[ARCHIVED THREAD] - building a bitcoin mining computer ? (Page 1 of 2)
Posted: 12/1/2013 12:52:32 PM EDT
|
Im thinking about building a rig from scratch to mine with. My budget will be about a grand .What should I get for the best bang for the buck ?
Help me design a rig |
|
You are a couple years too late with that plan. You might want to check the economics of generating bitcoins first. With the current difficulty level you would me generating only 0.00085310 BTC per day and making only $0.77. The electricity would cost 10 times that much and you would be losing money.
|
|
Quoted:
You are a couple years too late with that plan. You might want to check the economics of generating bitcoins first. With the current difficulty level you would me generating only 0.00085310 BTC per day and making only $0.77. The electricity would cost 10 times that much and you would be losing money. |
|
Quoted:
Somebody explain this "bitcoin" to me in layman's terms I fukin googled it and still dont grasp it It is a cryptocurrency. For a bone simple explanation, someone basically wrote an encrypted "book" and you can decrypt parts of it. Once you decrypt a part of it, you have mined a bitcoin. Problem is that as more is "mined" the more difficult it becomes to "mine" more. So at this point with the current difficulty the amount of computing power and time takes up more energy than it's worth. You can then sell your bitcoin for the currency of your choosing. You can also buy bitcions and hold on to them like precious metals. Edit: Here's a real life example. I had an older computer with a nice graphics card. I set it up to mine with a pool just for my own curiosity. I ran it for 48 hours and earned: 0.00001941 btc Currently, bitcoins are valued at around $1,000 so I "made" almost $0.02 in a 48 hour period. Let's assume my computer was using around 300 watts an hour for 48 hours. That's 14.4 Kilowatt Hours. IIRC my electricity is around $0.16/kWh so I spent about $2 to make $0.02 It cost me 100 times more than I "made" |
|
Quoted: You are a couple years too late with that plan. You might want to check the economics of generating bitcoins first. With the current difficulty level you would me generating only 0.00085310 BTC per day and making only $0.77. The electricity would cost 10 times that much and you would be losing money. You can own and operate a Somalian Beowulf cluster for just pennies a day....  |
|
$5k 
|
|
I've been mining with CG miner since Monday running at ~320 MH. I've made $1.66.
ASICs are the way to go, but the increasing difficulty will surpass the computing power of just about anything in a few months. You can compare the various ASIC boxes here: http://mining.thegenesisblock.com/ |
|
Quoted:
How can a "mined" bit coin be worth real money? How does it get it's worth? Sounds illegal. FWIW I know nothing about bitcoins Worth is derived from utility and size of user base. Utility is built into the protocol and expanded upon by developers and the user base varies based on interest. It's not exactly what one would call a sure thing. |
|
Quoted:
You are a couple years too late with that plan. You might want to check the economics of generating bitcoins first. With the current difficulty level you would me generating only 0.00085310 BTC per day and making only $0.77. The electricity would cost 10 times that much and you would be losing money. This. Add to that bitcoins are a ponzi scheme scam. |
|
Your best bet with bitcoins would be to join a mining pool, but even then the margins are thin. You're about two years too late.
Litecoins might be a better option, but even those are starting into the difficult hashing territory. Best bet now is to buy in with cash, and hope for the best. ETA: Anyone heard how kstanton is doing with his divestiture? I hope he's making out like a bandit. |
|
Please don't advertise those scamming jackasses. If you want ASICs look to kncminer or avalon, not butterflylabs. |
|
Quoted:
Please don't advertise those scamming jackasses. If you want ASICs look to kncminer or avalon, not butterflylabs. Quoted:
Please don't advertise those scamming jackasses. If you want ASICs look to kncminer or avalon, not butterflylabs. Not advertising anything. Have they not been shipping any devices? How exactly are they scamming? Edit: Looks like Avalon is doing a bit of scamming also from a quick search. BTW, who is actually selling a device that is shipping right now? I don't see anyone. |
|
Quoted:
Not advertising anything. Have they not been shipping any devices? How exactly are they scamming? Edit: Looks like Avalon is doing a bit of scamming also from a quick search. BTW, who is actually selling a device that is shipping right now? I don't see anyone. Quoted:
Quoted:
Please don't advertise those scamming jackasses. If you want ASICs look to kncminer or avalon, not butterflylabs. Not advertising anything. Have they not been shipping any devices? How exactly are they scamming? Edit: Looks like Avalon is doing a bit of scamming also from a quick search. BTW, who is actually selling a device that is shipping right now? I don't see anyone. kncminer is the only one shipping anything right now. I think Avalon is having issues, but they've delivered what they promised, for the most part. bfl has been playing the "pre-order and fail to ship for a year" game ever since they were created. Their CEO is a convicted felon. Their public face is a jackass who treats their customers like shit. |
