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Nvidia cards are bad for mining.
Radeon 5830 and above are ideal for mining but out of stock almost everywhere.
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now that ive said that, watch it fall.
I'm sure the currency will come crashing down after your brilliant revelation. Give it 20 minutes and it will be at $0.01 and Satoshi will face the death penalty in seven different countries and a fatwa from the grand ayatollah of Iran. |
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Your chart assumes static price of BTC/$ in relation to difficulty which is simply not true so far.
/fixed  It didn't stay at $4 a month ago for all eternity or at $1 in April. If you made calculations based on those prices then the chart would already look unprofitable. I'm not denying it can't temporarily crash at some point. But as difficulty rises in a linear curve it's obvious the price is not going to stagnate. If difficulty goes too high the market will simply adjust the diff. level down by reducing mining until it becomes profitable. |
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At current price and difficulty increases of 33% you will not pay it off in 6 months. This is assuming a high overclock and getting 700Mhash. With difficulty increase of 20% you would pay it off in 60 days, but after 6 months of running would only make a profit of around $400, and only because you have "free" power, not really worth it IMO.  Your chart assumes static price of BTC/$ in relation to difficulty which is simply not true.  |
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Between 750000 and 1.3 million.
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My bandwidth usage per 1 miner is roughly 20 megabytes in 24 hours.
...
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Well now that you edited the title it makes sense. But it's kind of self explanatory.
There is no reason why it would lower or stay the same right now. It's expected to go up.
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Don't forget: One address can be owned by multiple people.
Would you mind explaining that one? They could be reserve wallets of large exchangers like MtGox etc. |
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Difficulty is not dynamic in that sense. It stays constant until 2016 more blocks are discovered.
So no, it has not gone up from 567k. Only the estimate of the next difficulty has gone up. And it will go up to at least 750000 or more at the end of current difficulty (500-400 blocks left to discover)
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Current difficulty lasts for 1800 more blocks.
If it keeps increasing beyond 2 million, some rigs will never pay themselves off even if ran 24/7 unless value of bitcoin is increasing radically.
That will drop mining capacity until difficulty goes down again.
Approximently how long will these 1800 blocks last and how long do you think it takes for the difficulty to increase beyond 2 million? 11-12 days, give or take some hours. Current estimate is too low because at the end of block curve (~500 left), collective thash/s has always increased by nearly a third. 750000 is more realistic than the current estimate of 670000 (which is calculated at a constant 6.56 blocks per hour) For 2m difficulty, ~70 to 90 days, but much more if $/BTC stagnates, because this will make 1-gpu miners drop out of pools due to very low profitability, which will make huge impact on difficulty (it will drop to 1.7m or less). The vast majority of miners are casual hobbyists with a few hundred mhash/s at maximum, not huge mining farms. If many of them deem bitcoin to be too expensive to create in comparison to electricity costs it will push difficulty down and keep it in check until price matches again. Also, if price crashes at massive difficulties, there is relatively low risk of big farms hogging the hashing power to themselves. They have no more guarantee than the hobbyist that the price will ever come up again so they would be mining at a loss creating something potentially worthless in the future. But that scenario has yet to happen. |
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this is the equivalent of a mafia foot soldier visiting the feds 'just to chat' or the head of the nuclear program visiting iran 'just to give a presentation'
Honestly... way to sell this whole idea out. It's one thing to tolerate the CIA but another to get right into bed with them. Noone is saying to flout the law, but somehow I dont think that martin luther king would have gone to a clan meeting cuz he got paid 3000$.
Do you HONESTLY think these guys are fascinated by the intellectual curiosities of this like little school children?
Sometimes a little passive resistance is CALLED for.. there's enough people selling out to the CIA they dont need YOUR HELP.
Intelligence agencies, governments or people aren't the enemy of Bitcoin. Bitcoin is neutral and non-ideological. It doesn't have a cause or an enemy beyond security and privacy. Just as cash, anyone can use it; A terrorist, gun runner, ice cream salesman, hosting company or a hippie selling alpaca socks. It's just safer and more anonymous than ordinary currency. |
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If electricity were free I would buy 5x 5830's for the price of your 5970.
Anyway, no one knows... the price could stay stagnant and difficulty could explode... the whole currency could blow up...
The best you can do is make some guesses and see what you get.
At current difficulty and price you will pay off your rig though.
