Bitcoin virtual currency hits (ALL-TIME) record high after exchange deal - Polidicks

[QUOTE=flamehead5;39827109]That's too bad, will it eventually settle? And when are the new ASICs being released?[/QUOTE] Most of them should be rolling out any day now. The difficulty won't lower unless people starts to stop using ASIC miners. This is part of the bitcoin system to prevent hyperinflation

[QUOTE=flamehead5;39827035]Any estimates at what it's going to settle in around, even permanently? I need to see if my mining is worth it[/QUOTE] It's a really tough call because there's so many things that go into determining the value, but if I had to guess, I'd call it within $10 of $40 for the next few months. [b]More importantly[/b], though, don't buy anything with the intention of mining right now. ASIC producers have yet to prove themselves and get a decent level of production going, and video cards, while more profitable now than they used to be since the price has risen faster than the difficulty, will still take years to pay themselves off, especially when taking power costs into account. If you don't pay for power and don't mind increasing your room temperature by about 5 degrees and already have an AMD card, or you're upgrading your gaming PC and are considering an AMD card, then go for it, otherwise don't bother. There's a company called Avalon supposedly shipping ASICs right now, but you'd just be adding yourself to the back of a very long order list and probably wouldn't get your product for several months. [editline]6th March 2013[/editline] [QUOTE=BoxinShrimp;39827085]So what exactly can you BUY with bitcoins? This whole thing seems confusing.[/QUOTE] Gamble at sealswithclubs.eu Buy anything from amazon at btczone.com Buy drugs on silk road Play Dragon's Tale [url]http://www.dragons.tl/[/url] Those are some big ones off the top of my head, but there are tons of companies that already accept them - check out [url]https://en.bitcoin.it/wiki/Trade[/url]

Idunno, this whole process seems very shady to me for some reason.

[QUOTE=B!N4RY;39827078]As far as I can tell you, mining it with standard PC components will not be worth it at all once the current generation of ASICs rolls out as the difficulties will spike to a stupidly high value[/QUOTE] Not exactly. Even if after two years of GPU mining you have .5BTC and 50 years from now its 5000$ per BTC it was worth it.

[QUOTE=mblunk;39827140][b]More importantly[/b], though, don't buy anything with the intention of mining right now. ASIC producers have yet to prove themselves and get a decent level of production going, and video cards, while more profitable now than they used to be since the price has risen faster than the difficulty, will still take years to pay themselves off, especially when taking power costs into account. [B]If you don't pay for power and don't mind increasing your room temperature by about 5 degrees and already have an AMD card[/B], or you're [B]upgrading your gaming PC and are considering and AMD card[/B], then go for it, otherwise don't bother. There's a company called Avalon supposedly shipping ASICs right now, but you'd just be adding yourself to the back of a very long order list and probably wouldn't get your product for several months.[/QUOTE] YES I'm set then! My room is zero degrees and I don't pay for power here so I'm good! I get a good 70MH/s right now on my AMD and I also have an old laptop that I may try out at the same time.

[QUOTE=flamehead5;39827228]YES I'm set then! My room is zero degrees and I don't pay for power here so I'm good! I get a good 70MH/s right now on my AMD and I also have an old laptop that I may try out at the same time.[/QUOTE] Well then, it seems we're in a similar situation, congrats! I get about 300 MH/s on my 5850, which translates to a bit over one coin per month, which is more than enough to pay my phone bill with [url]http://btcbuy.info/CallingCards.cshtml[/url]

[QUOTE=mblunk;39827318]Well then, it seems we're in a similar situation, congrats! I get about 300 MH/s on my 5850, which translates to a bit over one coin per month, which is more than enough to pay my phone bill with [url]http://btcbuy.info/CallingCards.cshtml[/url][/QUOTE] how do you mine properly? i was using bitminter and over got 0.006 overnight or something, then the second night i didnt get anything.

[QUOTE=a-k-t-w;39827424]how do you mine properly? i was using bitminter and over got 0.006 overnight or something, then the second night i didnt get anything.[/QUOTE] I use blockchain.info wallet, btcguild, and cgminer.

