getting into bitcoining?

Vram speed helps a lot on my 7970s pushing to 1800 gives me 750khs vs 650 at stock ram speed. And yes undvolting ftw i run my cards at stock v my rig pulls over 1kw out the wall at 1.025v i pull 750w
 
In Texas with the heat we have over the summer it makes it VERY hard to justify any sort of mining, small or big time if you are paying the bill.

Not only are you paying for all that heat to be dumped out the back of the GPU, you are paying to keep the house, you, everything cool with AC. Running 1000w worth of cards winds up costing you 2000+w worth of energy (since efficiency isn't 100%)

Winter time is really the golden time -- such a great feeling to know your heater is actually making you money :) The energy for the heat is a sunk cost since you would have had to keep the place warm no matter what. Might as well generate the heat in a manner that yields a return.
 
collegeboy69us said:
In Texas with the heat we have over the summer it makes it VERY hard to justify any sort of mining, small or big time if you are paying the bill.

Not only are you paying for all that heat to be dumped out the back of the GPU, you are paying to keep the house, you, everything cool with AC. Running 1000w worth of cards winds up costing you 2000+w worth of energy (since efficiency isn't 100%)

Winter time is really the golden time -- such a great feeling to know your heater is actually making you money :) The energy for the heat is a sunk cost since you would have had to keep the place warm no matter what. Might as well generate the heat in a manner that yields a return.
Click to expand...

This is why im dumping all the heat outside...still have to heat up the air that's being sucked into the home through all the cracks and crevices but its a lot less expensive to do that than trying to cool down nearly 4kw worth of GPUs.
 
BTC @ $101
This flat volume combined with exploding difficulty really sucks.
I wonder where we are headed next.

I've now reduced my dual 5870 voltages below stock and under clocked my cards just to compete against this summer heat.

Summer Heat + weak BTC value + doubled difficulty = trio of discouragement :(
 
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Okay. I've read through a ton of pages in this thread. I still don't understand this. So...you guys are just making imaginary coins by revving your GPU up? Then people pay real money to buy these imaginary coins?

WTF am I missing lol
 
aeonrevolution said:
Okay. I've read through a ton of pages in this thread. I still don't understand this. So...you guys are just making imaginary coins by revving your GPU up? Then people pay real money to buy these imaginary coins?

WTF am I missing lol
Click to expand...

imaginary? hardly.

The "coin" (or parts of them) are all verified and generated by miners. Just because it doesn't physically exist, doesn't mean it's not real.

It's value is just like anything else fiat in the world. It has value because people think it does. Of course the natural thing to do is equate it to the dollar since that's what we use day in and day out. Think about it though -- why does the US dollar have value? Simple - because we have collectively said that it does. The days of it being backed by gold or silver are long long gone, it can buy goods and services because we say it can. In the end, you can't eat a dollar, you can't drink a dollar, it's just a piece of cloth with built in security measures that's only useful because it's easier to trade them back and forth then all of us hauling around food/water/energy for trade.

Same principle applies to things being bought and sold for bitcoins - it's much much easier to send off a few bitcoins electronically and get your goods shipped than it is to find someone who has exactly what you need, who in turn wants exactly what you have.

Edit: and the days of easy profits/mining on GPU's looks to be drawing towards a close. ASIC's are making a bigger and bigger part of the hashing network, and with their huge increase in speed and efficiency -- GPU mining will become a thing of the past for more and more people depending on your cost of electricity. Sucks to think all those years ago I could have ran my GPU's for a few weeks, saved the coins, and bought a $250,000 house lol.

I currently mine on two 7970's, a 7950, and sometimes a 6950 -- mainly because I live in an "all bills included" situation. That changes soon if I'm able to close a deal on the house I'm looking at. I'll probably still mine, but I won't be raking in as much profit each month if I have to fork over $60/month for power.
 
aeonrevolution said:
Okay. I've read through a ton of pages in this thread. I still don't understand this. So...you guys are just making imaginary coins by revving your GPU up? Then people pay real money to buy these imaginary coins?

WTF am I missing lol
Click to expand...

The work that is being done by your GPU is to verify that bitcoin transactions are not counterfeit. You get rewarded for doing this work with bitcoins.
 
collegeboy69us said:
In Texas with the heat we have over the summer it makes it VERY hard to justify any sort of mining, small or big time if you are paying the bill.

