From one newbie to any others who see this: Don't mine. Especially if all you got is a Macbook Pro.
I've been reading about Bitcoin for a while and found it quite fascinating. My interest started when my friend's brother mined 8 Bitcoin and apparently sold them for about $3000 each (bearing in mind I have no idea what his setup is like and how long he was mining for). So I thought, hell yeah if all I gotta do is leave my computer on for a few days and maybe get half a bitcoin or so why not? So then I decided to educate myself on mining and how to go about it (some useful links in the "Will I earn money by mining?" thread in the sidebar). After figuring out my computer's specifications and using various online calculators (also in that linked thread), I discovered that with my 2011 Macbook pro I'd have to be mining constantly for a year to earn the equivalent of about $0.01 USD. I thought it was an error at first but then discovered the machines that the pros were using got up to a maximum of around 14,000,000 Mhash/s. My Macbook Pro does 16.289 Mhash/s. Not to mention the price of those machines and the cost of running them. I learnt this all in about 1 hour and promptly decided I am not going to be a miner.
I'm plugging some numbers into TP's Bitcoin Calculator to see if upgrading the GPU in my desktop would be worth it, but I'd have to manage 1 million MHash/s to break even in over 400 days with the current difficulty. I guess my question is: do you have to have a super computer to make it work, or is there something I'm not understanding? I could probably do 2 GTX 1080s if I was certain I could get the MHash/s up there. Thanks for any replies. Happy new year!
Switch to Litecoin after the difficulty increase, or stay with Bitcoin?
So I am mining with a 5970 and getting ~700 mhash/s. This new difficulty brings my earnings down to about $2.70 a day. I can probably get $3 a day mining litecoins, but that is dependent on price of litecoin v. bitcoin and other stuff like that. (above calculated using litecoin and bitcoin profit calculators) If the price of Bitcoin increases again I would hate to miss it. What do you guys think?
So I just read about about Bitcoin, help me understand.
After a few hours of research, I have come away with the idea that, according to this calculator, given the power of a $1300 ASIC (66300 Mhash/s, 620W, approx .04 dollars/hr), you would have a rig that would poop out a block approximately every 5 days, giving you about 6 blocks a month, times 25 coins a block means approx 150 bitcoins a month. Even if the market dropped down to $20 per coin, you would be netting $3,000. I'm not a math or economics major, but it seems to me that if it's as easy as investing $1300 to make twice that in a month, you'll quickly see the price drop, because availability will skyrocket. Am I wrong? Why? If I am wrong, please don't just downvote and leave, please explain why (by all means, downvote if you like! I just ask that you at least give me some useful input). I'm not trying to say bitcoins are stupid or this is wrong or any such thing. It's just that if all I need to do is buy a $1300 piece of hardware to make a ton of money every month, I immediately become skeptical. So I figured I'd ask the community to understand more.
I heard about bitcoin mining a couple days ago and wanted to get into it. I downloaded GUIMiner and it has been running at 40-45 Mhash/s and never went above or below.. I went to a calculator and it said it would take 42 years for it to outweigh my power bill. I have an Nivida GeForce GTX 550 Ti and an Intel Core 2 Quad CPU Q6600 @2.4GHz. Is there anything I can do to boost my hash/s other than spending a ton of money on some new hardware?
BitCoin mining seems too good to be true, so I'm pretty sure I'm calculating this wrong or missing a huge step here... if I buy a bitcoin mining rig such as the KnCMiner Jupiter which comes out next month, and this gives me 400,000 Mhash/s, then according to the calculator at http://bitclockers.com/miningcalculator I should be getting over 300 grand a year?????? What am I missing?
