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[Official] BitCoin LiteCoin DigitalCoin and all Crypto Currencies Club And General Information Thread - Page 1394

post #13931 of 22313
Quote:
Originally Posted by tuffy12345 View Post

Mining them is still paying for them, you're just taking longer to do so. Power bills and such.

yeah but im not risking heavy amounts of $£$£$.

say I bought bitcoins @ $400 & it crashed to $50 with no sign of recovering soon? mad.gif

Mining I would of lost a few days of electric. I don't hold any BTC I have for to long I just dump at a decent price.

once its at £380 to £400 I will do it again lol.

each to there own methods & all that biggrin.gif
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post #13932 of 22313
Quote:
Originally Posted by korruptedkaos View Post

I would not buy any bitcoins ever lol, why would I when I can mine for them?

the market is so volatile to & well I would sooner spend my money on something physical like silver/gold/platinum as an investment than virtual currency rolleyes.gif

looks like that $400 dip was the worst of it tbh. idk but it should recover now hopefully?

needs a day or two now to see if that downward spiral is over lol. it could just as easily turn again with any more fiascos.

Is anybody having problems with BTC-E, also has anyone on coinex had to password reset?

ive been riding the Smartcoin pump, but for some reason I couldn't log in just now? had to pass reset! Strange?

thumb.gif

Lets assume you build a rig with four R9 290 for $3,000 that can mine altcoins equivalent to 1 bitcoin a month. Factor in a power draw of 1200w and a power cost of $0.12 per KWh, you're monthly electricity bill is about $100 per month.

It would take you between 4 to 5 months to break even with a bitcoin price of $600 to $700. That basically means you bought 4 to 5 bitcoins at market price over the course of 4 to 5 months.



Assuming you already own four R9 290's or you're calculating your operating cost after the initial break even, it's still equivalent to buying a bitcoin for $100 every month. The overall building of your system and operating it for 12 months assuming prices stay exactly the same, you're paying (3,000(equipment) + 1200(power))/ 12 coins = $350 per coin. That's still cost.

I just bought $430 per coin and a handful of them too. That's really not that different from mining....
Edited by Syan48306 - 2/25/14 at 8:34am
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post #13933 of 22313
How do you guys still mine doge i dont get...
It has low rates, and difficulty is very high compared to other coins.
Like, why not find an easy coin and mine the hell out of it to profit more?
 
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post #13934 of 22313
Does anyone know where I can find a Window version of cgminer 3.7.2 since it is no longer available from Kolivas?
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post #13935 of 22313
What should I use as a BTC wallet in combination with clevermining.com?
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post #13936 of 22313
Quote:
Originally Posted by Slomo4shO View Post

Does anyone know where I can find a Window version of cgminer 3.7.2 since it is no longer available from Kolivas?

Get this version of cgminer: cgminer-3.7.2-mp0.04-sj0.02-ut0.02-int0.0
Warning: Spoiler! (Click to show)
Quote:
CGminer 3.7.2 patch which implements functionality to automatically search for the best GPU engine clock and MEMORY speeds.

This patch basically implements an automated graphics card tuning feature.

It takes ages to find the optimal settings, but the good news is that you'll be hashing while it's doing it (unless your GPU hangs, which is a very real possibility).

Here are some hints for using the patch:

First, figure out your maximum GPU and MEM clock speeds that your card will reliably run at. Don't worry about the hash rate too much, just focus on what your card can handle in terms of over-clocking.

Once you know where you card will run happily and (probably won't) hang/freeze/crash/etc, you can use the Ultratune patch to tune your card automatically.

To use the patch, compile CGminer with the patch (or download the provided Windows build) and start CGminer as you usually would.

Press 'G' for GPU Settings, then 'C' for Change, then 'U' for Ultratune.

Once you do that you'll be asked a number of questions about minimum and maximum speeds for the GPU and MEM. Fill in your minimums and maximums (the smaller the range the quicker you'll find your optimum speeds). If you set values too high, your GPU will eventually hang when Ultratune over clocks it too far. There are no safe-guards in this patch. It will do exactly what you tell it to do. If you tell it your GPU can run at 2000 MHz, it'll try it. So be sensible. Try to find your highest stable settings before using the patch.

My personal experience with 280X OC editions is that you'l probably be able to clock the GPU up to 1100 MHz and the MEM to about 1750 MHz. So you can try those settings and if your card hangs, reduce them by 10MHz or so at a time until it runs without problems, then use Ultratune to do the rest of the work for you.

Ultratune is one of those sort of things that you run when you have lots of time to spare. So set it up, hope it doesn't hang your system and then go to bed. Hopefully you'll wake up to a GPU performing very well, or at least acceptably. You can manually fine-tune after using the Ultratune patch if you feel it necessary.
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post #13937 of 22313
Quote:
Originally Posted by Syan48306 View Post

Lets assume you build a rig with four R9 290 for $3,000 that can mine altcoins equivalent to 1 bitcoin a month. Factor in a power draw of 1200w and a power cost of $0.12 per KWh, you're monthly electricity bill is about $100 per month.

It would take you between 4 to 5 months to break even with a bitcoin price of $600 to $700. That basically means you bought 4 to 5 bitcoins at market price over the course of 4 to 5 months.