|
Quoted:
kncminer is the only one shipping anything right now. I think Avalon is having issues, but they've delivered what they promised, for the most part. bfl has been playing the "pre-order and fail to ship for a year" game ever since they were created. Their CEO is a convicted felon. Their public face is a jackass who treats their customers like shit. Quoted:
Quoted:
Quoted:
Please don't advertise those scamming jackasses. If you want ASICs look to kncminer or avalon, not butterflylabs. Not advertising anything. Have they not been shipping any devices? How exactly are they scamming? Edit: Looks like Avalon is doing a bit of scamming also from a quick search. BTW, who is actually selling a device that is shipping right now? I don't see anyone. kncminer is the only one shipping anything right now. I think Avalon is having issues, but they've delivered what they promised, for the most part. bfl has been playing the "pre-order and fail to ship for a year" game ever since they were created. Their CEO is a convicted felon. Their public face is a jackass who treats their customers like shit. Honestly the whole bitcoin thing stinks of a scam... |
|
Bitcoins are getting too difficult. Aim for an alternate cryptocurrency like Megacoin, Litecoin, etc. These are only for speculation right now. For $1000, you can get a MB, CPU, RAM, PSU and MAYBE 2 decent GPUs. I would not suggest doing it unless you needed a new PC anyway and wanted to get a second GPU with it. Do not skimp on the PSU. Could be some good deals on cyber Monday.
And then you have to download the wallet for the coin you want to mine, download a mining program and get everything to connect and work correctly. It is not hard, but can be difficult to find the right settings. Good luck. ETA: If you're going to do this, get AMD/ATI GPUs. Nvidia can be tough to get right. The 79xx Series and the 280s seem to be popular. |
|
Quoted:
Total scam. I paid $100 for 20 Litecoins around 3 weeks ago. I just sold them for $1000 on Wednesday. Total scam. Just because you made a few bucks doesn't mean it's not a scam. I bought a stock for $9 a share in 1999, got scared and sold most of it at $27 a share a month later and it crashed they next month after peaking at $34. It was a scam, fraud, whatever. I got a settlement check for the remaining shares years later at $0.17 a share. You got in and got out and made a few bucks, good deal. The trick is not being the one holding the worthless item when then music stops. Posted Via AR15.Com Mobile |
|
Quoted:
This. Add to that bitcoins are a ponzi scheme scam. Quoted:
Quoted:
You are a couple years too late with that plan. You might want to check the economics of generating bitcoins first. With the current difficulty level you would me generating only 0.00085310 BTC per day and making only $0.77. The electricity would cost 10 times that much and you would be losing money. This. Add to that bitcoins are a ponzi scheme scam. I don't think that means what you think it means. |
|
Quoted:
They are also used to purchase illicit goods on the Dark part of the net. Quoted:
Quoted:
How can a "mined" bit coin be worth real money? How does it get it's worth? Sounds illegal. FWIW I know nothing about bitcoins They are also used to purchase illicit goods on the Dark part of the net. Or a Subway sandwich in Moscow. There has been at least one transaction on here using bitcoins. About half of the remaining bitcoins wait to be mined. Someone is going to mine them. If the rate of mining production goes down due to difficulty and cost and their value as currency goes up, then money can be made by mining. The trick might to be getting everything in place now and rounding up a cheap source of power so a move can be made without delay when the time comes. Mining at low rate (the slow but steady approach) until that time once power is available should be started, too, probably in parallel with adding processors. |
|
Quoted:
Just because you made a few bucks doesn't mean it's not a scam. I bought a stock for $9 a share in 1999, got scared and sold most of it at $27 a share a month later and it crashed they next month after peaking at $34. It was a scam, fraud, whatever. I got a settlement check for the remaining shares years later at $0.17 a share. You got in and got out and made a few bucks, good deal. The trick is not being the one holding the worthless item when then music stops. Posted Via AR15.Com Mobile Quoted:
Quoted:
Total scam. I paid $100 for 20 Litecoins around 3 weeks ago. I just sold them for $1000 on Wednesday. Total scam. Just because you made a few bucks doesn't mean it's not a scam. I bought a stock for $9 a share in 1999, got scared and sold most of it at $27 a share a month later and it crashed they next month after peaking at $34. It was a scam, fraud, whatever. I got a settlement check for the remaining shares years later at $0.17 a share. You got in and got out and made a few bucks, good deal. The trick is not being the one holding the worthless item when then music stops. Posted Via AR15.Com Mobile And just because you invested in a "scam" doesn't mean every other investment is a scam. I made 1k. Bought a couple of radeon video cards and I will mine 60 or so coins a day at $1 a coin. If it crashes I'm out my $100 initial investment and some power costs. If not. Well..... |
|