Not only are you paying for all that heat to be dumped out the back of the GPU, you are paying to keep the house, you, everything cool with AC. Running 1000w worth of cards winds up costing you 2000+w worth of energy (since efficiency isn't 100%)
Click to expand...

Bitcoin mining today will never, EVER pay off. It is foolish to continue doing it.
 
Mmm...if you guys say so. I'm going to give LiteCoin a try for the hell of it. Is there anything, aside from power use, I need to know? Am I going to get scammed and lose mah stuffs?
 
dandragonrage said:
Bitcoin mining today will never, EVER pay off. It is foolish to continue doing it.
Click to expand...

If you kept yourself up to date and were serious about it, you'd know you CAN make a profit off it. I've made $2500 in about 2 months, that's 62% of my initial investment already paid off, in a down market really.

Now if your talking BTC mining with GPUs, yes....those days are coming to a close and if you can't adapt to ASICs then you'll be phasing out of BTC. There are plenty of other coins that are still highly profitable, scrypt coins to be more specific as ASICs haven't been developed for those yet.
 
It just isn't viable in lots of countries, though. US has prices from 5c to 20c US $, we're looking at 15c to 30c € in Ireland :/
 
^ That brings up an interesting point, though.

GPU mining definitely falls off the map much faster in areas where electricity is not cheap, but on the flip side, ASICs become much more desirable for people in those areas, because they require much less watts/hashrate, right? So those in other countries will be better off finding low power solutions, while those able to burn the electricity will transition to other cryptocurrencies such as scrypt based coins
 
Here's a question: for those of you in hot sunny places like Texas, would solar cell panels be a viable way to power a bitcoin rig and the air conditioning it requires, and if so, how long would it take for the bitcoin rig to pay for the panels?
 
I have a question configuring BitCoin and GUIMiner. I have everything set up and am in a pool. Good to go.

Whenever I hit Start Mining in GUIMiner on the very bottom is says, No jSON object could be decoded.

I googled it and people said to delete a polcbm.ini or something like that, but I only have it in an .exe and not a .ini


2013-06-18 22:53:10: Listener for "Default" started
2013-06-18 22:53:11: Listener for "Default": 18/06/2013 22:53:11, started OpenCL miner on platform 0, device 0 (Tahiti)
2013-06-18 22:53:11: Listener for "Default": api2.bitcoin.cz:8332 18/06/2013 22:53:11, checking for stratum...
2013-06-18 22:53:12: Listener for "Default": api2.bitcoin.cz:8332 18/06/2013 22:53:12, no response to getwork, using as stratum
2013-06-18 22:53:12: Listener for "Default": api2.bitcoin.cz:8332 18/06/2013 22:53:12, No JSON object could be decoded
2013-06-18 22:53:14: Listener for "Default" shutting down
 
USMCGrunt said:
If you kept yourself up to date and were serious about it, you'd know you CAN make a profit off it. I've made $2500 in about 2 months, that's 62% of my initial investment already paid off, in a down market really.

Now if your talking BTC mining with GPUs, yes....those days are coming to a close and if you can't adapt to ASICs then you'll be phasing out of BTC. There are plenty of other coins that are still highly profitable, scrypt coins to be more specific as ASICs haven't been developed for those yet.
Click to expand...

Which means you needed to buy $4000 worth of equipment to make that kind of money.

Right now the market is heading towards around $1-2/day profit per 7950/7970. It's going to be dropping as more ASICs are coming out. LTC value doesn't look great.

It's still profitable, but unless value is going to jump, it's not really going to be very much. Unless you get free power or need the heat, it's just as good not to have it running.
 
Eureka! said:
Which means you needed to buy $4000 worth of equipment to make that kind of money.

Right now the market is heading towards around $1-2/day profit per 7950/7970. It's going to be dropping as more ASICs are coming out. LTC value doesn't look great.

It's still profitable, but unless value is going to jump, it's not really going to be very much. Unless you get free power or need the heat, it's just as good not to have it running.
Click to expand...

Well I jumped on the ASIC bandwagon today and should have myself 18Gh worth of power around the end of July...assuming Terrahash is able to stick to their schedule.
 
USMCGrunt said:
Well I jumped on the ASIC bandwagon today and should have myself 18Gh worth of power around the end of July...assuming Terrahash is able to stick to their schedule.
Click to expand...

