Bitcoin Discussion Thread

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Omegas

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How much of a server and pipe would we need to run for our pool? I've got some gear I could hook up to a spare supposed 50/20MB/s connection from a fiber based pipe, but I'm a total newb wehen it comes to servers and network environments. I could go bigger also, but that's just a maybe...
 
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wol-va-rine

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NobleX13 said:
Sorry man, I didn't think that the market would take off like this.
Click to expand...

think about the guy who bought 25,000 back around Feb for $20,000...

:eek::eek::eek:

in theory he has cleared well over $700,000 in profit just from that investment alone, nevermind that he also mines (has a pretty big farm with tri-fired 5870s in five or six rigs IIRC)...

:eek::eek::eek:
 
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Omegas

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"so how did you make your millions?"

"fake on-line currency along with unicorn blood and fairy dust.. DUH"

:D
 
R-Type

R-Type

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wol-va-rine said:
think about the guy who bought 25,000 back around Feb for $20,000...

:eek::eek::eek:

in theory he has cleared well over $700,000 in profit just from that investment alone, nevermind that he also mines (has a pretty big farm with tri-fired 5870s in five or six rigs IIRC)...

:eek::eek::eek:
Click to expand...

So what is the end game? I understand there is a finite level of coins that can be mined, what will sustain their value at that point? This seems to have alot of the markings of a balloon commodity, congrats to everyone who got in early enough to ride it...just be cognizant of the time to sell. If this truly is a speculation based market boom then you will need to interperet the sell signals properly to avoid a precipitous decline in value.:eek:

Still, kind of wish I had some amd cards to get while the getting is good.;)
 
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christpunchers

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Hey guys,

I've been mining with a gtx 580. At 140m/s it's still quite slow.

I'm thinking of adding a 5850 or a 5870 just for bitmining.

Is it possible to have both NV drivers and AMD drivers running on W7?
 
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Omegas

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yes, they do it all the time for physx. search in the video card forums to see how.
 
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Omegas

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yes, they do it all the time for physx. search in the video card forums to see how.
 
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LightningCrash

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Omegas said:
"so how did you make your millions?"

"fake on-line currency along with unicorn blood and fairy dust.. DUH"

:D
Click to expand...

begin transaction;
insert 1000000000 into treasury_dollars;
delete 1000000000 from bank_dollars;
insert 1000000000 into bank_bonds;
delete 1000000000 from treasury_bonds;
commit;


Yeah crypto currency is a lot more fake and made up than USD. :D
 
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Omegas

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pretty much how I described it to someone else, we've been playing with fake money for years.
 
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thax

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i think a hard pool would be good you could make it keep a few coins a block and save them and we could do rig giveaways every month for folding:) once my new mb comes in today il have 2 6950 raday to go
 
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hiodie

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So this will probably all make more sense when I am installing the program, but do I need to register or set up an account anywhere to get bitcoins? Not talking about joining a pool, just running it in general. And is the wallet tied to the password you use for bitcoin.exe?

I see that BTCGuild has a place to become a user, do you use the same account/pw that you use for the bitcoin program or something else?

Last question, what miner is recommended for an ATI 5-series card?
 
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Jester14

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thax said:
i think a hard pool would be good you could make it keep a few coins a block and save them and we could do rig giveaways every month for folding:) once my new mb comes in today il have 2 6950 raday to go
Click to expand...

I feel this is a great idea. I'd pick up a 5830 to contribute.
 
Parja

Parja

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Omegas said:
pretty much how I described it to someone else, we've been playing with fake money for years.
Click to expand...

Well, what constitutes "real money"? Any currency is really only a value placeholder that holds its value due to the trust of those who use it.
 
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Wiseguy2001

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I don't see bitcoin as money (it lacks the micro economic controls to keep it stable). It is more like buying stock (in a bubble) - there will be some winners, there will be some losers.

I would have loved to have been the guy that brought 25k bitcoins @ $0.8 :(

But I have been thinking of switching my gtx460 to ATI (as they support more displays), so I might have a dabble with the this.
 
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Dark Shade

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Just joined today with my 5850, CPU hashing is useless. Thinking about putting mild video cards in everything I run and see how it does
 
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SazanEyes

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The article linked by R-Type is great. It's a quick read, but it answered most of my "but how does it work?" questions that I hadn't seen explained anywhere else.
 
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hiodie

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So I'm trying to sift through the bitcoin forums, and it appears that transferring BTC to USD is not the simplest thing to do. Some people have very long waits of days or more and the amount of sites trying to scam seems ridiculous. Can anyone here comment on what they are using for BTC to USD, the associated fees, and how you received the money (prepaid cc, wire transfer, etc)?
 
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Yamaki

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Well it looks like there is a lot of interest in a [H]ard pool. I will look into setting one up within the next couple days. I have a server which should be able to handle the load.

In the mean time, I'm working with the webmaster of bitcoincharts.com on a Bitcoin iPhone app. It's going really well. You guys will be the first to know when it's up on the App Store :D.
 
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NobleX13

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Awesome. I will still contribute to Folding@Home on a CPU basis, and will use my ATI GPUs to fund the purchase of more CPUs. I just bought a 6950 today.
 
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infect0

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hiodie said:
So I'm trying to sift through the bitcoin forums, and it appears that transferring BTC to USD is not the simplest thing to do. Some people have very long waits of days or more and the amount of sites trying to scam seems ridiculous. Can anyone here comment on what they are using for BTC to USD, the associated fees, and how you received the money (prepaid cc, wire transfer, etc)?
Click to expand...

