getting into bitcoining?

D

darksparten

n00b
Joined
Feb 17, 2013
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With one, maybe 2 7950s. How many coins can i expect to recieve each month.

Also can anyone point me to where i can get started making coins. Thanks

and how long would you say it would take to make money to buy a P9X79 Deluxe(380 bucks or so)
 
At the current rate it'd be difficult for you to make your money back on the motherboard, let alone your likely electricity costs.
 
Right now we are just seeing the introduction of ASICs into bitcoining, they are at least an order of magnitude more power efficient and faster that GPU mining. If you start mining right now you will be making money but as the ASICs are rolling out it's quite likely the cost of electricity will cost more than what you make mining. It's anyone's guess what the market will do but I would suspect that this will happen in the next few months.
 
Taking projected difficulty rises into account it will likely take you 4 months at least to break even on that motherboard, and that's not including electricity...
 
I used to mine for a couple years. I wouldn't recommend starting with GPU's now if you want to make guaranteed money. It's a gamble.

A 7950 is commonly 500 MH/s. For two of them at the current difficulty thats around ฿0.06 daily or ฿2.28 for the month which is worth around $208.

You also need to consider the price of power, the fact that the difficulty is going up in huge jumps these days (changes around every 2 weeks.. next jump looks to be around 10-15%) and the volatility in the price.
 
Best thing to do at this point, if you haven't already invested in the hardware to mine, is to just play the market. Buy low, sell high, let the pros process the coins for you
 
Pretty much what these guys have already said. Don't waste your money on a GPU mining rig as ASICs are going to mess things up for GPU miners. Avalon is doing a third batch and if BFL ever gets to market things are really gonna go crazy. IF Butterfly Labs launches its products then 150 bucks will buy you a Jalapeno that will run circles around GPU miners at 4.5GH/s and cost (supposedly) much less in electrical usage.
 
Revdarian said:
Wouldn't doubt that it will consume much less, as the Avalon ASIC+system combos that have actually gotten into the test market produced this:
66.3 GH/s
Consuming 620w (measured with a killawatt)
For a cost of 1300 usd $
^^ http://garzikrants.blogspot.com/2013/02/avalon-miner-power-usage.html

https://en.bitcoin.it/wiki/Mining_hardware_comparison
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$1300 huh? Sheesh. Definitely seems like a gamble. I should have jumped on this two or three years ago. Ah well... :(
 
jbltecnicspro said:
$1300 huh? Sheesh. Definitely seems like a gamble. I should have jumped on this two or three years ago. Ah well... :(
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Avalon units sell for $6000+ now. Batch #3 just sold out at that price few days ago. At $1300 they were a bargin :p
 
Meh this was a gaming rig originally anyways. I just thought Bitcoining would be a good side job overnight.
 
darksparten said:
Meh this was a gaming rig originally anyways. I just thought Bitcoining would be a good side job overnight.
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That's what I do with my rig, if im not gaming its mining. While im only doing 1.1-1.2GH/s its enough that I make about 180 a month in profit.
 
x3sphere said:
Avalon units sell for $6000+ now. Batch #3 just sold out at that price few days ago. At $1300 they were a bargin :p
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This.

They don't sell anything for dollars. They use bitcoins. At the time they sold they were 75btc each for a 3 module system (65GH/s version).

The price at the time was around 90$ which puts them in the $6k - $7k range.
 
i'm also interested in doing some mining outside of my gaming. anyone else on here running 2 7950s or 7970s? what type of output are you getting per month?

Thanks
 
man i never understood what this was all about , i guess it's time to do some reading,
i always though it was some kind of fad or scam

but seems like it isn't
 
It's likely a fad...just a long running fad. One could take advantage of it until it plays out. I'm thinking about doing so as well.
 
I just jumped into the game a few weeks ago. I actually jumped ship to LTC mining, prices are lower but you mine coins faster so its about the same payout. I just think BTC has hit a plateau and LTC still has a lot more room to grow.

I like to use btc-e.com for trading...more information then Mt. Gox.
 
nighthawk-73 said:
man i never understood what this was all about , i guess it's time to do some reading,
i always though it was some kind of fad or scam
but seems like it isn't
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Looking from the outside, I see a currency being mined out of nothing but consumption of electricity in a scheme created by an entity that still remains completely anonymous, whose value has spiked up 600% in three months.

Is there a chance that this is totally legit and not a bubble? Maybe, but I got my eye on investing in some really nice tulips being sold by a guy named Bernie, he's totally trustworthy I promise!
 
evilsofa said:
Looking from the outside, I see a currency being mined out of nothing but consumption of electricity in a scheme created by an entity that still remains completely anonymous, whose value has spiked up 600% in three months.

