Bitcoins - anyone else mining? (3 Viewers)

[Jojo the circus boy]

Very frustrating for someone new to this.

The instructions are terrible.

Yeah it is pretty easy though, click on my link below Team FBG and register

then click on the help link and scroll down and install the GUI Miner

When you install that you need to browse to the directory you specified and run the EXE

Once it is running you need to make sure it recognizes your video card (don't bother mining with CPU cores, not worth it), if it doesn't recognize your video card, download latest drivers

Once it is running and recognizes your video card you need to create a miner "worker"

go back to triplemining and click on workers, give it a name and a password ('x' as password is fine)

go back to GUI miner and choose File > New Miner > New OpenCL miner... (unless you have a CUDA card or one of the others apply)

For server dropdown choose triplemining

enter the name of the worker name from triplemining

enter the password you created

choose device: (your video card)

click "start mining" button

view the status bar messages to make sure there is not an authentication error and that your shares are accepted once it has been running

 

[Whitetail Hunter]

Thanks.

Your instructions worked, and I am mining at 2.3 Mhash/s

How do you track your progress?

 

[Jojo the circus boy]

Thanks.

Your instructions worked, and I am mining at 2.3 Mhash/s

How do you track your progress?

You can click on stats or transactions at the top

just an fyi it looks like you are only using CPU cores, I did that the first night and made the equivalent of $0.004 USD

when I switched over to using my GPU that shot up to $2.85 USD

 

[Whitetail Hunter]

The message at the triple mining site is:

Final step: get a bitcoin wallet and enter your bitcoin address on the account page, so we can transfer the bitcoins as soon as you have obtained coins. For more help about wallets, please visit our help page.

There's no reference to wallets on the help page. What did you do?

About how much is a share worth?

 

[12punch]

Very frustrating for someone new to this. The instructions are terrible.

Maybe you can get the mgr fired

 

[Jojo the circus boy]

The message at the triple mining site is:

Final step: get a bitcoin wallet and enter your bitcoin address on the account page, so we can transfer the bitcoins as soon as you have obtained coins. For more help about wallets, please visit our help page.

There's no reference to wallets on the help page. What did you do?

About how much is a share worth?

I downloaded a wallet for my iPhone, I used blockchain

They will give you a payment address you can give triplemining

 

[BlueDredSo]

I think for me Bitcoins are going to fall under the category of "I don't quite understand it, and the amount of mental gymnastics and effort it may take to get me to understand it combined with the likelihood of it paying off makes for a crappy end result. Therefore, I will simply mock it any time it is brought up so that I can look superior."

I couldn't have said it any better. All I can think is some hacker is going to somehow get my credit card information while I'm killing my computer to make a nickel. Sign me up!

 

[Jojo the circus boy]

I think for me Bitcoins are going to fall under the category of "I don't quite understand it, and the amount of mental gymnastics and effort it may take to get me to understand it combined with the likelihood of it paying off makes for a crappy end result. Therefore, I will simply mock it any time it is brought up so that I can look superior."

I couldn't have said it any better. All I can think is some hacker is going to somehow get my credit card information while I'm killing my computer to make a nickel. Sign me up!

I've had my credit card information stolen 3 times in 6 months, the technology and network that cc companies use (particularly in the U.S.) is antiquated, this technology is vastly superior if you are worried about fraud.

 

[pittstownkiller]

I think for me Bitcoins are going to fall under the category of "I don't quite understand it, and the amount of mental gymnastics and effort it may take to get me to understand it combined with the likelihood of it paying off makes for a crappy end result. Therefore, I will simply mock it any time it is brought up so that I can look superior."

I couldn't have said it any better. All I can think is some hacker is going to somehow get my credit card information while I'm killing my computer to make a nickel. Sign me up!

I've had my credit card information stolen 3 times in 6 months, the technology and network that cc companies use (particularly in the U.S.) is antiquated, this technology is vastly superior if you are worried about fraud.

If you are having problems with people lifting your card information you can PM me your SS#, your CC#, DOB, full name, and your mother's maiden name; I'll take care of it from there.

