Bitcoin mining made easy

[varikonniemi]

If you have an AMD GFX card, join the Bitcoin community and start hashing. A 7970 will mine about 1 Bitcoins per month. If you invest those Bitcoins you might have thousands of dollars in a couple of years just by lending your idle computing power to the network.

Once again I'm going to refer to the electricity bill. Unlike your country in mine it isn't freezing every day. Thus these costs have to be taken into account. Might not break even for a long time then..?

Currently 2 gigahashes equals to about 0.1 bitcoin per day. So the income is very close to 10 EUR / day. Electricity usage is about 800W. Electricity costs a bit under 10 cent per kWh. So about two euros per day. Still perfectly profitable even now in the summer when the excess heat is wasted.

I no longer recommend to purchase graphics cards for mining, only mine if you already have them. If you want to get into mining the easiest way is to buy asicminer shares. Asicminer produces and runs dedicated miners. They pay dividends once a week, so you are essentially mining with their equipment if you own such shares.

Another nice way is to purchase USB powered ASIC miners. They cost about the same as a GFX card of similar hashrate, so they are still ridiculously overpriced, but at least you save the electricity costs.

Here is 7x amd 7870 worth of hashrate :)
http://i41.tinypic.com/2zexbi1.jpg

ps. this makes you a hipster http://d3s23h5t9xs8e6.cloudfront.net/im ... 1272296107

[hoijui]

really...
you do senseless stuff to get a bit of money, and you do (or recommend to do) stupid stuff with it (like investing it for the sake of getting more money, likely without producing value), and on top of all that, you even believe you are taking part in a thing that is much better then the old system.. doing the same old crap plus some more.
the world will not get better, just cause you use different money. it could get better, if you do business that is good for the world, and with the help of bitcoin, can do more of that business then with the old system. mining bitcoins is not such a business. buying with bitcoin is.. a tiny bit part of it. you have to stop seeing money and other material goods, like silver, as something to want, have and keep, if possible, and start seeing it as a tool to ease exchange and help others and yourself have a better live. in short, money is a thing that has to flow to be of value.

the most valuable thing with bitcoin is, that it shows a possibility, and creates a lot of discussions, which might turn up with better alternative systems.
don't make the mistake to think it is perfect, just cause it is better then the old system in some aspects. there have to be yet other systems, trying to address the problems of bitcoin.
how it looks like to me though, it is more likely that we will see the abandoning of money alltogether (Start Trek style), then seeing a really good money system being implemented. though... i don;t think this new world would be available to everyone.

[smoth]

alright sorry to derail further but I'm curious.. What the hell does hipster even mean really. I see it thrown around constantly but where I'm from it has no meaning. What makes a person or bitcoins 'hipster'?

Typically people who do contrarian things to fight the man or what ever self righteous bullshit. They like to be "in" on obscure things talking about how cool and revolutoonary it is until it is popular at which point they ethier tugg off about how visionary thye were or how lame it is now that everyone does it.


I could go on but I think you get the idea.

[zwzsg]

According to this article, Smoth believe only his own opinion are authentic, and that anyone else thinking differently is just following a fad.

[smoth]

I see what you are trying to do z and I will not be sucked into another pointless debate to cure your boredom

[varikonniemi]

text

You have some bits of truth there, but come on! So much ignorance in that wall of text i don't even know how to begin to address it. Essentially all your criticism is misdirected and applicable to the old monetary systems as well.

[varikonniemi]

you do senseless stuff to get a bit of money

so do you. It's called having a paying job

and you do (or recommend to do) stupid stuff with it (like investing it for the sake of getting more money, likely without producing value)

i hope you never give investment tips to anybody. Getting more money is the essence of investing. As you certainly could read, i recommended people to use what they have to try Bitcoin out (it's essentially free!) so that they can make a small sallary from it.

and on top of all that, you even believe you are taking part in a thing that is much better then the old system.. doing the same old crap plus some more.

i really do believe it is better. And it certainly is not the same crap. Essentially this is the polar opposite in terms of monetary theory.

the world will not get better, just cause you use different money.

certainly not. It gets better from everything good the properties of this new money allows.

it could get better, if you do business that is good for the world, and with the help of bitcoin, can do more of that business then with the old system.

Just one reason why Bitcoin is so popular. Those who understand it realize we can free hundreds of trillions $ of capital per year into productive work just by getting off fractional reserve banking.

mining bitcoins is not such a business. buying with bitcoin is.. a tiny bit part of it.