So you're sick of just mining on your GPU, and not a fan of the electric bill after a month of mining? There has to be a better option out there than your loud GPU in your gaming computer. There is! Shortly after GPUs became popular for bitcoin mining, enterprising folks started looking at other things they can re-purpose to mine bitcoins more efficiently. Around mid-year 2011, the first devices sprang up that are called FPGAs or Field Programmable Gate Arrays. These are nothing new to the hobbyist community, they've been around for a while for crackers and other security-conscious folks looking at ways to defeat cryptographic locks. Hey! I know something that uses cryptographic calculations to secure its network! BITCOINS! Yep, so some miners developed their own boards and slapped some FPGA chips on them (most commonly the Spartan-6), and wrote specific firmware and "bitstreams" to more efficiently calculate bitcoin hashes. The first generations were sort of slow, but still they had better efficiency than a GPU. Some of the latest generation included the Icarus boards, Cairnsmore, x6500, and ModMiner Quad. In early 2012(i think my timeline is right), Butterfly Labs(BFL) was selling their own FPGA miner that hashed at 800 Mhash/s using 80 watts and only cost US$600 amazing! These grew very popular, but people could see that FPGAs still weren't the most efficient way to hash their shares. BFL then announced that they would be designing their own chips that would be orders of magnitude faster than anything ever seen. These would be the ASICs (or Application Specific Integrated Circuit)everyone is raving about. ASICs are--as the name implies--specifically designed for one thing, and one thing only. Bitcoins. This is all it can do, and can't really be repurposed like an FPGA to other applications. Who wouldn't want a US$150 "Jalapeno" that hashes at 3.5 GIGAhashes/s using only power from a USB port?? Crazy! So summer 2012, BFL says they will ship before Christmas. Various things happen and we now still don't have any confirmed ship dates from BFL. A few other companies have sprouted up, ASICminer which I believe is developing their own chips to mine themselves, but in a responsible way as to not threaten the network with a sudden influx of hashing. bASIC was a fiasco that was developed by the creator of the ModMiner Quad(which is actually a fantastic miner, I own one, and love it.) where he took many preorders, promised lots of people amazing ASIC performance, but in early 2013 the stress of the whole endeavour got to him and he gave up, refunded money(I think it's still being refunded now, or maybe it's been cleared up already.) Avalon is the only company we know has ASIC mining hardware in the wild. It is not certain exactly how many are out there, but they have been confirmed by independent sources. The Avalon units are expensive(75 BTC) and have been in limited production runs (or batches) of a few hundred units that were pre-sold out very quickly. All of this info is gleaned from the Custom Hardware forum over at bitcointalk.org over the past year or so I've been involved in bitcoin. I may have some facts wrong, but this is the gist of the situation and hopefully gives you an insight on the state of the hardware war against bitcoin Thanks for reading!
My computer currently gets like 20MHash/s. I am debating whether or not to get an ATI 6990 because it supposedly gets 700, which with my rough math, should get like .0392 BTC a day, or currently roughly $4.90 USD. If I get a BitForce SC that gets 4.5-5GHash/s, I'd be getting .25 BTC a day, or roughly $34 USD per day. If I get four of them, that's like 1 BTC or $136 USD a day. I'm just a little weary, as in if someone could make machines to make that much BTC a day, why'd they sell them? Also, it seems as thought this money is coming out of thin air. If I understand correctly, but I guess my question is why more people don't do this then. Not sure if this has been asked before, but I haven't seen it. Chart I'm using for my MHash/s numbers: https://en.bitcoin.it/wiki/Mining_hardware_comparison Calculator: http://dev.bitcoinx.com/profit/
I ordered this graphics card and I saw the saphire alternative on this site to see that it has a 27.0 Mhash/s rating. Assuming the conversion from Mhash to Khash is the same from megabytes to kilobytes, I could easily see that got.... 27,000 Khash??? that doesn't see right because that means according to this calculator that would mean I was making over 15 litecoin per day. I seriously doubt it is this easy to produce these. I'm sorry for sounding like an idiot. It's late and I probably am off by a couple zeros.