 

[Jojo the circus boy]

I think for me Bitcoins are going to fall under the category of "I don't quite understand it, and the amount of mental gymnastics and effort it may take to get me to understand it combined with the likelihood of it paying off makes for a crappy end result. Therefore, I will simply mock it any time it is brought up so that I can look superior."

I couldn't have said it any better. All I can think is some hacker is going to somehow get my credit card information while I'm killing my computer to make a nickel. Sign me up!

I've had my credit card information stolen 3 times in 6 months, the technology and network that cc companies use (particularly in the U.S.) is antiquated, this technology is vastly superior if you are worried about fraud.

If you are having problems with people lifting your card information you can PM me your SS#, your CC#, DOB, full name, and your mother's maiden name; I'll take care of it from there.

It's the sketchy payment processors that these places use, usually 1 place that keeps stealing it.

 

[Charlie Frown]

http://finance.yahoo.com/news/big-investors-emerge-bitcoin-gets-191114595.html

Never Mind Facebook; Winklevoss Twins Rule in Digital MoneyThe Winklevoss twins, Cameron and Tyler — Olympic rowers, nemeses of Mark Zuckerberg — are laying claim to a new title: bitcoin moguls.

The Winklevii, as they are known, have amassed since last summer what appears to be one of the single largest portfolios of the digital money, whose wild gyrations have Silicon Valley and Wall Street talking. The twins, the first prominent figures in the largely anonymous bitcoin world to publicly disclose a big stake, say they own nearly $11 million worth.

Or at least $11 million as of Thursday morning — when trading was temporarily suspended after the latest and largest flash crash left a single bitcoin worth about $120 and the whole market worth $1.3 billion. At one point, the price had plummeted 60 percent.

 

[Jefferson the Caregiver]

Can anyone sum this up for me in something that I can understand?Company creates bitcoins. I assume they are the ones that payout for them so that suppliers will accept them.

Then they give them away to someone that can successfully mine an algorithm correct? Why does the computer who solves the algorithm have a right to this free money?

Now for the tough question. How does the value go up? What would make someone pay more money for a bitcoin than what an actual dollar is worth? So they can buy something illegal, drugs, kiddie porn? Please explain.

So lastly if I understand correctly the bitcoin vendor is now making money because someone is paying more for this currency then they are paying out to the suppliers and on top of that they are charging transaction fees?

I need a crash course in this. It sound fascinating and highly illegal.

 

[Sarnoff]

Can anyone sum this up for me in something that I can understand?Company creates bitcoins. I assume they are the ones that payout for them so that suppliers will accept them.

Then they give them away to someone that can successfully mine an algorithm correct? Why does the computer who solves the algorithm have a right to this free money?

Now for the tough question. How does the value go up? What would make someone pay more money for a bitcoin than what an actual dollar is worth? So they can buy something illegal, drugs, kiddie porn? Please explain.

So lastly if I understand correctly the bitcoin vendor is now making money because someone is paying more for this currency then they are paying out to the suppliers and on top of that they are charging transaction fees?

I need a crash course in this. It sound fascinating and highly illegal.

Additional bitcoins are created on a regular basis because most advanced economies need some kind of inflation built in, to expand the money base. In our system this is done by interest in the banking sector. If there were only $10 in the US economy, and some guy put it in the bank to save, he'd never be able to earn interest on it because there's no more money to pay him. So periodically additional dollars are created. If the bank loaned out the 10 dollars to different people and expected more back from them in return when the loan came due, same thing... additional dollars are needed.

So they're creating more bitcoins ever-so-slowly to perform the same function, gradual controlled inflation.

The method they've come up with to distribute the bitcoins is, basically, a lottery. The bitcoin computer effectively thinks up a huge random number. If your computer solves a math problem that gets the same random number as a result, you win 1 coin. It's not different that Powerball.

Bitcoin value is determined by free market forces. Some guy wants to buy something with bitcoins, legal or not (drugs and pizza are both sold on the bitcoin market). So he has to trade euros or dollars or dinars or whatever in a marketplace to buy enough bitcurrency. He can only buy from people selling, so he bids on them like it's ebay, against everyone else looking to buy bitcoins for whatever. A price is settled on and his national currency is exchanged for a number of bitcoins. The guy selling does this to exchange his supply of bitcoins, from selling drugs or pizza or whatever, into his national currency so he can pay rent or whatever he can't buy locally with bitcoins that he needs.

