Would a micro pool of 50-100 gpu users have any luck?

[Aztec]

Do you think if you were part of a small pool 50 - 100 machines you would have any chance of finding blocks and earning more bitcoins?

[nathangonmad]

Like you said 'luck'. That is all you could rely on.

[Aztec]

Like you said 'luck'. That is all you could rely on.

I see. I'm not very good at maths. Is it impossible to quantify the likelihood of 100 hd5850's finding a block? Or just totally random?

[Hello71]

Like you said 'luck'. That is all you could rely on.

I see. I'm not very good at maths. Is it impossible to quantify the likelihood of 100 hd5850's finding a block? Or just totally random?

https://en.bitcoin.it/wiki/Difficulty#How_soon_might_I_expect_to_generate_a_block.3F

[Aztec]

Like you said 'luck'. That is all you could rely on.

I see. I'm not very good at maths. Is it impossible to quantify the likelihood of 100 hd5850's finding a block? Or just totally random?

https://en.bitcoin.it/wiki/Difficulty#How_soon_might_I_expect_to_generate_a_block.3F

Thanks.

difficulty * 2**32 / hashrate

how do you calculate 2**32 what does the double ** mean?

[grc]

Like you said 'luck'. That is all you could rely on.

I see. I'm not very good at maths. Is it impossible to quantify the likelihood of 100 hd5850's finding a block? Or just totally random?

https://en.bitcoin.it/wiki/Difficulty#How_soon_might_I_expect_to_generate_a_block.3F

Thanks.

difficulty * 2**32 / hashrate

how do you calculate 2**32 what does the double ** mean?

It means 2 to the power of 32 (2^32 or 2³²).

[clicksmoney]

Luck and a temporal relay to two years ago!

[Aztec]

Like you said 'luck'. That is all you could rely on.

I see. I'm not very good at maths. Is it impossible to quantify the likelihood of 100 hd5850's finding a block? Or just totally random?

https://en.bitcoin.it/wiki/Difficulty#How_soon_might_I_expect_to_generate_a_block.3F

Thanks.

difficulty * 2**32 / hashrate

how do you calculate 2**32 what does the double ** mean?

It means 2 to the power of 32 (2^32 or 2³²).

Thanks

[Aztec]

Is my maths right? I'm assuming 100 hd5850's producing 350 mhash/s each, 35,000 mhash/s combined

7672999.92016 * 2**32 / 0.000035 / 60 / 60.0 = 2.6154

So 100 users would share just over 2.5 bitcoins a day

2.6 / 100 = 0.026 btc a day each so no better than your typical pool. Thus making it a futile task to start a small mining pool??

Any help appreciated.

[pcannon]

Is my maths right? I'm assuming 100 hd5850's producing 350 mhash/s each, 35,000 mhash/s combined

7672999.92016 * 2**32 / 0.000035 / 60 / 60.0 = 2.6154

So 100 users would share just over 2.5 bitcoins a day

2.6 / 100 = 0.026 btc a day each so no better than your typical pool. Thus making it a futile task to start a small mining pool??

Any help appreciated.

Yes, this seems reasonably correct.

[Aztec]

Is my maths right? I'm assuming 100 hd5850's producing 350 mhash/s each, 35,000 mhash/s combined

7672999.92016 * 2**32 / 0.000035 / 60 / 60.0 = 2.6154

So 100 users would share just over 2.5 bitcoins a day

2.6 / 100 = 0.026 btc a day each so no better than your typical pool. Thus making it a futile task to start a small mining pool??

Any help appreciated.

Yes, this seems reasonably correct.

Thanks pcannon

[pcannon]

Is my maths right? I'm assuming 100 hd5850's producing 350 mhash/s each, 35,000 mhash/s combined

7672999.92016 * 2**32 / 0.000035 / 60 / 60.0 = 2.6154

So 100 users would share just over 2.5 bitcoins a day

2.6 / 100 = 0.026 btc a day each so no better than your typical pool. Thus making it a futile task to start a small mining pool??

Any help appreciated.

Yes, this seems reasonably correct.

Thanks pcannon

There was a recent article (I will post the link later), which basically said that with ASICs coming to market, the miners have to make the decision to go Pro (meaning make investments in ASICs) or close the hobby rigs (CPUs and GPUs). Sad but seems somewhat true.

That said this is when BTC ~ USD40, now it is ~USD140 so GPUs might be able to squeeze some profits.

