:56 UTC
So in a year or two when the returns of mining bitcoin reach zero, what's going keep bitcoin alive when there is absolutely no [monetary] incentive to compute the hashes? I'm sure the guy who made bitcoin has some fail safe in mind?
Depending on the good will of people to continue mining for no return simply isn't reliable enough for bitcoin to be a dependable and legitimate currency.
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Board Beginners & Help
Re: How much Bitcoin can I expect to make with this setup?
by
tbaked
on 28/11/2012, 18:23:35 UTC
Quote from: jabberwok on November 28, 2012, 06:16:06 PM
Quote from: tbaked on November 28, 2012, 06:04:41 PM
Given those numbers, why would anyone bother computing bitcoin hashes?

Those numbers are exactly why people don't bother to mine on NVIDIA cards.  Since the halving and with the pending shipments of ASICs, many GPU miners are walking away completely.  Unless you can get free electricity, GPU mining will not make a profit, and even if you can get free electricity, the wear and tear on your rig might not be worth it.

Quote from: tbaked on November 28, 2012, 06:04:41 PM
Shouldn't bitcoin be dead by now since there is no incentive to help others encrypt transfers?

There are still a lot of people who support bitcoin not just to make money (though many of the people who support it have made a great deal of money by getting in early).  For them, securing the network is the incentive.

I like how you answer the second sentence while restating my first sentence.

Anyways, I'm under the impression that "most people" run bitcoin with an intent to make profit. Am I wrong, or are most people just mislead about the returns of mining bitcoin?
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Board Beginners & Help
Re: How much Bitcoin can I expect to make with this setup?
by
tbaked
on 28/11/2012, 18:04:41 UTC
I'm at an apartment so it doesn't matter if I use $1 of electricity or $10000 of electricity. But I think the wear to my rig would still cost more than the $3 I might make.

Given those numbers, why would anyone bother computing bitcoin hashes? Shouldn't bitcoin be dead by now since there is no incentive to help others encrypt transfers?
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Board Beginners & Help
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How much Bitcoin can I expect to make with this setup?
by
tbaked
on 28/11/2012, 17:43:34 UTC
Off Speccy

CPU
   AMD Phenom II X6 1045T   39 °C
   Thuban 45nm Technology
RAM
   6.00 GB Dual-Channel DDR3 @ 535MHz (7-7-7-16)
Motherboard
   ASUSTeK Computer INC. M5A78L-M LX PLUS (AM3R2)   54 °C
Graphics
   HP w19 (1440x900@60Hz)
   896MB GeForce GTX 260 (EVGA)   47 °C

Running my system with no overclock, how much Bitcoins can I expect to make/hr? I'm guessing around 10 cents worth?