getting into bitcoining?

ok well I setup my 7950 last night to mine @ BTCguild.

The question I have now, is how do I get cash?

The BTC site seems low on details.

Information on how to do is pretty fragmented, makes it hard to figure out how to get everything done. You need to create an account with an exchange, like MtGox or BTC-e. Then, on that site, there will be a place to deposit funds. When you pick BTC, it will give you a long seemingly random alphanumeric string. On BTC guild, they should have an option to withdraw, and this is where you will copy that long string of letters and numbers into. Wallet transactions like this aren't always instant, ive heard they can take multiple hours, so have some patience. I personally have never had to wait more then 30 minutes and it usually takes less than 5 minutes, though I mine LTC which is supposed to have quicker transaction times.

Once you have the coins on the exchange, you simply sell them for USD. Once you have USD, you have more hoops to jump through to get it to your bank account. First, I believe you have to get your account on MtGox verified, which is seriously backlogged so that could take weeks. The way I do it (and there are many), is I created an account with Dwolla, and then I send the funds from MtGox->Dwolla->Bank account. I actually do trading on BTCe so its another step for me. Going from BTCe->MtGox->Dwolla only took about 30 minutes total and I paid .25 cents in fees total and then from Dwolla->Bank account takes 2-3 days I believe is what they list on their site...I should be receiving my first transaction in my account tomorrow if all works as intended.

I guess I should add that after I exchange my crypto (LTC) for USD, I use Aurumxchange.com to transfer from BTCe to MtGox. If you send it as a BTCe Code, there are no transaction fees and it was nearly instant. Using AurumXchange adds a whole other layer of hoops but its really simple once you figure it out.

I personally prefer the fragmentation of information as it dissuades the general masses from getting into mining IMO.
 
Information on how to do is pretty fragmented, makes it hard to figure out how to get everything done. You need to create an account with an exchange, like MtGox or BTC-e. Then, on that site, there will be a place to deposit funds. When you pick BTC, it will give you a long seemingly random alphanumeric string. On BTC guild, they should have an option to withdraw, and this is where you will copy that long string of letters and numbers into. Wallet transactions like this aren't always instant, ive heard they can take multiple hours, so have some patience. I personally have never had to wait more then 30 minutes and it usually takes less than 5 minutes, though I mine LTC which is supposed to have quicker transaction times.

Once you have the coins on the exchange, you simply sell them for USD. Once you have USD, you have more hoops to jump through to get it to your bank account. First, I believe you have to get your account on MtGox verified, which is seriously backlogged so that could take weeks. The way I do it (and there are many), is I created an account with Dwolla, and then I send the funds from MtGox->Dwolla->Bank account. I actually do trading on BTCe so its another step for me. Going from BTCe->MtGox->Dwolla only took about 30 minutes total and I paid .25 cents in fees total and then from Dwolla->Bank account takes 2-3 days I believe is what they list on their site...I should be receiving my first transaction in my account tomorrow if all works as intended.

I guess I should add that after I exchange my crypto (LTC) for USD, I use Aurumxchange.com to transfer from BTCe to MtGox. If you send it as a BTCe Code, there are no transaction fees and it was nearly instant. Using AurumXchange adds a whole other layer of hoops but its really simple once you figure it out.

I personally prefer the fragmentation of information as it dissuades the general masses from getting into mining IMO.

BTCguild claims I need to create a 'wallet' first

They list "(https://www.bitcoin.org) or create an online wallet at a service like Blockchain.info."

are those places any good? any place better?

If I have to get a wallet,
I'm geussing the process goes:

-btcguild
to
-wallet
to
-MtGox
to
-Dwolla
to
bank account

?
 
Hi guys!
what's the TDP of a 7970 and how many 120 mm rads are needed for each card?
 
BTCguild claims I need to create a 'wallet' first

They list "(https://www.bitcoin.org) or create an online wallet at a service like Blockchain.info."

are those places any good? any place better?

If I have to get a wallet,
I'm geussing the process goes:

-btcguild
to
-wallet
to
-MtGox
to
-Dwolla
to
bank account

?

You don't really need to keep a wallet if you aren't going to keep your coins. While you are mining at BTCGuild, BTCGuild keeps track of your coins until you are ready to send them somewhere else. If you want to keep them yourself then you would need a wallet to store them. If you are just mining to sell then you'll create a MTGox account. This account will include a wallet and address of it's own. You will copy/paste the MTGox wallet address into where BTCGuild asks for your wallet address to send payment to. From there you just send the coins to MTGox when ever you're ready.

