Bitcoin Mining

[Odon]

Darus, did you hear about the dude who had is wallet stolen and he lost $500,000 worth? rofl

[Seanr]

I was reading about a "virus" earlier that looks specifically for BTC wallets, probably what he got hit with, I was also reading that you should keep your BTC wallet on a non internet enabled computer

[Darus Grey]

I dunno man, it just looks like it's not going to pick up after this one.

It's already starting to climb again, price is pretty stable at $18-20 over the long-term, but can be 13-25 at any given moment.

And yeah, dude who got hacked is why you don't use windows if you're doing this seriously, just like a pile of gold you gotta take steps to protect it.

[hey]

And yeah, dude who got hacked is why you don't use windows if you're doing this seriously, just like a pile of gold you gotta take steps to protect it.

You are saying i should not keep half a million dollars worth of untraceable gold bars in my mattress?

Come on dude, it can't be worth paying for an SDB/safe/etc. Surely no one could ever break into my mattress, right?

[Cayos]

Anyone have a link to a miner? The one on the first page isn't working.

Also, what's stopping someone from renting something like an Amazon server to mine bitcoins?

[Haruk]

http://forum.bitcoin.org/?topic=3878.0

Found a simple GUI one there.
Honestly have no idea how exactly this works yet, I just signed up on slush's and am running the program. Only making 60 mhash/s on it, but can anyone tell me in english about how much that'd make me a day?

[Tymon]

http://forum.bitcoin.org/?topic=3878.0

Found a simple GUI one there.
Honestly have no idea how exactly this works yet, I just signed up on slush's and am running the program. Only making 60 mhash/s on it, but can anyone tell me in english about how much that'd make me a day?

Pennies.

It's not worth doing unless you're getting >175-200 mhash/sec

[Celeras]

Slush's pool. 350mhashes/minute, Sold over $25000 worth already. Get in while you can.

Lol GTFO. First of all, hashes are per second.. not per minute. Secondly, WITH that hash rate on the current difficulty, you're looking at about 6 dollars/day if you run 24/7. And that's using the currently inflated sale price because this thing got a little bit of media coverage last month. Even if you stockpiled everything you got for the duration and sold at the inflated price... you're looking at over 4000 days 24/7 mining to even approach $25000.

If you pay for electricity it's not really worth doing at all without committing to dedicated high end rigs, and if you do that you're obviously going to need some time before turning a profit. All the while you'll be sitting there fingers crossed hoping the bubble doesn't pop.

[hey]

you're looking at over 4000 days 24/7 mining to even approach $25000.

Except you just forgot that the difficulty has gone up hundreds of thousands of times higher than it was at first. Someone mining since day one could probably have millions of dollars worth by now, if they stock piled them all.

[Shuvo]

600 megahash/s on my Radeon 5970 (dual GPU). I mine about 17 hours a day (Cant have it running while I sleep cause of the noise + cant have it running in the evening when I use it).

I joined a pool so the amount I make varies considerably depending on how long the pool takes to solve a block (It can take anywhere between a few minuets to 18hrs), but on average I get about 0.5 BTC/day, so around 12 USD worth by current exchange rate. Not bad as electricity consumption for this amount of mining is worth about ~$1.20 USD/day. I don't plan on using any of the coins however, just going to horde them in the unlikely case that it actually takes off successfully as a fiat currency.

I'm pretty certain it won't take off though. The world bank or any government would never allow it, and it would be fairly easy to go after the network by targetting exchanges + wallet services. Plus theirs a few technical reasons, like how its far too difficult for a normal user to keep their wallet.dat file backed up securely by themselves, or how if you you lost wallet.dat it's completely impossible to -ever- recover that money. But, I'm hoping that I'm wrong I'm all for the idea of taking away control of the economy from the gvmt/corporations.

[Arrmani]

So nobody really said exactly what this is in the thread. You set up your computer to run a program, and then after running this generates coins?

I don't quite understand how something like this would become a real currency. If someone has a link that explains it, that would be appreciated. Also, how possible would it be to set up something like this in computer labs at a school/library without someone noticing?

[Senoska]

So nobody really said exactly what this is in the thread. You set up your computer to run a program, and then after running this generates coins?

I don't quite understand how something like this would become a real currency. If someone has a link that explains it, that would be appreciated. Also, how possible would it be to set up something like this in computer labs at a school/library without someone noticing?

Way ahead of you.

Anyway, I'm going to post this on my site in the next few hours as an open source project. Since someone said they're trading on bitcoin value, I figured I'd give my hand at that and I wanted to have a very specific idea of price of coins.



Blog is in the sig. I'll upload it in a bit, just making everything nice and tidy before I post it. If you want anything added let me know now.

[hey]

I don't quite understand how something like this would become a real currency.

People accept it as money, therefore it is money.

I'm pretty certain it won't take off though. The world bank or any government would never allow it, and it would be fairly easy to go after the network by targetting exchanges + wallet services. Plus theirs a few technical reasons, like how its far too difficult for a normal user to keep their wallet.dat file backed up securely by themselves, or how if you you lost wallet.dat it's completely impossible to -ever- recover that money. But, I'm hoping that I'm wrong http://www.bluegartr.com/browse.php?..._smile.gif&b=4 I'm all for the idea of taking away control of the economy from the gvmt/corporations.

