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1482
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Bitcoin / Mining / Re: Why has the network jumper to 14 terahashes?
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on: July 13, 2011, 10:38:16 PM
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All that being said, I am curious why network hash seems to rise as we approach the end a 2016 block round.
Probably people finally getting their orders delivered (thanks NewEgg!) combined with part-time miners giving it one last go before the next difficulty bump. |
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1483
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Bitcoin / Mining / Re: Why has the network jumper to 14 terahashes?
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on: July 13, 2011, 10:19:41 PM
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Difficulty isn't staying put -- that's a pipe dream.
Mark my words.
Look at how many people are sitting on *prime mining hardware* who still are just finding out about Bitcoin.
One guy said:
"Even if I can get 1/2 my new PC paid off in the space of 1 year, I'm in!"
...
So until THAT becomes not true any longer, expect more and more miners -- and difficulty.
Exactly. That's why I've always held the opinion that difficulty does not follow price. Rather, difficulty follows awareness. |
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1486
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Bitcoin / Pools / Re: [~5000 Gh/s] DeepBit.net PPS+Prop,instant payouts, we pay for INVALID BLOCKS too
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on: July 13, 2011, 07:00:05 PM
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I'm having trouble getting Phoenix 1.50 to connect to Deepbit. I'm using the latest version of GUIMiner and the default OpenCL Poclbm miner connects fine but every time I try to use Phoenix it gives me the error in the console "MSG: wrong login or password". And I've double checked my username and password several times.
I've seen that before. Try creating brand new miners with diff usernames and trivial passwords. |
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1489
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Bitcoin / Mining / Re: Why has the network jumper to 14 terahashes?
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on: July 13, 2011, 05:50:54 PM
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nevermind, you guys are probably watching bitcoincharts.com
anyone ever questioned how that number is calculated at their site? I know their formula is wrong or at least misleading. That number will show a big drop in the next 12 to 24 hours.
Network is still at 11.5 Th, expected to hit 12 Th in a week.
Yeah, I was referring to Bitcoincharts. I've always had my doubts about the accuracy of the network numbers (the exchange rate numbers are pretty accurate though) since they've often been off by a TH or two with regard to Deepbit's hash power. |
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1490
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Bitcoin / Mining / Re: Crashes with Catalyst 11.5
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on: July 13, 2011, 05:46:51 PM
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Never had any issue's with that driver.I'm using 11.6 now,also with no problems.
I have 2 5770's and 1 5870.Using guiminer with the phoenix phatk-kernel.
Did you compare hash rates with 11.5 vs. 11.6? I saw a significant decrease in hash power when I 'upgraded' to 11.6 on my 5870. From 440 MH/s down to 380 MH/s.  |
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1491
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Bitcoin / Mining / Re: Why has the network jumper to 14 terahashes?
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on: July 13, 2011, 05:41:24 PM
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Mousepotato agreed.
but where do you see this 30% jump in the network, maybe I'm missing something.
Last I looked (yesterday) it was around 11.8 TH/s. Right now it's at about 15 TH/s. It could be a combination of my bad memory and even worse math skills, but I guesstimate that's close to a 30% jump. |
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1492
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Bitcoin / Mining / Re: Why has the network jumper to 14 terahashes?
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on: July 13, 2011, 05:28:28 PM
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It called variance. Pools were lucky and solved 10 extra blocks in the last 24 hours. Network is still at 11.5 Th, expected to hit 12 Th in a week.
If we were steadily chugging along at ~150 blocks/day, an extra 10 isn't going to cause the network to jump nearly 30% from variance. |
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1494
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Bitcoin / Bitcoin Discussion / Re: What did you buy with BTC?
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on: July 13, 2011, 04:28:08 PM
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I paid 1.11 BTC for a PCIe x1 -> x16 adapter/extender from Cablesaurus. Hopefully a year from now I can look back and say "I can't believe I paid the equiv of $1000 USD for this cable" lol
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1495
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Bitcoin / Mining / Re: JP Morgan investing into Bitcoin mining? ;>
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on: July 13, 2011, 04:23:22 PM
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Someone needs to tell them that all the experts on this forum say that mining is barely profitable and in most cases not even worth it. Cost of electricity, never gonna make back your investment, blah blah blah. |
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1498
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Bitcoin / Mining / Re: Mining will always be barely profitable
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on: July 12, 2011, 08:41:27 PM
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It's a pretty clear implication.
You can't compare apples to oranges.
If someone bought a couple $150 video cards, you have to compare their income with those two cards *then* with the income from those two cards *now*.
You can't compare an i7 in 2010 with an i7 plus 2 video cards in 2011.
Why don't I compare a 4 GH/s farm today with a 10 GH/s farm in 2 months, and see which one makes more money per day?
I must have missed 60-Minutes. What are you trying to argue again? I'm simply saying that mining is more profitable today than it was 1.5 years ago. Back then it was a losing proposition and only those living "off the grid" and generating 100% of their electricity through solar panels could claim they were have true positive cash flow from mining. Now we have a lot of people saying that mining is no longer worth it, and my only question to these people are "Where were you a year+ ago when mining was even LESS profitable?" Or even before that when there was no MtGox or any other exchange? |
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1500
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Bitcoin / Mining / Re: Mining will always be barely profitable
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on: July 12, 2011, 06:44:27 PM
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Pardon my ignorance, but isn't it more profitable to mine today than it was when Bitcoins cost less than a half a penny a piece 1.5 years ago? The lack of profitability didn't stop the mining movement back then, and it's not going to stop us now.
No, the mining power of the network was tiny, and difficulty very low. Check this chart: http://forum.bitcoin.org/index.php?topic=27071.0For example, in april of 2010, 1MH/s of computing power netted you around 25 cents a day. A Core i7 can make about 10MH/s so that's 2.5 bucks a day using cpu mining which is more than enough to cover electricity. GPU mining came around in the end of 2010, and you can see the fall in $/MH that resulted from the growth of computing power. Wait, so if I had a Core i7 back then, I could have made around $2.50/day. But now I'm clearing around $9.xx/day and somehow that's less profitable? |
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