superresistant
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July 22, 2013, 08:18:31 AM |
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If you aim to make a GPU mining rig, here are some useful links : http://bitcoin.clarkmoody.com/It is always good to know the evolution of the price of bitcoin. You can estimate the time for buying or selling them. https://en.bitcoin.it/wiki/Mining_hardware_comparisonIt contain all the data concerning the hardware. The mining Hash Rate (speed) is in Mhash/s for SHA256 while the scrypt is in Khash/s. The numbers for scrypt are about the same (a bit less) as SHA256 so if it say 200 Mhash/s, you can convert to 180-200 Khash/s. Only GPU can do all algorithm. http://coinchoose.com/The best comparator for altcoins. As you can see, some altcoins can be 4 times more profitable than bitcoins but only for a while. https://www.cryptsy.com/On this place you can easily exchange all altcoins for bitcoins or litecoins. https://inputs.io/walletAn online wallet for bitcoins. https://just-dice.com/Gamble your bitcoins for immediate profit or invest them in the bankroll. Have fun. |
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Bitcoin mining is now a specialized and very risky industry, just like gold mining. Amateur miners are unlikely to make much money, and may even lose money. Bitcoin is much more than just mining, though!
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NoDisco
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July 22, 2013, 02:25:31 PM |
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So are Bitcoin & Litecoin the only true crypto currencies right now and everything else is a spin-off?
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superresistant
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July 22, 2013, 02:33:29 PM |
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So are Bitcoin & Litecoin the only true crypto currencies right now and everything else is a spin-off?
There is no true or not-true crypto currencies. There is just differences that make you prefer one or another. |
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Birdy
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July 22, 2013, 02:35:52 PM |
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So are Bitcoin & Litecoin the only true crypto currencies right now and everything else is a spin-off?
Litecoin is more of an spinoff than Altcoins like PPCoin or Primecoin that try to add a real advantage. Okey Litecoin has scrypt, at least ot's not a 100% copy. |
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NoDisco
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July 22, 2013, 02:42:45 PM |
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So are Bitcoin & Litecoin the only true crypto currencies right now and everything else is a spin-off?
There is no true or not-true crypto currencies. There is just differences that make you prefer one or another. I'm just wondering why bitcoin & litecoin are always referred as bitcoin & litecoin and everything else is called an "altcoin". Also, I looked at that list on coinchoose and clicked through to one of the new altcoins. I then clicked a link to do with the block number (or something) and it took me through to the litecoin blockchain. So it looked like it was piggy-backing off litecoin tech? |
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Inedible
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July 22, 2013, 02:56:01 PM |
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So are Bitcoin & Litecoin the only true crypto currencies right now and everything else is a spin-off?
There is no true or not-true crypto currencies. There is just differences that make you prefer one or another. I'm just wondering why bitcoin & litecoin are always referred as bitcoin & litecoin and everything else is called an "altcoin". Also, I looked at that list on coinchoose and clicked through to one of the new altcoins. I then clicked a link to do with the block number (or something) and it took me through to the litecoin blockchain. So it looked like it was piggy-backing off litecoin tech? Anything but Bitcoin is an alternative crypto currency. Altcoin is a portmanteau of alternative coin. They all derived from Bitcoin so everything else is an altcoin. Litecoin just happens to have better traction so is therefore referred to as Litecoin bit it is also an altcoin. |
If this post was useful, interesting or entertaining, then you've misunderstood.
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pheaonix
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http://casinobitco.in/ A+ customer support
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July 22, 2013, 03:51:15 PM |
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spend at least two months learning before spending any money.
you will learn a LOT and wind up making a lot of cash.
be frugal and be cautious.
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btcbonanza
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July 22, 2013, 06:49:10 PM |
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That is one badass usb mining rig.
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MattPeck
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July 22, 2013, 09:54:04 PM |
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I'm just learning about your world in the last few days. I stumbles across it while my son was looking at used gaming PC's and we came across one that was built for btc mining. So we researched what it is...
Geez I wish I had bought 100 jalapeños last year.
My son and I are considering getting in as a father son project.
My choices seem like:
1. Buy a PRE-order 60 single and wait...losing the best capture opportunity in the next couple months but spending only a few thou. I'm worried that by the time I get it, I'll get frustrated with the payback.
