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Bitcoin mining
02-07-2014, 09:12 PM
I know there's separate thread on bitcoin market valuation but couldn't find any details on mining techniques.
I've got an old server from a previous business venture sitting around gathering dust. It has two dual core 3.0 Ghz processrors and 16G of RAM memory. Figured I'd put it to work mining coins.
From my research, it seems that CPU mining is the slowest & least profitable. GPU, FPGA and ASIC machines are much better. Now I'm thinking this idea might be a waste of time/money. Some articles do recommend joining mining pools but they sound risky.
Has anyone here tried it? Maybe become rich or at least make some decent money from it? What's your setup?
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Bitcoin mining
02-07-2014, 10:22 PM
I've followed bitcoin a fair bit and the consensus is that CPU and GPU mining is basically dead. Unless you have free electricity, forget it. Even the vast majority of miners using ASICs to mine would've been better off just buying bitcoin directly.
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Bitcoin mining
02-07-2014, 10:30 PM
Have no idea what you guys are talking about.
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Bitcoin mining
02-07-2014, 10:40 PM
Most people find it easier to mine scrypt based coins and convert to bitcoins.
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Bitcoin mining
02-09-2014, 10:58 PM
Mental - Has anyone started joining pools for the alt coin mining? Seems like getting ahead on that would be the way to go.
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Bitcoin mining
02-09-2014, 11:04 PM
Quote: (02-07-2014 10:30 PM)MidniteSpecial Wrote:
Have no idea what you guys are talking about.
I think it has to do with World of Warcraft.
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Bitcoin mining
02-10-2014, 02:26 PM
Mining explained:
Every computer that you hook up to bitcoin is trying to 'write a block' which is these several steps:
1. Prove that your machine has an accurate history of all bitcoin transactions from day one until the most recent block of transactions.
2. Prove that your machine has an accurate history of transactions since the last block, usually about 10 minutes of worldwide transactions.
3. Has decrypted a complex code cypher proving that #1 and #2 are valid.
Upon step 3, bitcoin recognizes that you have fulfilled all the steps and 'seals the wax' figuratively speaking on your computers version of 10 minutes of history. Remember that all computers are doing the exact same process. This rewards you with 25 bitcoins- although the payout decreases over time.
Now all computers begin analyzing the next 10 minutes of transactions, and your block becomes official, aka computers have to acknowledge your block as valid in order to prove the validity of the next batch of transactions.
The faster the network and the better the machine/array/supercomputer, the better chance you have of being first to get the payout.
Since everyone wants that 'dangling carrot' of more bitcoins, and the only way to get that is to have bigger and faster computer farms, it ensures that bitcoin remains valid. It also means you have increasingly little chance of decrypting the code before the supercomputer farms you are competing against.
But the common thing to do is donate your computer power to a large communal pool of machines to multiply the collective power and get a fractional (but easily obtained) amount of those 25 coins.
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Bitcoin mining
02-19-2014, 03:03 PM
Good thread.
What everyone has said this far is spot on. Bitcoin mining with ASICs is dead. GPU mining is great if you can find REASONABLY priced Radeon 7950s. R9 280X/R9 290X cards work as well but are much more expensive and run hotter.
I got into GPU mining end of November 2013 (around the time bitcoin made national news in the US) and have had a great experience.
If you know how to build a desktop computer, have around 3k at your disposal and can find suitable graphics cards, you can return your original investment in three or four months.
My machines run in my apartment. At first I thought this might hurt my Game but telling chicks that I'm hacking the Great Firewall of China seems to have a positive "intrigue" effect.
Anyone interested in GPU mining feel free to PM.
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Bitcoin mining
02-19-2014, 04:30 PM
@Grit: That's a good (evil) idea. Isn't that the same premise used in DDoS attacks? Most of the hundreds of thousands of computer directed to ping the website are out of the control of their owners.
I'm not sure how it would work if your rigs are dedicated and only access a https-secured mining pool. How would they target you? Would they just hack the mining pool website (seems easier)?
the peer review system
put both
Socrates and Jesus
to death
-GBFM
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Bitcoin mining
02-19-2014, 04:34 PM
Any software/app that have access to cpu/gpu can do it.
Create a "calculator/light/game/something"-app with some additional bitcoin code within and you would be abel to "borrow" the users hardware.
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Bitcoin mining
11-12-2018, 12:58 AM
Step one, whats your electric cost , at about 11 cents/kwh you are at breakeven (not counting capital costs).
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Bitcoin mining
11-12-2018, 01:07 AM
Prices of gpus are coming back down to a reasonable level (rx580s for $300 AUD) but its the cost of electricity that was the real killer. I would like to mine again, but until I can cover ALL my power requirements with solar power and bitcoin prices get back around the ATH, it's just not profitable.
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Bitcoin mining
11-12-2018, 01:10 AM
ASICs are cheap as ever and solar for the most part is a scam.
Best time to mine is when prices are in the gutter.
Hey OP are you really in Iran? How open is the internet there really?
Whats your price for electricity?