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Author Topic: Hey new miner here, looking for some feedback...thanks in advance  (Read 3777 times)
BitLex
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March 08, 2011, 08:51:03 PM
 #21

the whole point of mining FOR YOU might be to make profit, i guess that's true,
but that's not the whole point of mining.

the point of "mining", or lets better say generating, is to create blocks that store transactions.
without blocks, we couldn't move a single coin from, or to anywhere.

what if difficulty rises another 2, 5 or 10fold without the price moving an inch?
it will then no longer be profitable to some of us, yet someone has todo it, or the whole economy will die.
i don't need to try to convince myself otherwise, i already KNOW that i will still be generating, even if it COSTS me, if only to protect the value of those coins i already have.

how many watts you contribute totally depends on you and what you do it for, or what you are willing to donate to the network,
doesn't need to be hundreds, as mentioned any single hash/s more makes the network stronger, only a tiny bit, but it helps anyway.

you might do it for profit only, someone else might do it for the good of the bitcoin-network,
just like BOINC-people have fun to use BOINC, or SETI-people have fun looking for E.T., they all PAY for doing it.



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March 08, 2011, 09:01:54 PM
 #22

the whole point of mining FOR YOU might be to make profit, i guess that's true,
but that's not the whole point of mining.

the point of "mining", or lets better say generating, is to create blocks that store transactions.
without blocks, we couldn't move a single coin from, or to anywhere.

what if difficulty rises another 2, 5 or 10fold without the price moving an inch?
it will then no longer be profitable to some of us, yet someone has todo it, or the whole economy will die.
i don't need to try to convince myself otherwise, i already KNOW that i will still be generating, even if it COSTS me, if only to protect the value of those coins i already have.

how many watts you contribute totally depends on you and what you do it for, or what you are willing to donate to the network,
doesn't need to be hundreds, as mentioned any single hash/s more makes the network stronger, only a tiny bit, but it helps anyway.

you might do it for profit only, someone else might do it for the good of the bitcoin-network,
just like BOINC-people have fun to use BOINC, or SETI-people have fun looking for E.T., they all PAY for doing it.



F@H and BOINC are nbot the same as Bitcoin. Mining for bitcoin are greedy people who want to make money, F@H and BOINC are for people who are trying to help research cures for deadly diseases, do you not see the difference?


No, You are protecting the bitcoin network because you've invested in it and don't want to lose any $$

Bitcoin is all about money... If no monetary return in some form would be given to the miners, bitcoin would be dead. People would prefer to help cure stuff than to make a virtual economy that they don't PROFIT out of.

If you are doing it for the "good of the bitcoin network" it really is because you want to benefit out of it. f you wouldn't you wouldn't be mining. However, when you fold for F@H, you are giving away your resources in order to help the research, and most likely, you do not have cancer or whatnot, so you are doing it completely selflessly

If you mine, your are doing it for money, PERIOD. If you want to do it because transfering money is easier and cheaper, you are really doing it to SAVE MONEY, if you are doing it to protect your investment (whether it be past present or future) ITS STILL FOR MONEY

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frankiebits
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March 08, 2011, 09:02:58 PM
 #23

Might as well throw this out there too... right now I have 40 connection in bitcoin? If that a good number, bad number?


ALSO THERE ARE PLENTY OF OTHER THREADS ABOUT WHETHER BITCOIN IS PROFITABLE
IF YOU HERE TO ARGUE ABOUT THAT GO  HERE http://bitcointalk.org/index.php?topic=3994.0

BitLex
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March 08, 2011, 09:20:32 PM
 #24

If you are doing it for the "good of the bitcoin network" it really is because you want to benefit out of it. f you wouldn't you wouldn't be mining.
sure, the benefit is, that i'm able to send money whenever i want, in whatever amounts i want, to whoever i want,
without anyone being able to prevent me from doing so.

that benefit is called FREEDOM and i'm glad to help protect that freedom by donating some computing ressources.

i actually don't care WHY others do it, as long as they do it,
be it for profit, the good, or just for fun.

Might as well throw this out there too... right now I have 40 connection in bitcoin? If that a good number, bad number?
40 is a usual number of connections, my connections vary from 20-90.

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March 08, 2011, 09:27:10 PM
 #25

I only get 8  Undecided sometimes it lowers to 7 but goes back to 8 fast....

I have an i7 920 quad w/ HT (@ 4GHZ), so I have 8 threads, I always that it was related to that

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March 08, 2011, 09:32:10 PM
 #26

I only get 8  Undecided sometimes it lowers to 7 but goes back to 8 fast....

I have an i7 920 quad w/ HT (@ 4GHZ), so I have 8 threads, I always that it was related to that

Try turning off HT in bios, you may get a x2 increase.

BitLex
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March 08, 2011, 09:35:52 PM
 #27

if you only get <8 connections, you haven't forwarded port 8333 to the machine running bitcoin.
should work fine anyway,
for a generating-node (i guess you'r on a pool anyway) it would be better to have the port forwarded to get more connections, the more nodes you are connected to, the sooner you'll get noticed about new blocks and the less you'll work on solving stale blocks.

