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Bitcoin Mining.. still worth it?

  • 16-07-2011 3:43pm
    #1
    techguy
    Registered Users, Registered Users 2 Posts: 2,236 ✭✭✭


    Hi,

    I'm sure this thread is probably better off in an economics forum but people here are probably more familiar with the topic.

    Anyway, i'm considering getting an ATI card to do some mining.. Just wondering would it be a complete waste of time? I'm aware of the concepts of difficulty increases and reward decreases..

    I'd love to get a decent card for BattleField 3 and it would just be a bonus if it could be used to partially pay for itself.

    Any thoughts? Anybody here tried mining? With Pools or solo?

    Cheers!


Comments

  • #2
    CreepingDeath
    Closed Accounts Posts: 8,015 ✭✭✭CreepingDeath


    I haven't tried it, but it sounds like a bit of a lottery, stacked in favour of those with a lot of processing power pooled together.

    Do you listen to the "Security Now" podcast ?
    Steve got 50 bitcoins in a week or two, but it was beginners luck.

    It's likely that the electricity bill will offset any bitcoins you might mine.
    Also, I'm surprised the authorities haven't stamped down on Bitcoin as a money laundering tool.


  • #3
    techguy
    Registered Users, Registered Users 2 Posts: 2,236 ✭✭✭techguy


    No I don't listen to "Security Now".

    Yea, the thing is a lottery if you go off on your own.. it takes ages to solve a block and get 50BTC.

    I think pooling is the way to go as you get steadier payments.

    I think the biggest question is where is botcoin heading? If it's adopted by the masses as an online currency then early adopters will be minted.

    If not then it's just a dead currency. I've just set it up on my machine with an nvidia gtx 260.. not great for it but i'll see how it goes.


  • #4
    BabyEater
    Registered Users, Registered Users 2 Posts: 695 ✭✭✭BabyEater


    If you are looking at getting a new card http://www.hardocp.com/article/2011/07/13/bitcoin_mining_gpu_performance_comparison have details on performance and wattages.


  • #5
    techguy
    Registered Users, Registered Users 2 Posts: 2,236 ✭✭✭techguy


    BabyEater wrote: »
    If you are looking at getting a new card http://www.hardocp.com/article/2011/07/13/bitcoin_mining_gpu_performance_comparison have details on performance and wattages.

    Great article gonna read that now, thanks :D


  • #6
    srsly78
    Registered Users, Registered Users 2 Posts: 7,157 ✭✭✭srsly78


    Do it during the winter, you can heat your house as well then so it isn't a complete waste.


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  • #7
    techguy
    Registered Users, Registered Users 2 Posts: 2,236 ✭✭✭techguy


    srsly78 wrote: »
    Do it during the winter, you can heat your house as well then so it isn't a complete waste.

    For real! We currently have to keep the media server room window open to vent heat..

    If I turn the server into a miner I think we'll prob pipe the exhaust heat down to the bedrooms.

    That'd be an interesting calculation as the yanks are constantly talking about the "double watt" problem where rooms have to be cooled also.


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