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heroo
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Post subject: BitCoin Posted: Sat Jul 02, 2011 7:54 pm |
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So any of you guys has experience with BitCoin? Can you really make money with it? Anyone knows anyone that's making money with BitCoin?
I'm asking this because my nephew has invested 3000 euro's in three system he intents to use for making BitCoin. He says he will earn his investment within 2 months. It got me really thinking about it even though I was sceptical at first.
I'm looking for a way to make money too and I have the money for the investments. I just thought I would do a little research and after I visited the BitCoin forum I began to learn more about it. But I thought I might ask you guys if you have any experience with it.
Any input is welcome.
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Azilius
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Post subject: Re: BitCoin Posted: Sat Jul 02, 2011 8:27 pm |
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Pretty sure it's no longer worth investing in. It was during the first few months but now that the value of mining coins has gone down as much as it has..I can't see it being a great investment.
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cpinney
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Post subject: Re: BitCoin Posted: Sat Jul 02, 2011 10:22 pm |
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i had my machine mining for bit coins for a bit but my machine is so out of date it really wasnt worth it. I plan on getting a new machine anyway very soon so i plan to mine all the time on that one, should get around $450 or so a month off of that machine at current prices. As for investing idk if i would for the sole purpose of mining bitcoins, i would say just use your machine now and mine and just sell what you get at the end of every month.
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woutR
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Post subject: Re: BitCoin Posted: Sat Jul 02, 2011 10:59 pm |
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Joined: Feb 2006 Posts: 5573 Location: Netherlands
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what the hell is this?
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Toshiharu
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Post subject: Re: BitCoin Posted: Sat Jul 02, 2011 11:08 pm |
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Joined: Feb 2008 Posts: 4222 Location: Nowhere
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woutR wrote: what the hell is this? I'd like to know as well. I just don't understand how imaginary currency is worth anything.
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Azilius
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Post subject: Re: BitCoin Posted: Sat Jul 02, 2011 11:18 pm |
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Toshiharu wrote: woutR wrote: what the hell is this? I'd like to know as well. I just don't understand how imaginary currency is worth anything. The same way any currency is worth anything. People give it value.
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Ownage
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Post subject: Re: BitCoin Posted: Sat Jul 02, 2011 11:27 pm |
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I saw this insane rig with so many 6970's, I believe it was. He spent like $10-20k on the rig itself and he said he would make it back in a month or two. I can't help you much since I haven't ever mined any bitcoins myself.
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Azilius
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Post subject: Re: BitCoin Posted: Sat Jul 02, 2011 11:55 pm |
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I see so many people posting about building new rigs and they've calculated how many bitcoins they'll get, but so many forget about the cost of electricity >_<
Isn't it somewhat known that in NA electricity prices trump that of average mining 'revenues'? In general anyway..
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[SD]Twysta
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Post subject: Re: BitCoin Posted: Sun Jul 03, 2011 12:46 am |
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Joined: Jan 2007 Posts: 4478 Location: Hollandia
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A friend of mine is into this. He is a software engineering student as well and he told me this:
BitCoins are a digital currency. Basically when you are bitcoin farming, you use your GPU's power to crack hashcodes, which are encrypted passwords (and other things, but in this case passwords) from a database of sorts. It is a completely anonymous networking technology designed like peer2peer.
You get feeded hashcodes through the network and you and others' computers GPU's can work on the same hashcode for a long time before it's cracked, we're talking thousands of computers for weeks ,which can vary alot as well. You never physically own anything (on your harddrive, that is).
You earn bitcoins in the form of a file on your computer depending on your computers power and therefore contribution to the cracking. They sell for around $20 currently afaik.
