BitCoin

Jamz · 07-12-2012, 02:57 PM

Anyone had any dealings with this ? My boss just showed me it and it looks pretty interesting.

http://bitcoin.org/

http://www.weusecoins.com/

From what I can see it works similarly to SETI and such.

Could be quite a cool thing to get into....thoughts?

Kaostic · 07-12-2012, 05:32 PM

I tried to get into it a few years back but it was futile.

Platinum · 07-12-2012, 06:29 PM

From what I can tell it was worth doing at the start but not now

Platinum · 10-04-2013, 08:03 AM

Anyone into this? from the brief amount I have read up pooling resource is the only way to really mine now?

Perhaps a GG Bitcoin mining pool could get us somewhere?

Kaostic · 10-04-2013, 08:50 AM

I was thinking of suggesting switching or merging folding with this. However, it's more litecoin I think now, rather than bitcoin.

Jamz · 10-04-2013, 10:36 AM

Could be a way of putting money back into the community. I for one would be happy to do whatever to give something back...

Could go towards new stuff for lans and such. If we had the same amount of people mining as we did folding it could be very positive for the community.

Don't get me wrong, folding is all good and great for science and whatever, but recognition among the folding community only goes so far as a pat on the back and internet props. This could be great for GG.

Platinum · 10-04-2013, 10:51 AM

I'll have a look into it and see if we have enough resource to make it viable and how to get set up as shared resource.

Giving some to gg is a idea but will have to look at covering electricity costs first...

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azrael316 · 10-04-2013, 11:05 AM

Been running the Mining client 24/7 for 4 weeks..

Just converted my BitCoins to real cash and appear to have made £34...

Fast GFX cards will make money faster.

Platinum · 10-04-2013, 11:23 AM

From what I have read that's not bad, last guide I read said it can take up to three years to get one coin

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Platinum · 10-04-2013, 11:24 AM

So Az, looks like it's cost you more in electricity then?

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Gunner002 · 10-04-2013, 03:57 PM

Quote:

Originally Posted by Platinum

So Az, looks like it's cost you more in electricity then?

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Unless you're putting out a certain amount of Gigahash's its not worth it. High to Mid range AMD cards are the best solution. Other than buying one of those mining boxes, built to only mine coins.

finlay666 · 10-04-2013, 09:06 PM

Quote:

Originally Posted by Gunner002

Unless you're putting out a certain amount of Gigahash's its not worth it. High to Mid range AMD cards are the best solution. Other than buying one of those mining boxes, built to only mine coins.

You mean those magical boxes that there has only been 1 seen in the wild? Butterfly labs are IMO a very dodgy ground, owner is IIRC a convicted conman, no proof of work and been delayed over 6 months already. Seen one 'proof' video and even that isn't conclusive IMO as it was a video of a screen. The smaller outfit seemed more legit as it looked home done to order and they took payment via bitcoin not traditional currency

Also I think you will struggle to find the surname for ANY BFL employee, CEO or otherwise, even from press releases
http://news.yahoo.com/butterfly-labs...054626776.html

It's also counter productive having a skew in the ability, by buying a better box you are actually making it harder for everyone to mine bitcoin

Trading is where it's at, but then it's a volatile market all things considered and there is no reason it couldn't almost disappear altogether

As I've said ASICs are IMO are like hens teeth currently, until I see some evidence of them being mass produced (and why wouldnt the owners keep them and mine themselves unless they didn't have faith in the currency?)... I'll give better odds on seeing Jimmy Saville and Maggie Thatcher in the next episode of Big Brother

finlay666 · 10-04-2013, 10:12 PM

That said I've got a 6950 which is no upfront hardware cost so if someone wants to set up a mining pool I'd join

Platinum · 10-04-2013, 10:22 PM

Its crashing...

http://www.businessinsider.com/bitcoin-plunges-2013-4

Misterwoot · 11-04-2013, 08:19 PM

The rush of recent interest has pounded the price a bit, but wait for it to bottom out and then get in. You're going to be playing the currency markets in essence. As long as you can cover your outlay, you're laughing.

azrael316 · 11-04-2013, 08:32 PM

Quote:

Originally Posted by Platinum

So Az, looks like it's cost you more in electricity then?

Sent from my Nexus 4 using Tapatalk 2

I reckon, having my PC on 24/7 costs me in the region of £9 a month give or take...

Jamz · 12-04-2013, 10:56 AM

If your calculations are correct Az then that's a small profit at least. Consider we had the same number of Miners as Folders and I believe it could be pretty good.

As misterwoot said, watch the market and wait until it bottoms out and jump on board.

finlay666 · 13-04-2013, 01:05 AM

Quote:

Originally Posted by Jamz (rupert)

If your calculations are correct Az then that's a small profit at least. Consider we had the same number of Miners as Folders and I believe it could be pretty good.

As misterwoot said, watch the market and wait until it bottoms out and jump on board.

On my calculations in a 'perfect world' (no cpu/mobo power overhead and 100% efficient PSU) it's £20 a month to mine on a 6950 and that is about £5-6 a month net gain with £0 hardware cost as I already had it

I'd probably look at litecoin instead
http://litecoin.org/

It's based around scrypt which is memory capped so having a super fast pc isn't as much of a benefit as having a lot of them whereas ASICs can outperform gpu clusters without difficulty based on the hashing system used

Kaostic · 15-04-2013, 02:57 PM

Relevant http://www.bbc.co.uk/news/technology-22153687
http://www.bbc.co.uk/news/technology-22120833

alsenior · 16-04-2013, 03:07 PM

i have been running a litecoin miner on my 5850 overnight and managed to make a whole coin after a few nights. not sure about the amount of leccy used but the coins are easier to make due to the diffuculy being lower.

If anyone is interested in setting up a pool ill get working on one.