I have no recent experience but mtgox (https://mtgox.com/) is the defacto main USD/BTC market. From the data they produce I have a hard time believing that there is any problems using them

This is todays data.
Day's Volume (Currency)2,014,050.13 USD
Day's Volume73,478.833 BTC

They do charge a .65% fee though.


It is good to note that there are scams, especially with such an unregulated market. I know one of the other exchange sites was doing BTC/Payal. Not sure exactly how it worked but I believe the site acted as a rating system so you could trade with others to get BTC or currency from paypal. Well just recently they had a number of scams. The person would complete the transaction and then essentially chargeback/dispute and they had it setup so they would win the money back + the BTC they got.
 
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wol-va-rine

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the problem initially with setting up a [H]ard pool is that the payouts will be relatively slow if we don't have a lot of hashing power, we should have an estimate of the total hashing powah we'll have to start out if we're gonna do this and compare it to the other pools, I would definitely take a cut in payout in the short term if this is a serious venture and the [H]ard pool could grow and be competitive...

also, I have no problem with the people setting this up being compensated somehow (small % like other mining pools?), actually, I think that would only be fair...
 
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hiodie

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I should be getting a 5830 online in a few days that I would use for a [H]ard mining team
 
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thax

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wol-va-rine said:
the problem initially with setting up a [H]ard pool is that the payouts will be relatively slow if we don't have a lot of hashing power, we should have an estimate of the total hashing powah we'll have to start out if we're gonna do this and compare it to the other pools, I would definitely take a cut in payout in the short term if this is a serious venture and the [H]ard pool could grow and be competitive...

also, I have no problem with the people setting this up being compensated somehow (small % like other mining pools?), actually, I think that would only be fair...
Click to expand...

only if it used to do giveaways and to pay for the the sever. if they charge 1 coin a block that should pay for the sever and have some left over to give cards away or some thing
 
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Omegas

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tried setting up mine 5870's for mining over lunch today and kept receiving connection errors. Didn't have any time to really troubleshoot, but hopefully this evening I can get it worked out.
 
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wol-va-rine

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Omegas said:
tried setting up mine 5870's for mining over lunch today and kept receiving connection errors. Didn't have any time to really troubleshoot, but hopefully this evening I can get it worked out.
Click to expand...

solo...? I can't connect solo in windows 7 for some reason, but pooled mining works fine for me, I really need to find out why I can't connect, if Deepbit suffers another DDoS attack (IIRC another pool owner basically admitted to it) I want to be able to solo mine until they get back online so it's just not "dead time" like it was last time...
 
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Zerosum

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You have the daemon running? Should double check to make sure windows isn't blocking incoming connections to the daemon too. Gotta love windows 'firewall'.
 
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burningrave101

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If a [H] pool could become competitive with other pool options out there I'd probably be interested in contributing my 5870 once I do some more reading on how all this works.
 
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wol-va-rine

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for anyone just starting this, one thing you need to remember is that when you first start there will be some downtime because you have to download the whole block chain before you can start hashing...this can take a while...
 
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wol-va-rine

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Zerosum said:
You have the daemon running? Should double check to make sure windows isn't blocking incoming connections to the daemon too. Gotta love windows 'firewall'.
Click to expand...

I've tried it with the firewall on and off, still the same problem connecting for solo mining, pool mining is good to go though...
 
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Jon855

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wol-va-rine said:
for anyone just starting this, one thing you need to remember is that when you first start there will be some downtime because you have to download the whole block chain before you can start hashing...this can take a while...
Click to expand...

Took me a while to figure what the heck is going on... And yeah I'm only about 33k hashes right now. God knows how many there are.
 
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hiodie

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burningrave101 said:
Any tips on which miner is the best and what all to install to get the most performance?
Click to expand...

I am also curious about this. And from the link to the approx. output for each video card, they seem to underclock the memory. Is this for performance or is it just to save on energy since it apparently is not really used.
 
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Parja

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burningrave101 said:
Any tips on which miner is the best and what all to install to get the most performance?
Click to expand...

I like GUIminer.

http://forum.bitcoin.org/?topic=3878.0

It works about as well as anything and is really easy to setup. If you're pool mining, it's got everything you need to mine.

hiodie said:
I am also curious about this. And from the link to the approx. output for each video card, they seem to underclock the memory. Is this for performance or is it just to save on energy since it apparently is not really used.
Click to expand...

Uhh, yes? Memory (both video card and system) has very little influence on hash rate. You want to downclock the vid card memory as much as possible to get the core clock as high as you can.
 
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Jon855

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Aha... I don't want to use my CPU if it's possible so there are several clients. I guess well I still will need the Primary Bitcoin client do I?

This sort of thing aren't really clear and cut here. I got a 6850 to use, so I'll rather to have that be the only thing that the client runs.

Should I let the whole blocks be counted/hashed before I change the clients or does it not matter as it's a client thing?
 
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wol-va-rine

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Parja said:
I like GUIminer.

http://forum.bitcoin.org/?topic=3878.0

It works about as well as anything and is really easy to setup. If you're pool mining, it's got everything you need to mine.



Uhh, yes? Memory (both video card and system) has very little influence on hash rate. You want to downclock the vid card memory as much as possible to get the core clock as high as you can.
Click to expand...

it's not just to get the core clock running at a higher speed though, I have no idea why, but even at the same core clocks changing the memory to around 345MHz gives me the best hash rates with my 5850, and they get lower if I put it at 350MHz, 400MHz, 500MHz, etc., you have to play around with it, someone else may get their best hash rate at 344MHz...lol..
 
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