[QUOTE=plazzydan;30693492]I don't understand this... You get free virtual money by letting your computer run some kind of program?[/QUOTE]
Essentially, a mining program is designed to create bitcoins extremely slowly. This is how the creator of bitcoins is evenly distributing the currency. At a certain point, the miners will no longer be able to make bitcoins, thus stopping infinite inflation. Most people don't mine, because you need a really REALLY good rig to do it.
i buy my drugs with bitcoin i highly recommend
[QUOTE=Mr. Smartass;30695148]Essentially, a mining program is designed to create bitcoins extremely slowly. This is how the creator of bitcoins is evenly distributing the currency. At a certain point, the miners will no longer be able to make bitcoins, thus stopping infinite inflation. Most people don't mine, because you need a [b]really REALLY good rig to do it.[/b][/QUOTE]
Not really, any decent current or last gen AMD card or any current gen Nvidia card will be able to churn out a decent profit if you have some patience
[QUOTE=chipset;30 695424]Not really, any decent current or last gen AMD card or any current gen Nvidia card will be able to churn out a decent profit if you have some patience[/QUOTE]
Not really when you compare how much power you're using to how much you're making.
[QUOTE=Mr. Smartass;30695832]Not really when you compare how much power you're using to how much you're making.[/QUOTE]
Have you actually done the math to support your claims?
I have an HD6950, and while that isn't exactly decent so much as it is kick-ass, I make $2-$2.5 in PURE net profit every night by mining while I sleep. This is with 390MHs and assuming a 400w power draw and $20/btc rate.
Even at 200MHs (which a 5770 will easily do) assuming 300W total power draw (from the socket) you stand to make $0,63 over a 10 hour period, and while that doesn't sound much you have to consider it's [b]pure net profit[/b] for leaving your pc to do stuff while you sleep or are afk, and it totals to about $20 a month. More if you sell while the price is high and if you mine during the day when web surfing or while eating diner, watching TV or whatever.
As the situation is today, it is essentially free money if you have a decent card. Which most people here do anyways because it's a nerd forum dedicated to a game.
Basicly:
You mine during the night.
You mine during the day when at work.
You mine when eating.
You mine when afk.
You work from 9 till 5, then you go home, you eat, it would be about 6 or 7. You play a game/watch movie max 1-2 hours downtime and repeat until the weekend.
Little extra pocket money doesn't hurt.
Well it does with the steam sales..
I've tried to read up on this thing, and the OP doesn't even explain much other than that it's a money maker or something. I get that mining is supposed to generate bitcoins, but fail to see any connection between why someone with high specs should make more money
Higher Mhash = More Mhash, More Mhash = More likely to find a block, block = bitcoins/money.
Simple right?
[QUOTE=darkgodmaste;30699793]Higher Mhash = More Mhash, More Mhash = More likely to find a block, block = bitcoins/money.
Simple right?[/QUOTE]
So wait, does processing those actually accomplish anything? I'm talking like folding@home, because I don't know shit about computing
[QUOTE=Greenen72;30700050]So wait, does processing those actually accomplish anything? I'm talking like folding@home, because I don't know shit about computing[/QUOTE]
Folding@home you get no money, compared to bitcoin mining - you get money for using your computers resources.
[QUOTE=Wolfyhound;30700107]Folding@home you get no money, compared to bitcoin mining - you get money for using your computers resources.[/QUOTE]
I meant it in that does processing the files accomplish something? Or it just like an easter egg hunt without any prizes in them, but rewards for turning them in
[QUOTE=Greenen72;30700621]I meant it in that does processing the files accomplish something? Or it just like an easter egg hunt without any prizes in them, but rewards for turning them in[/QUOTE]
It's easter. Although I haven't started bitmining, and won't, I would feel a whole lot better if it somehow partnered up with Folding@Home so you could actually be contributing to society..
Fuck the society, I need skins in League of Legends.
lmao and this time mtgox waits until [b]3 minutes before launch[/b] to postpone it
what the fuck ahahaha to tradehill we go!
