"Folding" for profit, not fun - Bitcoin

[The Hand]

I'm considering building a new system with a R9 290X for bitcoin mining. Extremetech say that it'll be a good choice here.

I've probably missed the boat with the price rising from about $100 in May to $1000 (USD) today, but who knows for sure? It's gained $200 in 2 two days so it hard to say where it will stop. I was going to get a new system at some point regardless, getting tired off working of an i5 based laptop.

[jim]

As others have said, ASIC mining is likely to make GPU mining redundant.

Don't forget if prices rise, a lot of people will probably switch on their mining gear again and the difficulty will rise accordingly. Not saying you won't make anything out of it, but I really wouldn't make component choices based on Bitcoin mining.

Also, you need to ask if the heat, noise and power consumption makes it worthwhile.

[ehhhhhhh]

Here are some good mining profit calculators and hardware comparison:

http://mining.thegenesisblock.com/

http://bitcoinwisdom.com/bitcoin/calculator

http://www.bitcoinx.com/profit/

https://en.bitcoin.it/wiki/Mining_hardware_comparison

Historically it was always better to spend the price of a miner on bitcoin instead.

That way you can easily spend or exchange some if you want and you have a lot less risk and hassle (heat, power, maintenance).

[j1979]

I'm considering building a new system with a R9 290X for bitcoin mining. Extremetech say that it'll be a good choice here.

I've probably missed the boat with the price rising from about $100 in May to $1000 (USD) today, but who knows for sure? It's gained $200 in 2 two days so it hard to say where it will stop. I was going to get a new system at some point regardless, getting tired off working of an i5 based laptop.

GPU mining is not profitable for GPUs at current difficulty unless the price of BTC reached over $100,000 per coin then and only then would GPU mining create any profit.

If you want to mine with GPU's you need to mine scrypt based coins. like LTC or DPZ.. LTC is very high difficulty at the moment, so if you want to get some coins try mining Red Dwarf dollardpounds

http://dollarpounds.org/ DPZ is very low difficulty at the moment as if was only just launched (relaunched)
the pool is here http://jupiterminingco.com/
and you can trade them here https://scifi-ex.com

or mine LTC and start trading. If you want any help setting up or get stuck with anything PM me and I should be able to help

[j1979]

first gen asic mining is soon to be dead as well, with KnCminer Neptune 3000GHs (3THs) miners coming out soon, the first gen 5Gh (0.005THs), 30GHs (0.03THs) and 60GHs (0.06THs) they are already outdated.

[HalloweenJack]

^^ already seen some 5gh`s miners selling for $150.... then again my own usb mining `rig` is at that for less than $150

[HalloweenJack]

MtGox has `gone down` for withdrawals so be careful - and yes I had coins and money there

[jim]

Press release indicates it should only be temporary, let's hope that's the case.

[HalloweenJack]

and mt gox website is up and down atm

[directhex]

https://www.mtgox.com/press_release_20140210.html

http://blog.blockchain.info/2014/02/...ckchain-users/

http://www.coindesk.com/coindesk-rem...price-index-2/

[DanceswithUnix]

Interesting take on this being a modern day bank run.

http://www.dailytech.com/Mt+Gox+Bitc...ticle34293.htm

[DanceswithUnix]

So this is a DDOS attack?

http://arstechnica.com/security/2014...-transactions/

Kind of scary if someone can manipulate the price like that.

[Butuz]

Gox has been teetering on the edge of disaster for 6 months+ since it basically stopped offering most users in the world the ability to quickly and easily cash out FIAT.

IMHO this "bug" in Gox's wallet (that presumably has been know of for a long period of time) is just an excuse. IMHO they've gone insolvent, cashed out their no doubt ginormous profits, and left everyone else to suffer. The reason they can't pay out people's bitcoins is that they aint got no bitcoins left to cash out for people! IMHO people have been trading bitcoins and FIAT back and fore that were already injected into GOX months ago - essentially paper trading - there's been no actual FIAT or Bitcoins in the system so now finally the poop's hit the rotational cooling device and no one can cash anything out.

I hope to be proven wrong as Gox has been a main player in the success of bitcoin - but the sheer amount of profit they must have made on every single trade means they can all cash out millionaires and leave their customers to deal with the loss.

Butuz

[directhex]

Gox has been teetering on the edge of disaster for 6 months+ since it basically stopped offering most users in the world the ability to quickly and easily cash out FIAT.

IMHO this "bug" in Gox's wallet (that presumably has been know of for a long period of time) is just an excuse. IMHO they've gone insolvent, cashed out their no doubt ginormous profits, and left everyone else to suffer. The reason they can't pay out people's bitcoins is that they aint got no bitcoins left to cash out for people! IMHO people have been trading bitcoins and FIAT back and fore that were already injected into GOX months ago - essentially paper trading - there's been no actual FIAT or Bitcoins in the system so now finally the poop's hit the rotational cooling device and no one can cash anything out.

I hope to be proven wrong as Gox has been a main player in the success of bitcoin - but the sheer amount of profit they must have made on every single trade means they can all cash out millionaires and leave their customers to deal with the loss.

Butuz

Fiat. From the latin verb fiō. S'not an abbreviation

[icemantaz]

Fiat? I see it mentioned a lot in crypto talk. What's the meaning?

[directhex]

Fiat? I see it mentioned a lot in crypto talk. What's the meaning?

Money without anything to back it up other than some guy at a central authority saying "let there be money"

e.g. pound sterling can be invented by the Bank of England printing more money