Current difficulty lasts for 1800 more blocks. If it keeps increasing beyond 2 million, some rigs will never pay themselves off even if ran 24/7 unless value of bitcoin is increasing radically. That will drop mining capacity until difficulty goes down again. |
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i decided to buy ONE HD 5970 and maybe a second one later if this project turns out to be success.... That's an economically illogical decision. If you add a second card months down the road, difficulty level will be already in the millions. And your benefit from then having double the hash power of today will be negligible at best if price of BTC doesn't keep up. (making 0.04 bitcoin per day instead of 0.02 wont mean much) The only thing that makes sense is putting up as much mhash/s as possible this minute. |
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I think this highlights a fundemental problem with all (distributed) computing projects like this,BOINC,SETI,e.t.c.This is the fact that unless you have access to a generator (still expensive to run unless u run a diesel generator with vegetable oil) or an off grid like power system that's solar/wind plus a huge battery plus inverter or 12V Magsafe air adaptor for us Mac users (which skips the invertor cost),you will still be using more elec than you get out of it,esp if electric rates are expensive where you live.
If you ran on totally free energy(my N900 is charged by solar plus a Powermonkey Explorer which stores the charge from solar for use at night of course),then you'd profit all the time,even with mediocre hardware (anything less than a Core i7 CPU or no GPU use setups)
When I looked at my results on both my Core i7 CPUs (Pc and Mac),they are both like:1708903 or something like this the best I had is 2105463 when it was mining my bitcoins for me on PC.MBP got no more than:1708903
I don't know if this is good or pretty poor considering I've been using this website for the mining as da clients just don't work for me:http://www.bitcoinplus.com/generate
The clients will generate loads of blocks but no BTC,so I used that site,n I at least get BTC even if CPU mining isn't the best,the website isnt the most efficient and the operator takes a cut from all mining Ops on the site.
If you like my tips,then you can show your appreciation by wither checking out my blog:www.film2240.wordpress.com or by runnning this:http://www.bitcoinplus.com/generate?for=976760
No. CPU mining is already dead due to the difficulty level even if you have an i7. It's how bitcoin works. they are both like:1708903 or something like this the best I had is 2105463 when it was mining my bitcoins for me That's not how bitcoin works. The amount in the right corner is the sum of all blocks your node is aware of (has downloaded) in the entire bitcoin network. It doesn't mean you generated them or that you have a claim to them. It automatically increases as more blocks are found by the network. I've found less than 10 blocks mining in pools in the last month and I put out peak 16 ghash/s @ ~8000 watts constant power consumption (not running as a home operation though). Finding blocks is very, very difficult. CPU mining will probably not create a single block in many decades. |
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Exactly.
If PayPal for some reason removed chargebacks tomorrow (wont happen, but entertain the thought), how many of these threads would still pop up? Next to zero.
How many would make excuses as to why they suddenly cannot pay even though they just 24 hours ago claimed to have thousands?
The ugly truth is: The vast majority.
Don't trust unknown people, ever. Only deal with foolproof methods. Trust large instances that have little incentive to steal your money & process millions per day, like MtGox. If you do trust an individual trader, make sure he has a reputation to lose, and even then preferably deal in small chunks to minimize risk.
Bottom line: Scammers aren't smart. Very few, if any people, are falling for these 'nice clueless guy new to bitcoin, want fast btc with pp' acts.
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Take a heatgun and point it at the VRM/power intake.
I'll give you a hint: It's about 110 celsius when you operate at stock frequencies which is well past boiling point.
It jumps up to 130-140c even with a 15% overvolt.
Yes it can be sustained for a short time, but it's simply dumb for 24/7 operation.
It makes no sense for bitcoin mining. It might make sense for short term gaming gains.
Core temp of the chip itself tells nothing of stability like pointed above (but it has a much lower thermal threshold than VRM; it will downthrottle at about 100c.
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I withdrew $2700 MTGUSD on Sunday (not even a banking day) and the money was wired to my EU bank account yesterday.
So no, they are not scammers.
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How many bitcoins are you selling?
why does it matter? A.S.A.P + Paypal = Fraud. Really. People ought to take better care of their money. Paypal is the same as monopoly money in anonymous transactions. It isn't really worth anything. Heck, bitcoinmarket even suspended Paypal transactions because they were getting so much fraud. |
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My setup will have over 15 ghash and no i think im pretty early considering that this is brand new and most people do not even know what a bitcoin is.
It will require semi-professional planning though, even if you run it in some basement. I have max. capacity 16ghash/s and already down by 2 due to random hardware failures and waiting for RMA's. Failures do happen statistically even if your operation is perfect (clean 80+gold PSU's, well ventilated, etc.) Every day a part of the system is down you lose money. So a faulty ram stick or DOA gpu can become very expensive over 24 hours. |
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