Is there a chance that this is totally legit and not a bubble? Maybe, but I got my eye on investing in some really nice tulips being sold by a guy named Bernie, he's totally trustworthy I promise!
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Nobody says you have to invest long term. Of course, BTC's behavior suggests you should. If I can make 2k a month just by running a program and selling off my coins every day, I dont care if its a scam, bubbke, or otherwise. I sold off 23 ltc yesterday and made 100 bucks, scam or not, im in the green.
 
I started mining just two weeks ago, even though I was way too late into the game. I started mining with two 5870's, both watercooled. The price of the bitcoin was at $70 when I started. I figured that since they were already installed in my PC, why the fuck not? So I cranked the voltages up on my cores to 1.313v, aux to 1.163v, then bumped them up to around 1050-1100 MHz (600MHz memory) and I'm getting sub 46-50C temps with both cards. I'm averaging 930 Megahashes/sec. I can crank the volts to max and get an average of 950MH/s, but its not stable over 2 hours.

With the BTC at $180, its never too late to start. Just hope that it climbs to $200 and stays high for a while, so you can at least get your 1 bitcoin and then cash out before the crash.

After two weeks, I'm at .3 BTC. That's $51~, not bad for getting into the game a bit late. Subtract about $10 for power, still money to be made. I pay 0.066 per kilowatt hour, relatively cheap.

True, we ain't gonna get rich off on bitcoin mining today... but guess what? Go on eBay and look at the value of 5870's now. In early/middle of March, they were selling at around $125-150, NOW they are going over $200. The 5870 in particular is in great demand for mining. Everyone wants to get in on it.

As for Nvidia, hahahha... ATi has the upper hand on this one bitches!!! Hows CUDA treating you now?

Whether you're mining or not, you've gained some resale value for your ATi cards. We all win some!

Realistically, the BTC isn't going to be worth over $100 in the long term (you never know, I could be wrong which would be a good thing), but I still think that its important to start a form of decentralized crypto-currency. Its especially important that we start now, with all the economic turmoil going on in the world.

With this being said, the amount of scams involved in bitcoining is immense. One possible scam is this ASIC company that I like to call 'butt-h0le labs' (Butterfly labs). I truly believe they'll become vapor ware. They have delayed product launch month after month since November. Their customer support should concern many. You can't post on the forum without moderator approval, unless you've kissed their ass long enough. THEN, in order to generate interest in their 'products', they raised their prices, and then said that the Minirig was 'sold out' ($30,000 machine) - that is a complete lie. Honestly, nobody is going to spend 30 grand on a product that is on backorder. I like how they try to play the "sold out" card on the most expensive unit, so people will be like "Ohhhh OMG they just sold out of the most expensive unit, people really must be into this". They're just making a final money grab until they get busted. Butt.h0le labs is going to be the next Phantom console vaporware, and when the truth is uncovered, they will most likely get away with stealing all those bitcoins from preorder customers. Those who paid in USD might get their money back.

Just think about it, they make up some fancy numbers for their products, like 4.5 gigahashes/sec, using only 6 watts. 60,000 GH/s for 60 watts. Yeah it could be possible, but with the way they are acting, this could be the biggest scam in the history of the bitcoin. People send them money, and they get no email confirmation at all, and when they email support, they get a vague bullshit answer such as "oh, we're switching over to a new billing system, your order was on the old system, and we didn't put it on the new system yet". There are tons of customer complaints on their forums and I believe they're just a bunch of scamming butth0les.

I never ordered anything from those shitheads, or any ASIC for that matter. Only Avalon delivered a product. Those with Avalons are making over 10 grand a month of 650 watts. If you have an ASIC now, you are making big fucking money. But hey, I could be wrong, Butterfly might come through one of these days and ASICS will dominate mining and the 5870's will drop back to their real value. Its bound to happen soon, and bitmining will become a future benchmark when comparing ATi to Nvidia cards.

Sorry, long post.
 
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I got into mining few months ago as well. Started with only 1 7850 and have cashed few coins. Now mining with 7870 LE and 7850. Another 7870 LE on the way soon. @ current prices with all my vid cards I will make about $500 a month which is great. Not paying any electricity @ the moment.

I think PC miners will move to Lite Coin instead of Bitcoin if bitcoin mining become harder to mine. There are more people with PC than Avalon or ASIC so the movement is with the people not products.
 
Right on man, I heard about the clones such as the Litecoin. There was some negativity surrounding the launch of Novacoin, and I'm sure a good handful of others will never gain interest and die off. Litecoins however, sound like the best alternative to Bitcoins. Scrypt hashing should have some powerful advantages over SHA-256 and will hopefully level the playing field. Maybe, maybe not... supposedly they've already written litecoin miners to utilize GPU's.