[QUOTE=MadPro119;39827222]Not exactly. Even if after two years of GPU mining you have .5BTC and 50 years from now its 5000$ per BTC it was worth it.[/QUOTE] And then you take account of USD inflation factors and that $5000 might be able to buy you a whole entire meal at McDonald's!

[QUOTE=mblunk;39827318]Well then, it seems we're in a similar situation, congrats! I get about 300 MH/s on my 5850, which translates to a bit over one coin per month, which is more than enough to pay my phone bill with [url]http://btcbuy.info/CallingCards.cshtml[/url][/QUOTE] Only one coin? You don't run the miner all day then, right? Because by my calculations at my speed I'll be able to generate one coin every 24.9 hours

[QUOTE=flamehead5;39827915]Only one coin? You don't run the miner all day then, right? Because by my calculations at my speed I'll be able to generate one coin every 24.9 hours[/QUOTE] what are your calulations? that doesnt sound right.

[QUOTE=a-k-t-w;39827921]what are your calulations? that doesnt sound right.[/QUOTE] I can't remember exactly since I don't have the recorded number written down. I just recorded how far I got in 1.5 hours and did the math.

[QUOTE=flamehead5;39827915]Only one coin? You don't run the miner all day then, right? Because by my calculations at my speed I'll be able to generate one coin every 24.9 hours[/QUOTE] I run it 24/7 and get a 0.1 coin payout about every 2 days, so I could get 1 coin every 20 days if I never had any downtime or played any games, which use most of the GPU and decrease my hashrate while I play.

[QUOTE=BoxinShrimp;39827085]So what exactly can you BUY with bitcoins? This whole thing seems confusing.[/QUOTE] durgs. and hitmen

[QUOTE=mblunk;39827953]I run it 24/7 and get a 0.1 coin payout about every 2 days, so I could get 1 coin every 20 days if I never had any downtime or played any games, which use most of the GPU and decrease my hashrate while I play.[/QUOTE] Ahh, my friend who did the math dun screwed up. Oh well.

I literally just lost my flashdrive with my 30 coin wallet on it yesterday Can I just die

[QUOTE=mblunk;39827318]Well then, it seems we're in a similar situation, congrats! I get about 300 MH/s on my 5850, which translates to a bit over one coin per month, which is more than enough to pay my phone bill with [url]http://btcbuy.info/CallingCards.cshtml[/url][/QUOTE] I hate you. I get like 30 MH/s if I remember correctly. On my 8800 GTS 512.

i'm getting just under 50mh/s when is the part where i get rich

[QUOTE=Starpluck;39826906]Went up to $43, jesus christ what a crash folks!!![/QUOTE] That dip and subsequent recovery only confirms that investing in bitcoins is a good. idea.

[QUOTE=ShaunOfTheLive;39827989]I hate you. I get like 30 MH/s if I remember correctly. On my 8800 GTS 512.[/QUOTE] I actually got about 330 MH/s when I overclocked to 850 MHz, but I flashed a newer VBIOS out of curiosity about a week ago and forgot that the one I was running was already modified to unlock such high frequencies, so I went to flash back and then it wouldn't boot into Windows with the AMD drivers, so I had to boot into safe mode and flash it back to the newer, non-unlocked one so now I'm down to 275 MH/s. Oh well. I might try flashing all the way back to the factory one and then to the unlocked one and see if that fixes it. [editline]7th March 2013[/editline] Wow, this is the most-viewed thread in the first 5 pages of SH

[img]http://i.imgur.com/fBjsKPI.png[/img] Seriously invest now while its cheap cause its going up Up UP

Nope [img]http://i.imgur.com/vkwo4pa.png[/img] I was planning on waiting for it to drop back to low prices...

