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-   -   bitcoin mining (http://www.calguns.net/calgunforum/showthread.php?t=694986)

Jeepers 02-02-2013 6:18 PM

bitcoin mining
 
a friend of mine noticed i am running 2 radeon 4850 and says "damn dude you should mine with those" and got me wondering about it so did a lil research on mining and still lost but found some info about mining with my cards but have no idea what it means ...lol

Code:

Model        Mhash/s        Mhash/J                Watts              Clock
4850x2        150.60              0.602                        250                625

so can someone tell me what this bitcoin mining is all about ? and how much is earned mining with a single 'puter ? and what good is BC, where are they spent ?

so confusing from what i see my hardware is way old and slow compared to most i found while searching .....

Peter.Steele 02-02-2013 7:43 PM

Here's what good it is.


Hm. I've got a pair of OG Visiontek 4870's in an old Phenom 9850+ box that aren't doing anything at the moment ... I wonder if the reward in bitcoins is worth what I'd blow in electricity? Seriously - my i7 laptop paid for itself in about 40 days just in terms of the PG&E bill, never mind the productivity increases.

winnre 02-02-2013 7:56 PM

You'd pay more in power than you'd get in coins. So only run it on your work computer.

Jeepers 02-02-2013 9:26 PM

ok from what i can see its a sham looking at the exchange rate to buy gold with BC its almost funny and find very few legit places that take BC ... its interesting but not for me ...

Brianguy 03-08-2013 11:10 PM

I guess I'll give this a try at work. I have nothing to lose :D

Brandon04GT 03-08-2013 11:24 PM

I tried reading up on bitcoins and the deep web and that that crap and I still never understood what it's all about.

Brianguy 03-08-2013 11:53 PM

yeah it's hard to understand. i found one site with bit mining app. you can solo or work in groups.
http://www.weusecoins.com/mining-guide.php

at the moment I'm trying out this website to see if it will actually get a payout. It'll be years before I can buy anything decent though lol
http://www.bitcoinplus.com/generate
if you're on a 64 bit system make sure you run it in a 64 bit browser. It works way faster that way :)

get the bitcoin app here and i guess it has to sync with the network first. you get an address and use that to receive the bitcoins
http://bitcoin.org/

bigbearbear 03-09-2013 9:08 AM

Quote:

Originally Posted by Brianguy (Post 10758538)
I guess I'll give this a try at work. I have nothing to lose :D

Except your job if you boss finds out.

Brianguy 03-09-2013 9:50 AM

Quote:

Originally Posted by bigbearbear (Post 10760757)
Except your job if you boss finds out.

I'm going to lose my job for having a website open in the background? You must work at a nazi run company.

bigbearbear 03-09-2013 11:59 AM

Quote:

Originally Posted by Brianguy (Post 10761104)
I'm going to lose my job for having a website open in the background? You must work at a nazi run company.

Utilizing company asset (electricity, network bandwidth and computers etc.) for your own profit, it is considered stealing and most companies will list that as an offense that can see you terminated for it.

Technically speaking, you're not even supposed to be browsing non-work related web sites.

Brianguy 03-09-2013 1:11 PM

Quote:

Originally Posted by bigbearbear (Post 10762063)
Utilizing company asset (electricity, network bandwidth and computers etc.) for your own profit, it is considered stealing and most companies will list that as an offense that can see you terminated for it.

Technically speaking, you're not even supposed to be browsing non-work related web sites.

I don't think that is going to be a problem. I'm on youtube and CGN all day hogging up bandwidth:D

Merc1138 03-09-2013 1:16 PM

Quote:

Originally Posted by bigbearbear (Post 10762063)
Utilizing company asset (electricity, network bandwidth and computers etc.) for your own profit, it is considered stealing and most companies will list that as an offense that can see you terminated for it.

Technically speaking, you're not even supposed to be browsing non-work related web sites.

