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Author Topic: Massive Influx of New Miners  (Read 3948 times)
supa
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June 05, 2011, 05:43:18 AM
 #21


After checking some of my nodes...

I have an average of 200 peer connections between all 3.

Today, I have over 700 connections.

So either all of the other bitcoin nodes have fallen down or there is a significant increase in the number of users with bitcoin clients looking for peers......

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NetTecture
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June 05, 2011, 06:23:33 AM
 #22


After checking some of my nodes...

I have an average of 200 peer connections between all 3.

Today, I have over 700 connections.

So either all of the other bitcoin nodes have fallen down or there is a significant increase in the number of users with bitcoin clients looking for peers......


This would not be too releevant in power, though. Those machines would rarely run 24/7 and contain significant graphics cards. It is way to oearly to get more miners online significantly. Takes at least 2 weeks to get orders through, stuff installed etc.

What you see is likely clients that "also mine" with a good percentage of single card miners that are advanced enough to figure that out Wink
gigabytecoin
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June 05, 2011, 06:56:03 AM
 #23

The more, the merrier!
bcpokey
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June 05, 2011, 07:19:09 AM
 #24

If you're thinking buying mining hardware, read this first

http://forum.bitcoin.org/index.php?topic=6566.0

Good read.  Thanks.

The only sense that is a good read is in the sense that it's a cautionary tale of why not to listen to other peoples nonsense.

If someone listened to JJG in April they would have missed out one of the most profitable mining spurts in bitcoin history. It's interesting to look back on such things and go "Wow was that wrong" I suppose.
supa
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June 05, 2011, 07:25:44 AM
 #25

This would not be too releevant in power, though. Those machines would rarely run 24/7 and contain significant graphics cards. It is way to oearly to get more miners online significantly. Takes at least 2 weeks to get orders through, stuff installed etc.

What you see is likely clients that "also mine" with a good percentage of single card miners that are advanced enough to figure that out Wink

Ah, quite right.

I didn't mean to imply those were all rabid-overclocker-gpu-miners - only that there were more active clients.  Those clients probably aren't even doing any mining at all - just downloading the block chain while the user "figures this newfangled bitcoin thing" out. Smiley

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June 05, 2011, 07:44:51 AM
 #26

This would not be too releevant in power, though. Those machines would rarely run 24/7 and contain significant graphics cards. It is way to oearly to get more miners online significantly. Takes at least 2 weeks to get orders through, stuff installed etc.

What you see is likely clients that "also mine" with a good percentage of single card miners that are advanced enough to figure that out Wink

Ah, quite right.

I didn't mean to imply those were all rabid-overclocker-gpu-miners - only that there were more active clients.  Those clients probably aren't even doing any mining at all - just downloading the block chain while the user "figures this newfangled bitcoin thing" out. Smiley


Which is part of the problem. Want to see when the next big busines influx comes? Give us a professional client. One that is suitable for Joe Dumbuser Wink For example one that can track users, not just addresses (as in: I want to send 1BT to this shop I was doing business with last week - BY NAME) Wink
supa
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June 05, 2011, 07:56:43 AM
 #27


I'll one up your user directory of businesses with my browser integration....

How's bitcoin://1234567890addyHere:1.0amount:Comment to have the official client fire bitcoins off on mouseclicks?

phelix
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June 05, 2011, 09:06:39 AM
 #28

You guys realize that you just told this guy that a new $1000 mining rig would never generate more than 55 coins, right? Because by "buying $1000 worth of coins and sitting on it" thats essentially what you did. 55 coins 1 year from now will be 55 coins. $1000 if spent on computer hardware will net 50 coins in about 18 days on solo mining (average). Id be PISSED if I took your advice, because after 18 days both methods would be out $1000, but in one scenario you still can generate coins, and have hardware you can sell. If you need help here, it ISNT the scenario where you buy 55 coins outright.
maybe 65 BTC per GHash/s with difficulty increasing as in the past is all he will ever mine.

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NetTecture
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June 05, 2011, 09:11:11 AM
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I'll one up your user directory of businesses with my browser integration....