Oh and BTCGuild gives you the option to lock-in your email address and wallet address, DO THIS... I had my account get nailed once and he changed the wallet and locked it in. He got his $5 worth of coins before I noticed but that's only because I don't keep coins I mine for very long at all.
 
Hi guys!
what's the TDP of a 7970 and how many 120 mm rads are needed for each card?

General rule of thumb is one 120mm per block. Unless you've got a pretty crappy setup the rule still holds true.
 
You don't really need to keep a wallet if you aren't going to keep your coins. While you are mining at BTCGuild, BTCGuild keeps track of your coins until you are ready to send them somewhere else. If you want to keep them yourself then you would need a wallet to store them. If you are just mining to sell then you'll create a MTGox account. This account will include a wallet and address of it's own. You will copy/paste the MTGox wallet address into where BTCGuild asks for your wallet address to send payment to. From there you just send the coins to MTGox when ever you're ready.

Oh and BTCGuild gives you the option to lock-in your email address and wallet address, DO THIS... I had my account get nailed once and he changed the wallet and locked it in. He got his $5 worth of coins before I noticed but that's only because I don't keep coins I mine for very long at all.

thanks for the help
 
thanks for the help

Also, if you do intend to have a Wallet aside from the one your exchange (Mt.Gox or whatever) provides, then I HIGHLY recommend having a local wallet on your PC. You have greater control over what security you use for your wallet, you can even keep it "offline" on a USB stick or what have you.

Online Wallets can get hacked, so don't keep any large amount in an online Wallet for anymore then necessary to perform a trade or sell for cash.
 
Also, if you do intend to have a Wallet aside from the one your exchange (Mt.Gox or whatever) provides, then I HIGHLY recommend having a local wallet on your PC. You have greater control over what security you use for your wallet, you can even keep it "offline" on a USB stick or what have you.

Online Wallets can get hacked, so don't keep any large amount in an online Wallet for anymore then necessary to perform a trade or sell for cash.

+++1

I don't keep cash/coins for very long. They end up in my bank account pretty quick if I can help it.
 
anybody with a 7870 Tahiti LE card care to share their bitcoin/litecoin hashrates stock & overclocked, via cgminer and what flags you're using?

i'll most likely be hashing with litecoin in mind, and the 7950 needs a .64 memory:gpu clock ratio to get the best hash rates, and 7970's need a .57 ratio

i'll probably start at .57 and move upwards until I get good results but if anyone here has any hard concrete results i'd love to hear them
 
extremetech show the 7790 as the best value gpu-dollar/mHash card.
 
extremetech show the 7790 as the best value gpu-dollar/mHash card.

I'd say they are spot on with that assessment as well. I went with 7770's just because they were a great price after rebate (something like $80, and you get about 200 mHash) and ended up being a better value when compared at the 7790 (which is like $110 after rebate and you get about 250 mHash). It was a bit cheaper for the 7770's but if I had to pay for my own power (I have my rigs setup at work, they are none the wiser lol) I would have went with the 7790 though as it looks to be better overall in terms of power consumption.
 
To go along with my wall of text a couple posts earlier, Dwolla transferred my money into my bank account yesterday so they managed to do it in 24 hours. So start to finish took a little more then 24 hours to get my cryptocurrency exchanged into physical USD that I can spend...not bad considering the number of hops the funds have to take to get to that point.
 
Eclipse MC allows you to transfer your mined BTC directly to Dwolla without having to be a member of an exchange. The fee for doing so is minimal...2-3%.
 
anybody with a 7870 Tahiti LE card care to share their bitcoin/litecoin hashrates stock & overclocked, via cgminer and what flags you're using?

i'll most likely be hashing with litecoin in mind, and the 7950 needs a .64 memory:gpu clock ratio to get the best hash rates, and 7970's need a .57 ratio

i'll probably start at .57 and move upwards until I get good results but if anyone here has any hard concrete results i'd love to hear them

I never got any better than 350 kh/s with the 7870LE which was disappointing because it's a cut down Tahiti. I ended up getting around 500 Mh/s mining for BTC, so I just stuck with that since it ended up being a little more profitable with those hashrates.
 