Ian had started mining bitcoins with all his friends in high school, as a hobby. He had researched the concept and realized it would be a fun thing to get involved in. His interest in it had been perked by his econ professor, when they discussed the pro's and con's of different types of currencies / payment methods in history. With his after school job stocking shelves he had saved up a bit of money and all he had to do was convince his parents the extra electricity him and his friends would be using of theirs, with the computers running in the basement. To save on costs, he wanted to keep the computers as cool as possible, using as much "passive" cooling as he could get away with. At dinner he spoke to his father, Ted, who like most parents, not only didn't understand what he was talking about, but claimed it was illegal on some level. "You can't just make money from thin air! The answer is no". Begrudgingly Ian went to his room and logged on to his and his friends favorite IRC server to let them know of the answer. Luckily Ian's bestfriend, Sara, had gotten the go ahead from her parents, who were thrilled she was interested in computers. They knew that any employment opportunities in the future their daughter would chase, would involve a strong grasp of current computing technologies. Unlike Ian's dad, Sara's parents had asked her how Bitcoin mining worked, and after she had explained it, her parents realized their daughter and friends weren't going to be actually printing money from thin air, but employing hardware and software to work for it. And electricity. They all agreed to meet tomorrow to plan it. They met at lunch, outside, and sketched out the amount of money they'd need to spend in the start, as well as a monthly amount of cash they'd give to Sara to offset the cost of the electricity. They all were pretty amped about it, other then Ian. Ian returned home and decided that he'd do some mining on his own, regardless of what his father had said. He'd just sacrifice his own rooms electric power, so his father wouldn't ever notice it. This meant no more Xbox, no more air conditioning, and no more mini fridge. He built a small space in his closet, that had a hole for an air duct into the attic. With proper airflow achieved he began the process of transferring all his files from his desktop to his netbook. He had enough money for more graphics cards, but not an entire separate machine. He maxed out his computer with 4 HD 5830's after some research on cost/MHash, installed Ubuntu on the computer, started up cgminer on it, and configured the machine to mine with a few pools. He had them send bitcoins to a wallet he had made, in a truecrypt volume. Feeling pretty excited about it, he turned off his AC, and tried to fall asleep in the summer night. Weeks and months and then a few years passed by, with some of Ian's time being spent at Sara's basement with the rest of the group, building their mining rigs, powering them on, configuring their mining pool, and making sure everything was running properly. One of Ian's friends dad was an engineer, and they had been able to borrow an infrared thermometer gun to double check the temperatures of the cards. Things were going real well. And when things are going well, something bad is bound to happen. Ian began feeling more and more tired each morning. At first he thought it was because he was sleeping without the AC on, so he tried sleeping on the couch in the living room. Things only continued to get worst. Ian's mother took him to a doctor that accepted their health insurance, and after waiting a few weeks for blood tests, it turned out Ian had to have an MRI to verify a few things. The doctors soon saw the cause of his problems, which was a brain tumor that was causing elevated pressure in his head. Ian and his family went home to discuss what they would do, and how they'd pay for it. While Ian's parents figured out a way to pay for surgery, they heard a crash come from the staircase. Ian had feinted on his way up to his room. As they carried him to the car all they heard him mutter was "bitcoins". Figuring it was due to him feinting they rushed him to the emergency room at the local hospital, where Ian was put in to a chemically induced coma, to prevent any brain damage. Ian's friends came to visit him, but they visited less and less each week. One day, with only Ian's parents and Sara in the hospital room, the father mentioned to Sara the last thing Ian had said to him was something about bitcoin's, and he then told her about the fight he had had with Ian the year before. She smiled and told him about how they had ended up doing it at her basement, explaining what it was, and how most of their coins they had spent on pizza. She told him that the price of a bitcoin was rising, in U.S. dollars. The father smiled, realizing that his son may have been right all along, about the importance of a decentralized currency, and after Sara's explanation, it truly wasn't printing money from thin air. There was nothing illegal about it. A $20 dollar bill wasn't illegal because it could be used to buy drugs, so why should a bitcoin be illegal? Later that night, Ian's father was going over the family