So if you're a little late to join the bitcoin bubble, you might have a second chance with Litecoins. IMO, this whole game is just getting started. I'm sure a lot of people will lose actual USD in this game as a result of bad timing when the BTC plummets in price because they bought the real coins, or they went buck wild on impulse spending at the exchanges. And vice-versa for those who went short at $100 thinking they called the top. The safest way (but slowest) way to go about it is to start mining. The most you'll lose is getting a higher utility bill, but you use your computer anyways. However you could brick a card by over working it, so get an aftermarket cooling solution.
 
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Don't even bother with trying to get an ASIC or FPGA machine.

They aren't pipe dreams, obviously, but they are no where close to being mass-produced.

GPUs are still king, and will be king for a long time to come.

As for the price of BTCs being on a bubble, think that this bubble has got a long way to go before popping. Given the economic uncertainty of the individual Eurozone economies, i think we're only scratching the tip of the iceberg here.

Cyprus was a tiny economy, and look what happened to the BTC price. Let's try a larger economy. ;)
 
I agree, I don't see btc being in a bubble but its definitely become the big dog in terms of mining difficulty. If you can't get an ASIC (99% of people) I would suggest switching over to litecoin mining. It's pretty much the number two cryptocurrency right now and you'll make better profit then with litecoin. A couple resources ive been using:

btc-e.com for trading
dustcoin.com/mining for profit calculations
allchains.info to see upcoming difficulty adjustments
 
damn, LTC is really taking off.

..must do more research into this.
 
atp1916 said:
Don't even bother with trying to get an ASIC or FPGA machine.

They aren't pipe dreams, obviously, but they are no where close to being mass-produced.

GPUs are still king, and will be king for a long time to come.

As for the price of BTCs being on a bubble, think that this bubble has got a long way to go before popping. Given the economic uncertainty of the individual Eurozone economies, i think we're only scratching the tip of the iceberg here.

Cyprus was a tiny economy, and look what happened to the BTC price. Let's try a larger economy. ;)
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this.
 
MooCow said:
... I pay 0.066 per kilowatt hour, relatively cheap...
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How do you get that rate? I'm in CA. and it starts out at 12¢ per kilowatt hour but goes up as you move through 3 or 4 usage tiers to 34¢ kilowatt hour. So it costs me about $175 a month to make 8 or 9 coins. Well, it did. The difficulty has gone way up and my pool went from like 40000 MHash/sec to 104000 and doubling the users in the last few weeks so now when they find a coin I only get like .40BTC from it. I was getting over one coin but we have found one each of the last five days. So maybe it will be the same but it's getting crazy.
 
atp1916 said:
34c kw hour is nuts.

i pay 9c here in Texas.
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Who do you use for 9c? I've seen a lot of plants that advertise 9c but that's only if you use 2000kwh or more. I fall between 750-1250 and the price goes up to 14-15c.
 
I got a fixed rate plan a few years ago with TXU that is hedged on natural gas prices.

They can't raise it :cool:
 
Tanquen said:
How do you get that rate? I'm in CA. and it starts out at 12¢ per kilowatt hour but goes up as you move through 3 or 4 usage tiers to 34¢ kilowatt hour. So it costs me about $175 a month to make 8 or 9 coins. Well, it did. The difficulty has gone way up and my pool went from like 40000 MHash/sec to 104000 and doubling the users in the last few weeks so now when they find a coin I only get like .40BTC from it. I was getting over one coin but we have found one each of the last five days. So maybe it will be the same but it's getting crazy.
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Depends on what part of the nation you live in. CA has power issues to begin with don't they? High demand and low supply will get you high prices. Here in the Midwest, I only have one supplier of energy but there's an abundant supply of it so I get it pretty cheap at 5.05 cents contractually guaranteed for two years and there are no tiers either, just a flat rate. Our ISPs are the same way, no data cap like what I hear the east/west coasts have to contend with.
 
Litecoin mining seems much more difficult to get setup on my 7870LE...can't get anywhere near the hashrate I think I should with either cgminer or reaper. Plus with the bitcoin value skyrocketing, I make more money with BTC than LTC right now. I guess it doesn't hurt to keep options open though.
 
I quit mining back in october when i thought butterfly labs was about to ship product. Now ive missed out on thousands of dollars I would have otherwised mine with my seven video cards.
 
I still make more money LTC mining with dual 7950s.

1200 KH/s gives me $700 projected profit per month
 
This is a very informative thread. We pay19c kw in NY. I am renting but I do not have to pay for utilities. I talked to a guy at overclock.net and he recommended going with Slush's pool.
 
x3sphere said:
I still make more money LTC mining with dual 7950s.

1200 KH/s gives me $700 projected profit per month
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What settings do you use? For the life of me I can't get a 7930 (tahiti le) card to do more than 330 KH/s.
 
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