Some speculators are trying to buy low, hold to reduce available supply, drive the price up, and sell. This is done in the real world as well, of course, with currency speculators. This may cause a bubble and they could end up screwed. Or prices could continue to rise if demand rises. It's a free-market system. The "bitcoin vendor" is usually a guy who takes bitcoins as payment and wants to cash out for his local currency. Sometimes it's a speculator looking to take profit.

 

[McGarnicle]

What is the ratio of bitcoins to Schrute Bucks?

 

[Polish Hammer]

This may be an odd question, but what is your computer doing while "mining"? I keep seeing things about it solving parts of algorithms and such, but to what end? Are we building a video game? Mapping the genome? Hacking some government database? It seems that people may be happy to have a chance at these bitcoins without wondering where the "work" is going. Or maybe I just didn't read enough.

(Probably the latter.)

 

[Joe Summer]

This may be an odd question, but what is your computer doing while "mining"? I keep seeing things about it solving parts of algorithms and such, but to what end? Are we building a video game? Mapping the genome? Hacking some government database?

The primary main objective is to destroy the evil power.

 

[Jojo the circus boy]

Can anyone sum this up for me in something that I can understand?

Company creates bitcoins. I assume they are the ones that payout for them so that suppliers will accept them.

Then they give them away to someone that can successfully mine an algorithm correct? Why does the computer who solves the algorithm have a right to this free money?

Now for the tough question. How does the value go up? What would make someone pay more money for a bitcoin than what an actual dollar is worth? So they can buy something illegal, drugs, kiddie porn? Please explain.

So lastly if I understand correctly the bitcoin vendor is now making money because someone is paying more for this currency then they are paying out to the suppliers and on top of that they are charging transaction fees?

I need a crash course in this. It sound fascinating and highly illegal.

Sarnoff explained it very well.

Bitcoins have been used for illegal activity such as making black market purchases on Silk Road (wiki link, safe).

After reading the hoops people go through to try to protect their anonymity however is seems like a lot of work (at least to me). For example one article I read talked about buying a cheap laptop, removing the harddrive having a bootable linux CD and a thumbdrive, going to a library to use their internet, creating multiple throwaway email addresses in order to "blend" your bitcoin stashes, paying a homeless guy to walk into a Bank of America to initially fund your bitcoin account so that your identity will not be caught on cameras of BoA, etc...

So while it can be used for illegal activity it is not easy.

I could see other uses for it by people living in countries with volatile economies using it to try to retain what little value their currency has before it vanishes.

There's other talk that the real boom in bitcoins has not happened yet and that once the technology and use of bitcoins becomes widespread in China there could be some serious upside with little recourse by the Chinese government since the network is so decentralized. DYODD.

 

[Jojo the circus boy]

It's services like this that will really spike usage of bitcoin:

http://www.paybit.co/ - allows you to buy anything on amazon via bitcoin with no transaction fees

 

[Kool-Aid Larry]

This may be an odd question, but what is your computer doing while "mining"? I keep seeing things about it solving parts of algorithms and such, but to what end? Are we building a video game? Mapping the genome? Hacking some government database? It seems that people may be happy to have a chance at these bitcoins without wondering where the "work" is going. Or maybe I just didn't read enough.

(Probably the latter.)

I probably shouldn't try to explain something I don't understand, but I googled a couple things after reading these threads, so I'll try for a few half-assed comparisons -- just bear in mind I might be completely misinforming you.

if you look at any dollar bill, you'll see it's id'd by a serial number.

some guy is cranking a printing press somewhere to create those things, but it's a little more complicated than the printing at kinko's because we don't want kinko's creating money.

I don't know if you're familiar with peer to peer file sharing, torrents, etc, but if I upload a file (tv show, or whatever) it gets id'd with a unique hash like A00C1D0E82B86E93B849478D8B37E6FCD11876EB

so, obviously, there isn't a unique file in physical form, like the bill, but that code uniquely id's the copies of that particular file.

if you take parts from both these examples and complicate it about a million times you get a peer to peer currency .

