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Author Topic: Bitcoin noob needs a hand.  (Read 13609 times)
johnnydotexe
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January 30, 2012, 04:17:21 PM
 #21

Try the simple to use java interface of the bitminter pool. Its noob friendly, not so big that it can screw the network like deepbit, and its pretty steady payout.

www.bitminter.com to find out more

I'm set up with the Bitcoin Wallet and GUI Miner at the moment and mining for BTC Guild since it seems like a popular pool and isn't posing any sort of a "risk" to the network like slush's pool or deepbit.  The setup wasn't hard at all and at this point all I do is load up GUI Miner and click "start mining."

I need to figure out what other flags to use for my Sapphire 5830 because I'm only getting about 260MH/s @ 875MHz Core and 500MHz Memory.  In the last 9-10 hours I've earned about 0.085 BTC according to my earnings stats over at BTC Guild.
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muyuu
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January 30, 2012, 05:15:42 PM
 #22

With current parameters, your system will just about break even with electricity. That is, not factoring at all the amortisation of the system nor the wearing out from running it overclocked full-blast 24x7. Over time, difficulty is likely to go up again and unless the prices go up, it won't even pay the electricity it consumes. I'd venture this will happen as soon as two weeks from now.

To make money from mining you'd need a well tailored system at this particular moment in time. Most single miners are very likely running at a loss right now.

HOWEVER, it's still good to mine. It adds stability to the system and that contributes to the value of the coins you may already have. I will also heat up the room when it's cold. If you're going to run an electric radiator, it's always better to mine instead. Tongue

So yes, people are printing money but the printing is costing them more money than they print. Not everybody, of course. Some are making good money, and some get to run their computers for free (somebody else is paying in these cases).

Try this.

http://www.alloscomp.com/bitcoin/calculator.php

Your system wattage should be around 400-500W. Where I live that's about £20/month (~31 US$/month)

According to https://en.bitcoin.it/wiki/Mining_Hardware_Comparison
... your system will churn about 290 MH/s if you set it up properly. Your break even is somewhere among $4.5-$5 (bitcoin rate) depending on the price of electricity in your area.

Notice that:

- difficulty will most probably go up (try changing difficulty in the calculator and see what happens)
- you are not counting at all the cost / wear out of your hardware

See difficulty history here http://btcserv.net/bitcoin/history/

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MoonShadow
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March 11, 2012, 08:56:34 PM
 #23


btw they shouldn't advertise the 'fee less transaction' thing so much, because eventually mining will have to be paid for with transaction fees.


Why not?  transaction fees are never going to amount to much per transaction, due to it's automated functions.  Such functions, at some level, require human intervention in the case of credit cards and the like.  Bitcoin doesn't need human intervention.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
FreeMoney
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March 11, 2012, 09:12:35 PM
 #24


btw they shouldn't advertise the 'fee less transaction' thing so much, because eventually mining will have to be paid for with transaction fees.


Why not?  transaction fees are never going to amount to much per transaction, due to it's automated functions.  Such functions, at some level, require human intervention in the case of credit cards and the like.  Bitcoin doesn't need human intervention.

I don't think 'free' is a good way to advertise it. It isn't always true even now and people assume there is a catch anyway, which there really is. I don't know the best way to say it, but the reality is pretty good. Hyper-low? Usually free? Awesome deal?

Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone.
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March 12, 2012, 03:05:37 AM
 #25

There are still free transaction, if you are patient.  There is no reason to assume that free transactions cannot continue to exist.  They most certainly will.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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