"Folding" for profit, not fun - Bitcoin

[Rave]

I also compare this to the tulip mania. However remember one phrase "the market can remain irrational longer than you remain solvent"

Oh yes, a phrase dear to my heart and one I think of frequently.

In my own case, I take it to mean "you're not clever enough to time markets, so don't even try".

Currently my 4850 has mined about 3.5 Bitcoins for, I guess, a max of about £10 worth of Electicity. If I'd bought a 5850 when Directhex started this thread, I'd be massively quids in, if I'd bothered to read it at the time.

But I basically dislike speculation in all its forms, so I'm going to cash out a Bitcoin soon to pay off the electricity, and then sit on the others to see what happens. If I win a couple of hundred quid out of it, brilliant, if I don't, it was a very interesting intellectual excercise.

I am currently arguable in an at risk position. I bought a graphics card early for this - £130 worth of 6870. I was going to wait for the 7000 series but I thought the improvement plus cash was worth it. So far, the £45 I have in cash has gone straight into the account that pays bills. Electricity is paid up until the 15th June withn that. The other £65 on its way has paid for half the GFX card.
A 6870 for £55 is a bit of a bargain IMHO. If they collapse now, I'm fine with that. For now, I'll collect payment for coins to pay for the electricity. Once this 6870's paid off, I'll get a Sapphire Vapor-X 6870 so I can use all of my SATA ports again
The XFX one will go into my Media PC and keep crunching. I'll probably not bother getting any more cards until the 7000 series is released TBH.

Well you've won already really, since a decent graphics card is a nice thing to have and I have no problem spending the cash I've earned through actually working on them, albeit I get round to gaming about once a month on average.

But there are people on this thread talking about spending real cash on a brand new rig to mine coins. It's 50/50 whether these people have missed the boat already, since this is an Uber Bubble in Super Fast Forward. Time will tell. I may well miss out on hundreds or thousands of pounds by not going all in. But I'm fine for money right now and by nature I'm not a gambler.

On previous evidence though, when the Bitcoin bubble crashes the government will step in to reimburse all the losers.

[ehhhhhhh]

does anyone know of a guide on how to create a pool?

I'm at 10Ghash now and I thought it would be worthwhile to create a pool for myself.

I can't really understand the negative comments about this system.

If you dont understand then you should read up on it. for me its a lot more than "free money"

[EzyRyder]

wow! you are doing 10G/hash yourself?

I am currently on 700M/hash waiting to put this new rig up. I should be able to get around 500/600M/hash from that one.

You must have lots of pcs running!

[jim]

does anyone know of a guide on how to create a pool?

I'm at 10Ghash now and I thought it would be worthwhile to create a pool for myself.

I can't really understand the negative comments about this system.

If you dont understand then you should read up on it. for me its a lot more than "free money"

If you're at 10Ghash then surely you're just running each machine to its own client... every so often they'll scoop up the 50 bitcoin prize and away you go with no fees?

[directhex]

I go on holiday for a couple of weeks, and the exchange rate jumps to ~$18

That's the 6970 most definitely paid off

[Domestic_Ginger]

Mining sure is paying off if you're always going on holiday!!!!!!


GUIminer has a guide http://forum.bitcoin.org/index.php?topic=10438.0. Its not the one I saw last night though.... And hth are you getting 10Ghash?

[Rob_B]

I've got about $60 worth in mtgox, about 0.7BTC from guiminer to withdraw later, hmmm..do i wait for the difficulty (and therefore possibly price) to shoot up or just sellsellsell?

[Domestic_Ginger]

$27 with a high of $29. Its all gone wrong. Stick; why not?

Its all gone wrong........

[MadduckUK]

Its all gone wrong........?

[Domestic_Ginger]

In a nice obscene kind of way.

[MadduckUK]

haha, HASN'T IT JUST 3BTC for £57

[Terbinator]

http://arstechnica.com/tech-policy/n...r-currency.ars

[kevpuk]

Interesting thread.....so, I was thinking of upgrading GFX and now figure I might even be able to get a little 'cashback'

FWIW, all the talk seems to suggest stream processors are king...I was planning on a 6870 @ just under £130 or a 5850 for around £15 less still......purely for mining, guessing the 5850 is the better choice (although I was kinda leaning towards the 6870....)

[Domestic_Ginger]

Down to 0.54$B/day now but the price rise is insane. Linki earlier in the thread for performance; I think the big difference is that the 6870 is clocked much higher so less OC headroom.

They both have the five arrangement though the 6870 has 1120 shaders vs 1440 on the 5850. 6870 I imagine is more efficient but once you add in all the bits I'm sure its going to be less comparatively.

[kevpuk]

Well, methinks the 5850 is more likely, unless I can stumble across a decent 6870 offer - can't really stretch to 69xx levels

What about combined processing with Z68 mobo IGP and discrete ? Guessing client doesn't support this ?

[Rob_B]

Sold 3.4BTC last night for $18.5 each, damndamndamndamndamn....

As the difficulty has gone up has the mhash/s dropped? I don't recall it doing so last time but my machine seems to have gone from 355 to 149 since the change..?