Anyway, I personally completely understand the technical side of this, but what I don't understand, is what you can literally do with a bitcoin, because they are NOT the cracked password nor anything close to it, you don't even get any info when you buy a bitcoin. It's just 1 bitcoin --> It's a currency. That I understand still, but what is there to buy, and why would someone use a bitcoin to buy something? And what can that person do with a bitcoin after he gets it from someone through a purchase? lol. I mean, it's a currency I keep telling myself, which is quite Farking simple yet so complicated.
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Azilius
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Post subject: Re: BitCoin Posted: Sun Jul 03, 2011 12:56 am |
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[SD]Twysta wrote: Anyway, I personally completely understand the technical side of this, but what I don't understand, is what you can literally do with a bitcoin, because they are NOT the cracked password nor anything close to it, you don't even get any info when you buy a bitcoin. It's just 1 bitcoin --> It's a currency. That I understand still, but what is there to buy, and why would someone use a bitcoin to buy something? And what can that person do with a bitcoin after he gets it from someone through a purchase? lol. I mean, it's a currency I keep telling myself, which is quite Farking simple yet so complicated. What use is a piece of paper with a "$20" written on it and a picture of some president? Same thing. People give them value and eventually more and more people will realize the currency has value at which point they'll accept the currency for goods/services.
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cpinney
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Post subject: Re: BitCoin Posted: Sun Jul 03, 2011 1:40 am |
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Joined: Aug 2007 Posts: 5718 Location: Maine, USA
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Azilius wrote: I see so many people posting about building new rigs and they've calculated how many bitcoins they'll get, but so many forget about the cost of electricity >_<
Isn't it somewhat known that in NA electricity prices trump that of average mining 'revenues'? In general anyway.. some people myself included do not have to pay for electricity, i just have to pay one flat rate and it covers everything in my apartment, so it wouldn't matter if i used no electricity or had 3 machines mining bit coins. Azilius wrote: [SD]Twysta wrote: Anyway, I personally completely understand the technical side of this, but what I don't understand, is what you can literally do with a bitcoin, because they are NOT the cracked password nor anything close to it, you don't even get any info when you buy a bitcoin. It's just 1 bitcoin --> It's a currency. That I understand still, but what is there to buy, and why would someone use a bitcoin to buy something? And what can that person do with a bitcoin after he gets it from someone through a purchase? lol. I mean, it's a currency I keep telling myself, which is quite Farking simple yet so complicated. What use is a piece of paper with a "$20" written on it and a picture of some president? Same thing. People give them value and eventually more and more people will realize the currency has value at which point they'll accept the currency for goods/services. ^ | This, also some online services take bit coins in payment for items, but many exchange bit coins for cash and or gift cards. https://en.bitcoin.it/wiki/Trade
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dom
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Post subject: Re: BitCoin Posted: Sun Jul 03, 2011 2:07 am |
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Joined: Mar 2006 Posts: 9967 Location: västkustskt
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I looked around and from what I understand, a 5770 will earn approximately $5.00 USD per day - is this correct? Also, you can put in multiple cards and run them simultaneously?
I could buy 2 for $280 and it would net $300 per month. I have a spare PC and would consider this. Can someone confirm?
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Azilius
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Post subject: Re: BitCoin Posted: Sun Jul 03, 2011 2:33 am |
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Joined: Oct 2006 Posts: 4236 Location: CS:GO
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dom wrote: I looked around and from what I understand, a 5770 will earn approximately $5.00 USD per day - is this correct? Also, you can put in multiple cards and run them simultaneously?
I could buy 2 for $280 and it would net $300 per month. I have a spare PC and would consider this. Can someone confirm? Sort of. The numbers are rough and the time it takes to mine a coin varies greatly. There are sites that do collective mining, where multiple people mine and you are awarded percentages of the bounty based on how much work you did in the group. ATI cards, due to their architecture and software, mine faster than others. To be honest a 5770 doesn't mine that much faster than a 570gtx (which im using) and I don't get anywhere near 5$ a day.
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dom
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Post subject: Re: BitCoin Posted: Sun Jul 03, 2011 2:42 am |
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Joined: Mar 2006 Posts: 9967 Location: västkustskt
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Azilius wrote: dom wrote: I looked around and from what I understand, a 5770 will earn approximately $5.00 USD per day - is this correct? Also, you can put in multiple cards and run them simultaneously?
I could buy 2 for $280 and it would net $300 per month. I have a spare PC and would consider this. Can someone confirm? Sort of. The numbers are rough and the time it takes to mine a coin varies greatly. There are sites that do collective mining, where multiple people mine and you are awarded percentages of the bounty based on how much work you did in the group. ATI cards, due to their architecture and software, mine faster than others. To be honest a 5770 doesn't mine that much faster than a 570gtx (which im using) and I don't get anywhere near 5$ a day. Are we talking $1-2 a day?
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Toshiharu
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Post subject: Re: BitCoin Posted: Sun Jul 03, 2011 2:44 am |
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Joined: Feb 2008 Posts: 4222 Location: Nowhere
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[SD]Twysta wrote: You get feeded hashcodes through the network and you and others' computers GPU's can work on the same hashcode for a long time before it's cracked, we're talking thousands of computers for weeks ,which can vary alot as well. You never physically own anything (on your harddrive, that is).
You earn bitcoins in the form of a file on your computer depending on your computers power and therefore contribution to the cracking. They sell for around $20 currently afaik. That's a reason why I never cared to bother with bitcoin. You guys might not care, but it bothers me.
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Azilius
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Post subject: Re: BitCoin Posted: Sun Jul 03, 2011 2:46 am |
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Joined: Oct 2006 Posts: 4236 Location: CS:GO
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I couldn't really tell you myself as I've only started doing it today, but I've known about it for a long time. I don't have a computer I can dedicate to mining. I guess you could google around, but ask about how many coins per day rather than a dollar amount as the value of coins has changed greatly.
One bitcoin sells for $15 USD at the moment, if my google sources are correct.
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dom
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Post subject: Re: BitCoin Posted: Sun Jul 03, 2011 2:57 am |
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Joined: Mar 2006 Posts: 9967 Location: västkustskt
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Azilius wrote: I couldn't really tell you myself as I've only started doing it today, but I've known about it for a long time. I don't have a computer I can dedicate to mining. I guess you could google around, but ask about how many coins per day rather than a dollar amount as the value of coins has changed greatly.
One bitcoin sells for $15 USD at the moment, if my google sources are correct. I've been looking around more and more and it seems to be less attractive. With more miners and difficulty increases, the only way you could be profitable is if you already had mining systems set up and have had them already pay themselves off. It looks like to me that you cannot expect any real returns for a long time, and that's without taking into account how much harder it will be to complete blocks. You would probably be better off just putting it in the bank and getting interest. Here's what I got in 10 days: Edit for clarity: The money is not from BitCoins. I just wanted to show the interest ($3 something).
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Shomari
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Post subject: Re: BitCoin Posted: Sun Jul 03, 2011 3:38 am |
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Joined: Jul 2007 Posts: 2341 Location: Limbo
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dom wrote: Azilius wrote: I couldn't really tell you myself as I've only started doing it today, but I've known about it for a long time. I don't have a computer I can dedicate to mining. I guess you could google around, but ask about how many coins per day rather than a dollar amount as the value of coins has changed greatly.
One bitcoin sells for $15 USD at the moment, if my google sources are correct. I've been looking around more and more and it seems to be less attractive. With more miners and difficulty increases, the only way you could be profitable is if you already had mining systems set up and have had them already pay themselves off. It looks like to me that you cannot expect any real returns for a long time, and that's without taking into account how much harder it will be to complete blocks. You would probably be better off just putting it in the bank and getting interest. Here's what I got in 10 days: whats the interest on that? CD Account? or you could invest in the stock market. but that shit is risky.