Assuming you already own four R9 290's or you're calculating your operating cost after the initial break even, it's still equivalent to buying a bitcoin for $100 every month. The overall building of your system and operating it for 12 months assuming prices stay exactly the same, you're paying (3,000(equipment) + 1200(power))/ 12 coins = $350 per coin. That's still cost.

I just bought $430 per coin and a handful of them too. That's really not that different from mining....

I haven't invested a single £ into crypto's or equipment. most equipment I have was paid for from btc. I already had the 7990's system?

everything is already paid for & as far as im concerned im already way infront. as for paying electricity well its not exactly a lot really.

on a week to week basis what will I lose really. nothing! im already way infront!

even at this current price the cost of electricity to the value of what I can mine is still double the profit.

you bought bitcoins @ $430 & you would need BTC price to be $860 to give the same 100+% return.

I have trust issues with all CC's rolleyes.gif

Hence im not looking to invest, im just doing it to abuse it while its here biggrin.gif
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post #13938 of 22313
Quote:
Originally Posted by barkinos98 View Post

How do you guys still mine doge i dont get...
It has low rates, and difficulty is very high compared to other coins.
Like, why not find an easy coin and mine the hell out of it to profit more?

Its not what its worth now, its what its worth when all the other coins fail in a year or so. The point atleast for me is to mine what will explode with popularity, not whats gonna make a few bucks now.
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post #13939 of 22313
Quote:
Originally Posted by Syan48306 View Post

I'd argue that that "downtrend" was Gox pulling prices down as it tumbled from 900 down to 100 over the course of a month. If you compared the graphs, a lot of the major drops were caused by massive selloffs from Gox which spread doubt in bitcoin and thus pulled the other exchanges down. With Gox out of the picture, I expect a nice correction back up to $600 by probably the end of the week if not next week.

Don't quote me on that but I bought a few coins coins last night with that expectation.

I think that's a very safe bet... I'm still holding off for the final announcement as I expect Gox to try to assuage fears a little longer until their true exit strategy (like new identities and moving to a country without extradition) can be fully implemented. My guess is they're sitting on a $100M+ shortfall and they fully understand that people will be murdered for that kind of loss. wink.gif

Quote:
Originally Posted by Abs.exe View Post

IMO worse case scenario you lose a few hundred $ and that's it. Best case scenario, you wake up in 4 years with $32 000 000 worth of various coins lol.
That's why I'm stacking everything I can without looking at the current market, because all that matters to me is in 3-8 years from now.
I keep mining, I eat the electricity bill and wait lol

Exactly. Although I definitely believe there will be gains (possibly even significant ones) I think you're being way too optimistic with your 'best case scenario' but I sure hope you're right! I personally can't see BTC ever getting anywhere close to the $10K/BTC range myself. At that point most 'normal' purchases will be measured in Satoshi and many things will require fractions not even handled by the wallet at this point (not to mention that a .001 BTC 'service charge' will be $10). I can eventually see the entire crypto market reaching hundreds of billions in USD... but BTC itself I think it's much less likely. For any nominal investment at this point (mining or fiat for that matter) to turn into millions, would have to see a 20K% gain or more - and the crypto market would have a market cap larger than the current GDP of the US.

But hey, here's to hoping! thumb.gif

Quote:
Originally Posted by tuffy12345 View Post

Mining them is still paying for them, you're just taking longer to do so. Power bills and such.

This. Also it all depends on time... even with prices high... it takes at least 4-6 weeks to even pay for the GPU itself... then another week to pay for the electricity during that time. During the recent price declines this is perfectly fine as you'll start realizing a return at a lower price... but the exact same gains could also be realized by simply using a dollar-cost-average acquisition of the underlying crypto itself.

If it takes you a week to earn an extra $100 then mining is definitely a better way of going - except for the fact it takes a month's disposable income to buy that first GPU. On the other hand if it takes you and hour or two to earn that extra $100... then you're likely to spend as much time managing your mining operation (and hopping pools/coins to chase the most profitable) as well as exchanging them into whatever you actually wanted - than your going to clear in mining profits. Obviously, if you can still easily make the extra and spend the additional time mining then doing both will net the largest gains... but also require the largest investment of time+assets.
Edited by DiGiCiDAL - 2/25/14 at 9:05am
post #13940 of 22313
Quote:
Originally Posted by korruptedkaos View Post

I haven't invested a single £ into crypto's or equipment. most equipment I have was paid for from btc. I already had the 7990's system?

everything is already paid for & as far as im concerned im already way infront. as for paying electricity well its not exactly a lot really.

on a week to week basis what will I lose really. nothing! im already way infront!


even at this current price the cost of electricity to the value of what I can mine is still double the profit.

you bought bitcoins @ $430 & you would need BTC price to be $860 to give the same 100+% return.

I have trust issues with all CC's rolleyes.gif

Hence im not looking to invest, im just doing it to abuse it while its here biggrin.gif

That's one way of looking at it, but it doesn't change the fact that you're using equipment you bought with money to convert to bitcoins. You could make the argument that you'd by a quad R9 290 system for the purpose of gaming but it'd be mining 90% of the time thus it's already paid off because it's purpose is gaming.

Either way, it doesn't change the fact that you're spending at least $100 dollars per bitcoin in electricity which is what it works out to be if you got an efficient system. That's not a bad exchange but by no means is that "free"
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