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Bitcoins ! ? - Mark - 10-07-2011
I've been wondering about this fascination for some time now. What's the deal with these, is anybody here doing it?
RE: Bitcoins ! ? - latch - 10-07-2011
(10-07-2011, 03:45 PM)Mark Wrote: I've been wondering about this fascination for some time now. What's the deal with these, is anybody here doing it?
I never made one of my boxes a folding computer, but I did crunch a buttload of seti packets for over a year till my cpu started overheating. Seems like this would be a better more self centered use of computing power.
I'll give it a whirl!
RE: Bitcoins ! ? - Drumm - 10-07-2011
Seems quite overly complicated. Fancy doing an explanation if you can?
RE: Bitcoins ! ? - Mark - 11-07-2011
If you were asking me for an explanation, I'm after one myself.
RE: Bitcoins ! ? - latch - 11-07-2011
I have not looked at the math that it take to generate a bitcoin, but from what I can understand in the couple hour I was poking around on this subject today, this is what I have.
A bitcoin is a medium of trade that has intrinsic value to anyone that is willing to accept it as payment. I'm watching several bitcoin ebay auctions and it appears one bitcoin is worth about $20.
All you need is a wallet that has a unique address- looks like mine is 34 alphanumeric characters long. I guess most ppl don't generate(they call it mining) bitcoins they just trade them or buy them. '
If you choose to mine them, I have read you can make the equivalent of $700 a month with the right gpu just running your computer.
Gpus are better for this sort of thing as I am sure most of you have read about gpu password cracking etc. because a cpu is too general purpose and concerned with administrative things such as privileges associated with kernel modes and the like. Where a gpu is packed with a buttload of ALUs. It's simple math that mine bitcoins but you need a lot of it.
A decent hash rate with a gpu 300 million hashes a second. I have 4 computers mining on CPUs and I am getting a pathetic 4.77 million a second.
If I don't lose interest and it seems to be lucrative I may delve deeper in the future.
RE: Bitcoins ! ? - Mark - 11-07-2011
How does one go about this mining? And how does it work, what does one mine? So with your 4.77 million hashes a second, how long does it take before you make that 1 coin, or 20 bucks.
Going off this chart: https://en.bitcoin.it/wiki/Mining_hardware_comparison - I could get around 35million a second off one machine.
RE: Bitcoins ! ? - latch - 11-07-2011
One downloads a bit of software that performs the required calculations! And I don't know the answer to that question yet.
RE: Bitcoins ! ? - Mr. President - 11-07-2011
I was listening to a guy on the radio yesterday talking about this, i know that does not give any useful info to anyone but i wanted to join the thread.
RE: Bitcoins ! ? - latch - 11-07-2011
Great! Thanks for that! Here is a calculator: http://bitcoindetailedcalculator.appspot.com/
RE: Bitcoins ! ? - Drumm - 11-07-2011
Maybe, if a few of us get into this we could set up a mining pool or something?