Radeon 5870 prices have gone insane

Daemos said:
https://en.bitcoin.it/wiki/Mining_hardware_comparison

Unlocked/OC HD6950 does ~400 Mhash/s so x2 would be ~800Mhash/s

http://www.alloscomp.com/bitcoin/calculator.php

Using that calc @ $20/btc and a difficulty factor of 877226.666667 (which is the latest I think)

You'd make around $18USD/day (not counting electricity) unless if you are part of a mining pool..but a mining pool won't double your btc production :)
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You have to use the last difficulty factor, it was a week and a half ago. SO double that for money.
 
lillimon04 said:
Seriously, your kidding right? Our government fucks us over all the damn time and its widely known and nothing is happening to there rich asses. They could careless about us, just as long as they stay wealthy. The recession isnt affecting them, so they think why change it. Im sure if they were accountable for there actions we wouldnt be 15 trillion in debt man.
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Yeah, and when it comes crashing down just like during the Great Depression, all the fat cats will be jumping out windows again. I don't know about you but I rather be poor and alive, than rich and dead!
 
now I see why OCN banned talk of bitcoin on their forum :rolleyes:

Turns everyone into a bunch of first graders.

Anyways, I had a short hype with bitcoins and I was thinking about building a mining rig because my house has solar panels so power costs would be minimal. But, meh, if I really want to get some coin ill just mine on the desktop I have now.

I agree I don't like what it has done to 5xxx prices. But maybe I will sell mine once im back in Arizona for almost what I paid for it if the craze lasts long enough. I mined on my brothers 5970 rig and had my laptop do some as well and I am left with 3.05 bitcoins after a few days. It was fun but I bet those that bought multiple 6990 systems are gonna be hurting a few months down the road.

It will be interesting to see how things will look just a year down the road with bitcoins. I bet all the negative media attention has really damaged it's reputation as a legitimate currency. I really hope we see bitcoin accepted, but it'll be a rough road to get there.

For those that talked about the fat rich who jumped outta windows during the crash of 1929, I think i've found one if bitcoin does fail
[ame="http://www.youtube.com/watch?v=eLt8Se3vVNg"]YouTube - ‪Bitcoin Mining Rig - 24 Machine Setup - 48Gh‬‏[/ame]
 
Let me just reiterate that bitcoins have held fairly steady even given the recent hacks, trojans, and other drama. I'm surprised, but it looks like there might be some real long term value there. I expected it to just be a fad and then crash, but for now at least speculators are still putting their money where their mouth is.
 
And now my 6990, by the way I purchased only for gaming, is on back order until 7-7-11.

Thanks mining freaks. I appreciate it.
 
Hey, don't lump all the miners in together. I'm doing it on my main machine, which has a couple of 5850s in it. Not like I bought some silly machine to do it :<
 
now I see why OCN banned talk of bitcoin on their forum
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I really wish they would do the same here. Its getting old seeing 2-3 bitcoin threads a day opening up in every subforum.
 
Hmmm... first I've heard of this. Who funds Bitcoin? I mean, someone had to provide the cash people could convert Bitcoins into, or do I not understand that? There wouldn't be much incentive, people are talking about selling off Bitcoins. Someone is paying for them, although I could understand once it got started the "market" would be funding it.

What's it calculating? If it's funded, it has kind of that SkyNet or some big company backing the calculations. SETI for nefarious purposes LOL.

I did a little reading quick, but nothing answered this.
 
It's mostly funded by speculating miners, who've collectively poured millions of USD and other currency into the various trading exchanges that are operational around the Net. How much money is currently floating around? A rough estimate is here: http://bitcoinwatch.com/

When Mt.Gox got hacked and the database was ripped off, there were approximately 70,000 names in it... and that was the largest exchange there was, which'll give you an idea of the number of traders there are. The way it works, it double checks its own transactions to perserve the integrity of the whole system, and any errors found and confirmed are rewarded with 50 bitcoins issued by the system to the miner or mining pool providing the computing power.
 
Jalidi said:
It's mostly funded by speculating miners, who've collectively poured millions of USD and other currency into the various trading exchanges that are operational around the Net. How much money is currently floating around? A rough estimate is here: http://bitcoinwatch.com/

When Mt.Gox got hacked and the database was ripped off, there were approximately 70,000 names in it... and that was the largest exchange there was, which'll give you an idea of the number of traders there are. The way it works, it double checks its own transactions to perserve the integrity of the whole system, and any errors found and confirmed are rewarded with 50 bitcoins issued by the system to the miner or mining pool providing the computing power.
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So for the speculators it's another investment tool, basically. Interesting concept, the computing power (apparently a lot required) is still a little... creepy. I'm sure it's just an "interesting" way to do things, but the little conspiracy nut in me gets excited.
 
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