If it's anything like BFL, you might see them next year with vastly different specs.
 
dandragonrage said:
Bitcoin mining today will never, EVER pay off. It is foolish to continue doing it.
Click to expand...

Do you make it a habit to make blanket statements that have no basis in anyone's reality except yours?

While bitcoin mining on GPU's is now painfully slow for those of us that have on GPUs with very cheap or free electricity, I could easily mine bitcoins with a popular pool and everything generated would be 100% profit. The only thing foolish is making statements assuming everyone's situation is the same as yours.

Litecoin is what I mine for the most profit -- even after factoring in paying for the electricity itself I can still make a good $150 or $200 a month even after factoring in electricity.

I personally won't be sinking any money into the ASIC bandwagon because by the time units start appearing in your hand, the value/difficulty I'm sure will be vastly different. I was willing to buy a few jalapeno units from BFL last year before their credibility was shot to hell. Good thing I hung onto my money.

To this day - I've made nothing but profit. I already had the GPUs - why not put them to work? For someone to come and talk trash or put others down for their decisions, it's just poor form. Would you be singing the same song if *you* made $100k by mining bitcoins back when the difficulty was 250? Even now with difficulty sky high and values holding moderate, I'm totally cool with a free $5 every single day for doing absolutely nothing.

If none of that still makes any sense -- think about it this way -- it's not your money, your time, its not your electricity, so stfu and let us nerds enjoy our nerdy crypto currency.
 
collegeboy69us said:
Do you make it a habit to make blanket statements that have no basis in anyone's reality except yours?

While bitcoin mining on GPU's is now painfully slow for those of us that have on GPUs with very cheap or free electricity, I could easily mine bitcoins with a popular pool and everything generated would be 100% profit. The only thing foolish is making statements assuming everyone's situation is the same as yours.
Click to expand...

Practice what you preach. You're just as foolish for assuming he wasn't referring to mining with a purchase of equipment factored in. In which he would be correct. However, if you already have the equipment, then yes certain coins can still be profitable. But he stated specifically bitcoin mining, in which case he is correct.
 
Bottom line is that if "Bitcoin mining today will never, EVER pay off", then nobody would do it, and everyone would stop mining.

.... yeah... pretty sure that is not true at all.
 
You need to have a BC farm or be one of the big players in order for it to pay off now. Good luck.
 
visibiliti said:
Bottom line is that if "Bitcoin mining today will never, EVER pay off", then nobody would do it, and everyone would stop mining.

.... yeah... pretty sure that is not true at all.
Click to expand...

go look at the costs of mining hardware, (translate it to bitcoin) then compare how many bitcoins it will generate.
 
kametsukida said:
Practice what you preach. You're just as foolish for assuming he wasn't referring to mining with a purchase of equipment factored in. In which he would be correct. However, if you already have the equipment, then yes certain coins can still be profitable. But he stated specifically bitcoin mining, in which case he is correct.
Click to expand...

In what way is he correct? He has no idea on what the future of bitcoin holds. I definitely dont see it being a success, but there is still a chance it will. And where might the price be? Your coins mined at $100 might be $200 in a few months. Who knows?

His statement was absolutely idiotic. Even if the price goes down, ITS STILL PROFITABLE to run an ASIC under very high difficulty.
 
45454asasa said:
In what way is he correct? He has no idea on what the future of bitcoin holds. I definitely dont see it being a success, but there is still a chance it will. And where might the price be? Your coins mined at $100 might be $200 in a few months. Who knows?

His statement was absolutely idiotic. Even if the price goes down, ITS STILL PROFITABLE to run an ASIC under very high difficulty.
Click to expand...

To which "he" are you referring to? I'm not a die hard believer in bitcoin, but I do like it, and have made a good chunk of free money off it. Any statements I've made are generally in support of ALL crypto coins, and ALL mining methods. I generally frown on blanket statements when I see people walk in and call it "buttcoin" or they just make fun of it without understanding anything.

I'm fully open to the possibility that the whole thing comes crashing down in just a few weeks, or it could soar back to $200 per coin. Nobody knows, which is part of the excitement.

ASIC is the way it's going to be done more and more, of course right now unless you have $15K-30K burning a hole in your pocket, you are going to be waiting a long long time to get your hands on one. The huge cost of entry means I have no interest or plans to ever jump on the ASIC bandwagon. I'm quite content with my three 7970s and one 7950.