Mining Bitcoins is what makes this new paradigm possible. I already thought i explained this in a previous post. I can do it again if you really cannot see how Bitcoin mining is comparable to being a systems administrator at some bank.

you have to stop seeing money and other material goods, like silver, as something to want, have and keep, if possible, and start seeing it as a tool to ease exchange and help others and yourself have a better live.

no i don't. I have to live in the real world. A fairy tale utopia is of course really nice, but come on.

in short, money is a thing that has to flow to be of value.

money is stored energy potential. Likewise can be said that energy must flow for it to do work, but why the hell do we use batteries then?

the most valuable thing with bitcoin is, that it shows a possibility, and creates a lot of discussions, which might turn up with better alternative systems.

this i can agree with because you started the sentence correctly. However the best system to this date is Bitcoin.

don't make the mistake to think it is perfect, just cause it is better then the old system in some aspects. there have to be yet other systems, trying to address the problems of bitcoin.

exactly what i have been saying all along.

how it looks like to me though, it is more likely that we will see the abandoning of money alltogether (Start Trek style), then seeing a really good money system being implemented. though... i don;t think this new world would be available to everyone.

Possible? Perhaps. Let's just stick with the real alternatives here. Not yet startrek when 90% of the population has not even heard about Bitcoin, and 99% does not understand how it works.

[hoijui]

you did not give a single argument against anything i said.
(your best "argument" was: "please!")
you basically approved all i said, hillarious! .. and thanks! :D

[KDR_11k]

So that Liberty Reserve bust, does that set any precedent for Bitcoin?

[zwzsg]

From what I read "mining bitcoin" is not about performing senseless calculation, but about checking the other transactions.

In the same way that you pay your bank a tiny amount to take care of your money, the bitcoin system pays varikonniemi a tiny amount of money for lending his computing power to check the integrity of other bitcoin transactions.

So, the term mining is a bit misleading in that it's not like extracting gold from the earth crust, but it's not either "wasting a lot of real value" or "senseless stuff". It's about performing work necessary for the system and be paid for it as an incentive.

[smoth]

It's too mainstream to say they are working for bitcoin z

[varikonniemi]

So that Liberty Reserve bust, does that set any precedent for Bitcoin?

No. They just cracked down on a small money launderer, so that HSBC and friends could have a monopoly in that market.

Treasury Department official says money laundering crackdown isn't part of an anti-Bitcoin campaign

[KDR_11k]

No. They just cracked down on a small money launderer, so that HSBC and friends could have a monopoly in that market.

Yeah because banks are for money laundering.

[varikonniemi]

HSBC will pay $1.9 billion for money laundering

First too big to fail. Then too big to jail. Next step is too big to prosecute.

[dimm]

Can anyone explain how bitcoin works? I get asymetric/public keys and their 2 uses and the big public file that a "p2p" system would need but the rest...

[parker]

Can anyone explain how bitcoin works? I get asymetric/public keys and their 2 uses and the big public file that a "p2p" system would need but the rest...

Take any scam in the last 2000 years as a template and overlay with BTC. Remove any protection from Government and Police. Say it's based on Trust and Fantastic. If you can give yourself %10 of these BTC to manipulate this Market it works even better.
I think that covers it.

[dimm]

So you don't know...Bunch of developers and no-one knows. Then again everywhere i go bitcoin is very poorly explained. Go to wikipedia for public-key and 10 minutes later i get it; look up bitcoin for 2 hours and still don't understand anything. Ok, then which E-coin should i be using?

[tombom]

Bitcoin rhymes with pisscoin. How do you plead

EDit: oops sorry for using a rude word

[The Yak]

dimm, this is the off topic forum of an RTS game engine, if you want a complete tutorial on how to use bitcoin perhaps try asking somewhere actually relevant to it?

[varikonniemi]

So you don't know...Bunch of developers and no-one knows. Then again everywhere i go bitcoin is very poorly explained. Go to wikipedia for public-key and 10 minutes later i get it; look up bitcoin for 2 hours and still don't understand anything. Ok, then which E-coin should i be using?

Every coin is signed to an address. Every transaction is authorized by the private key of the sender's address, which is found integrated in the wallet. The database is distributed (p2p). The decision of the correct distributed database version to use is made by choosing the one with the most work put into it. Work equals to Bitcoin miners hashing.

It really is that simple. I wonder what you did for two hours if you did not manage to figure this out, especially if you can wrap your head around how priv/pub key encryption works.