2. Buying In-hand 60 for 10k...but worried that I'll NEVER recover the 10k. Seems like a ridiculous gamble.
3. Buying a severely over-priced jalapeño in hand and call it cheap entertainment even if it never pays for itself.
4. Wait for a jalapeño from BFL and call it really cheap entertainment but mine almost nothing.
5. Invest in btc and let someone else mine, but that defeats the father son time thing.
Save my money, and buy some puzzles...lol, j/k really think this could be fun for us, cuz he's a gamer, and really into computers, and I love gambling, risk taking and investing.
Plz give me some basic advice...is it too late???
So I am wondering the same thing being new to the game... Some of the best advice I have is to diversify... meaning buy some coins as well as purchase a rig. Because I am not 100% confident in building my own, I am leaning towards getting the Mercury from KnC... BFL has a seriously bad rap here on the forum, and even though they claim they are sending out 300+ a day, it just doesn't seem to be trickling down here. My two cents... |
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RangerTwentyTwo
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July 22, 2013, 11:36:52 PM |
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Indeed I believe you are a little bit late to earn anything from a home project, regardless there is an abundance of things you could do for a bit of fun whilst earning a small amount  |
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timk225
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July 23, 2013, 04:30:19 PM
Last edit: July 23, 2013, 04:40:44 PM by timk225 |
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When you see anyone selling their ASIC or FPGA or Jalapeno USB miner, you must ask yourself WHY they are selling it.
If they were making any type of reasonable profit they'd let it ride.
I'm kinda late to the Crypto-currency game, but I was able to work eBay for some really good deals on GPUs.
CGminer has been an EXTREME pain in the butt for me and it still won't work right, and I have stopped mining BitCoins because of the difficulty. It is NOT easy to set up and get running! The only miner I have ever seen work right is BitMinter, and that's for BTC only.
I'm looking at going one of 2 ways:
1. Mine altcoins and trade for BTC and sell them to exchanges and get $CASH$ for them.
2. Stop mining altogether, build myself an awesome gaming PC from some of the parts, sell the rest on eBay, and currency trade various coins as an investment. I have played the stock market a little, and I notice that crypto-currency trading is quite arbitrary, the prices seem to rise and fall with few outside factors influencing them. Although I know that in the past few weeks alone I could have made some nice money just buying and selling LiteCoins.
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5atthebeach (OP)
Newbie
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July 25, 2013, 12:48:16 AM |
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Trading BTC and LTC...how and where do you buy/sell the currency/stock?
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hacker102
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July 25, 2013, 12:53:40 AM |
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Well, IMO the times where you can make some serious profit with mining at home are over. It is becoming a serious business. But thats only normal. Every marked becomes more competitive as it grows and that the Small Private Businesses die out is also normal when a marked grows. Don't expect to make some serious money mining. But if you want to get in as a father son project where you can spend time with you son and build something together have fun and maybe puts out a little bit of money, I would say buy some usb miners. You can setup a miner like this one: https://i.imgur.com/BJCe9a0.jpgAt first, get it working some how. Next project could be to get a dedicated Raspberry Pi running for it, so you don't need you PC running. At next build a nice housing. Improve cooling to make it more silent. Always something to work on and have fun together and maybe even a little bit of profit. What would you pay for a jalapeño PRE-order? This farm you have a pic of looks expensive, real-estate consuming, and less profitable?!? Very nice one!! |
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Lambo06
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July 25, 2013, 01:02:31 AM |
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very nice set-up up there ^ |
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Cryptos2go
Member
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Activity: 81
Merit: 10
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July 25, 2013, 02:28:06 AM |
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I'm just learning about your world in the last few days. I stumbles across it while my son was looking at used gaming PC's and we came across one that was built for btc mining. So we researched what it is...
Geez I wish I had bought 100 jalapeños last year.
My son and I are considering getting in as a father son project.
My choices seem like:
1. Buy a PRE-order 60 single and wait...losing the best capture opportunity in the next couple months but spending only a few thou. I'm worried that by the time I get it, I'll get frustrated with the payback.