bills that seemed to keep stacking up, trying to figure out how to pay for Ian's surgery, when he saw the electric bill was much higher then usual. He had recently turned the AC on in Ian's room, and plugged his mini-fridge in after stocking it with his favorite soda's, in anticipation of the day his son would come home. He went up to Ian's room and heard a whirring noise coming from Ian's closet. Behind a stack of comic books and shoe boxes he found Ian's desktop. "What was it doing back here?" He decided to give Sara a call, though it was late, she lived across the street so it wouldn't be a problem. He showed her what he had found, and after some clicking and typing, she hugged him and screamed for joy. Confused he asked her what was she so happy about. She showed him Ian's Bitcoin wallet, which was still mounted, and explained that Ian had been mining privately Bitcoins for awhile now. His Bitcoin wallet showed 1803.78004 BTC. Before Ian's father could ask why this was good news, Sara showed him the current rate of a bitcoin on mtgox, and after some calculations, Ian's father realized enough money existed to pay for Ian's surgery! Sara spent the rest of the night setting up accounts on various BTC exchanges, transferring funds, and then trading bitcoins for U.S. dollars. The next day was spent going from bank to bank, to pick up wire transfers, and then it was time for Ian's surgery. When Ian recovered from the surgery, Sara explained to him what had happened, while Ian's father and mother held his hands. Ian's dad apologized and told him he'd support his bitcoin hobby. Sara interjected and caught Ian up on how GPU mining was soon being replaced with ASIC mining. Ian looked up at his father and casually mentioned "Well... my birthday is coming up..." |Just something that came to me on my bus ride this morning
How long until bitcoins aren't accessable to the average user?
This is a general discussion on the bitcoin market itself, but also has to do with mining. If a mod determines that it needs to be moved to a different sub-reddit such as the mining reddit, please notify me and I will do so. I'm not much of a genius when it comes to bitcoins, but I do know about the market and a good bit about how people think, since I'm a human myself. When I first looked into bitcoins, people still made profit CPU mining. This is possible today, but anyone in bitcoinmining can tell you that it probably isn't worth your power bill, or even the internet bandwidth you used to download the miner. Then there was a paradigm shift where everyone started buying GPUs to mine off of, which is what most people have been doing recently, as far as I know. With some of the newest tech, you can get hundreds of Mhash on consumer level (ok, maybe a bit higher) GPUs. But that's not enough. With new development in ASIC cards, mining is a lot faster. In BTC Guild, the ASICMiner account reaches over 7kGhash, which calculates to around 400BTC per day (not necessarily as profit, however). Anyways, back to non-mining spec talk. Because of these new cards being released, they will become the new standard for mining, the way that GPU overthrew CPU. This is natural, but could case obvious problems. As consumer level CPUs become obsolete in the mining world, and GPUs aren't seen as the standard because of development in ASIC technology, and with Moore's law providing the basis for cards like ASIC miners improving over time, will regular people lose interest in bitcoin? I've been seeing many threads in bitcoinmining titled "Just bought a new gaming computer, can I use it to mine?" followed by specs that aren't too shabby; multiple GPUs, 4.0GHz+ processors, very nice (yet expensive) computers. Your average Joe wouldn't buy this, and it's not even seen as very good for mining. This is just the start. When an ASIC is seen as "required" to start mining, people with high end PCs won't even try. Therefore, the only way that the average computer user will acquire bitcoins is through buying them, which brings up the issue of discovery. Sure, more and more businesses are accepting bitcoins every day. But will the acceptance of bitcoins by smaller stores move people to try it out? If someone is going to buy a product on Amazon, for example, and they have a credit card linked up with their account, how will a "Pay with Bitcoin" link motivate them to invest in what the media usually portrays as a "made up currency"? My overall thesis is that it seems as if the direction bitcoin is going in will cut off the entry of average users and restrict it to computer aficionados. This will have obvious effects on the market, which you can speculate on your own. But tell me, reddit, what are your thoughts on the issue? How can we reform this economy to be suited to entering, average users when currently it's aimed at people with very strong PCs? Do you think it should stay this way? Do you have an innovative way to prevent this new paradigm from occurring and reducing new potential bitcoin circulators? I'm open to all thoughts and conversation, for this topic really intrigues me. Who knows, tomorrow an ASIC for residential use could be released and soccer moms would mine their own currency.