[QUOTE=Greenen72;30700621]I meant it in that does processing the files accomplish something? Or it just like an easter egg hunt without any prizes in them, but rewards for turning them in[/QUOTE]
You could say that it is like a easter egg hunt, because if you find the easter egg you get a award (this being 50bitcoins (i think))... But if you're in a mining pool the prize is shared between everyone who was "hunting" with you.
[QUOTE=Wolfyhound;30700951]You could say that it is like a easter egg hunt, because if you find the easter egg you get a award (this being 50bitcoins (i think))... But if you're in a mining pool the prize is shared between everyone who was "hunting" with you.[/QUOTE]
Gotcha. So does it actually do anything to better the world, such as folding@home?
[QUOTE=Greenen72;30701137]Gotcha. So does it actually do anything to better the world, such as folding@home?[/QUOTE]
Nope.
[QUOTE=Greenen72;30700621]I meant it in that does processing the files accomplish something? Or it just like an easter egg hunt without any prizes in them, but rewards for turning them in[/QUOTE] I think that what you're calculating is the origin of every bitcoin too somehow so that all transactions can be verified. This is just my interpretation of the system because i know all transactions get verified somehow and this seems to be the most logical system to do it.
I remember when a bit coin costed less than a dollar, I should have bought soem back then, I had a chance of gettign 100 BItcoins every 5 hours but never got any :(
I wonder what would happen if an early adopter with >10k Bitcoins (back then people ordered pizzas for thousands of Bitcoins) would just sell all his Bitcoins at the same time, would the market crash?
This site is legit right?
[url]http://www.btcbuy.info/Default.cshtml[/url]
Alright, where do I sell my Bitcoins, when do I sell em?
MtGox's website is up, but I can't login, and password request isn't working.
I'm thinking that they're bringing it up gradually right now.
[QUOTE=Greenen72;30701137]Gotcha. So does it actually do anything to better the world, such as folding@home?[/QUOTE]
[QUOTE=Squarebob;30701151]Nope.[/QUOTE]
[QUOTE=HeroicPillow;30700819]It's easter. Although I haven't started bitmining, and won't, I would feel a whole lot better if it somehow partnered up with Folding@Home so you could actually be contributing to society..[/QUOTE]
The block itself doesn't do any more than give out btc, but the mining itself is useful, to an extent. When you mine, you are verifying trade transactions. So if you sent BTC to someone, a bunch of people will then start to verify that transaction. The process continues long after the trade has gone through.
Mt Gox hurry up and come up I want my better exchange rate damn it. Funnily I'm sitting on a I7, 5850 x2 and I'm thinking "CAN'T GAME WANT BTC" :frown: I'm such a bitch for money.
About to reach 1BTC, did the difficulty go up already? Haven't paid attention.
Finally got it working, Mining pretty slow on a HD4650.
25MH/s :/
Alright, so I think I get how the system works.
Basically, you have a transaction. Someone got money, traded bitcoins, did something with them. Now that bit of data is stored in a block. Your computer takes that block, and tries to translate it into a wall of bit strings (those random numbers/letters), called a digest. When it's completed a digest (which has preset requirements, that's why it takes so long for your computer to generate it, as it has to do trial and error until it fulfills all requirements) it announces this to all other bitcoin-generators/users. They store that block in a long line of blocks called a block chain. That chain has all possibly done transactions, including bitcoin generation, and in order for any bitcoin orders to be "Completed", it must be back checked against the entire network.
Sound about right?
Essentially, you're generating money by ensuring that all other transactions in the system are correct - by making a hash code of the transactions, and providing this to all other computers.
As far as I understand it that's right.
Ahahahaha!
Mtgox just postponed [B]another[/B] day. So many people said that if it got postponed past today, they were done with Mtgox. I'd be willing to bet tradehill is about to get a good bit of business. BTC has already dropped a dollar in price because the market got flooded with all the BTC locked up in MtGox that got withdrawn, and those aren't even the big players putting their BTC on the market.
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