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06-11-2011, 02:49 PM
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Administrator
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Join Date: Mar 2004
Posts: 1,815
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Bitcoin
Anybody here tried out Bitcoin, a new cryptographic digital currency?
I've been (trying) generating coins for ages now, but not having a graphics card with the fancy new general-purpose GPUs, I'm not being terribly successful. Would be nice to generate some though since their value has increased from about $1 per Bitcoin a month or so ago, to about $15/coin today.
Also, if anyone happens to want to donate to me, you know, for being a fantastic admin, paying to keep this place online etc. etc. you can send coins to: 1LYog1JExoinAVisqK7YWfjyJxpQ62zoiE
Thoughts?
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06-12-2011, 06:07 PM
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Experienced Nexodyne Member
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Join Date: Feb 2002
Location: The Pentagon
Age: 36
Posts: 749
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The increased utility bill for power consumption to mine for the things and the recent Bitcoin crash from $30 something to $12 doesn't really make this a viable currency.
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06-13-2011, 01:07 AM
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Administrator
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Join Date: Mar 2004
Posts: 1,815
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The cost (in terms of time and energy - hence higher utility bills) is in part where they derive their value. The use of the term "mining" is therefore relatively appropriate, since it too takes time and money. Of course for something to have value requires it to be accepted for payment for goods/services, which is currently a little difficult with Bitcoin, although one would hope that the array of people accepting it does start to increase.
Would certainly agree that it's volatile at the moment, but that's not particularly surprising either. It does seem to be back around $24 now (which strikes me as still probably overvalued).
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06-14-2011, 08:03 PM
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Contributor Pirate
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Join Date: Jul 2004
Age: 36
Posts: 1,555
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I'm intrigued. I've got an nVidia 460 GTX, I'll see how well that works...
Edit: A calculator I came across ( http://www.alloscomp.com/bitcoin/calculator.php) says that I should be able to generate just over 3 BTC a month, or about 50-55 USD. And that is, I'm assuming, if I leave it mining 24/7, which I don't intend to do.
The client is still downloading blocks, but it should be done soon. I'll leave it on overnight and see what happens.
Last edited by Dragoon : 06-14-2011 at 09:03 PM.
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06-15-2011, 12:28 AM
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Contributor Pirate
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Join Date: Jul 2004
Age: 36
Posts: 1,555
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Alright, the estimate the calculator gave seems fairly accurate, and it really doesn't seem worth the effort.
If you're really dedicated to the endeavor, you can buy/build rigs that can mine coins significantly faster than normal. The one I found includes up to three ATI 6990s (apparently the best card for the task), and purports a mining output of 2010 MH/s (with three cards). It costs $3,799.00, which you could theoretically recoup within two months of mining, depending on exchange rate fluctuation.
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06-16-2011, 02:52 AM
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Administrator
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Join Date: Oct 2001
Age: 37
Posts: 6,724
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I honestly just do not understand what the hell this thing is. Guh.
__________________
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"I party with my dad, we've done a few things together I probably shouldn't speak about."
"As a Christian, I find all forms of religion (except Christianity) to be very harmful to it's members"
"If he is not smart enough to invent something to improve his own quality of life how is he smart enough to tell us all there is no GOD"
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