I think that if we stay as we are, we are already redeeming loyalty points right?
That's why i'm changing to the "normal" one, just in case that's the case (pun intended)
No, pretty sure we arent redeeming them yet. They havent released the client and afaik .. redeeming points is only done via the custom client =(. But, perhaps they will allow us to mine on a diff pool to redeem them if they cant get that client out in time...who knows, its all up in the air at this point.. I re-read the official post about it and honestly it isnt very clear. I believe they said that you just register on the "redeem" pool and just point your miners there, you would then get paid at the stated $0.00012427 PPS, once a week on "pay day" the USD is converted to BTC and paid out to your wallet. Since it appears that the redeem pool is mining bitcoin, i would imagine that cgminer or whatever you choose to use would work... |
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Quite strange to me....
I had a few difficulties this past week with mining. One thing that baffles me a bit is that by accident I started the guiminer on the default pool and noticed thay if I mine on that pool I get a much lower hash rate than mining with coinlab.
Can anybody explain?
On the default pool I get around 466 m/hash and with coinlab around 560 m/hash.
honestly I never had much luck with guiminer... cgminer is WAY better and is honestly not terribly difficult to setup, even though initially it can be slightly overwhelming if one isn't used to command line programs. |
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Decided to hedge my bets somewhat and start selling off some of my 7970s to christmas ebayers  Here's hoping coinlab comes out with some hard stats soon on what future earnings might look like  hmm... good point. This IS a good time of year to try to get rid of unneeded electronics equipment.. I've never had the balls to use ebay though.. so far i've stuck with CL and in-person transactions. |
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I got a friend into bitcoin mining with about 4GH/s of BFL Singles, but I didn't get around to explaining how the wallet worked. Shortly after he started mining, he decided to reload Windows on the laptop that contained his Bitcoin client. He assumed that his wallet was somehow web based and lost 3 BTC. When I explained how everything works, he didn't show too much concern over the $30-ish and just started over.
I, however, was more upset, mostly with myself. I spent several hours recovering his lost wallet and trying to get at the coins, but it was corrupt and I finally had to give up. It wasn't the loss of the current value that bothered me, but what 3 BTC might be worth someday and how annoyed I'll be at the situation if that happens.
tl;dr: Losing bitcoins sucks because they might be worth a LOT more someday, amplifying one's regret over having lost them.
That's completely irrational of course. Today's price is all that should matter to you, if really bothering you just buy 3 from someone or some exchange. Yup, if you HONESTLY feel they will be worth a lot more... buy a few dozen coins or whatever is reasonably affordable based on ones income. |
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Here's the rub. Based on BFL's statements the current Single 60 GH/s offering has ASIC chips at 50-60% of their claimed maximum clock rate.
You seriously believe that? Why would BMW sell cars that only use 50% of their engine power? Why would Intel sell CPU's that run at 1,3GHz instead of 2,3GHz? at least for the intel side.. it is due to having to have multiple products at different pricing points. chip manufacturers do this ALL the time |
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Are you people really this dense? They said they would be taking a four day weekend. Thursday, Friday, Saturday, Sunday. It's a business. It's a holiday weekend. They are closed until Monday.
Yup. People aren't to bright around here a lot of times. |
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I was paid in full on Monday.
Me too. i've been paid 100% as expected so far (just a slight delay one week, but nothing major). |
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1. Saturday evening November 24th (for US miners) is the last time loyalty points will be earned.
2. Miners have complete control as to when to redeem just by switching to a different pool (clarification at some point as to if we'd need to register again for this pool or just a switch of URL for miners could be helpful)
3. While on the redeem pool, all shares will be paid at $0.00012427 PPS, or 8046 shares per dollar.
4. Payout of these dollars will be IN BTC, on monday, converted at the MTGOX average price for that day.
5. If a miner feels BTC price will rise, they are free to let their dollars accumulate.
6. the HPC client is coming soon, with neat projects coming (video encoding, science stuff etc)
I think point number 5 is wrong, if the price increases then you are worse off as your dollars are worth less BTC, so you would only want to store them if you thought the price was going to drop... which is unlikely? Yup. Good point. I edited my post. |
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pat. try reaper to see if it will run. you might have opencl issue. reinstall driver if neither program detects your cards. happenee to me randomly before. reaper would only show cpu and cgminer would suddenly quit on start
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Here is a better idea. But an ice making machine. It's cheaper than a bitcoin miner. The heat generated will heat your space and the ice made can be sold for $2 a bag at your local convenience store. It's the same idea as you have but probably will lose you less money. (I haven't done the numbers.)