I think 'mining' might not be as good a term for this as 'farming' because I think what your processor is doing is actually spending time and work to actually create and maintain currency.

you can't have people just making their own bitcoins as they feel like it, so each bitcoin has a supercomplicated hash id code that basically gets resolved by processing power from all these farmers., and increases in complexity as they get figured out more frequently --- this acts as a governor on money creation, and lets the supply grow naturally at it's predetermined rate.

rather than one guy cranking a printing press somewhere, this guy set it up so that the currency exists independently of any one source, and is continually being created, as it's entire existence is just a very complicated hash code, rather than a short number on a piece of paper.

I think what your computer is actually doing is figuring out these hash codes, and when one is finally calculated, a bitcoin is born.

to throw out one more random simile -- let's say I told you the unique serial number of a particular bitcoin was pi to 10k decimal places.

you could have your computer figure that out, and whoever manages to do that has just created that bitcoin.

 

[Polish Hammer]

Kool-Aid Larry - thanks for the attempt. Call me nuts (or stupid) but I'm not buying it. Whoever started making/releasing/conceptualizing the whole BitCoin thing....in your scenario what do they get out of it? I find it really hard to believe (and odd) that a currency would start and just be given away without the "giver" getting anything in return. Maybe this person/group just has time on their hands and wants to prove a point that something can be created of value outside of our current system for currency and they are just giving a big FU to modern currency. But I'm of the opinion that people tend to do things because they want things.

What are the creators of BitCoin getting out of this? Hopefully I'm wrong on this and it is just a fun social and economic experiment based in the computing world.

 

[jwp]

The creators surely bought a bunch when they were cheap because they believed in it. Now they are rich.

 

[pittstownkiller]

It's services like this that will really spike usage of bitcoin:

http://www.paybit.co/ - allows you to buy anything on amazon via bitcoin with no transaction fees

Well there you have it; if you can buy tangible goods through popular websites, bitcoins have real value. How does paybit convert their coins into real currency?

 

[Jojo the circus boy]

The creators surely bought a bunch when they were cheap because they believed in it. Now they are rich.

this, as value inflates they could be richer than their arch nemesis Zuckerberg

 

[Polish Hammer]

The creators surely bought a bunch when they were cheap because they believed in it. Now they are rich.

So while they may be releasing 1,000,000 bitcoins to the public through this mining effort, they could have kept an additional 200,000 for themselves and simply enjoyed the increase in value as the market goes up? I guess that makes some sense from a motivational perspective.

 

[Jojo the circus boy]

It's services like this that will really spike usage of bitcoin:

http://www.paybit.co/ - allows you to buy anything on amazon via bitcoin with no transaction fees

Well there you have it; if you can buy tangible goods through popular websites, bitcoins have real value. How does paybit convert their coins into real currency?

Most sellers convert to/from USD first. so relatively no risk if they intend on converting fast.

 

[pantagrapher]

The creators surely bought a bunch when they were cheap because they believed in it. Now they are rich.

Exactly. Just like the people holding gold who spent the last 10 years telling people to put their money in gold. You can bet they got out of their position while it was hot.

 

[pittstownkiller]

It's services like this that will really spike usage of bitcoin:

http://www.paybit.co/ - allows you to buy anything on amazon via bitcoin with no transaction fees

Well there you have it; if you can buy tangible goods through popular websites, bitcoins have real value. How does paybit convert their coins into real currency?

Most sellers convert to/from USD first. so relatively no risk if they intend on converting fast.

But how Jojo? Are you saying that when I buy a bitcoin from a bitcoin bank, that the USD I use becomes the legal currency for use in the real world?

 

[Jojo the circus boy]

pittstownkiller, on 16 Apr 2013 - 10:04, said:

Jojo the circus boy, on 16 Apr 2013 - 09:52, said:

pittstownkiller, on 16 Apr 2013 - 09:51, said:

Jojo the circus boy, on 15 Apr 2013 - 12:02, said:

It's services like this that will really spike usage of bitcoin:

http://www.paybit.co/ - allows you to buy anything on amazon via bitcoin with no transaction fees

Well there you have it; if you can buy tangible goods through popular websites, bitcoins have real value. How does paybit convert their coins into real currency?

