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04-09-2013, 02:54 PM | #376 |
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I'm betting this is Stanford's wily ploy to ramp up the Folding at Home effort (i.e. "mining") and make some cash on the side.
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04-09-2013, 02:57 PM | #377 |
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04-09-2013, 03:53 PM | #378 | |
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Quote:
To the person who originally asked, all tehse virtual currencies ^ already exist. Bitcoin (BTC) and Litecoin (LTC) are the most popular at the moment. There are wikis on both if you'd like to learn more about the differences. To answer someone who asked me what setup I am going with, I am setting up rigs that roughly all look like this: mobo w/ 3 pci express 16x (some Biostar, some MSI, Z77 boards) intel chip/ram/refurb hdd 3x MSI Twin Frozr Radeon 7950 3x pci express 16x risers with the 3x 7950's, each rig will pull about 1.8 MH/s for LTC, and ~1500 MH/s for BTC... @ an estimated 400 difficulty for LTC, (its at 233 right now, I am assuming it will hit 400 by the time my hardware arrives), each rig should make $150 per week (using $4 LTC/USD current rate); going down as difficulty increases. I am hoping to have my hardware completely paid off within 90 days. I realize that LTC is even more volatile than BTC, however, I have a personal belief that LTC will see eventual growth-- even if the current $5 bubble pops temporarily. Other people, obviously, would disagree and call me stupid. Here is a calculator for LTC if anyone wants to play around: http://www.litecoinpool.org/calc?has...difficulty=400 |
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04-09-2013, 03:54 PM | #379 | |
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Quote:
I'm guessing you ordered 2 cards to go into your mining machine? |
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04-09-2013, 03:59 PM | #380 |
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Sorry, forgot to answer this part.
I have not decided what pool, if any, to join yet for my LTC mining. If i use my hardware for BTC, I will definitely join a pool as I would just be a tiny tiny tiny blip in the grand scheme of things. LTC, however, has not seen as much adoption yet, so I could try solo mining for a week or two to see how it goes. Regardless, I need to do a lot more learning about pools, how they work, how their payout schedules compare, what stats they provide, etc. |
04-09-2013, 04:00 PM | #381 |
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04-09-2013, 04:01 PM | #382 |
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Slush's pool is where I mine with my 7970. I get about 580MH/s. Add in my 5750 on my media PC and I'm up to 690 or so combined. I mine in Slush's pool. They take 2% of the coins they mine and distribute the rest to the pool. They pay once you hit .05 BTC or more and I have received my first .05 so I think I'll stick to it there.
Received my 7970 about 5 months ago, 1 week before they announced the never settle bundle with all the extra games. |
04-09-2013, 04:12 PM | #383 |
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I wouldn't mess around with LTC from what I've read.
A few people who managed to buy BTC during the intentional crash/hack may have made a few hundred K..... Awesome although I think BTC is going to face prolonged stability issues for a few years. I'm wondering what happens when farmers and people w/ botnets realize they will make more money trying to crack it then from farming. Whats legally to stop an organized profiteering group from creating a convincing business model? |
04-09-2013, 04:20 PM | #384 |
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04-09-2013, 04:20 PM | #385 |
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04-09-2013, 04:21 PM | #386 |
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^ lol, I went back and edited my post.. I meant to say does anyone want to buy the game codes... I can't just give them all away for free!
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04-09-2013, 04:23 PM | #387 |
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You bait-and-switching sonofabitch.
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04-09-2013, 04:24 PM | #388 |
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Funny you bring B&S into a thread on BTC... I'm sure that is what half of OT thinks about it....
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04-09-2013, 04:28 PM | #389 |
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Cool, I assumed there had to be more, I've just only read about bitcoin. I can see this market becoming very saturated quickly, but I can also see bitcoin standing the test of time due to name recognition and the way it works.
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04-09-2013, 04:36 PM | #390 |
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04-09-2013, 05:03 PM | #391 |
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04-09-2013, 05:40 PM | #392 |
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04-09-2013, 05:43 PM | #393 |
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04-09-2013, 05:51 PM | #394 |
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I don't fully understand the inner workings myself yet, I'll admit it. But as far as breaking the block chain goes, I was under the assumption that a single party has to stroll in with > 51% of the total network computing power...
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04-09-2013, 05:58 PM | #395 | |
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Quote:
thats why I think its just easier to attack the exchanges or online wallets and get the user ids and password of the traders and just suck out their coins. |
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04-09-2013, 06:09 PM | #396 |
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I have setup a pool if anyone wants to join in http://netcodepool.org/statsAuth
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04-09-2013, 06:32 PM | #397 | |
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Quote:
We've heard of the exploits of peoples personal computers and online accounts, had services that were questionable at best disappear with peoples BTC and seen malicious speculation game the market. With the latest things I've heard about tracing people via online exchanges etc. my opinion has changed as to the stability of the market over time and to a greater degree the viability of it as a whole. source: I know nothing about this stuff. |
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04-09-2013, 06:37 PM | #398 |
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Didn't read.
How long to mine 1 bitcoin on average (gaming) comp. How much is one bitcoin worth in $bucks? |
04-09-2013, 06:49 PM | #399 | |
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Quote:
at ~60GH/s and 100watts of energy you'll maybe make 3btc/day but the longer you do it the harder it becomes to generate. the custom SoC/FPGA chips that will do 50GH/s cost $2500 https://products.butterflylabs.com/h...oin-miner.html http://www.bitcoinx.com/profit/ last price at mtgox was Last price:$235.39900 = ***3647;1 |
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04-09-2013, 06:52 PM | #400 |
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What is break even point then considering electricity?
Why wouldn't a mega corp do this? And if it gets harder (meaning takes longer?) there would be a point of diminishing returns right? |
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