Bitcoin mining

[cause]

Hey guys, just pre-ordered (and paid for) two Jalapeno bitcoin mining machines (apparently a cross breed of an ASIC and FPGA miner).

http://www.butterflylabs.com/order-form-bitforce-sc-jalapeno/

If conditions stay the same (which they won't) apparently I'll be making $900/month (electricity included in rent hehe).

Anyone here mine? Or heard of it? I'm mostly just hoping to make my money back lol.

[shstiger2009]

I've never heard of this, could you explain?

[[XoL]]

What does that do o.o
and isn't it illegal?

[Nebula]

@ shitger and r4nd0m

Bitcoins are online currency. You "mine" them using your computer.

I tried it once but graphics cards mine bitcoins like 500x faster than processors but my graphics card is sh*t so I used my processor and I was averaging like .01 bitcoins per hour which is like nothing. So I stopped.

[[XoL]]

@ shitger and r4nd0m

Bitcoins are online currency. You "mine" them using your computer.

I tried it once but graphics cards mine bitcoins like 500x faster than processors but my graphics card is sh*t so I used my processor and I was averaging like .01 bitcoins per hour which is like nothing. So I stopped.

So I just did some research, better hope what you just bought is damn fast :P

[cause]

To my understanding, bitcoin mining is cracking algorithms for which you get rewarded a 50 coin block if you are successful (this actually increases the security of using bitcoins). With my 2 machines, I should be cracking one every 20 days, 8 hours (aprox), however I won't be flying solo, I'll join a pool where everyone works at cracking them, and the pool owner gets 1 BC per 50 BC block, and everyone who helped crack it gets a % based on what they contributed. Basically a more stable, slightly less profitable way to mine.

But google is your friend, that was a very rough overview.

[[XoL]]

Good luck with this!

[US Marine]

My tiny little pee-brain can not compute... *confused*

[Sir Ducksworthy]

Thank you so much for posting that cause, tell me how it goes I've been very interested in this for a long time.

[ssshhhaaa]

Is this worth the hassle ?

[litoris]

How much does the machine cost? You'll get a pretty decent income with a pool, except the amount of BC you get per block will be cut down to 25 soon(they have been saying this for a while actually...), so you better get mining :P

[shstiger2009]

I'm actually kind of interested, might look into it a bit more. I also just purchased a graphics card that's pretty good, so maybe it won't even cost much to get started.

[Kave]

Got into it a bit late the difficulty is a pain now.

[[XoL]]

How much is 1 bit coin worth?

[shstiger2009]

Got into it a bit late the difficulty is a pain now.

I'm assuming you're still doing it...how much do you make doing it?

[litoris]

How much is 1 bit coin worth?

Was around 8 dollars last time I checked. Still,:google:

[Gala]

I mine bitcoins for more than a half a year. Pretty nice "side" cash, but it is a shame that bitcoins are coupled to USD.

Currently I have "mining capacity" of 2500+ usual personal computers.

Edit: CPU ofc, GPU would be insane :) only few GPUs are mining because of missing drivers.

[[XoL]]

Was around 8 dollars last time I checked. Still,:google:

Then I am confused, I read it may take days to get one bitcoin. With a pool wouldnt this split the profit even more?

[The Killer]

Then I am confused, I read it may take days to get one bitcoin. With a pool wouldnt this split the profit even more?

he says something about u get a split depending on how much of the % u did. so its evenly split with the owner gettign a bit of commsion.

[[XoL]]

he says something about u get a split depending on how much of the % u did. so its evenly split with the owner gettign a bit of commsion.

Right, but still one bit coin takes 8 days solo (or so was mentioned earlier I believe, so I am guessing it takes one day with a group?)

That is still only around a few dollars depending on the amount of people in group.

[litoris]

Then I am confused, I read it may take days to get one bitcoin. With a pool wouldnt this split the profit even more?

Bitcoins are found in blcoks randomly, each block has 50 bitcoins. For example, with my current hardware, it would take me 13 years on average to solve a single block. With a pool, you can get a block every few days, sometimes multiple times a day if you are lucky. The amount of computing power you contribute determines the share you will get. It benefits everyone, because you are less likely to get screwed by bad luck.

[satkan]

Well to get anything decent out of the bitcoin-mania you indeed need a good rig with lots of AMD hardware.

Me with my intel/nvidea combo could only get anything between 0.8-1.2 bitcoins / day (in theory, in real life i never got even a fraction of that.).


Anyways, inb4 the bitcoin bubble bursts.

[Swatarianess]

Heard of it, Researched it, googled it and tried it. It was 1btc -> $4 when i left i think that was the lowest i've seen it, nows its $10? I CPU mined it with a celeron so obviously i couldn't get any higher then 200khash/s :/

[shstiger2009]

I built a gaming rig a few months ago and I've got an i7 3500k and an AMD Radeon 6870 GPU...can anyone tell me if this is a pretty good rig for this?

[cause]

How much does the machine cost? You'll get a pretty decent income with a pool, except the amount of BC you get per block will be cut down to 25 soon(they have been saying this for a while actually...), so you better get mining :P

$150 ea + shipping/taxes. They were quite affordable which is why it is even possible for me. And yes I've heard about the block halving, hopefully I will still be able to make some cash. I'm assuming I'll make most of my money when it firsts arrives, because this company is the first (?) to ship these ultra fast machines. Comparatively speaking, the other entry level machine butterfly labs sell, does 820 MH/s (MegaHashes/second) @ $600. So these machines are going to blow past GPU farms, which will then hopefully all close down, so we are looking at a double hump of profit :P. (or at least when they all close down the difficulty rise will slow down)

EDIT: Also not paying for electricity is a huge bonus.



I built a gaming rig a few months ago and I've got an i7 3500k and an AMD Radeon 6870 GPU...can anyone tell me if this is a pretty good rig for this?

I really don't know much about GPU mining, but that should be pretty decent, take a look at this:

https://en.bitcoin.it/wiki/Mining_hardware_comparison

[litoris]

I built a gaming rig a few months ago and I've got an i7 3500k and an AMD Radeon 6870 GPU...can anyone tell me if this is a pretty good rig for this?

CPU farming is never a good idea, the amount of mining you can do with a decent GPU is exponentially better than any CPU. You should google around and find a simple GUI miner and join a pool, and see how it turns out.

[eska]

Lol 900$ a month, good luck with that.

[DavidMacdonalds]

There are a lot of different tools and guides in the Web for this/ But has anybody used trading bots like https://3commas.io/trade/bittrex ? My concern is connected to the best approach towards the prediction on the market changes. And that is why I am looking for the one to try.