Most sellers convert to/from USD first. so relatively no risk if they intend on converting fast.

But how Jojo? Are you saying that when I buy a bitcoin from a bitcoin bank, that the USD I use becomes the legal currency for use in the real world?

I'm not sure if I follow. When you think of a bitcoin, think of something physical like a gold or silver coin that cannot be melted down for any other use, does that help?You buy a silver coin for $25 from a dealer, then you sell that coin to a provider that let's you buy stuff on Amazon. Now you have an item from Amazon of equal USD value and the provider has to decide what to do with the silver coin, they can either sell it to someone else for USD (in the bitcoin example this would be one of the exchanges that lets you convert to USD or whatever currency you prefer that they service) or they can hold it and hope it goes up in value.

If my last post was not clear, if you have a bitcoin and mt.gox says that the 1 bitcoin you have is worth $97.20 then that is the purchasing power an intermediary will give you when making an Amazon purchase, giving your change in bitcoin increments.

 

[pittstownkiller]

It's services like this that will really spike usage of bitcoin:

http://www.paybit.co/ - allows you to buy anything on amazon via bitcoin with no transaction fees

Well there you have it; if you can buy tangible goods through popular websites, bitcoins have real value. How does paybit convert their coins into real currency?

Most sellers convert to/from USD first. so relatively no risk if they intend on converting fast.

But how Jojo? Are you saying that when I buy a bitcoin from a bitcoin bank, that the USD I use becomes the legal currency for use in the real world?

I'm not sure if I follow. When you think of a bitcoin, think of something physical like a gold or silver coin that cannot be melted down for any other use, does that help?You buy a silver coin for $25 from a dealer, then you sell that coin to a provider that let's you buy stuff on Amazon. Now you have an item from Amazon of equal USD value and the provider has to decide what to do with the silver coin, they can either sell it to someone else for USD (in the bitcoin example this would be one of the exchanges that lets you convert to USD) or they can hold it and hope it goes up in value.

If what my last post was not clear, if you have a bitcoin and mt.gox says that the 1 bitcoin you have is worth $97.20 then that is the purchasing power an intermediary will give you when making an Amazon purchase, giving your change in bitcoin increments.

I am missing a step. How does the intermediary get USD to give to Amazon; is it USD supply from $ sales of BitCoins? If I "mine" a coin, what is produced that allows intermediary real value to justify exchanging it for USD; it would seem that illegal activities could have value or a high exchange rate, if there was enough interest in the bitcoin.

 

[lod01]

Anybody's mine producing bitcoins yet?

 

[Peter Lemonjello]

My father spent 69 days trapped underground in a bitcoin mining accident in Chile.

 

[Jojo the circus boy]

It's services like this that will really spike usage of bitcoin:

http://www.paybit.co/ - allows you to buy anything on amazon via bitcoin with no transaction fees

Well there you have it; if you can buy tangible goods through popular websites, bitcoins have real value. How does paybit convert their coins into real currency?

Most sellers convert to/from USD first. so relatively no risk if they intend on converting fast.

But how Jojo? Are you saying that when I buy a bitcoin from a bitcoin bank, that the USD I use becomes the legal currency for use in the real world?

I'm not sure if I follow. When you think of a bitcoin, think of something physical like a gold or silver coin that cannot be melted down for any other use, does that help?You buy a silver coin for $25 from a dealer, then you sell that coin to a provider that let's you buy stuff on Amazon. Now you have an item from Amazon of equal USD value and the provider has to decide what to do with the silver coin, they can either sell it to someone else for USD (in the bitcoin example this would be one of the exchanges that lets you convert to USD) or they can hold it and hope it goes up in value.

If what my last post was not clear, if you have a bitcoin and mt.gox says that the 1 bitcoin you have is worth $97.20 then that is the purchasing power an intermediary will give you when making an Amazon purchase, giving your change in bitcoin increments.