LOL, worry about the policies of your own company and stop assuming that everyone else has to put up with similar rules.

bigbearbear 03-09-2013 2:32 PM

Quote:

Originally Posted by Merc1138 (Post 10762539)
LOL, worry about the policies of your own company and stop assuming that everyone else has to put up with similar rules.

I work from home and I set my own policies (I mean, literally too, as I run my own Active Directory Domain Controllers). :D

What I'm saying is, do it at your own risk. If you get fired, don't say your brothers at calguns.net didn't warned you about it. :)

bohoki 03-09-2013 3:05 PM

bitcoins are like tickets at chuck e cheese you never get to trade them back in for tokens but once you have a hundred or so you can get a spider ring or a comb

odysseus 03-09-2013 3:09 PM

Keep in mind, my general opinion on the liberty of these matters aside, that my understanding is that due to the nature of the illegal commerce or laundering that theoretically could occur under a BC mechanism, organizations like the NSA, CIA, ATF, DEA, DHS and FBI are probably actively listening, tracking, and researching all BC participants. Probably this thread too!

Brianguy 03-09-2013 3:47 PM

Quote:

Originally Posted by odysseus (Post 10763264)
Keep in mind, my general opinion on the liberty of these matters aside, that my understanding is that due to the nature of the illegal commerce or laundering that theoretically could occur under a BC mechanism, organizations like the NSA, CIA, ATF, DEA, DHS and FBI are probably actively listening, tracking, and researching all BC participants. Probably this thread too!

Didn't even make 1 coin and I'm already quitting lol :TFH:

odysseus 03-10-2013 2:49 PM

Quote:

Originally Posted by Brianguy (Post 10763539)
Didn't even make 1 coin and I'm already quitting lol :TFH:

Did I scare off the thread? :D

NorCal Einstein 03-10-2013 4:23 PM

With the release of new bitcoin mining hardware, GPU mining (at least for me) isn't worthwhile anymore.

Maybe 8 months ago, I had a few cards mining.
4770, 5770, 5830, 5830, 5850, 5870, 6770, 6850

At the difficulty level at the time, I think I was around 1300mhash/s. Now 1 ASIC miner will use less electricity and put out way more hashing power than that.

SoCal326 03-10-2013 6:33 PM

So the mining task is to calculate hashes so that transactions can be recorded?

Why do the mining tasks get more complicated over time? Is that something intentionally built into the system because of the expectation that computers will become faster over time and they want to keep the mining task challenging for the current hardware?

Or

Is it simply because the transaction records become larger over time which causes them to be more complex to calculate?

Futurecollector 03-11-2013 6:11 PM

I just read all the links, it still doesn't make any sense what so ever...

billofrights 03-11-2013 9:33 PM

Quote:

Originally Posted by SoCal326 (Post 10772621)
So the mining task is to calculate hashes so that transactions can be recorded?

Why do the mining tasks get more complicated over time? Is that something intentionally built into the system because of the expectation that computers will become faster over time and they want to keep the mining task challenging for the current hardware?

Or

Is it simply because the transaction records become larger over time which causes them to be more complex to calculate?

It gets harder by design, so that eventually the amount of bit coins is capped.

Rock6.3 03-20-2013 3:06 PM

http://www.theverge.com/2013/3/20/41...currencies-are

Uncle is now watching . . .

Brianguy 03-20-2013 3:20 PM

Quote:

Originally Posted by Rock6.3 (Post 10865359)

They won't be happy till they get their hand in everyone's cookie jar:mad:

G60 03-20-2013 7:26 PM

Quote:

Originally Posted by Merc1138 (Post 10762539)
LOL, worry about the policies of your own company and stop assuming that everyone else has to put up with similar rules.

Just trying to look out for fellow CGN'ers, don't want to see more threads like the one with the guy crying about getting CGN blocked on their third day at their new job.

Creeping Incrementalism 03-30-2013 12:32 PM

Bitcoin would be an interesting idea if it were stable, in that at least you could obtain currency that the government couldn't inflate away. But you can already do that with precious metals, and it may be as easy to bury gold than to make an un-hackable Bitcoins wallet. So the only advantage of Bitcoin is crime and evading capitol controls. But as governments begin to regulate the Bitcoin exchanges, moving your money out of a Cyprus or Argentina might be trickier.