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dom
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Post subject: Re: BitCoin Posted: Sun Jul 03, 2011 3:58 am |
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Joined: Mar 2006 Posts: 9967 Location: västkustskt
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Shomari wrote: dom wrote: Azilius wrote: I couldn't really tell you myself as I've only started doing it today, but I've known about it for a long time. I don't have a computer I can dedicate to mining. I guess you could google around, but ask about how many coins per day rather than a dollar amount as the value of coins has changed greatly.
One bitcoin sells for $15 USD at the moment, if my google sources are correct. I've been looking around more and more and it seems to be less attractive. With more miners and difficulty increases, the only way you could be profitable is if you already had mining systems set up and have had them already pay themselves off. It looks like to me that you cannot expect any real returns for a long time, and that's without taking into account how much harder it will be to complete blocks. You would probably be better off just putting it in the bank and getting interest. Here's what I got in 10 days: whats the interest on that? CD Account? or you could invest in the stock market. but that shit is risky.It's a unrestricted/no fee savings account. I opened it on June 20th to hold some money for lawyer fees, transfer taxes, etc. It's part of my investment into this: Going to spend 5 years there then rent it out. If the property values don't rise (which would be Farking surprising) I will net about $300-350 a month.
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EvGa
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Post subject: Re: BitCoin Posted: Sun Jul 03, 2011 4:42 am |
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Joined: Apr 2008 Posts: 2612 Location: Texas
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^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Jelly as fawk!
From what I read about bitcoins 2 weeks ago it is better to buy/sell/trade them to make money. Similar to Forex trading I suppose?
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dom
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Post subject: Re: BitCoin Posted: Sun Jul 03, 2011 4:55 am |
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Joined: Mar 2006 Posts: 9967 Location: västkustskt
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EvGa wrote: ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Jelly as fawk!
From what I read about bitcoins 2 weeks ago it is better to buy/sell/trade them to make money. Similar to Forex trading I suppose? That's my understanding too. If I read correctly, the prices jumped from $1 to $13 per unit in less than a month. Plus, the coins were easier to mine. It's great for the early adopters but I don't see much money in it, at least with my understanding of what I have read, for people to start investing now. Although someone did mention namecoins (I think?), works the same way but can be used to buy domains. Their current price is 1/3 of a bitcoin IIRC, and it's possible they jump in price as well.
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EvGa
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Post subject: Re: BitCoin Posted: Sun Jul 03, 2011 5:05 am |
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Interesting. Might dump $100 in namecoins and see what happens. Brb, namecoin research...
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Brago
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Post subject: Re: BitCoin Posted: Sun Jul 03, 2011 5:24 am |
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Sooo? What do i do just leave my comp running to do something then in a few weeks get money?
I need info, i read the wiki and it doesnt help.
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dom
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Post subject: Re: BitCoin Posted: Sun Jul 03, 2011 5:26 am |
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Joined: Mar 2006 Posts: 9967 Location: västkustskt
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EvGa wrote: Interesting. Might dump $100 in namecoins and see what happens. Brb, namecoin research... I think that's a smart idea. You would be better off taking the money from a rig and buying bit coins, hoping the price jumps a couple dollars, then selling it off. I might do the same. The only problem is that the profit would be so low. If you buy 7 bit coins and they jump in price by $4 (a magnificent increase of 26.7%), you would still only make $28. If you put in $2,000 it would be worth it, but I have a hard time putting my faith into BitCoins. EDIT: This is a calculator you can use: http://bitcoinx.com/profit/index.phpI have a stock ATI 6870. Because i'm using my PC, my investment costs are zero. At 274 Mhash/s, it works out to 49.96 USD per month. I might run it on my MBP and iMac as well just to see what the Mhash/s would be. I'll post here so people can refer to it. I also have a GTS 250 sitting around somewhere. I'll throw it in with my 6870 and post the numbers here.