2. Buying In-hand 60 for 10k...but worried that I'll NEVER recover the 10k. Seems like a ridiculous gamble.
3. Buying a severely over-priced jalapeño in hand and call it cheap entertainment even if it never pays for itself.
4. Wait for a jalapeño from BFL and call it really cheap entertainment but mine almost nothing.
5. Invest in btc and let someone else mine, but that defeats the father son time thing.
Save my money, and buy some puzzles...lol, j/k really think this could be fun for us, cuz he's a gamer, and really into computers, and I love gambling, risk taking and investing.
Plz give me some basic advice...is it too late???
Hello 5atthebeach, Like many others I just started with all this about the end of may. Mining Litecoins at a pool with my single hd 6970 was producing about 0.75 Litecoins (LTC) per day. During the next week I read as much as I could and went from the single HD 6970 to 2 dedicated GPU mining rigs consisting of 6 HD 7950's total, running headless (no monitor) on BAMT (specialized free operating system for coin mining). This modest 2 rig setup mines scrypt coins like LTC at about 4mh/s. Each of the 6 hd 7950's also came with game bundles as a promotion, which I sold on eBay (all but 1 that I kept for myself.) The game promotion is coming to and end but it can significantly reduce the cost of the cards if sold. I have yet to mine a single Bitcoin but I have traded other coins for Bitcoin on the exchanges. If I were to trade all the other coins I have mined in the last month for Bitcoin today, they would be worth about 8 Bitcoin. In other words my first full month has (theoretically) made about 22% ROI not counting the ~$60.00 increase to my power bill. I am fortunate to have cheap power here @ $.05kw/h. As mentioned in the 1st reply to this thread, ALT coins can be a great way to get into BTC while learning about the different coins and how the exchanges work along the way. Only having low to moderate computer knowledge made it a bit of a challenge along the way and I would have never succeeded if it weren't for the excellent guides readily provided by others. That being said I'll try and post some links that I found/find useful. Consolidated Litecoin Mining Guide for 5xxx, 6xxx, and 7xxx GPUs: https://bitcointalk.org/index.php?PHPSESSID=1f8c11f1558f2829cd4d6d71220b2f9d&topic=117221.0Bitcoin Mining Rigs | How to Build a Litecoin or Bitcoin Mining Rig: http://www.coinminingrigs.com/Litecoin BAMT - Easy USB bootable mining Linux distro: https://forum.litecoin.net/index.php/topic,2924.0.htmlManotechnology: CGWatcher, a GUI/monitor for CGMiner and BFGMiner: http://manotechnology.blogspot.com/p/cgwatcher.htmlhttp://coinmarketcap.comhttp://www.coinchoose.comhttp://www.coinwarz.com/cryptocurrencyhttps://btc-e.comhttps://www.cryptsy.comhttps://coinbase.comAnyway hope that is of some help. It's definitely not too late. OK that's my first post, hopefully it will qualify me for parole in a few hours  |
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BtcJunkie
Newbie
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Activity: 7
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July 25, 2013, 07:06:10 AM |
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no its never too late to get in the game. The price will fluctuate a little but soon the price will be going up because there will be less and less bitcoins coming into circulation.
now is probably the best time to get in the game.
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aklintsevich
Newbie
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Activity: 9
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July 25, 2013, 01:41:44 PM |
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It's too late too start mining. Don't waste your money! By the time you get your mining machines the hash rate will be so high that it wouldn't be profitable to mine.Look up the chart for how fast the hash rate is increasing http://blockchain.info/charts/hash-rate |
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Chugaa
Newbie
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Activity: 7
Merit: 0
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July 25, 2013, 02:06:47 PM |
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Well, IMO the times where you can make some serious profit with mining at home are over. It is becoming a serious business. But thats only normal. Every marked becomes more competitive as it grows and that the Small Private Businesses die out is also normal when a marked grows. Don't expect to make some serious money mining. But if you want to get in as a father son project where you can spend time with you son and build something together have fun and maybe puts out a little bit of money, I would say buy some usb miners. You can setup a miner like this one: https://i.imgur.com/BJCe9a0.jpgAt first, get it working some how. Next project could be to get a dedicated Raspberry Pi running for it, so you don't need you PC running. At next build a nice housing. Improve cooling to make it more silent. Always something to work on and have fun together and maybe even a little bit of profit. Awesome setup, very impressive indeed  |
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