You might want to consider the power consumption though.
1.997 bitcoins now...almost there. I think I'll stop when I hit 3.
[QUOTE=Zorlok;30456942]1.997 bitcoins now...almost there. I think I'll stop when I hit 3.[/QUOTE]
What graphics card do you use?
[QUOTE=demoguy08;30456904]You might want to consider the power consumption though.[/QUOTE]
We don't pay the power bills - the school does.
And I'll probably start by having just one machine, the quietest, run for a week. See if anyone in administration complains.
Besides, I thought bitcoins have reached the level of being worth more than the electricity used to make them. Worst-case, we start paying the school for the electricity, and still come out slightly ahead.
[QUOTE=gman003-main;30457035]
Besides, I thought bitcoins have reached the level of being worth more than the electricity used to make them. Worst-case, we start paying the school for the electricity, and still come out slightly ahead.[/QUOTE]
That's only true if you're mining on any level of efficiency (read: GPU mining), CPU mining uses exponentially more power for immensely less hash output.
[QUOTE=Trumple;30456960]What graphics card do you use?[/QUOTE]
5870. I've just been using my laptop for the past couple days, my desktop has been sitting idle while it runs GUIMiner.
[QUOTE=gman003-main;30457035]We don't pay the power bills - the school does.
And I'll probably start by having just one machine, the quietest, run for a week. See if anyone in administration complains.
Besides, I thought bitcoins have reached the level of being worth more than the electricity used to make them. Worst-case, we start paying the school for the electricity, and still come out slightly ahead.[/QUOTE]
School catches wind and will shut your asses down. That or the cleaning lady who needs to power her vaccum cleaner.
[QUOTE=Zorlok;30457453]5870. I've just been using my laptop for the past couple days, my desktop has been sitting idle while it runs GUIMiner.[/QUOTE]
I just use it in the background, my I7 is strong enough to play flash videos by itself and I've stopped playing games recently because I've got a lot of exams.
[QUOTE='[EG] Pepper;30456540']if only there was a gif where he is waving the wad of dosh at the camera then £OADS OF MONEY diagonally flashes on the screen[/QUOTE]
Something like this?
[img]http://www.1337upload.net/files/lodsofemone.gif[/img]
Straight out best pool?
[QUOTE=Callius;30457575]School catches wind and will shut your asses down. That or the cleaning lady who needs to power her vaccum cleaner.[/QUOTE]
They already expect us to run the servers 24/7. We don't, mostly because that one blade server's fan is going out and makes a racket, but they're theoretically fine with these things being on constantly.
Worst-case, they tell us to stop. They're not going to kill the club over this.
[QUOTE=Zorlok;30457453]5870. I've just been using my laptop for the past couple days, my desktop has been sitting idle while it runs GUIMiner.[/QUOTE]
I was planning on getting that exact card!
I worked out it can pay for itself in 1 month if I leave my PC on for 12 hours a day which I do anyway
What sort of Mhash/s do you get?
Some guy lost 25k bitcoins because he had his wallet.dat hacked.
That's like $500,000
Edit: [url=http://forum.bitcoin.org/index.php?topic=16457.0]Sauce[/url]
[QUOTE=rieda1589;30458207]Some guy lost 25k bitcoins because he had his wallet.dat hacked.
That's like $500,000[/QUOTE]
Surely he would have cashed it in for real money!
Poor guy
[QUOTE=rieda1589;30458207]Some guy lost 25k bitcoins because he had his wallet.dat hacked.
That's like $500,000[/QUOTE]
oh fuck, oh fuck, he's gonna be poor.
Damn, all that work for nothing
[QUOTE=Warship;30458302]Damn, all that work for nothing[/QUOTE]
I highly doubt he mined it.
Can someone explain if the mining process will ever cease to generate coins?
I'm not entirely sure how the mining actually generates the money
Bitclockers is to slow at solving blocks and deepbit is overpopulated, Any other good recommendations?
Also, what's the easiest way to cash bitcoins in for "real" cash?