SELLING FPGA BITCOIN MINERS - MODMINER QUAD (Have a few left)
SELLING FPGA BITCOIN MINERS - MODMINER QUAD https://post.craigslist.org/imagepreview/m/3K43Me3J65L55E95Mcd41a17771ccf5591e55.jpghttps://post.craigslist.org/imagepreview/m/3Eb3Fb3Lc5I25G95Fbd41ec1e412c6c5b1b05.jpg The ModMiner Quad is a highly efficient FPGA Based Bitcoin Mining Device. Price - 2 BTC each (Lowered Price) - Only accepting Bitcoins! I'm selling some FPGA Bitcoin miners due to me making room for my ASIC coming in, so I can work out the prices on these. It features up to 4 Spartan-6 LX150 FPGA Chips that are Capable of doing up to 210Mhash each at 10 watts For a total Unit Speed & Efficiency of 800+mhash @ only 40 watts Compatible with the popular BFGMiner and CGMiner Bitcoin Mining Software Also many other people have found other uses for this great device, it will easily load any Bitstream / firmware you load onto it and be used for a plethora of other applications including protein folding , DNA mapping and pretty much any distributed computer project / algorithmic application or any other thing you can through at it. A truly multi purpose Spart-6 LX150 Device, this baby is idea for all kinds of distributed computer applications, hobbyist password cracking and many other applications If you would like a powerful long lasting and multi-purpose FPGA calculation device the Modminer Quad is for you! Contents: 1x Backplane 4x Spartan 6 LX150 FPGA cards with heatsinks + fans 1x USB miniUSB cable Features: 4x Spartan 6's 800+mhash @ ~ 40 watts USB interface for configuration and communication 72MHz ARM Cortex M3 for USB interface Our own custom Firmware Super easy firmware updating for the ARM chip Temp sensor on each FPGA card Heatsink w/ cooling fan on every card 4x 3-pin headers to power standard fans Draws from the 12V supply with 5A fuse at the Molex connector LEDs to indicate that the FPGAs are configured properly Modular design for seamless FPGA upgrades and repair Price - 2 BTC each (Lowered Price) Click here to order - https://payment.mtgox.com/4f4a7094-24e4-4cd6-947a-4ad6ad3ad856 My Cragislist Ad - https://post.craigslist.org/manage/3715775953
I've decided to start a rack of dedicated bitcoin miners and I am planning the parts right now, but I have a few questions. Q1. 5770 Single Slot vs 5830? Q2. Is overclock worth it in the long term (since the warranty is no longer valid)? Q3: Anyone have a decent Mobo link? I'm trying to figure out what mobo would be good for a 4U case and a power supply to go with it to match the number of PCI-E slots maxed out. Old Rig Specs:
Now for logistics: I own a 5770 (old one) and it only gets 175 MHash, so the spreadsheet is wrong on that account. It would seem 5830 would be my best bet if they're still stocking it next month. Although the single slot 5770 would be nice too. Table time. Note I am using 175 MHash for $/MHash calculation. Component|Description|Source|Amount+Shipping :---|:---|:--- Chassis|Middle Atlantic RC-4|Amazon|$54.99+$9.99 Power Supply|Rosewill Green Series RG530-S12 530W, 80 PLUS Certified|NewEgg|$49.99 Motherboard|ASRock M3A770DE|NewEgg|$59.99+$4.99 CPU|AMD Sempron 140|NewEgg|$37.99 Memory|2x 1GB DDR3|NewEgg|$25.98+$1.98 Graphics card|XFX 5770 Single Slot|NewEgg|$126.99 PCIe x1 adapter|Extender Cable PCI-E 1X Riser Adapter|9mart|$9 Storage|Recert Western Digital Caviar 80GB|NewEgg|$16.99 SubTotal|Approx $1.66/MHash w/ 1 Card||$271.89 SubTotal2|Approx $0.96/MHash w/ 3 Cards||$525.87 Optional| Rack|StarTech 2POSTRACK 42U -- about ten 4U/Rack|NewEgg|$119.99+$36.47 Total|With Rack + SubTotal2||$682.33 Some things to note: I want to find the best solution to the card per mobo with a decent power supply. I also want to add joule rating cost for the components on the table.