Eclipse MC allows you to transfer your mined BTC directly to Dwolla without having to be a member of an exchange. The fee for doing so is minimal...2-3%.

I'd say that's a pretty significant bite, nearly 25% of my "operating costs"
 
I'd say that's a pretty significant bite, nearly 25% of my "operating costs"

Actually...2.5%...just calculated it.

The other way to look at it is it's inline with some of the pool take that a lot of other mining pools have.
 
Actually...2.5%...just calculated it.

The other way to look at it is it's inline with some of the pool take that a lot of other mining pools have.

2-3% of $1, 000 in profit would be $20-30 and with an electrical cost of aprox. $140 dollars, thats aprox 25%...at least thats my projected expenses/profits.
 
What you're not taking into consideration is what the price per bitcoin will be when everyone else decides to sell. Right now one may sell for ~$130 but its a volatile market and the next big crash is one mass panic away.
 
Looking to get started in Litecoin mining. Anyone recommend a good pool to join. I got a HD 5850 and 5870 I need to put to use.
 
What you're not taking into consideration is what the price per bitcoin will be when everyone else decides to sell. Right now one may sell for ~$130 but its a volatile market and the next big crash is one mass panic away.

Im well aware of that Kritter, I dropped the coin on a mining rig days prior to the LTC crash from $4+ dollars to sub-$1.50. Its hard to say where the market will go though I anticipate its going to go through a nice growth spurt when MtGox announces the addition of LTC to their trading site. Hell, their announcement to support it in the future had an immediate impact temporarily raising values by something like 50-75%. So I think when it does happen LTC will settle to around 6-7 dollars a coin at least. That's nearly double LTC's current value.

Of course, difficulty is also going to be going up, as it has been at a nearly 10% rate every round, so value needs to go up to keep pace and for it to continue being an affordable coin to mine.
 
What is funny, is I never in my wildest dreams imagined Bitcoin would take off like it did.

I had over 250 of them. Gradually trading them all for silver or XBox modding tools. I have a pound of silver coins and two modded XBoxes to show for what would be work about $33500 today.

Sucks...but that is life. The worst part is I traded 38 for XBox modding tools three weeks before it started to take off and reach over 200.
 
I now mine Litecoin.

If you read up on Litecoin, you will realize using scrypt is much smarter...something BTC should have done.

It should be valued around 25% of BTC, so is undervalued atm. There will be 4x more LTC produced than BTC...and LTC is harder to get (cost wise). As a couple 7970s would have cost you the same as an ASIC that would have generated more BTC.
 
Under the right circumstances it's a no-brainer to run your GPU for some free cash...

If you pay little to nothing for power
If you already have the GPU's for gaming
If you want to heat up a room or two in the winter "for free"
If you want to have a little fun.

I've always been small time -- first mining with my two 6950s, and now my two 7970's - mining during the winter is awesome because you get to heat your home *and* make some cash on the side. You have to think in terms of "well the electricity was going to be used for heat anyway, might as well run it through the GPU anyway, at that point the electricity becomes sunk whether you bitcoin mine with it or not.

With ASICs, and the sky high difficulty - mining Litecoin is the way to go at this point. It's the only coin that's stayed above 1.0 ratio relative to bitcoin (with the crazy market swings going on)

In the 1 or so years I've been playing aroung with BTC/LTC I haven't invested a single penny of my own money. If I had a magic mirror and known to mine LTC since it came out, I could have bought $100,000 house in cash by now... you just never know though.

I've probably got around $2k over the years for doing absolutely nothing. Not much in the grand scheme of things, but it's free. (even after factoring electricity)

Hell, just the other day on a whim I sold off about 200LTC when there was a dump, price jumped back up and I bought back in. Made about $50 in profits with just a few clicks and a few hours of waiting. It's a little bit of a rush to be honest when you can turn nothing into something (with a little luck)

What others have said is true - in just a few hours the whole thing could come crashing down and everyone would be left with worthless bitcoins/litecoins. Which is why no sane person would have their retirement/kids college fund/savings in a system like this. The idea of the system is great, and with the worlds shrinking freedom it's nice to know there are other ways of doing things if you need to.