[QUOTE=Trumple;30450041]Is there a different method for us in the UK?[/QUOTE]
Actually yes, you can just straight trade with SEPA or something I think.
Only for USD do you need to use Dwolla. You have to use Mt.Gox if you want to withdraw GBP atm though, tradehill doesn't currently support it for some reason.
[editline]14th June 2011[/editline]
[QUOTE=Shadaez;30451763]If my math's right, difficulty will increase in roughly 24 hours by around 33%, so don't sell until then. It might even go way high then way down low again (hope so!)
[editline]14th June 2011[/editline]
And the stupid bitcoin prices keep going up when I'm sleeping so I can't do any meaningful trades.[/QUOTE]
So does Bitcoin price increase when difficulty does?
Taken over a day for Dwolla to simply verify my bank account, let alone transfer funds. Would really suck if I missed out on investing into some BTC before the prices rocket up again.
[editline]14th June 2011[/editline]
[QUOTE=Trumple;30454501]Anyone recommend a good card for this process? Looking at spending around £300[/QUOTE]
You might be better off investing, or getting a 5830 ($100 about) and invest the rest into the market when its low.
No point in dropping tons of cash into mining equipment when the difficulity of generating BTC grows all the time. Next month it wouldn't surprise me if it became 2x harder to mine due to difficulity spikes.
It's a nice way to pay off a new video card though in a month.
[QUOTE=Trumple;30458423]Can someone explain if the mining process will ever cease to generate coins?
I'm not entirely sure how the mining actually generates the money[/QUOTE]
It will slow down at a predicted rate.
[quote][img]http://blog.eset.com/wp-content/media_files/total_bitcoins_over_time_lg.jpg[/img][/quote]
Mining is basically just cracking SHA hashes and getting a centralized place to release blocks of currency. Think of it like unlocking a series of small locks to release money behind a safe door.
[QUOTE=gman003-main;30458123]They already expect us to run the servers 24/7. We don't, mostly because that one blade server's fan is going out and makes a racket, but they're theoretically fine with these things being on constantly.
Worst-case, they tell us to stop. They're not going to kill the club over this.[/QUOTE]
I doubt you'll make a good return but who knows with 8-9 PC's running.
It currently is pretty much impossible to make any worthwhile BTC unless you have a nice video card, as the video card is what produces the majority of the hashes that generate BTC. CPU's, even top of the line ones, are too slow.
Just hit 2 bitcoins a little while ago :buddy:
[QUOTE=KorJax;30458941]I doubt you'll make a good return but who knows with 8-9 PC's running.
It currently is pretty much impossible to make any worthwhile BTC unless you have a nice video card, as the video card is what produces the majority of the hashes that generate BTC. CPU's, even top of the line ones, are too slow.[/QUOTE]
So basically buying a HD5830 at this point would be worth it?
[QUOTE=rieda1589;30458207]Some guy lost 25k bitcoins because he had his wallet.dat hacked.
That's like $500,000
Edit: [url=http://forum.bitcoin.org/index.php?topic=16457.0]Sauce[/url][/QUOTE]
what an idiot
seriously if you have that much, encrypt that and put it in a very secure place
First full bitcoin achieved!
Now, how do I get this onto my paypal?
[QUOTE=rieda1589;30458851]It will slow down at a predicted rate.
Mining is basically just cracking SHA hashes and getting a centralized place to release blocks of currency. Think of it like unlocking a series of small locks to release money behind a safe door.[/QUOTE]
So eventually, mining will be useless? (In terms of generating the bitcoins for the miner)
[QUOTE=Trumple;30459314]So eventually, mining will be useless? (In terms of generating the bitcoins for the miner)[/QUOTE]
Yes. It's going to get harder and harder (and less rewarding) as time goes on.
Should I withdraw every .10 or wait till like 1 to withdraw
Or does it not matter
I personally wait until 0.2 to withdraw, but only because you can only withdraw 2 times a day on Bitclockers.
Also, after spending 0.88 on random shit, I'm back up to 0.47BTC
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