I am missing a step. How does the intermediary get USD to give to Amazon; is it USD supply from $ sales of BitCoins? If I "mine" a coin, what is produced that allows intermediary real value to justify exchanging it for USD; it would seem that illegal activities could have value or a high exchange rate, if there was enough interest in the bitcoin.

You'd have to ask them, I assume like a pawn shop they have money in their accounts while they hold on to the BTC. Theoretically they could exchange it to USD with an exchange like Mt.Gox FIRST and then use that USD to make the purchase.

 

[Jojo the circus boy]

OKCupid rumored to start taking Bitcoin, the more of these relationships that bitcoin makes the more believable they become as a currency.

 

[AAABatteries]

What's the rate for renting Amazon Cloud Computing resources - if I understand this correctly if that rate was less that the rate that you "earn" bitcoins then someone could just cap out on Amazon resources and rofit: I know that rate will be more so it wouldn't work but am I at least understanding the concept here?

At what point does the goverment step in and SHUT IT DOWN?

 

[Jojo the circus boy]

What's the rate for renting Amazon Cloud Computing resources - if I understand this correctly if that rate was less that the rate that you "earn" bitcoins then someone could just cap out on Amazon resources and rofit: I know that rate will be more so it wouldn't work but am I at least understanding the concept here?

At what point does the goverment step in and SHUT IT DOWN?

Amazon is pretty expensive to be honest, you either use it for a short basis per day (shutting instances down at end of work day) or you get a discount to let them run 24x7 but either way you will be paying a small fortune for computing power.

 

[12punch]

What's the rate for renting Amazon Cloud Computing resources - if I understand this correctly if that rate was less that the rate that you "earn" bitcoins then someone could just cap out on Amazon resources and rofit: I know that rate will be more so it wouldn't work but am I at least understanding the concept here? At what point does the goverment step in and SHUT IT DOWN?

Which gov?

 

[Cliff Clavin]

What's the rate for renting Amazon Cloud Computing resources - if I understand this correctly if that rate was less that the rate that you "earn" bitcoins then someone could just cap out on Amazon resources and rofit: I know that rate will be more so it wouldn't work but am I at least understanding the concept here?

At what point does the goverment step in and SHUT IT DOWN?

How?

 

[Whitetail Hunter]

www.bitminter.com is much better and easier to use.

The graphics card on my IBM machine must be crappy because I can only get ~1.5 Mhps whereas on my iMac I get ~56Mhps. My MBP only gets ~6Mhps.

All of it is laughable though. At ~56Mhp, your expected Bitcoin yield/day is 0.0037 which is worth about $0.26. 1 Bitcoin is worth about $70.

The money is made by the guys taking little pieces from everyone and will be made by the exchanges IMO. That's assuming Bitcoin doesn't implode.

 

[Jojo the circus boy]

www.bitminter.com is much better and easier to use.

The graphics card on my IBM machine must be crappy because I can only get ~1.5 Mhps whereas on my iMac I get ~56Mhps. My MBP only gets ~6Mhps.

All of it is laughable though. At ~56Mhp, your expected Bitcoin yield/day is 0.0037 which is worth about $0.26. 1 Bitcoin is worth about $70.

The money is made by the guys taking little pieces from everyone and will be made by the exchanges IMO. That's assuming Bitcoin doesn't implode.

With my 7970 I was getting between 500-600 MHash/s and the payout was about $2.83 overnight. I stopped running it though since I didn't want to burn out my card.

There's definitely potential for money to be made as the hardware technology improves in the near future.

 

[pittstownkiller]

www.bitminter.com is much better and easier to use.

The graphics card on my IBM machine must be crappy because I can only get ~1.5 Mhps whereas on my iMac I get ~56Mhps. My MBP only gets ~6Mhps.

All of it is laughable though. At ~56Mhp, your expected Bitcoin yield/day is 0.0037 which is worth about $0.26. 1 Bitcoin is worth about $70.

The money is made by the guys taking little pieces from everyone and will be made by the exchanges IMO. That's assuming Bitcoin doesn't implode.

With my 7970 I was getting between 500-600 MHash/s and the payout was about $2.83 overnight. I stopped running it though since I didn't want to burn out my card.There's definitely potential for money to be made as the hardware technology improves in the near future.

