"Folding" for profit, not fun - Bitcoin

[ehhhhhhh]

It's a little late, I imagine that a year ago (or even earlier) would have been very popular, sadly not now.

You could populate it with imaginary BFL monarchs

[Butuz]

A year ago I was buying MOBOs with 7PCIe slots so that above brings nothing new to the table - it's just asrock trying to cash in on the mad bitcoin greed - it's probably be £200 rolleyes (can't say I blame them though).

Butuz

[scaryjim]

I picked up an MSI K9A2 Platinum sold-as-seen off ebay years back with the intent of producing a folding farm (although I suppose I could've migrated to a bitcoin farm eventually ), AFAICT it only needed the BIOS reflashing via SPI but I never got round to sorting out and I think it ended up going in the bin

I don't think ASRock are a big enough name to try to sell that board at a ridiculous price: I'd expect to see it go for a very small margin above standard H81 boards (incidentally, don't worry if you've got a Sandy/Ivy Bridge CPU and want to join the craze, they do an H61 version too ) - particularly since they've gone for more of an industrial/embedded IO section (in fact, I wouldn't be at all surprised if it wasn't based on an embedded design).

[TooNice]

Out of curiosity, are there any Hexite (I am mainly talking about people who started at the time of this thread or before) who made pretty serious profit out of this? I just had a look at the exchange rate for bitcoins and unless I am misreadint it, one BC = $579? Can a BC be "broken down" (if not, how are you supposed to pay for service for it if the smallest unit is so large)?

[ehhhhhhh]

Out of curiosity, are there any Hexite (I am mainly talking about people who started at the time of this thread or before) who made pretty serious profit out of this? I just had a look at the exchange rate for bitcoins and unless I am misreadint it, one BC = $579? Can a BC be "broken down" (if not, how are you supposed to pay for service for it if the smallest unit is so large)?

Bitcoin can be divided to the 8th decimal place atm, it makes the smallest unit: 0.00000001

How much money have you made in the past 2 years? I'm not sure anyone would happily disclose this kind of information on a public forum.


Overview of the exchanges: http://bitcoincharts.com/markets/

[jim]

Out of curiosity, are there any Hexite (I am mainly talking about people who started at the time of this thread or before) who made pretty serious profit out of this? I just had a look at the exchange rate for bitcoins and unless I am misreadint it, one BC = $579? Can a BC be "broken down" (if not, how are you supposed to pay for service for it if the smallest unit is so large)?

I'm sure I would be doing very well right now had I waited to sell all of the bitcoins I mined. I think I was selling them for approximately £5-20 each, but I can't really remember now.

I assumed at the time that the bubble would probably burst, so I wanted to get my investment in the graphics cards back as quickly as possible to ensure I wasn't out of pocket. I was wrong, but hey, I made a decent profit at the time so no complaints. No-one has a crystal ball.

[GeorgeStorm]

Bitcoin can be divided to the 8th decimal place atm, it makes the smallest unit: 0.00000001

How much money have you made in the past 2 years? I'm not sure anyone would happily disclose this kind of information on a public forum.


Overview of the exchanges: http://bitcoincharts.com/markets/

Not sure why not?

I had free elec whilst in halls, I only made around £80, sadly due to some dodgy admins in the pool I was part of who ran of with everyone's BTC (to be fair I'd completely forgotten about them so they'd been there a while)

[TooNice]

Hmm, I don't think that I'd have too much trouble saying how much I've "made" (saved) from cashbacks but perhaps this one is viewed a little differently. So let me rephrase it: approximately how many bitcoins would someone without a dedicated farm (but a decent AMD GPU or two in the system) have been able to collect if they were running their system 24/7 from the very early stage of bitcoin, to the time it would have been unprofitable to do so (without source of free electricity). Would it be in the 10s, 100s or more?

[GeorgeStorm]

Fair point eh, doesn't affect me though.

Quote from another forum:

Fun fact: if anybody here actually bought £15,000 in Bitcoins when I advised, then sold it during the half-hour the value of a Bitcoin peaked at $900 last night, they would now have £24,771. Not bad for one day of earnings!

Maybe I should have bought yesterday
Whilst I wouldn't consider investing that (since I don't really have that kind of money to play with) I think I may try buying a couple at some point just to sit on.

[scaryjim]

... approximately how many bitcoins would someone without a dedicated farm (but a decent AMD GPU or two in the system) have been able to collect if they were running their system 24/7 from the very early stage of bitcoin ...

If you look back through the first couple of pages of this thread there were people generating 100+ bitcoins pretty quickly, and in this post directhex calcuated that 1stRaven's pair of 6870s would be generating around 80 bitcoins/month at that time.

I think it's fair to say (given current exchange rates) if someone had decided to pile everything in bitcoin mining three years ago and just sit on them, they'd be pretty well off by now...

[Terbinator]

Out of curiosity, are there any Hexite (I am mainly talking about people who started at the time of this thread or before) who made pretty serious profit out of this? I just had a look at the exchange rate for bitcoins and unless I am misreadint it, one BC = $579? Can a BC be "broken down" (if not, how are you supposed to pay for service for it if the smallest unit is so large)?

Didn't Madduck essentially pay off his 6870's with mining?

[Agent]

I made well over a grand or so, but I'd hardly call that substantial compared to some of the people I know.

[TooNice]

If you look back through the first couple of pages of this thread there were people generating 100+ bitcoins pretty quickly, and in this post directhex calcuated that 1stRaven's pair of 6870s would be generating around 80 bitcoins/month at that time.

Did the difficulty in mining decrease linearly or was it quite slow at the start and rapidly in recent time? Let's say that at the point of the post where a pair of 6870 would've netted 80 bitcoin. 12 months later (assuming the person had hoarded all those coins) would said person have over 900, or closer to 500, 250 or whatnot? I don't expect anyone to know exactly, but has there been any data of the sort in someone article someone might remember?

I am not writing a paper, or contemplating what might've been and whatnot, it really is pure curiosity. In the best case scenario, it does seem to me that someone could really have made enough to buy a small flat with a high end rig not specifically built for the purpose (depending again how how quickly the difficulty increased), which *is* amazing. And what is the *legal* view from a tax perspective (now that it has become so big, I guess that tax authorities won't be overlooking it)?

[ehhhhhhh]

Did the difficulty in mining decrease linearly or was it quite slow at the start and rapidly in recent time? Let's say that at the point of the post where a pair of 6870 would've netted 80 bitcoin. 12 months later (assuming the person had hoarded all those coins) would said person have over 900, or closer to 500, 250 or whatnot? I don't expect anyone to know exactly, but has there been any data of the sort in someone article someone might remember?

I am not writing a paper, or contemplating what might've been and whatnot, it really is pure curiosity. In the best case scenario, it does seem to me that someone could really have made enough to buy a small flat with a high end rig not specifically built for the purpose (depending again how how quickly the difficulty increased), which *is* amazing. And what is the *legal* view from a tax perspective (now that it has become so big, I guess that tax authorities won't be overlooking it)?

difficulty chart

http://blockchain.info/charts/diffic...ale=0&address=

You can find a lot of useful charts if you search the internets

[bytejunkie]

ive been watching bitcoins for a few months with a view to picking a couple up. i guess ive left it way late.

[ehhhhhhh]

ive been watching bitcoins for a few months with a view to picking a couple up. i guess ive left it way late.

If $800 prove to be the maximum that bitcoin can reach then it means it have failed. I expect for continued uptrend if adoption keeps it's current pace.