Funny little story -- right before the first batch of ASIC's hit, I was mining BTC as fast as I could before the huge huge jump in difficulty. Telling myself that as soon as the jump happens, I'd move over to LTC. Back then LTC difficulty was around 15 to 20 (now it's soon to be 600) I was cranking out LTC at a rate of 2000/month, but I stopped because I wanted to milk BTC for all I could. If I'd only known.... lol

For the record -- I think Butterfly Labs has scam written all over it. Maybe not on the hardware side of things, but if I had a magic box that could generate $1000 a week you bet your ass I'd set up my entire stock to mine , once you mined enough that the difficulty shot up a few hundred %, then sell said boxes off for thousands more and laugh all the way to the bank with your double dipping shady ass.
 
For the record -- I think Butterfly Labs has scam written all over it. Maybe not on the hardware side of things, but if I had a magic box that could generate $1000 a week you bet your ass I'd set up my entire stock to mine , once you mined enough that the difficulty shot up a few hundred %, then sell said boxes off for thousands more and laugh all the way to the bank with your double dipping shady ass.

Exactly what I was thinking.

I think this is why they were initially delayed... ;)
 
BFL hasn't been using their own units to mine, least not in any large volume. The difficulty spike from such a move would be instantly noticeable.

So far Avalon batch 1 (18 TH/s) and ASICMiner deployments (around 5TH/s, soon to be 15TH/s ?) match up with the rise in hash power. If BFL actually a farm going we would be up to like 100TH/s already.
 
after getting dismal results with litecoin, I figured I would try the slightly less profitable BTC to see where I can get this 7870XT (tahiti LE card)

all I can say is wow, with litecoin the max kh/s I could get was around 350

with bitcoin, with a decent overclock of 1200 GPU/785 memory, I'm getting 550 mh/s

impressive for a $187 card that I got on newegg open box, just hoping it doesn't die after the 30 day warranty is up
 
after getting dismal results with litecoin, I figured I would try the slightly less profitable BTC to see where I can get this 7870XT (tahiti LE card)

all I can say is wow, with litecoin the max kh/s I could get was around 350

with bitcoin, with a decent overclock of 1200 GPU/785 memory, I'm getting 550 mh/s

impressive for a $187 card that I got on newegg open box, just hoping it doesn't die after the 30 day warranty is up

Yeah, I don't know what the deal is with the Tahiti LE cards...they just don't do LTC very well compared to the plain 7870 and the 7950.
 
would it be worth it if i get free electricity in the barracks? (us army)
well i have 2 1gb 4850's laying around, and i plan on getting a new mainboard and fx 8350

so i can put my old 720be and msi 790 with the 4850 and mine with that? i dont even know what this mining crap exactly is but i know i can set up a comp with a friend in the barracks heh
 
Hmm making money on the side.. im all for that. Is there a good guide for me to start?? Im guessing nvidia is terribad for mining??
 
would it be worth it if i get free electricity in the barracks? (us army)
well i have 2 1gb 4850's laying around, and i plan on getting a new mainboard and fx 8350

so i can put my old 720be and msi 790 with the 4850 and mine with that? i dont even know what this mining crap exactly is but i know i can set up a comp with a friend in the barracks heh

If there was an empty room that you could keep half an eye on I would do it, othereise your probably just gonna back yourself out of the room or piss your roommate off, lol.

Refraxion, this is one of those things youll have to do some research on, information is highly fragmented and yes Nvidia cards are incredibly poor miners. Make friends with google, hes knows where all the good shit can be found.
 
I had pretty crappy results with my standard 7870 on litecoin. Even after hours of tweaking, the best hash rate I could pump out on cgminer was about 300-310 kh/s

On the hardware comparison guide just about every 7870 listed was pulling almost 400 with the exact settings I was using. I don't get it.
 
I think once somebody figures out the right config settings for the Tahiti LE card it will cruise along at similar speeds as BTC (500+ on a decent OC)

one thing I don't like about that card, at least the myst edition, the memory is passively cooled :confused:

if I try going over 1500mhz the screen flickers badly
 
would it be worth it if i get free electricity in the barracks? (us army)
well i have 2 1gb 4850's laying around, and i plan on getting a new mainboard and fx 8350

With 4850s? not really, they mine btc at 70-80 Mh/s, which is pretty low.
You need 5xxx or newer.
 
I can't get my LTC mining to work at all..

What pools are you guys using?

I'm trying mine-litecoin.ca but I'm not getting payouts.
 
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