Tutorial On Bitcoin

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PRETENDICA
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Tutorial On Bitcoin

Post by PRETENDICA » January 28th, 2014, 2:32 am

I was wondering if someone knowledgeable about the bitcoin could tell me, should I sell my 7970 on ebay, or make a bitcoin mining rig? I already have a mb, cpu, the gpu. I'd need a power supply, mem and a hdd or sdd.
I have currently;
My AZZA case
Gigabyte 990fxa-ud3
AMD FX 8150
Sapphire 7970 6gb Vapor-x

Could I get by with purchasing a minimal amount of ram, say 4 gb, a ps, and a small hdd. Is a sdd necessary? It's mostly gpu driven isn't it? If you're only building a rig for mining, how much hdd space do you really need?


Should we as a community, build our own? We could fund any server for any future games we would want to be admins for. I was just thinking...

But answer my question first, about me.

My gpu sold for $460 on ebay, but then the asshole said his son bought it and he wasn't going to pay. So I re-listed it. Well, maybe I don't want to sell it... Maybe I want to be the one making FREE MONEY! I'm wondering how much I would have to spend, given the parts I already have, to build my on mining rig? Would it be worth it? Electricity bills don't scare me. I have 6 days before my card is suppose to sell on ebay starting Monday, please help me decide. Thanks everyone.
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Re: Tutorial On Bitcoin

Post by Molimo » January 28th, 2014, 7:03 am

First thing is forget about "Bitcoin" Bitcoin has a SHA256 Algorithm which has been taking over by the ASIC Chips. in other words, people don't mine Bitcoins with GPUs anymore because it is inefficient. To give you an idea, your 7970 would give you about 0.10-0.20$ a day at the very most.

People now mIne AltCoins, or Scryptcoins with GPU. Curently the most popular one would be LiteCoin. The reason is it is very Memory intensive and no ASIC System has been designed for it yet. By Mining Altcoins, your system would get about around 700-750 Khash/s. This translates to about 10$ a day or so, depending on what your mining and such (there are over 100 Altcoins). and then you have to factor in the power use and everything.

Let me know if you need more info, I've been doing this for about 2-3 months now.
You can PM me on Steam as well if you'd like.

Thanks,
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Re: Tutorial On Bitcoin

Post by Newman » January 28th, 2014, 8:47 am

Stephen and I both mined Bitcoins during the summer for a few months. I think in all my time I made about $150 for running a 6990 at 100% usage for a good month+.

For example, your 7970 would get about 600-700 megahash/s where as cards from say http://butterflylabs.com/ (you probably don't want to buy from them) range anywhere from 50 to 600 gigahashe/s.
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Re: Tutorial On Bitcoin

Post by Stephen » January 28th, 2014, 8:57 am

Yea bitcoin is long dead for gpu
Alt coins ltc being the only one worth mining is kinda finiky to set up and keep going
One card is kinda pointless to mine with in my opinion

At this point it would only make sense to mine ltc exchange to btc and just sit on it or hold on to the ltc
Ltc asics are here and will be coming in masses soon so gpus will be left in dust again
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Re: Tutorial On Bitcoin

Post by PRETENDICA » January 28th, 2014, 1:57 pm

First off, thanks for giving me twenty things to google, Stephen. And also thanks Molimo. So these asics machines are suppose to take over what the gpu ones have been doing? I'm reading that 2014 should still be good for gpu's though. I kinda knew that about the bitcoin and ltc. It's ultimately about bitcoin, cause all the other "coins" are trading up to bitcoin. But I get what you guys are saying. So, choosing which coin to mine can also be important? Are Stephen, Newman, and Molimo mining the same, ALTcoin? Are you guys in a pool cause I hear you have to do that too.

I'm not looking to buy 3 more 7970's Stephen. But if it all it would take me is $100 to buy mem, hdd, and ps, (which now that I write that is impossible, but at a minimal cost lets say), then I should go for it, right? If Molimo says that my card could put out around $10/day thats 3,300 by the end of the year. what's not to like about that?

I gotta get ready for work. But I'll try to check in on this thread a lot today, and the next few days. This ltc/altcoin/bitcoin thing is here to stay. If China couldn't stop it, and overstock.com and tigerdirect are accepting them, it's time to get on board, I just hope I haven't missed the boat. :)
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Re: Tutorial On Bitcoin

Post by Stephen » January 28th, 2014, 2:34 pm

this is totaly up to you, the easiest way would be to to actually mine to see what hash rate you to, then see your power usage calculate the difference and see if the small profit is worth it to you.

googling your card the ghz edition seems to run slower then non ghz around 550-700khs factoring your power costs your roughly make around 3.50-4-75 a day not 10.

and with difficulty rising all the time your numbers will slowly get less and less
https://www.litecoinpool.org/calc

i quit mining in the mid summer as my machines were heating my house up way to much and i dont have central air yet.

as for pools it just depends how you wanna get paid some offer pay out when ever but have smaller earnings others are pay outs based on 100 or so confirms which take abit. and thers a few other different systems.

then youll have to find the best miner for your cards and settings, cgminer was my fav, diablo, gpu miner and few others. finding settings of them is going to be veryyyyyyyyyy time consuming.

then comes submitting your mined shares although it uses very little bandwidth if your downloading torrents and heavy use of your bandwidth its gonna take longer to submit your shares and by then someone else could have submitted the work and you get nothing (some pools offer payouts still though).

mining is gonna consume alot of your time till you get your system fully ironed out and even then youll want to check on it often or use monitoring programs that you can set up
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Re: Tutorial On Bitcoin

Post by Molimo » January 28th, 2014, 3:03 pm

Yeah Stephen is right, Your Card might only get about 550-700 or so. You always have to consider the power consumption as well. Best bet would be to put it into your PC and see what you can get out of it with similar card configurations.

and Mining Altcoins can be time consuming as the Value/Difficulty changes very fast, it can double in value in 10 minutes and drop down just as fast. Some coins are alot more stable and remain in the top 10 most valued coins. so you can always mine those and not have too many headaches as what to mine every hour.

Setting up can be challenging, optimizing your GPU can take hours and days. But once it's setup it's not too bad to run.

I use CGMiner with a decent Config File. It allows me to switch my mining Pool very easily. I use Teamviewer to log into the machine to verify it's status.

I Mine in a Pool as the odds of finding Blocks on your own are very slim. In the long run it will average out, but because the Network Total hash does change alot, you're better off in a Pool.

And yeah in the end, you convert your Altcoins, to Bitcoins and cash out on an exchange server.
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Re: Tutorial On Bitcoin

Post by PRETENDICA » January 28th, 2014, 4:14 pm

Now it doesn't sound so easy. Fuck bitcoins.


Edit: Hmm, what about these achi machines...
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Re: Tutorial On Bitcoin

Post by hulkvsspawn » January 28th, 2014, 5:55 pm

An alternate is to just buy coins out right and hope the exchange rate keeps climbing. Managalar bought one of those butterfly lab boxes. By the time it took them(butterfly labs) to build it and ship it to him, had he just spent the money on bitcoins directly, he would have made way more money in the end.

It's about how much you want to tinker...this could be a lot of fun if you had the time, energy and funds to make a free money box.
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Re: Tutorial On Bitcoin

Post by Stephen » January 28th, 2014, 7:51 pm

for asic's your best bet is to go to
http://bitcointalk.org

and get into a group chip purchase and assembly
otherwise your paying an arm and leg for an asic miner that will take atleast half a year to make a return and by then it wont be making much.

stay away from butterfly labs they have been caught building all these good miners and mining the shit out of them then they ship them just before they become obslete
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