That would also drive down the value of a bitcoin.

 

[Whitetail Hunter]

www.bitminter.com is much better and easier to use.

The graphics card on my IBM machine must be crappy because I can only get ~1.5 Mhps whereas on my iMac I get ~56Mhps. My MBP only gets ~6Mhps.

All of it is laughable though. At ~56Mhp, your expected Bitcoin yield/day is 0.0037 which is worth about $0.26. 1 Bitcoin is worth about $70.

The money is made by the guys taking little pieces from everyone and will be made by the exchanges IMO. That's assuming Bitcoin doesn't implode.

With my 7970 I was getting between 500-600 MHash/s and the payout was about $2.83 overnight. I stopped running it though since I didn't want to burn out my card.

There's definitely potential for money to be made as the hardware technology improves in the near future.

As technology improves, the proverbial bar will be moving up. Also, the number of bitcoins being released is decreasing and the difficulty of the problems is increasing. So your graphics card will be doing more work for less reward. I don't think anyone is going to get rich from mining BCs--the easy money has been made.

I've been reading on the incredible volatility that the BC exchange rate has experienced over the last couple of months. I think it peaked around $266/BC and is now around $70/BC. Crazy.

 

[12punch]

If you go to mtgox.com and click the top you can get a graph

 

[12punch]

Also, here you go

http://www.butterflylabs.com/

Pretty sure they're not the onmly ones making these

 

[D in the D]

I downloaded a wallet for my iPhone, I used blockchain

They will give you a payment address you can give triplemining

a blockchain wallet? sweet.

 

[Cliff Clavin]

www.bitminter.com is much better and easier to use.

The graphics card on my IBM machine must be crappy because I can only get ~1.5 Mhps whereas on my iMac I get ~56Mhps. My MBP only gets ~6Mhps.

All of it is laughable though. At ~56Mhp, your expected Bitcoin yield/day is 0.0037 which is worth about $0.26. 1 Bitcoin is worth about $70.

The money is made by the guys taking little pieces from everyone and will be made by the exchanges IMO. That's assuming Bitcoin doesn't implode.

With my 7970 I was getting between 500-600 MHash/s and the payout was about $2.83 overnight. I stopped running it though since I didn't want to burn out my card.There's definitely potential for money to be made as the hardware technology improves in the near future.

As more coins are mined, the algorithms become harder taking away any gains that your technology makes.

 

[Jojo the circus boy]

www.bitminter.com is much better and easier to use.

The graphics card on my IBM machine must be crappy because I can only get ~1.5 Mhps whereas on my iMac I get ~56Mhps. My MBP only gets ~6Mhps.

All of it is laughable though. At ~56Mhp, your expected Bitcoin yield/day is 0.0037 which is worth about $0.26. 1 Bitcoin is worth about $70.

The money is made by the guys taking little pieces from everyone and will be made by the exchanges IMO. That's assuming Bitcoin doesn't implode.

With my 7970 I was getting between 500-600 MHash/s and the payout was about $2.83 overnight. I stopped running it though since I didn't want to burn out my card.There's definitely potential for money to be made as the hardware technology improves in the near future.

As more coins are mined, the algorithms become harder taking away any gains that your technology makes.

Show me the math.

 

[Cliff Clavin]

www.bitminter.com is much better and easier to use.

The graphics card on my IBM machine must be crappy because I can only get ~1.5 Mhps whereas on my iMac I get ~56Mhps. My MBP only gets ~6Mhps.

All of it is laughable though. At ~56Mhp, your expected Bitcoin yield/day is 0.0037 which is worth about $0.26. 1 Bitcoin is worth about $70.

The money is made by the guys taking little pieces from everyone and will be made by the exchanges IMO. That's assuming Bitcoin doesn't implode.

With my 7970 I was getting between 500-600 MHash/s and the payout was about $2.83 overnight. I stopped running it though since I didn't want to burn out my card.There's definitely potential for money to be made as the hardware technology improves in the near future.

As more coins are mined, the algorithms become harder taking away any gains that your technology makes.

Show me the math.