I'd be surprised if ANY place in the US at least will buy a consumption product from an average joe.. wayyy too much liability for lawsuits if some jerk decided to put a chemical/drug/whatever in with the water before freezing it..... |
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a time ago there was at coinotron.com the possibility to switch automatic to the coin which is most profitable - is this disabled now? I don't find it anymore... TIA I'm not sure how beneficial that would be. At least for a 7xxx series GPU, the overclock and even clock speed settings are completely different. |
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Coinlab:
Thank you for the great updates tonight. You have helped to clear up a LOT of the uncertainty surrounding this system.
I'd like to go ahead and summarize what you have said to make it a little easier for other users to understand. Please correct me if anything is wrong.
1. Saturday evening November 24th (for US miners) is the last time loyalty points will be earned.
2. Miners have complete control as to when to redeem just by switching to a different pool (clarification at some point as to if we'd need to register again for this pool or just a switch of URL for miners could be helpful)
3. While on the redeem pool, all shares will be paid at $0.00012427 PPS, or 8046 shares per dollar.
4. Payout of these dollars will be IN BTC, on monday, converted at the MTGOX average price for that day.
5. If a miner feels BTC price will drop (edited), they are free to let their dollars accumulate.
6. the HPC client is coming soon, with neat projects coming (video encoding, science stuff etc)
In short: it looks like coinlab might just have found that way to keep our GPU's profitable after the block having and ASICS. WOOT
Suggestion: The sooner you can come up with profitability calculations for HPC work the better for your company.
People with GPU's will start contemplating selling their cards sooner than later at this point. The more information they can get regarding if it will be profitable to "work" for you, the better a decision we can make as to sell or not.
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I am still kind of curious what kind of HPC work it will be (scientific, economic modeling etc) and what the typical payout will be for a "1gh/s" equivilent of computing power for non-bitcoin work.
That said.. I am glad a company like this has come along to essentially provide supercomuter power on a decentralized basis.
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Overclocking to the max rarely gets you the most profits. Usually some minor undervolting is in order. On my single 7970 (air cooled) gaming comp, underclocking the RAM and going from 1200MHz @ 1250mV to 1050MHz @ 1050mV can be the difference of 380W down to 245W. I get ~90% of the hashrate for ~65% of the power cost.
these days us GPU folk need every BTC we can grab before having/asics! Also, if one uses their computers to keep their living quarters heated verses using a heater.. the electricity almost becomes "free" (or at least "very cheap", due to offsetting a normal heating bill) |
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Here is my experience with this so far:
windows 7 x64
core i5 3570k
2x radeon 7950
12.8 drivers/latest Intel drivers
1. boot the computer with the monitor connected to the amd cards, get your OC set up
2. start mining, maybe even wait a little while to confirm board temps
3. switch plug to the intel chipset (make sure it is enabled in bios and drivers are installed)
4. after a couple seconds it will initialize and load the windows utility and you will be good to go
5. note that you will have almost no monitoring ability on your AMD cards now, no checking temps, changing clocks/volts etc
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Cheap electricity here, $0.075/KWh and even if mining came unprofitable, I'll continue, as I've faith in the protocol to become widely used some day !
this thread was from february... lol |
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When loyality points will be spended, what then? Will it be profitable to stay on this pool with gpu's? Will nvidia perform better for this?
I would imagine that the value of the work would be based on a supply/demand basis. If there is say 3 thash equivilent of computation needed by customers and 4 thash of workers available, the reimbursement rate would likely drop, but if the reverse was true than the amount the customers are charged would likely go up along with our pay. |
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I am really curious where the hashpower coinlab is getting ends up.
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how is the market currently on LTC? is it still on the up rising?
....sure! I'm such a nice guy that I'll sell ya my LTC for the basement bargain price of .007 BTC per litecoin :-D (but honestly.. they're only worth 0.005 BTC each now.. |
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It's mid November and I have not had to turn on the heat once yet. Just open a window for some circulation, turn on the fan, and let the rigs do the rest. same here. man it is SOO much nicer to mine now (2.6 g/hash in a 120 sq/ft bedroom SUCKS when it is not <60 outside |
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