So if Bitcoin goes from 30 to 90 per dollar after Cyprus, and then the Eurozone and U.S. authorities regulate the exchanges, Bitcoins would plummet in value, maybe back down to what they were before, just a few dollars each.

Still, an interesting idea to watch.

Exile Machine 03-30-2013 1:29 PM

NY Senator Chuck Schumer doesn't like Bitcoin, in fact he hates it.

That's reason enough for all of us to learn more about it and give it some thought. I have no interest in any kind of mining but if I can accept payments where every one causes Chuck Schumer to give birth to a fully grown cow without benefit of epidural, it might be worth it. The only thing I can't figure out after reading all the techie mumbo-jumbo is how do I turn bitcoins into cash so I can deposit them in the bank...

But as I read more about Bitcoin I'm reminded of the debacle of the NORFED Liberty Dollar.

-Mark

cpl_dan 03-30-2013 2:18 PM

same issue here i can consider myself somewhat computer savvy but by reading some info about it looks very complicated and beginners forget about it. One thing that is a major concern is the susceptibility to be hacked in which it did happen several times. There is no code that cannot be hacked so that's a major problem.

Neuvik 03-30-2013 4:07 PM

Its not all a racket, there are plenty of vendors, and a list is kept at the bitcoins forums. You gotta be quick for some of them since they delete any posts with guns or chemistry. Its a niche market, you can use bitcoins for a variety of gaming stuff, especially for EVE. Maybe one day you can buy food with it and pay rent...

The hacking that has taken place targeted personal computers and some networks. Logging in and transfering bitcoins from the victims wallet to the theifs wallet. Asides from the networks that were hacked, the home users are probably the type that lose their credit card every month, and click on whatever add pops up from the internet.

There is risk in everything. One should have a laptop only used for transactions fitted with tor, truecrypt, and only used sparingly and disconnected from the net when not in use. No facespace...no twiting, no games. Your side of the ethernet is the easiest to be hacked. Beyond that its in gods hands.

JDay 03-30-2013 4:17 PM

The cost/benefit of mining isn't worth it. It takes a lot longer to mine them than it did a few years ago.

Sent from my SGH-T999 using Tapatalk 2

JDay 03-30-2013 4:19 PM

Quote:

Originally Posted by cpl_dan (Post 10958949)
same issue here i can consider myself somewhat computer savvy but by reading some info about it looks very complicated and beginners forget about it. One thing that is a major concern is the susceptibility to be hacked in which it did happen several times. There is no code that cannot be hacked so that's a major problem.

If you follow basic safe computing practices it's a non - issue. Most of the people that get "hacked" installed a Trojan that was targeted at miners.

Sent from my SGH-T999 using Tapatalk 2

GoZoner 03-31-2013 6:11 AM

Coinbase is making it very easy to buy/sell bitcoin with your bank account (w/ very low fees) and then to use your bitcoin to purchase stuff.

Keeping your wallet on your machine is a non-trivial matter (you need to run bitcoin processing code); better to keep the wallet elsewhere (and optionally back it up to your machine).

Sofatactical 04-10-2013 10:16 PM

BTC is a stepping stone to a global currency. AT this point in the mining game you either need a dedicated serious ASIC mining rig running
1,500 Gh/s and free power.
An ideal setup would be a cheap apartment with power included running multiple rigs 24-7 at around 6,000 Gh/s.

Now the problem is recouping the cost of the gear, as more blocks BTC are discovered they become ever increasingly more difficult to find.

Personally I work in a mining pool and just do it for the fun aspect, will never get rich.

Chief-7700 04-11-2013 9:20 AM

http://www.calguns.net/calgunforum/s...d.php?t=742796

Quinc 04-11-2013 2:18 PM

http://arstechnica.com/business/2013...-in-six-hours/


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