I'll pass on the math thanks. The system is designed to make it more difficult for coins to be mined as more are produced. Basic logic then tell us that as technology advances, so will the number of coins being mined and so the algorithms will get tougher. Provided that the system was setup properly, mining speeds should stay fairly linear with hardware speeds. And in a year or two when there are tens of thousands of more people mining them, productions rates will most likely fall.But hey, knock yourself out. Might want to give this a read.

 

[Officer Pete Malloy]

These things are just the 21st Century version of POGs, right?

 

[Jojo the circus boy]

www.bitminter.com is much better and easier to use.

The graphics card on my IBM machine must be crappy because I can only get ~1.5 Mhps whereas on my iMac I get ~56Mhps. My MBP only gets ~6Mhps.

All of it is laughable though. At ~56Mhp, your expected Bitcoin yield/day is 0.0037 which is worth about $0.26. 1 Bitcoin is worth about $70.

The money is made by the guys taking little pieces from everyone and will be made by the exchanges IMO. That's assuming Bitcoin doesn't implode.

With my 7970 I was getting between 500-600 MHash/s and the payout was about $2.83 overnight. I stopped running it though since I didn't want to burn out my card.There's definitely potential for money to be made as the hardware technology improves in the near future.

As more coins are mined, the algorithms become harder taking away any gains that your technology makes.

Show me the math.

I'll pass on the math thanks. The system is designed to make it more difficult for coins to be mined as more are produced. Basic logic then tell us that as technology advances, so will the number of coins being mined and so the algorithms will get tougher. Provided that the system was setup properly, mining speeds should stay fairly linear with hardware speeds. And in a year or two when there are tens of thousands of more people mining them, productions rates will most likely fall.But hey, knock yourself out. Might want to give this a read.

The Butterfly site already linked in this thread and mentioned in your article sells a 1500GHz/s system (is shipping end of this month). The math is really not that difficult for you to understand that your statement:

As more coins are mined, the algorithms become harder taking away any gains that your technology makes.

does not hold water. Hell even do the math on the 50 GH/s going for $2500, I already told you what the return on my 500MH/s video card was ($2.83/day). If you really need help, the yield of 50 GH/s compared to 500 MH/s is 100:1.

 

[Cliff Clavin]

www.bitminter.com is much better and easier to use.

The graphics card on my IBM machine must be crappy because I can only get ~1.5 Mhps whereas on my iMac I get ~56Mhps. My MBP only gets ~6Mhps.

All of it is laughable though. At ~56Mhp, your expected Bitcoin yield/day is 0.0037 which is worth about $0.26. 1 Bitcoin is worth about $70.

The money is made by the guys taking little pieces from everyone and will be made by the exchanges IMO. That's assuming Bitcoin doesn't implode.

With my 7970 I was getting between 500-600 MHash/s and the payout was about $2.83 overnight. I stopped running it though since I didn't want to burn out my card.There's definitely potential for money to be made as the hardware technology improves in the near future.

As more coins are mined, the algorithms become harder taking away any gains that your technology makes.

Show me the math.

I'll pass on the math thanks. The system is designed to make it more difficult for coins to be mined as more are produced. Basic logic then tell us that as technology advances, so will the number of coins being mined and so the algorithms will get tougher. Provided that the system was setup properly, mining speeds should stay fairly linear with hardware speeds. And in a year or two when there are tens of thousands of more people mining them, productions rates will most likely fall.But hey, knock yourself out. Might want to give this a read.

The Butterfly site already linked in this thread and mentioned in your article sells a 1500GHz/s system (is shipping end of this month). The math is really not that difficult for you to understand that your statement:

>As more coins are mined, the algorithms become harder taking away any gains that your technology makes.

does not hold water. Hell even do the math on the 50 GH/s going for $2500, I already told you what the return on my 500MH/s video card was ($2.83/day). If you really need help, the yield of 50 GH/s compared to 500 MH/s is 100:1.

Way to miss point.

Yes, if you jack up all your hardware, you will see an increase in production. As time wears on, you are going to be producing less and less with that same equipment; not the same, not more. So you go buy some fancy new gear to get back to what you were previously producing. Rinse, repeat.

Keep running your card that is making $2.63 a night and watch how you gradually produce less and less each night.