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Ownage
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Post subject: Re: BitCoin Posted: Sun Jul 03, 2011 6:06 am |
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Found the video I know some better ways to make cash without having to invest money. If I had the cash to buy a rig like the one in the video then I would in a heartbeat. He will make his investment back in 2 months, and than he will make enough cash to support himself.
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William-CL
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Post subject: Re: BitCoin Posted: Sun Jul 03, 2011 6:11 am |
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Joined: Feb 2007 Posts: 7363 Location: N/A
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Bitcoin is terrible.. Not worth investing in. There was an RT Podcast a couple weeks ago talking about Bitcoin and all of it's Flaws.
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cpinney
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Post subject: Re: BitCoin Posted: Sun Jul 03, 2011 2:35 pm |
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Blackdragon6 wrote: Bitcoin is terrible.. Not worth investing in. There was an RT Podcast a couple weeks ago talking about Bitcoin and all of it's Flaws. link? lol and if anyone plans on mining the way most people including myself mine is in a pool that way you get a consistent stream of bitcoins coming in, rather then solo mining which you might have to wait weeks or months to get a reward, which is 50 bitcoins if i remember correctly.
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dom
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Post subject: Re: BitCoin Posted: Sun Jul 03, 2011 2:44 pm |
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cpinney wrote: Blackdragon6 wrote: Bitcoin is terrible.. Not worth investing in. There was an RT Podcast a couple weeks ago talking about Bitcoin and all of it's Flaws. link? lol and if anyone plans on mining the way most people including myself mine is in a pool that way you get a consistent stream of bitcoins coming in, rather then solo mining which you might have to wait weeks or months to get a reward, which is 50 bitcoins if i remember correctly. Another problem I have with bit mining is that as the number of coins available drops, the yield becomes even less. It will drop from 50 coins to 25 coins after the first threshold. With that said, mining last night on one card yielded about $1.8 (adjusted to 24 hours). On track for $54 a month (without factoring in electricity). The card is priced at about $150 IIRC, so it would take 3 months to pay off for just the GFX card if I would have invested for that purpose.
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woutR
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Post subject: Re: BitCoin Posted: Sun Jul 03, 2011 3:24 pm |
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how does this mining even work? I read you're 'breaking' codes etc, so you're helping in hacking or something? What's the end goal to this mining? Who is getting better from this invention? Where can you even buy something with your BitCoins? Who is buying BitCoins? This stuff is interesting, but really weird. Also, why is it your graphics card that gets all the stress? I would've guessed a GFX card is useless in breaking codes, I thought it would be all processor speed ;\
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dom
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Post subject: Re: BitCoin Posted: Sun Jul 03, 2011 3:26 pm |
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Joined: Mar 2006 Posts: 9967 Location: västkustskt
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woutR wrote: how does this mining even work? I read you're 'breaking' codes etc, so you're helping in hacking or something? What's the end goal to this mining? Who is getting better from this invention? Where can you even buy something with your BitCoins? Who is buying BitCoins? This stuff is interesting, but really weird. Also, why is it your graphics card that gets all the stress? I would've guessed a GFX card is useless in breaking codes, I thought it would be all processor speed ;\ Quote: A CPU core can execute 4 32-bit instructions per clock (using a 128-bit SSE instruction) or 8 via AVX (256-Bit), whereas a GPU like the Radeon HD 5970 can execute 3200 32-bit instructions per clock (using its 3200 ALUs or shaders). This is a difference of 800 (or 400 in case of AVX) times more instructions per clock. As of 2011, the fastest CPUs have up to 6, 8, or 12 cores and a somewhat higher frequency clock (2000-3000 MHz vs. 725 MHz for the Radeon HD 5970), but one HD5970 is still more than five times faster than four 12-core CPUs at 2.3GHz (which would also set you back about $4700 rather than $350 for the HD5970). https://en.bitcoin.it/wiki/Why_a_GPU_mi ... than_a_CPU
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