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Free power, should i start bitcoin mining? - Page 2

post #11 of 18
Quote:
Originally Posted by LDV617 View Post

BTC is already a somewhat stable currency (compared to it's volatile past) which will make it harder to profit from mining.

For trading - you want stable currency, for mining, you want volatile.

BTC is actually a bit more volatile than LTC (at least when comparing prices to the dollar), it's just much larger and mining has a much larger cost of entry (specialized ASICs are the only things that can mine BTC efficiently, and they cannot do anything but mine BTC, while GPUs are multipurpose and are efficient LTC miners).

Volatility is good for speculators, but miners only need to be able to extract more profit than they spend on hardware and energy.
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post #12 of 18
Thread Starter 
Quote:
Originally Posted by LDV617 View Post

I second the litecoins idea. Look on craigslist and try to pick up some aging flagships. 480s, 560s, 4850s, 6970s, etc. You can get them remarkably cheap, and although they won't game like modern graphics cards, they will still be great miners. And as the poster above said, Bitcoins are not profitable to mine. The bitcoin millionaires have already cashed out, now it's litecoins. BTC is already a somewhat stable currency (compared to it's volatile past) which will make it harder to profit from mining.

For trading - you want stable currency, for mining, you want volatile.

Cool, looks like it is lite-coin mining then! So back to the original question, running a second GPU in my computer dedicated to running a miner on... Might this be something i have to post in the GPU section?
post #13 of 18
Quote:
Originally Posted by Krispies View Post

So back to the original question, running a second GPU in my computer dedicated to running a miner on... Might this be something i have to post in the GPU section?

Either or.

Anyway, it's not at all hard to run a second GPU as a dedicated miner, you simply need to get it installed correctly and find out what it's OpenCL device number is and configure your miner to use that device.

One possible concern is that if you have multiple AMD cards in the system, you do not want to mix newer GPUs with anything older than the Radon HD 5000 series, because all AMD/ATI GPUs have to be using the same driver, and the 4000 series (which don't mine that well anyway) were relegated to legacy status quite a while ago.
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post #14 of 18
Thread Starter 
Quote:
Originally Posted by Blameless View Post

Either or.

Anyway, it's not at all hard to run a second GPU as a dedicated miner, you simply need to get it installed correctly and find out what it's OpenCL device number is and configure your miner to use that device.

One possible concern is that if you have multiple AMD cards in the system, you do not want to mix newer GPUs with anything older than the Radon HD 5000 series, because all AMD/ATI GPUs have to be using the same driver, and the 4000 series (which don't mine that well anyway) were relegated to legacy status quite a while ago.

Ok, well i can pick up a 5830 (mentioned in a previous post in this thread) really cheap, but if i can run this for dedicated mining that's great. The only thing i was worried about is that my main card is an nvidia card and the new one for mining was going to be AMD, i was worried about driver conflicts but, should be ok. I might just go ahead an order on of those cards then, and see how it goes (they're not massively expensive, and if they don't work i can find a good use for them elsewhere.
post #15 of 18
A single 5830 won't make much, maybe 1-1.5 LTC a week. Make sure you and your system will handle the extra power, heat, and noise before bothering with one of these.

60 GBP is too much for a 5830, IMO.
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post #16 of 18
Thread Starter 
Quote:
Originally Posted by Blameless View Post

A single 5830 won't make much, maybe 1-1.5 LTC a week. Make sure you and your system will handle the extra power, heat, and noise before bothering with one of these.

60 GBP is too much for a 5830, IMO.
It should have enough power, to run the additional graphics card, noise levels don't worry me too much as i have headset on most of the time. Heat should be ok, fans are quite cheap any ways, and my is in a cool area ( wind gets in easy from the window) But yes, i have been number crunching on those two gpu's i posted, doesn't look like they will make much... Looking around for some other graphics card cheap on eBay.
7950 seems like the best, i could create a small build to run one or two of these, looks like it would pay for itself. Even if it was minimal profits it would be cool to run and stuff.

Thanks to everyone who replied to this thread thank you a lot!!!
post #17 of 18
Quote:
Originally Posted by Blameless View Post

BTC is actually a bit more volatile than LTC (at least when comparing prices to the dollar), it's just much larger and mining has a much larger cost of entry (specialized ASICs are the only things that can mine BTC efficiently, and they cannot do anything but mine BTC, while GPUs are multipurpose and are efficient LTC miners).

Volatility is good for speculators, but miners only need to be able to extract more profit than they spend on hardware and energy.

Very insightful, I didn't realize that GPUs were so bad for mining BTC in comparison to LTC.. makes me wanna set up a little rig myself rolleyes.gif
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post #18 of 18
Quote:
Originally Posted by Bigchrome View Post

If you want to put your GPU to use and potentially make some real money then you should mine Litecoins instead. My 7970 is picking me up a Litecoin roughly every two days and they're currently valued at $4.22 on BTC-e. This is far more profitable than the palty $0.20 a day they'd get mining Bitcoins because of all the ASIC miners coming on stream.

As an added bonus Litecoin mining is much less transferable to ASIC devices so your GPU should continue to mine profitably for much longer. If you have free power I would DEFINITELY go for it. It's "guaranteed" free money thumb.gif Litecoins can easily be converted to Bitcoins on sites like BTC-e

Great guide to getting started here: http://cryptojunky.com/blog/2013/03/12/absolute-beginners-guide-to-litecoin-mining/

Thanks for the tip, I plan on going crossfire soon and would like to start mining thumb.gif
Giving you a rep point just for that valuble info
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