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Bitcoin mining?

Started by matt5cott, June 08, 2011, 17:53:29 PM

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matt5cott

If anyone does go ahead and download bitcoin (being as its entirely free I don't see why you wouldn't) make sure if you intend to use it properly you get it all together and make a nice secure package  :yarr: https://en.bitcoin.it/wiki/Securing_your_wallet

All I did was make a truecrypt file then mount it up as the Z:\ drive, move the bitcoin .exe and data directory to the Z:\ drive, then create a shortcut to the .exe with Z:\bitcoin.exe -datadir=Z:\Bitcoin and I was done. You can then obviously copy the truecrypt file off to wherever you like  :D

If you're just having a prat about on it though don't bother  :)

Another interesting feature with bitcoin, you will have a recieving address as default, but you're supposed to create more for different things, so you could have one as 'public' one as 'mtgox' for recieving money from there (assuming you use mtgox) infact every trade you ever get into, if you want you can create a unique address, the money always ends up in your wallet.

Clock'd 0Ne

I've thought sod it and joined the Bitcoin Pool. Getting around 280Mhash/sec on my 6870. 8)

Let's see how this goes.

matt5cott

#32
I bought BTC for cash money, I have an Nvidia card = lose  :(

If your machines on all the time anyway mining may well be worth it, make sure electricity costs aren't wiping out any potential profit mind http://bitcoinx.com/profit/index.php

Clock'd 0Ne

You ridin' solo or did you jump in a pool?

matt5cott

Quote from: Clock'd 0Ne on September 30, 2011, 10:07:20 AM
You ridin' solo or did you jump in a pool?

None, just bought BTC, crazy huh  ;D

Clock'd 0Ne

Oh I see, yeah that is a bit  :lol:

One thing I'm not certain about is what happens when I decide I want to play a game or something, my pool says I need to maintain 30% efficiency but I have no idea how to scale back the miner or if I can just switch it off for a bit without losing the work its done.

matt5cott

Or is it crazy? it's RISKY, but the money I put in yesterday has gone up 3%

Yes, in one DAY.

Clock'd 0Ne

That's pretty special. I have lots of GPU time and no money to invest, I think it will take some time before I had even a few Bitcoins but we'll see how it goes after I leave this running all weekend. I'm getting around 98% efficiency apparently, which should mean I get a good share out of the pool long term.

matt5cott

Quote from: Clock'd 0Ne on September 30, 2011, 15:34:06 PM
That's pretty special. I have lots of GPU time and no money to invest, I think it will take some time before I had even a few Bitcoins but we'll see how it goes after I leave this running all weekend. I'm getting around 98% efficiency apparently, which should mean I get a good share out of the pool long term.

I dunno about pools or mining but I get the idea the difficulty is very high now and it takes an age to even get 1 coin  :(

The whole thing is pretty fascinating still 1FwAWgpxBsPVWsLBMi9xMkJKAo3C4N66hR is a 'public' key I generated, I could create another recieving cake payments, or for being a pimp, fascinating really :)

Clock'd 0Ne

Yeah, after two days i'm currently on potential earnings of 0.05 BTC, but when i look at the profitability calculator for the pool my estimate is $1 a day average. However, the difficulty can get easier although not by much I think.

Clock'd 0Ne

Well after a slow start due to issues my end as well as pool issues, I'm now mining 24x7 while the computer is running and should be averaging hopefully 1BTC a week, which doesn't sound like much, but if I hold onto them and the market creeps back up it could prove fruitful. All it's costing me is a few extra watts.

matt5cott

The market has gone DOWN quite badly, I cut my losses (a couple of quid) and got out! I might re-buy when they stablise, the fluctuations are mental :lol:

http://mtgoxlive.com/orders

Clock'd 0Ne

You should have hung onto them I think. The BTC is at a low point, it should go back up to around $10 per BTC eventually. I'm hoping by that time I'll actually have a few mined - I should have 1 by the end of the weekend  :lol:


knighty

are they easy to sell ? (for cash?)

Clock'd 0Ne

Easy ish I think, there's a load of sites you can exchange on but most seem to be aimed at Americans, matt5cott might have a better idea on that, I've just earned one coin so not really going to sell for a while  :lol: