Bitcoin Discussion Thread Part 2

Wow a lot of info here. I have seen Bitcoin around more and more as of late so I finally started looking into it. I am curious on a few things.

I just built a new rig AMD 8350 @4.8GHz and my dual 7950s will be here in a week or so. Is that enough power to see any type of return? I paid $500 USD for the set and was curious how long to make the cash back through mining. By the looks of what i am reading CPUs don't really do much is mine worth using?

Also do you guys have some recent links to rigs built explicitly for mining Bitcoin? Would be curious to see what people are putting together for this and just how long it takes to flip build costs. I might build a rig for it as well.

I'll keep reading through this thread :)
 
Lorne45 said:
Wow a lot of info here. I have seen Bitcoin around more and more as of late so I finally started looking into it. I am curious on a few things.

I just built a new rig AMD 8350 @4.8GHz and my dual 7950s will be here in a week or so. Is that enough power to see any type of return? I paid $500 USD for the set and was curious how long to make the cash back through mining. By the looks of what i am reading CPUs don't really do much is mine worth using?

Also do you guys have some recent links to rigs built explicitly for mining Bitcoin? Would be curious to see what people are putting together for this and just how long it takes to flip build costs. I might build a rig for it as well.

I'll keep reading through this thread :)
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Coinwarz.com or dustcoin.com are good calculators for a bunch of different coins. 7950s will typically do about 550 (Kh on Scrypt, Mh on SHA) but can typically OC up to around 630-650. There are calculators out there that will give you profit margin and ROI estimates. Mining BTC, using conservative numbers, your gonna spend about $30/month in electricity (@ .09/KwHr), and have about $54/month in revenue...so your gonna make about $20 bucks/month. This doesn't take into account additional potential operating costs for cooling the rig if you live in a smaller home or a home where your AC has to do more work to cool the home from the cards heat...though those costs may be marginalized by lowered winter time heating costs.
 
Bumping this. Why is the price soaring? We getting another bubble about to happen?
 
USMCGrunt said:
Coinwarz.com or dustcoin.com are good calculators for a bunch of different coins. 7950s will typically do about 550 (Kh on Scrypt, Mh on SHA) but can typically OC up to around 630-650. There are calculators out there that will give you profit margin and ROI estimates. Mining BTC, using conservative numbers, your gonna spend about $30/month in electricity (@ .09/KwHr), and have about $54/month in revenue...so your gonna make about $20 bucks/month. This doesn't take into account additional potential operating costs for cooling the rig if you live in a smaller home or a home where your AC has to do more work to cool the home from the cards heat...though those costs may be marginalized by lowered winter time heating costs.
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Speaking of winter time heating costs, almost time to fire up the Heaters, errr, MINERS!!
 
EdGaRRRRR said:
Bumping this. Why is the price soaring? We getting another bubble about to happen?
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primarily China driven

Gox's entanglement with FINCEN has hobbled their fiat withdrawal process making them uncompetitive with the other exchanges so the increases there are exaggerated because no one wants Gox fiat.
 
not much hardware is looking to break-even with 131% network hash rate monthly increase... what are you guys doing to reconcile this?!
 
wmcleod said:
not much hardware is looking to break-even with 131% network hash rate monthly increase... what are you guys doing to reconcile this?!
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a self correcting problem

Yes, the buildout of new mining hardware is not economic at this time, difficulty will continue to rise as equipment already in the pipeline is delivered and put online but will level off as new ASIC orders will not be placed if miners see a better ROI from just purchasing coins.

BTC price will, long term, continue to increase and at some point the deployment of new hardware will again become profitable.

So, to answer your question directly, waiting.
 
another thing to keep in mind, investors truly seeking anonymity have additional incentive to mine, even at a nominal loss

say you have a large quantity of unlaundered or unreportable cash, you can pay cash for hardware and get BTC without ever going through the, increasingly stringent, reporting requirements of the existing fiat to BTC portals
 
This just got announced by ASRock:
http://www.fudzilla.com/home/item/33151-asrock-launches-two-mobos-for-bitcoin-miners

The H81 Pro BTC is an Intel Socket 1150 motherboard capable of handling 4th generation Intel Core chips, or Haswell processors to be precise. The H61 Pro BTC! is based on the old H61 chipset and it supports second and third generation Core processors (LGA 1155.

So what exactly makes them unique compared to dozens of H81 and H61 motherboards out there?

Well, they feature one PCIe 3.0 x16 slot along with five PCIe 2.0 x1 slots, allowing users to install up to six graphics cards for some parallel number crunching. They also feature two additional 4-pin power connectors to provide the necessary juice.
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Are there even PCI-E x1 video cards that would help in Bitcoin farming? Or, is ASRock pulling something out of its proverbial ass?

Of course, there's this method: http://lifehacker.com/5951156/conve...to-fit-a-x1-slot-with-a-diamond-cutting-wheel
 
GPU mining has been pointless for some time as first the FPGA and now the custom bare metal ASIC solutions have come to market.

GPUs can still pay mining various alt-coins however, if you are in to that sort of thing.
 
You can still do well on Litecoins with GPU.
I'm doing ~1500 k/hash which yield 1 LTC per day. Current price is ~$4 per coin.
I find myself converting LTC to BTC and then buying altcoins with BTC and just trying to play the market. Takes some patience.
 
octoberasian said:
This just got announced by ASRock:
http://www.fudzilla.com/home/item/33151-asrock-launches-two-mobos-for-bitcoin-miners



Are there even PCI-E x1 video cards that would help in Bitcoin farming? Or, is ASRock pulling something out of its proverbial ass?