[Aztec]

Is my maths right? I'm assuming 100 hd5850's producing 350 mhash/s each, 35,000 mhash/s combined

7672999.92016 * 2**32 / 0.000035 / 60 / 60.0 = 2.6154

So 100 users would share just over 2.5 bitcoins a day

2.6 / 100 = 0.026 btc a day each so no better than your typical pool. Thus making it a futile task to start a small mining pool??

Any help appreciated.

Yes, this seems reasonably correct.

Thanks pcannon

There was a recent article (I will post the link later), which basically said that with ASICs coming to market, the miners have to make the decision to go Pro (meaning make investments in ASICs) or close the hobby rigs (CPUs and GPUs). Sad but seems somewhat true.

That said this is when BTC ~ USD40, now it is ~USD140 so GPUs might be able to squeeze some profits.

Yes it the general consensus that GPU mining for Bitcoin is over when ASICS ship en masse. When this happens a lot of people I've talked to will change to mining LiteCoin. In fact, as soon as I mine my first coin, which should be this week, I might switch to mining LiteCoin. you can exchange them for BitCoin too.

[pcannon]

Yes it the general consensus that GPU mining for Bitcoin is over when ASICS ship en masse. When this happens a lot of people I've talked to will change to mining LiteCoin. In fact, as soon as I mine my first coin, which should be this week, I might switch to mining LiteCoin. you can exchange them for BitCoin too.

Litecoin mining sounds like a good idea at the moment. But my first experience show that mining software has kinks for mining Litecoins and the pools are not as developed as bitcoin pools. But for non-ASIC guys litecoin is the logical place to go. I worry that there might be too many competing options bytecoin etc.? what do you think?

[Aztec]

Yes it the general consensus that GPU mining for Bitcoin is over when ASICS ship en masse. When this happens a lot of people I've talked to will change to mining LiteCoin. In fact, as soon as I mine my first coin, which should be this week, I might switch to mining LiteCoin. you can exchange them for BitCoin too.

Sounds like a good idea. But seems like the software support has kinks for mining Litecoins and the pools are not as developed, but is the logical place to go. But I worry that there might be too many competing options bytecoin etc.? what do you think?

Me too. It seems damaging to BitCoin to have so many alternatives positioning themselves against it. It reminds me a bit of the VHS Betamax war with a lot more players

[pcannon]

Me too. It seems damaging to BitCoin to have so many alternatives positioning themselves against it. It reminds me a bit of the VHS Betamax war with a lot more players

Yup. Clearly there is a need for cyber currency and BitCoin has the early movers advantage. However, the limited numbers as well as low/no reward for mining with CPUs/GPUs makes the need for another alternative.

[Aztec]

Me too. It seems damaging to BitCoin to have so many alternatives positioning themselves against it. It reminds me a bit of the VHS Betamax war with a lot more players

Yup. Clearly there is a need for cyber currency and BitCoin has the early movers advantage. However, the limited numbers as well as low/no reward for mining with CPUs/GPUs makes the need for another alternative.

I know, it's a bit scary the way coins can just get stuck in the system because for one reason or another people lose access to their wallets. It all seems so fragile at the moment. As though it wouldn't take much for it all to topple

[threeip]

However, the limited numbers as well as low/no reward for mining with CPUs/GPUs makes the need for another alternative.

Sell everything GPU-related, buy BTC and hold?

[pcannon]

I know, it's a bit scary the way coins can just get stuck in the system because for one reason or another people lose access to their wallets. It all seems so fragile at the moment. As though it wouldn't take much for it all to topple

I am sure this has been discussed to ad nauseam, but its not the speculation but the utility part of any cyber currency that will lead to success or failure. So my simple question is why would my grand-mother (or anybody else in the world) use a cyber currency say 5 years from now. Let me list what I think would be the places:
1. International/domestic money transfer: Current services charge 5-10% commission and are slow
2. Web-purchases specially foreign web-sites: To avoid your credit card floating around the web
3. Anonymous transactions: This is also a flaw (illegal stuff)
4. Donations anonymously: So that one does not get bombarded with junk mails after one donation
5. ...  

Others feel free to add or discuss.

[pcannon]

Sell everything GPU-related, buy BTC and hold?

Sure. Obviously this implies that the primary motive is return on investments rather than an ongoing income.

But what if (usual disclaimer apply) BFL again pushes the deadline and BTC reaches USD 1000ish in the next 3 months? Would the math still be the same? Going back the original question this would imply roughly USD25 per card per day income (minus costs), not bad aae?