Except...the exchanges are doing nothing wrong. I am fairly sure there is jack shit they could do to prevent people from buying/selling something. Nothing illegal about buying/selling monopoly money. And even if the government decided "i don't like this, fuck you", there's still nothing they can do to actually stop it. They can't even come close to stopping torrent sites which are far closer to being illegal than this could ever be.

[Odon]

People accept it as money, therefore it is money.

Except...the exchanges are doing nothing wrong. I am fairly sure there is jack shit they could do to prevent people from buying/selling something. Nothing illegal about buying/selling monopoly money. And even if the government decided "i don't like this, fuck you", there's still nothing they can do to actually stop it. They can't even come close to stopping torrent sites which are far closer to being illegal than this could ever be.

Exactly, the people who would have an issue with this taking off is obviously the upper echelon of the banking industry, but there is fuck all they can do about it.
You really think it would fly for governments to try and ban an, at this point, accepted currency? Hell no. There is no way in hell that would fly. And logistically they can't even do anything about it, for every actual transaction there is a thousand dummy ones. The only way you would get caught is if you're not careful at the end of it but even still, dowalla accounts are pretty safe, no?

[archibaldcrane]

This whole concept is really fucking strange. If the coin mining had a legit base, like people were receiving them as a reward for performing computing tasks that had other value, and people liked the bitcoin currency because it's supposedly untraceable, it would make a lot more sense.

Sent from my Samsung Galaxy S 4G using Tapatalk

[arus2001]

Admittedly also curious. Leave my PC on 24/7, so making a few bucks a day for no real work doesn't seem like a bad deal. Even if it just covered FFXI's sub for a month, it'd be worth it.

[Celeras]

So nobody really said exactly what this is in the thread. You set up your computer to run a program, and then after running this generates coins?

I don't quite understand how something like this would become a real currency. If someone has a link that explains it, that would be appreciated. Also, how possible would it be to set up something like this in computer labs at a school/library without someone noticing?

Its essentially Folding @ Home, except your work isn't going to a cause. Instead its being thrown out the window for the purposes of an imaginary coin lottery geeks/pirates put value into. It can be a decent buck if you commit to it or dont pay for your electricity, but it's certainly not a get rich.

Like others have said, you're looking at between $5-10/day with 24/7 mining on most decent rigs. Myself personally, I'd profit maybe a dollar or two after factoring in the increased electricity from running my shit at max load all day. And just keep in mind that the 'money' numbers being thrown out involve you actually finding a buyer at the average listing price, which can be slow sometimes.

[Shuvo]

People accept it as money, therefore it is money.

Except...the exchanges are doing nothing wrong. I am fairly sure there is jack shit they could do to prevent people from buying/selling something. Nothing illegal about buying/selling monopoly money. And even if the government decided "i don't like this, fuck you", there's still nothing they can do to actually stop it. They can't even come close to stopping torrent sites which are far closer to being illegal than this could ever be.

You really think it would fly for governments to try and ban an, at this point, accepted currency?

Yes they would. They already managed to shut down MTGox (although it popped back up later hosted in a different country). And a couple of US senators have already called for an investigation onto Bitcoin.

I'm pretty certain their are laws against creating your own currency as well. But even if their wasn't, control over the economy is something that is incredibly important to the government. As an example, it is pretty commonly believed that part of the reason for the 2003 Iraq war was because Saddam Hussein changed to trading in the EURO instead of the USD, thereby weakening the US's own dollar.

http://www.energybulletin.net/node/7707

Unlike torrents, it's quite likely that the world governments would co-operate to shut down bitcoin exchanges and prosecute any major retailers that offer bitcoin payment options, as it threatens each of their own currencies.

But again, I hope I'm wrong!

[Odon]

Lol GTFO. First of all, hashes are per second.. not per minute. Secondly, WITH that hash rate on the current difficulty, you're looking at about 6 dollars/day if you run 24/7. And that's using the currently inflated sale price because this thing got a little bit of media coverage last month. Even if you stockpiled everything you got for the duration and sold at the inflated price... you're looking at over 4000 days 24/7 mining to even approach $25000.

If you pay for electricity it's not really worth doing at all without committing to dedicated high end rigs, and if you do that you're obviously going to need some time before turning a profit. All the while you'll be sitting there fingers crossed hoping the bubble doesn't pop.

Because you can't invest real cash at any point and must mine everything, nor can you sell things for bitcoins? Shut the fuck up. The minute was a typo, I'm fucking high all the god damn time get the fuck off my case. Tymon and I have been in this shit since early-mid 2010, just because YOU just found out about it, doesn't mean everyone did.

[Celeras]

Because you can't invest real cash at any point and must mine everything, nor can you sell things for bitcoins?

The thread is about mining champ. If you want to play in a pool of your fake coins that's your prerogative.

And for anybody else, buying/selling things for bitcoins now would be extremely risky. This is likely the peak before the bottom drops out. Like Forum Gold and the dozens of other niche online currencies that have come before it.