Of course, there's this method: http://lifehacker.com/5951156/conve...to-fit-a-x1-slot-with-a-diamond-cutting-wheel
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You don't mount the GPU to the motherboard, you use PCIe extenders, they make 1x to 16x extenders or you can just modify a cheap 1x extender.

Dont cut your motherboard, thats dumb.

asrock-bitcoin.jpg
 
Coins are at $550 and climbing, I believe that's Chinese money coming in.

I recently found a USB drive I thought I had lost forever that had my wallet backup. I reinstalled the client, restored the backup and recovered my last 0.56 coins. At today's price that's over $300 lol.
 
aaaaahhhh, I just found an old wallet of mine, HOW DO I OPEN IT!!!!?!?!?!?!


I haven't used wallets in a long long time, so I've created a new wallet, DL'ing the block chain and waiting till it's finished to go from there. Let me know if I'm on the right track or can point me in the correct direction.
 
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Yeah that's right. Assuming you're using the bitcoin-qt client, you can wait for the blockchain to donload then shut down the application. Go to your user data / bitcoin-qt folder and overwrite the wallet.dat there with your old wallet.dat (also, make sure you have a backup of your old wallet just in case).

If it's an old wallet, you might not have it encrypted. Do that, make backups, and delete any unencrypted wallets that you have (or transfer the money to a new wallet).
 
vsboxerboy said:
Do that, make backups, and delete any unencrypted wallets that you have (or transfer the money to a new wallet).
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Here's hoping it's got something in it!!

I'm still 112 weeks out right now.. The wait is going to kill me!
 
Yea i know its crazy.

On a side note, is there any good alternatives to bitinstant? Looking to buy a .1 or .2 BTC to play with.
 
damit im so mad at mt self for spending 69 btc back when they where sub $5 a coin:( least i still have 27 btc left and 600ltc
 
nitrobass24 said:
Yea i know its crazy.

On a side note, is there any good alternatives to bitinstant? Looking to buy a .1 or .2 BTC to play with.
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I use Coinbase to buy and sell. It ties to a bank account, which makes it pretty easy to buy and sell coins. I'd recommend starting the verification process as soon as you sign up - it takes around a month to get verified enough to buy or sell up to 50 coins per day. You can still buy a small quantity without verification, but you need to wait for transactions to clear.
 
Well I just doubled my litecoin earnings, only for the value to rise from the $7 i sold at to $9/coin. lol wow. come on dip!
 
Made 100% return on initial hardware and electricity costs since may. If I had not been lazy about keeping my miners up, it would have been 150%. I sold my LTC at $8.40 earlier. Registered on BTC-e, got my LTC moved and sold. And after today's price movement, I believe LTC should no longer be considered an "alt coin".

I'm going to do one of two things...

1) Sit on the side for now and buy back in if/when it dips to a new stable value.
2) Use the profit to buy more mining hardware, maybe some more 7950s and some Amazon Warehouse motherboards this BF maybe?

The $/day in the LTC pool looked pretty awesome this morning. And also, I think the resale value of Radeon HD 7000 GPUs went up a little bit today. :p
 
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elite.mafia said:
holy crap litecoin is going mad on btc-e right now.
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I kno rite?! Man am I glad I decided to jump on LTC mining as a hobby!

The value of my LTC's have practically quadrupled since I started 3 months ago. All of my mining equipment has now paid for itself in full. Needless to say, upgrades are in the works.

I haven't sold any LTC yet... I'm holding them in anticipation of the value going much higher.
 
blade52x said:
And after today's price movement, I believe LTC should no longer be considered an "alt coin".
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It sure shut up some of the detractors I tell ya. I sometimes read the trollbox on BTC-e for kicks. I know most of the posters are trolling but you can tell that some of them actually believe the crap they spew there... it was interesting to see the amount of anger some people have for LTC. It's also interesting to note that they're conveniently not there at this time.
 
J Macker said:
So, is anybody else here buying the Cointerra IV miners for $6k?
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I wouldn't purchase one anymore, unless you are on a late December/early January model you are going to have a hell of a time breaking even.

I'd wait for next gen to start pre-orders and then pounce as early as possible as hard as possible if you really want to mine.
 
Then back to below $600 and now above $700. I'm getting tired of even just watching this. I can't imagine anyone want to be a part of this. It's 100% very short term gambling right now. The big boys are suck each other dry now. I'll just keep on mining LTC and go to sleep comfortably tonight.
 
blade52x said:
Then back to below $600 and now above $700. I'm getting tired of even just watching this. I can't imagine anyone want to be a part of this. It's 100% very short term gambling right now. The big boys are suck each other dry now. I'll just keep on mining LTC and go to sleep comfortably tonight.
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I've made a good chunk of change just trading the ups and downs of this rollercoaster, but then, my anxiety level right now is through the roof.
 
elite.mafia said:
I've made a good chunk of change just trading the ups and downs of this rollercoaster, but then, my anxiety level right now is through the roof.
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I'm just sitting back seeing how this one plays out. I'll try trading the next one. You know, where I'll be able to trade 1BTC for somewhere between $1500-$2000. :p
 
I'm watching NBR right now and they are talking about bitcoins. How far have we come lol.
 
Mined close to 300 btc since starting in summer of 2011 and sold most for under $10 , Fuck my life I could be living like saddam in a third world country right now
 
master noran said:
Mined close to 300 btc since starting in summer of 2011 and sold most for under $10 , Fuck my life I could be living like saddam in a third world country right now
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I've mined between 1200-1500, been selling all along for precious metals.
Have 1-2% worth of PM's versus if I had held everything until now.

$1m+

Where's the damn delorean?
 
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