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Small pools are not really efficient in Bitcoin mining anymore, the difficulty is too high. If we could get 8-10ghash into a namecoin pool, I think we could get some decent profits going.We should just get a [H] pool going imo, it'd be limited to the people on this forum.
I might try BTC Guild, I feel like I'm not getting anything at bitcoin.cz
I just deposited 7.48 bitcoins to tradehill. Took about 15min for the deposit to show. Took me 10 seconds to sell them, and just told them to transfer $107 to my dwolla account. Hopefully it shows up fast.
BTCGuild found 8 blocks in an hour last last night.
Big payday for those that were in it. It completely threw the 24-hour stats off too. (Not that I'm complaining about it) LOL
I just deposited 7.48 bitcoins to tradehill. Took about 15min for the deposit to show. Took me 10 seconds to sell them, and just told them to transfer $107 to my dwolla account. Hopefully it shows up fast.
So far, mining bitcoins with nothing but existing hardware (2 6950's flashed to 6970) over the last week and a half-ish has completely paid for my third 6970 being delivered today.
What's your Mh/s for those two cards?
What's your Mh/s for those two cards?
BTCGuild found 8 blocks in an hour last last night.
Big payday for those that were in it. It completely threw the 24-hour stats off too. (Not that I'm complaining about it) LOL
Bitcoin math!
$1000 to buy a system that makes 1 bitcoin per day.
2 weeks in, you have 14 bitcoins, difficulty goes up, now only making .7 bitcoins per day.
4 weeks in, you have 24 bitcoins, difficulty goes up, now only making .5 bitcoins per day.
6 weeks in, you have 31 bitcoins, difficulty goes up, now only making .35 bitcoins per day.
8 weeks in, you have 36 bitcoins, difficulty goes up, now only making .25 bitcoins per day.
10 weeks in, you have 40 bitcoins, difficulty goes up, now only making .175 bitcoins per day.
12 weeks in, you have 42.5 bitcoins, difficulty goes up, now only making .125 bitcoins per day.
14 weeks in, you have 44.25 bitcoins, difficulty goes up, now only making .0875 bitcoins per day.
16 weeks in, you have 45.5 bitcoins, difficulty goes up, now only making .0625 bitcoins per day.
18 weeks in, you have 46.375 bitcions, difficulty goes up, now only making .04375 bitcoins per day.
I'll stop here, and point out that the number of bitcoins you will ever create will never go past 50.
Meanwhile, at 10 cents per kilowatt hour, and assuming your system is using 800 watts of power, you're spending a bit under $2 per day for electricity, or about $300 by the time you close enough to your 50 bitcoins that you give up. So, you spent $1300 to buy 50 bitcoins.
You can just buy them for $750, at today's price of $15 per coin. On the other hand, you did acquire some computer hardware, at a cost of about $550. The used hardware will probably make you a bit more than $550 on ebay, after you take into consideration the various taxes and fees you paid buying and selling. So maybe you came out ahead a little bit by mining bitcoins, but you had to go through all the hassle of buying and selling a computer and mining for 5 months.
Now, the price of bitcoins might go up, and it might go down. But whether it goes to $50 or $100 or $1000 a coin, you'd still have done just about as well buying the coins today as you would mining them. The primary benefit to mining is that if bitcoins collapse in price, at least you can still sell your hardware. No such consolation if you had bought the the coins.
Bitcoin math!
$1000 to buy a system that makes 1 bitcoin per day.
2 weeks in, you have 14 bitcoins, difficulty goes up, now only making .7 bitcoins per day.
4 weeks in, you have 24 bitcoins, difficulty goes up, now only making .5 bitcoins per day.
6 weeks in, you have 31 bitcoins, difficulty goes up, now only making .35 bitcoins per day.
8 weeks in, you have 36 bitcoins, difficulty goes up, now only making .25 bitcoins per day.
10 weeks in, you have 40 bitcoins, difficulty goes up, now only making .175 bitcoins per day.
12 weeks in, you have 42.5 bitcoins, difficulty goes up, now only making .125 bitcoins per day.
14 weeks in, you have 44.25 bitcoins, difficulty goes up, now only making .0875 bitcoins per day.
16 weeks in, you have 45.5 bitcoins, difficulty goes up, now only making .0625 bitcoins per day.
18 weeks in, you have 46.375 bitcions, difficulty goes up, now only making .04375 bitcoins per day.