The best you can hope for (if you go out and build a rig for mining bitcoin) is to have any profit offset the cost of the hardware over 6 months or so. You won't get rich, you won't make thousands of dollars, but you will have a fair portion of the rig paid for which can then be re purposed for games or whatnot.
 
Those of you commenting saying you're bitcoining so and so amounts, would you mind posting the specs to your machine?
 
opfreak said:
go look at the costs of mining hardware, (translate it to bitcoin) then compare how many bitcoins it will generate.
Click to expand...

I reiterate: If his blanket statement is true, and mining today will never, EVER pay off, then why are thousands of people still mining, right now? The answer: Because it is paying off for them. People don't just throw money away for the fun of it.

[Personally, it's paying off for me through Litecoin, but I acknowledge that LTC and alternate crypto is a separate scenario from what the original blanket statement was referring to.]
 
visibiliti said:
I reiterate: If his blanket statement is true, and mining today will never, EVER pay off, then why are thousands of people still mining, right now? The answer: Because it is paying off for them. People don't just throw money away for the fun of it.

[Personally, it's paying off for me through Litecoin, but I acknowledge that LTC and alternate crypto is a separate scenario from what the original blanket statement was referring to.]
Click to expand...

because people are irrational.

There is almost no hardware you can buy today, that will pay for itself today via bitcoin.

If you bought a video card for gaming, there are still scenarios today, that the card will net you a profit over your electrical cost.
 
I've recouped $1,700 of my initial investment of $4,000 in two months with my largest month of income coming from June...i'd say its working towards paying itself off...
 
opfreak said:
because people are irrational.

There is almost no hardware you can buy today, that will pay for itself today via bitcoin.

If you bought a video card for gaming, there are still scenarios today, that the card will net you a profit over your electrical cost.
Click to expand...

well yeah, that is what i am talking about. profits over electricity costs. he said mining today will never ever pay off -- he did NOT say that buying new hardware today would never pay off.

I feel like we are arguing in circles about nothing. LOL :confused::( so... i'm done! long live cryptocurrencies! :D
 
with all the crap that's been going on with the feds and bitcoins, what is currently the easiest way to get money out of btc-e? I do have a dwolla account
 
robble said:
with all the crap that's been going on with the feds and bitcoins, what is currently the easiest way to get money out of btc-e? I do have a dwolla account
Click to expand...

I actually use Coinbase now. I exchange into BTC....send it to coinbase and then coinbase into bank account.
 
thatnks. I just started the bank verification process with coinbase
 
I have an issue with litecoining. I just started yesterday, using wemineltc, and the website has been reporting around 170 KH/s hashrate for the last 8 hours or so. I've only managed to make around .01 LTC per hour... seems very low.

My batch script has cgminer.exe --scrypt --gpu-threads 2 -l 13 --thread-concurrency 4800

Worker difficulty max is set to 192 on the website, and I generated the bat file for that.

Is this right or am I going low? CGminer reports 500+ KH.
 
well first off, you only need one thread, even if you have multiple gpus.
1. open cmd, type setx set_gpu_max_allocation 100
2. go into your cgminer folder and delete the .bin files that look like this:
"scrypt######blahblah*tc*#blah"
3. Delete the thread-concurrency parameter and just run it without it.
4. cgminer will create a new .bin file
5. use the thread-concurrency number that appears in the new file name.
6. set your intensity to 19

USE the cgminer.conf file! you can specify backup servers and it's so much easier.
Use auto-gpu and set a max temp around 93c or 95c. this will prevent cards from overheating and dying.
 
USMCGrunt said:
I actually use Coinbase now. I exchange into BTC....send it to coinbase and then coinbase into bank account.
Click to expand...

Take it you are using BTCe to exchange. How do you go from BTCe to Coinbase? Or are there extra transfers that you are doing? Any help would be greatly appreciated. Thanks.
 
What I'm doing right now is jumping around quite a few different coins and stockpiling some oddball ones just in case they take off. LTC is already up pretty high but gamblin on some of the lesser ones while also doin LTC is what I'm doing. I try to monitor difficulty and as they drop in difficulty I jump back over to them. Tons of people are jumping based on value but I jump based on difficulty
 
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