Hi Everyone, Just a quick question about a Bitcoin Mining Pool. I know the way to solve a block is essentially "luck", meaning it could take a while or no time at all depending on how lucky the miner is at guessing the nonce. I see people talking about Mhash/s, Ghash/s, and Thash/s referring to the number of calculations per second their hardware can do. I was wondering, does anyone know of a "list" that determines how much share of a "pool" you get based on the number of Mhash/sec... or higher your hardware gets? Thanks! k9
[Build Help] Desperately Need Your Critical Opinions!
I am building a Bitcoin mining rig. If you do not know what bitcoin is then please learn more here. I would really like some critical opinoins from fellow miners because /BitcoinMining wasn't of too much help. Thank you in advance and if you don't have any experience in mining upvote so others can help!
Already have 160GB 2.5" 7200RPM laptop hard drive. This will get me minimum W/O OCing 692.32 MHash/s and will take me approx. 1 year and 128 days to break even on my hardware. Once I pay off my hardware I will earn $600-$400 a year with it. P.S. will probably overclock the cards to to get better MHash/s. I plan on eventually getting another two 5850's. Used Bitcoinx.com to calculate the profits.
฿itCoin Mining Calculator Do you know your Thash/second, but you want to know for example: BTC/month, euros/dollars/pounds your earn each second, day, month or year? Worry not, just fill in your Thash/sec! NEW: New market: CoinBase (default Kraken), see Advanced calculator button! Disclaimer: the calculation is based on the current 'difficulty' and this value can change in the future ... Find out what your expected return is depending on your hash rate and electricity cost. Find out if it's profitable to mine Bitcoin, Ethereum, Litecoin, DASH or Monero. Do you think you've got what it takes to join the tough world of cryptocurrency mining? The Bitcoin mining calculator helps you to know how much profit you can earn from a Bitcoin miner. Considering all the relevant costs, including electricity, fees, and hardware, this mining calculator provides an estimated profit amount. Following are the detailed instructions on the usage of Bitcoin mining calculator – Accurate Bitcoin mining calculator trusted by millions of cryptocurrency miners since May 2013 - developed by an OG Bitcoin miner looking to maximize on mining profits and calculate ROI for new ASIC miners. Updated in 2020, the newest version of the Bitcoin mining calculator makes it simple and easy to quickly calculate mining profitability for your Bitcoin mining hardware. Your hash-rate: 1579000000 hashes/second : Difficulty: 19298087186262 times difficult than difficulty 1: Exchange Rate:-0,00000000/BTC Block time:
This video is unavailable. Watch Queue Queue. Watch Queue Queue If you're looking into starting cryptocurrency mining, you want to make sure that you're making a good profit on your main computer or GPU (graphics card)/CP... This is just a brief look at my 5+ Mhash/sec litecoin mining rig. It uses a total of 9 7950's and a single 5870. At the current difficulty level, it is mining about 430 litecoins a month. Edit: as ... 6 Mhash /s bitcoin litecoin mining rig. 4x R9 290 1x R9 280oc. 1x Hd7950 3x 7970 bitcoin mining pool, bitcoin mixing service, bitcoin map, bitcoin mixer, bitcoin market cap, bitcoin mining calculator profit, m bitcoin, bitcoin m-pesa, bitcoin mhash, bitcoin m of n transactions ...