How's bitcoin://1234567890addyHere:1.0amount:Comment to have the official client fire bitcoins off on mouseclicks?


Yes, that too Wink We need to get rid of the addresses for normal simple transfers - not in the protocol, but I should not have to copy/paste that. I like the link.

One disadvantage of the protocol is that one can not attach any information to a transaction... which means at the end either people send fancy numbers (pay 2BTC, send 2.00004322) or use one receiving address per client / invoice. The later is nicer, but adds a lot of complexity to the bookkeeping and handling side. This needs to be sorted out.
KJaneway
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June 05, 2011, 11:28:41 AM
 #30


I'll one up your user directory of businesses with my browser integration....

How's bitcoin://1234567890addyHere:1.0amount:Comment to have the official client fire bitcoins off on mouseclicks?


Yes, that too Wink We need to get rid of the addresses for normal simple transfers - not in the protocol, but I should not have to copy/paste that. I like the link.

One disadvantage of the protocol is that one can not attach any information to a transaction... which means at the end either people send fancy numbers (pay 2BTC, send 2.00004322) or use one receiving address per client / invoice. The later is nicer, but adds a lot of complexity to the bookkeeping and handling side. This needs to be sorted out.




65 Coins? Is that a housenumber?  How do you get that number? I for myself are mining with a single 5870 Card sind 3 days and got 2,5 coins since now.
Now i am building two mining rigs With around 1,2GH/s each, and I am looking forward to get those online on tuesday evening. That will result in 6 Times the outcome at the current difficulty. So that means 15 Coins in 3 days or 5 Coins a day. I think it will be around 14 days to the next difficulty increase (after the one tomorrow). So i would say: 65 Coins are mined within 3 weeks.


If you like my advise, i would be thankful getting a small donation at:
1Hvpgt5U6EgrWX1WpA25W6mRoH1Ltr8ydm
Sukrim
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June 05, 2011, 11:51:33 AM
 #31

You guys realize that you just told this guy that a new $1000 mining rig would never generate more than 55 coins, right? Because by "buying $1000 worth of coins and sitting on it" thats essentially what you did. 55 coins 1 year from now will be 55 coins. $1000 if spent on computer hardware will net 50 coins in about 18 days on solo mining (average). Id be PISSED if I took your advice, because after 18 days both methods would be out $1000, but in one scenario you still can generate coins, and have hardware you can sell. If you need help here, it ISNT the scenario where you buy 55 coins outright.
Until hardware arrives and is up and running, the difficulty might be at ~1 million. Keep in mind that currently difficulty rises at ~50% every 10 days.

It is highly unlikely in my opinion to even mine 50 BTC during the lifetime of a new 1000USD machine.

You seem to me lke the guy in that story that agrees to put 1 grain of rice on the first field of a chess board and double the amount on each following one.

With 1 GH/s you get today:
2.3 BTC
and looking at the growth charts at http://bitcoin.sipa.be/ on average 4% less PER DAY. Just do the math yourself...

https://bitfinex.com <-- leveraged trading of BTCUSD, LTCUSD and LTCBTC (long and short) - 10% discount on fees for the first 30 days with this refcode: x5K9YtL3Zb
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xenon481
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June 05, 2011, 12:04:02 PM
 #32

There was an article published about it on Yahoo.  I signed up to check it out.  My old computer is getting 900KHash/sec right now.  lol

I'm considering upgrading and giving this bitcoin thing a go.  Question: How much could a guy expect to make mining in a pool with a new $1,000 machine (purchased wisely)?

Far less than you'll make by buying $1000 worth of bitcoins and sitting on them.

Exactly, at the current rate your $1000 investment would be worth $5000 within 1-2 months.

I believe every single person thats started mining to date could have made far more money investing money into bitcoin rather than mining hardware.

If everyone invested into bitcoin, there wouldnt be any bitcoins to invest in.

Remember, both sides of the spoon needs to exist in order to make this market work.

That is not true. An average of at least 50 BTC every ten minutes will be generated no matter how few miners there are (so long as there is at least one).

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