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March 08, 2011, 09:47:34 PM
 #28

Do these numbers seem accurate for my hardware?
The system has been hashing for 17 hours and is stable.
It's not optimal to mine solo with ~70 MH/s because it's more likely that difficulty will increase before you find a block -
The average time to generate a block at 70000 Khps, given current difficulty of 55590.23763914 , is 5 weeks, 4 days, 11 hours, 27 minutes, and 12 seconds
(and next difficulty increase is tomorrow).
So you better join a mining pool.

Welcome to my bitcoin mining pool: https://deepbit.net - Both payment schemes (including PPS), instant payout, no invalid blocks !
ICBIT Trading platform : USD/BTC futures trading, Bitcoin difficulty futures (NEW!). Third year in bitcoin business.
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March 08, 2011, 10:43:52 PM
 #29

He's new to bitcoins, he needs guidance, and whether or not I tell him not to mine with his CPU, he gets to do what he wants to do... but if I tel him he might make a more informed decision

+1, yea what a novel idea, why don't we treat fellow miners not as competitors but as friends who help us make bitcoin more successful and protected. Help instead of deceive.

frankiebits: forget about CPU mining, usually not worth electricity, consider getting 5970 card, it is the most cost effective ATI card at the moment. do not hesitate to ask questions here on forum or on IRC. BTW there is an opinion that mining with GPU's is about to get not that attractive soon.



If you buy a new GPU, especially something like the 5970, make sure you buy it primarily for something else like gaming, as bitcoins become less and less profitable everyday. The days where you could buy a GPU in which your main goal is to make money are long gone... Every 2 weeks, if the trend continues, the difficulty to make a 50BTC bloc increases by 40%, so every 2 weeks it takes 40% more time on average to make he same amount of bitcoin

Also, since you only have a 4850, consider (and you should) going into pools, especially paid per share ones

Well for my whole life I have only bought cards for gaming, but this made me feel its time for an upgrade , I will probably get some criticism for this but I just purchased a Radeon HD 5830 , i found it used for $150 , I will resell my 4850 on Ebay for $50 or to a friend for $80 ( i use the word friend loosely ). I don't have the type of money to get dual 5970 or anything like that , so figured for around $100 I can feed my gaming needs and boost my hashing up a bit. The reason I chose the 5830 one was for the price and 2 was the specs, I did a lot of comparison on http://en.wikipedia.org/wiki/Comparison_of_AMD_graphics_processing_units and found for the price I was getting the most bang for the buck.

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March 08, 2011, 10:45:57 PM
 #30

Do these numbers seem accurate for my hardware?
The system has been hashing for 17 hours and is stable.
It's not optimal to mine solo with ~70 MH/s because it's more likely that difficulty will increase before you find a block -
The average time to generate a block at 70000 Khps, given current difficulty of 55590.23763914 , is 5 weeks, 4 days, 11 hours, 27 minutes, and 12 seconds
(and next difficulty increase is tomorrow).
So you better join a mining pool.

I just ordered a new card, mostly for gaming but also for mining, if I am right it should nearly double my speed, which to me seems like a big deal.

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March 08, 2011, 10:51:08 PM
 #31

He's new to bitcoins, he needs guidance, and whether or not I tell him not to mine with his CPU, he gets to do what he wants to do... but if I tel him he might make a more informed decision

+1, yea what a novel idea, why don't we treat fellow miners not as competitors but as friends who help us make bitcoin more successful and protected. Help instead of deceive.

frankiebits: forget about CPU mining, usually not worth electricity, consider getting 5970 card, it is the most cost effective ATI card at the moment. do not hesitate to ask questions here on forum or on IRC. BTW there is an opinion that mining with GPU's is about to get not that attractive soon.



If you buy a new GPU, especially something like the 5970, make sure you buy it primarily for something else like gaming, as bitcoins become less and less profitable everyday. The days where you could buy a GPU in which your main goal is to make money are long gone... Every 2 weeks, if the trend continues, the difficulty to make a 50BTC bloc increases by 40%, so every 2 weeks it takes 40% more time on average to make he same amount of bitcoin

Also, since you only have a 4850, consider (and you should) going into pools, especially paid per share ones

Well for my whole life I have only bought cards for gaming, but this made me feel its time for an upgrade , I will probably get some criticism for this but I just purchased a Radeon HD 5830 , i found it used for $150 , I will resell my 4850 on Ebay for $50 or to a friend for $80 ( i use the word friend loosely ). I don't have the type of money to get dual 5970 or anything like that , so figured for around $100 I can feed my gaming needs and boost my hashing up a bit. The reason I chose the 5830 one was for the price and 2 was the specs, I did a lot of comparison on http://en.wikipedia.org/wiki/Comparison_of_AMD_graphics_processing_units and found for the price I was getting the most bang for the buck.

gaming wise the 5830 aint that great bang/buck, but mining wise it is...

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March 09, 2011, 04:44:57 AM
 #32

gaming wise the 5830 aint that great bang/buck, but mining wise it is...
Only if you're not paying for electricity.

did you know that the internet is not a 1ATWN2bMDRRfo7Z2P8Fefvq791X6FT88WQ ?
calling me a troll gives me a massive raging boner
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March 09, 2011, 05:10:04 AM
 #33

gaming wise the 5830 aint that great bang/buck, but mining wise it is...
Only if you're not paying for electricity.

as of nowit is profitable after electrical costs, tomorrow after the difficulty rise, I'm not so sure

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