[QUOTE=Hattiwatti;39829395]Nope [img]http://i.imgur.com/vkwo4pa.png[/img] I was planning on waiting for it to drop back to low prices...[/QUOTE] MtGox isn't the only exchange. [editline]7th March 2013[/editline] I usually use this calculator to calculate what I make mining: [url]http://allchains.info/calc.html[/url] I have two cards which pull around 430MH/s and I make about .05/btc a day. [editline]7th March 2013[/editline] [QUOTE=flamehead5;39827949]I can't remember exactly since I don't have the recorded number written down. I just recorded how far I got in 1.5 hours and did the math.[/QUOTE] It depends what pool you are mining with. There is always luck, and variance when you mine with a DGM/PPLNS/Score Pools because you are paid based on your share of a block. You will make more if the pool has good luck and mines 2 blocks in an hour, you will make less if the pool doesn't find a block for 48 hours. So, calculating like that, you should mine for at least a week before you use your own numbers, so the variance evens out a little. PPS is zero variance because you are paid an exact amount for every share you mine. This can be dangerous to the pool operator though, as if the pool has bad luck he will go into debt paying more then he makes, therefore PPS generally has a higher pool mining fee.

[QUOTE=Period;39829701]MtGox isn't the only exchange. [editline]7th March 2013[/editline] I usually use this calculator to calculate what I make mining: [url]http://allchains.info/calc.html[/url] I have two cards which pull around 430MH/s and I make about .05/btc a day. [editline]7th March 2013[/editline] It depends what pool you are mining with. There is always luck, and variance when you mine with a DGM/PPLNS/Score Pools because you are paid based on your share of a block. You will make more if the pool has good luck and mines 2 blocks in an hour, you will make less if the pool doesn't find a block for 48 hours. So, calculating like that, you should mine for at least a week before you use your own numbers, so the variance evens out a little. PPS is zero variance because you are paid an exact amount for every share you mine. This can be dangerous to the pool operator though, as if the pool has bad luck he will go into debt paying more then he makes, therefore PPS generally has a higher pool mining fee.[/QUOTE] nice i'll earn 0.002btc a day

[QUOTE=Brt5470;39758231]It's like 10x more efficient. There is a $150 dollar model from a company that uses 5watts and at the time of manufacture would pay for itself in a week or so. The catch is that if something is really good everyone goes for it, which causes the networks algorithm to get more difficult, thus lowering gains. What this does do is make bitcoin mining more legitamite, with a company behind it.[/QUOTE] Why do these companies sell those rigs, can't they just mine for themselfes and thus get more mone than they get by selling that hardware?

[QUOTE=godfatherk;39829857]Why do these companies sell those rigs, can't they just mine for themselfes and thus get more mone than they get by selling that hardware?[/QUOTE] because by selling those rigs they get money now. If they were mining themselves it would take time

Is there any statistic of how much $,euro and yens are converted into bitcoins in a day?

[QUOTE=godfatherk;39830712]Is there any statistic of how much $,euro and yens are converted into bitcoins in a day?[/QUOTE] That's called trade volume. In the chart in the OP [img]https://lh5.googleusercontent.com/-zUp4wrADzF8/US8w5vurBZI/AAAAAAAAI2M/5cWVa-xOqRc/s0/chart.png[/img] It's the green and red bars. Trade volume is in bitcoins (labelled on the left side), green means people were buying, red means people were selling. You could use the bitcoincharts site to look at other markets (euro, gbp) and see the stats for that, but it seems they're down at the moment.

[QUOTE=mblunk;39826980]$43.50 now. That was one hell of a nice recovery even for Bitcoin standards. [img]https://lh4.googleusercontent.com/-3IqdTz-sON8/UTgCs4ZU3QI/AAAAAAAAI_U/6i7srXhcWV0/s0/2013-03-06_21-59-50.png[/img][/QUOTE] Buttcoins, stop swerving, you're drunk. [editline]7th March 2013[/editline] [QUOTE=godfatherk;39829857]Why do these companies sell those rigs, can't they just mine for themselfes and thus get more mone than they get by selling that hardware?[/QUOTE] A good example is the gold rush in california. The best bet was to setup shop there and sell tools and equipment, not to go mining yourself. Selling a ASIC for $1199 means... you're getting $1199, not some currency you can't rely on. It goes both ways.

[QUOTE=Brt5470;39831651] A good example is the gold rush in california. The best bet was to setup shop there and sell tools and equipment, not to go mining yourself. Selling a ASIC for $1199 means... you're getting $1199, not some currency you can't rely on. It goes both ways.[/QUOTE] And those [B]IN[/B] the bitcoin mining business are probably gonna continue as long as they can. So building up a reputation for making great ASIC's could easily net you some returning customers with deep pockets.