Quoted:
About the dumbest thing since Amway. At least you get products via Amway. The crazy valuation and speculation aside, you do not see the value in a currency protocol that exists on the internet in the same way that the World Wide Web, FTP, and Email exist on the internet? The real killer apps for Bitcoin are yet to come. For example, I think it's only a matter of time before companies like Zynga figure out that Bitcoin is the solution to their problem of implementing frictionless micro-transactions into their games. Most developers currently rely on cumbersome stored value systems otherwise they face a practical limit regarding the granularity of transactions they can build into a game. Not my idea of fun gaming, but the freemium model appears to be extremely popular with certain folks these days. The whole thing may implode, it may even be likely, but there is also a decent chance that there are clever folks working on novel applications for Cryptocurrency that weren't even conceivable prior to it. |
|
Quoted:
With the current difficulty level you would me generating only 0.00085310 BTC per day and making only $0.77. The electricity would cost 10 times that much and you would be losing money. You can own and operate a Somalian Beowulf cluster for just pennies a day.... http://i173.photobucket.com/albums/w69/hellagrl/solar-power-computers.jpg Quoted:
Quoted:
You are a couple years too late with that plan. You might want to check the economics of generating bitcoins first. You can own and operate a Somalian Beowulf cluster for just pennies a day.... http://i173.photobucket.com/albums/w69/hellagrl/solar-power-computers.jpg that's how I make my living. |
|
Quoted:
Anyone know the best way to start mining LTC? Download the wallet, find a pool, connect to the pool and mine away. There is no one best way because of different components and connections. You have to get your stuff to sync with the systems for it to work and you have to make sure your equipment can handle it. |
|
Quoted:
The crazy valuation and speculation aside, you do not see the value in a currency protocol that exists on the internet in the same way that the World Wide Web, FTP, and Email exist on the internet? The real killer apps for Bitcoin are yet to come. For example, I think it's only a matter of time before companies like Zynga figure out that Bitcoin is the solution to their problem of implementing frictionless micro-transactions into their games. Most developers currently rely on cumbersome stored value systems otherwise they face a practical limit regarding the granularity of transactions they can build into a game. Not my idea of fun gaming, but the freemium model appears to be extremely popular with certain folks these days. The whole thing may implode, it may even be likely, but there is also a decent chance that there are clever folks working on novel applications for Cryptocurrency that weren't even conceivable prior to it. Quoted:
Quoted:
About the dumbest thing since Amway. At least you get products via Amway. The crazy valuation and speculation aside, you do not see the value in a currency protocol that exists on the internet in the same way that the World Wide Web, FTP, and Email exist on the internet? The real killer apps for Bitcoin are yet to come. For example, I think it's only a matter of time before companies like Zynga figure out that Bitcoin is the solution to their problem of implementing frictionless micro-transactions into their games. Most developers currently rely on cumbersome stored value systems otherwise they face a practical limit regarding the granularity of transactions they can build into a game. Not my idea of fun gaming, but the freemium model appears to be extremely popular with certain folks these days. The whole thing may implode, it may even be likely, but there is also a decent chance that there are clever folks working on novel applications for Cryptocurrency that weren't even conceivable prior to it. The countries and large organizations that can install massive computing facilities for mining also threaten security via hacking. Encryption had better keep up. |
|
Quoted:
Download the wallet, find a pool, connect to the pool and mine away. There is no one best way because of different components and connections. You have to get your stuff to sync with the systems for it to work and you have to make sure your equipment can handle it. Quoted:
Quoted:
Anyone know the best way to start mining LTC? Download the wallet, find a pool, connect to the pool and mine away. There is no one best way because of different components and connections. You have to get your stuff to sync with the systems for it to work and you have to make sure your equipment can handle it. Do I need a mining client too? |
|
Quoted:
Do I need a mining client too? Quoted:
Quoted:
Quoted:
Anyone know the best way to start mining LTC? Download the wallet, find a pool, connect to the pool and mine away. There is no one best way because of different components and connections. You have to get your stuff to sync with the systems for it to work and you have to make sure your equipment can handle it. Do I need a mining client too? Sorry, Yes. There are many and many versions of each. Some work with older GPUs well, some don't. Some are easy to connect to the pool, some require tweaking. Some are based in the command prompt, some are User interfaces. |