However, for those of us that had an AMD card already, the math is much different. I already had a 5850. I just bought a 5830 to augment my "income" and so far it is paying off nicely. It was a $109 gamble that I should make back easily and profit enough to buy some hardware that I wouldnt otherwise have been able to afford.
Your math is wrong and made up. The difficulty doesn't work like that.
https://en.bitcoin.it/wiki/Difficulty
http://bitcoin.sipa.be/speed-lin.png
My math is estimated, but doesn't appear to be wrong. I'm assuming a 100% difficulty increase every 4 weeks. This seems to be about accurate, assuming that this chart is accurate and that the 3% rate of daily growth is compounding. And your chart seems to back this as well, it was about 1 month from 2500 to 5000, and 1 more month to go from 5000 to 10,000.
My math is estimated, but doesn't appear to be wrong. I'm assuming a 100% difficulty increase every 4 weeks. This seems to be about accurate, assuming that this chart is accurate and that the 3% rate of daily growth is compounding. And your chart seems to back this as well, it was about 1 month from 2500 to 5000, and 1 more month to go from 5000 to 10,000.
I'm wondering when he will bring deflation into the discussion or if he even realizes it.
P.S: I should stop being condescending, the fact the he's looking for holes to poke is a good thing. The better people get to understand this thing the better for everyone of those involved.
The difficulty was never 2500, 5000 or 10000. It doesn't work like that.
Your math is just pulled out of the air, and it is inherently wrong due to false premises.
From this data:
http://blockexplorer.com/q/nethash
week year difficulty increase
52 2009 1.18
2 2010 1.3 10.17%
4 2010 1.34 3.08%
5 2010 1.81 35.07%
6 2010 2.52 39.23%
8 2010 3.78 50.00%
9 2010 4.53 19.84%
11 2010 4.56 0.66%
13 2010 6.08 33.33%
15 2010 7.81 28.45%
16 2010 11.46 46.73%
18 2010 12.84 12.04%
21 2010 16.61 29.36%
23 2010 17.38 4.64%
25 2010 19.4 11.62%
27 2010 23.5 21.13%
28 2010 45.38 93.11%
28 2010 181.54 300.04%
30 2010 244.21 34.52%
31 2010 352.16 44.20%
32 2010 511.77 45.32%
34 2010 623.38 21.81%
36 2010 712.88 14.36%
37 2010 917.83 28.75%
39 2010 1318.67 43.67%
41 2010 1378.02 4.50%
42 2010 2149.02 55.95%
43 2010 3091.73 43.87%
45 2010 4536.35 46.73%
46 2010 6866.89 51.37%
48 2010 8078.19 17.64%
49 2010 12251.99 51.67%
51 2010 14484.16 18.22%
0 2011 16307.42 12.59%
2 2011 18437.64 13.06%
4 2011 22012.38 19.39%
6 2011 25997.87 18.11%
7 2011 36459.88 40.24%
8 2011 55589.51 52.47%
10 2011 76192.61 37.06%
14 2011 82345.64 8.08%
16 2011 92347.59 12.15%
17 2011 109670.13 18.76%
19 2011 157416.4 43.54%
20 2011 244112.48 55.07%
21 2011 434877.04 78.15%
23 2011 567269.53 30.44%
24 2011 876954.49 54.59%
At one point recently the difficulty actually went down for a while.
Your math makes assumptions that simply cannot come true.
For your first week you are assuming 30,000 Radeon 5850s come online
Then in two weeks, 42,000 more
Then in two weeks, 58,800 more
and 82320 more
and 115248 more
and 161347 more
and 225886 more
and 316240 more
and finally 442736 more in the last two weeks of your example
and that's just silly. Silly meme.
BTCGuild found 8 blocks in an hour last last night.
Big payday for those that were in it. It completely threw the 24-hour stats off too. (Not that I'm complaining about it) LOL
huge FAIL for me, I was throwing my 5850 (in the kids' computer) into my rig with the 6850 to have all my mining in one system, my 5850 just would not show up in my rig, I tried everything, it even booted up fine when I threw it back in the system it had been running in, but JUST WOULD NOT SHOW UP IN MY RIG, ugh, I said fuck it and went to sleep to I could wake up fresh and work on it today, first thing this morning it booted up just fine and now they're both running in my rig, I probably missed out on at least 0.5 BTC with all the headaches as well...
Your numbers show exactly what I'm saying, I'm simply assuming that the numbers will keep going up as fast as they've been going up for the past 9 months.
Multiple cards in one case is just a headache waiting to happen even when they work lol. Sucks you missed out.
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