Bitcoin Q & A - Ask Me Anything

[Travis]

Why do you do litecoin mining now, is it better, how can we get started?????  Also do amd gpu's still have an advantage with lite coin mining as well

Litecoin market isn't being flooded with ASIC miners like Bitcoins are. Pretty much everyone mining Litecoins are using GPUs. Yes AMD is still superior.

[rashdanml]

What's the power consumption like while mining? Is it basically 100% load power consumption similar to a stress test, or is it more?

[RuecanOnRails]

What's the power consumption like while mining? Is it basically 100% load power consumption similar to a stress test, or is it more?

 

It uses 100% of your GPU(s)

Should be similar to consumption while running Furmark.

However based on which coin you are mining, require different GPU clock speeds allowing you to potentially undervolt/underclock if the situation calls for it.

[JupiteL]

In your opinion, how does a computer can be said good enough for mining? I have a mid-end rig and I feel excited about this

[Judahnator]

In your opinion, how does a computer can be said good enough for mining? I have a mid-end rig and I feel excited about this

 

I have a radeon 4770 mining 24/7. Its an older card, but it gets about 70MH/s ($5/2weeks). The best system is with high-end AMD cards. Nvidia cards are no good for mining.

 

Also, CPU mining is no good. So the CPU dosnt matter. an overclocked i7 will only get maybe 10MH/s.

 

Check this link out for comparisons of different hardware for bitcoin mining:

https://en.bitcoin.it/wiki/Mining_hardware_comparison

[JupiteL]

I have a radeon 4770 mining 24/7. Its an older card, but it gets about 70MH/s ($5/2weeks). The best system is with high-end AMD cards. Nvidia cards are no good for mining.

 

Also, CPU mining is no good. So the CPU dosnt matter. an overclocked i7 will only get maybe 10MH/s.

 

Check this link out for comparisons of different hardware for bitcoin mining:

https://en.bitcoin.it/wiki/Mining_hardware_comparison

Well I guess in my condition right now I have nothing to support the mining process.. I'm using nvidia card and CPU doesn't matter.

 

anyway, if you only get $5/2 weeks at 24/7 work, how is that even benefit to you? I mean, the electricity bill must be really high to turn on the computer every day on a full load

[KingOFCruel]

How much can you make on average mining? like you personally i have a mid tier- high end build so if that might help 

[rashdanml]

Well I guess in my condition right now I have nothing to support the mining process.. I'm using nvidia card and CPU doesn't matter.

 

anyway, if you only get $5/2 weeks at 24/7 work, how is that even benefit to you? I mean, the electricity bill must be really high to turn on the computer every day on a full load

Well, assuming the 4770 consumes 200W on load. Let's overestimate that to 300W. http://hothardware.com/Reviews/ATI-Radeon-HD-4770-40nm-GPU/?page=8

300W continuously for 24 hours = 7.2kWh

Typical energy cost: $0.10/kWh, some places are less. Cost of electricity is then about $0.72 per day. $10.8 per 2 weeks.

 

'Course, that's a higher $/kWh, and an overestimate of power consumption. At 200W and $0.1/kWh, it's $6.72, close to breaking even.

 

Newer cards may be better due to higher hash rates with not that much higher load power consumption.

[Judahnator]

Well, assuming the 4770 consumes 200W on load. Let's overestimate that to 300W. http://hothardware.com/Reviews/ATI-Radeon-HD-4770-40nm-GPU/?page=8

300W continuously for 24 hours = 7.2kWh

Typical energy cost: $0.10/kWh, some places are less. Cost of electricity is then about $0.72 per day. $10.8 per 2 weeks.

 

'Course, that's a higher $/kWh, and an overestimate of power consumption. At 200W and $0.1/kWh, it's $6.72, close to breaking even.

 

Newer cards may be better due to higher hash rates with not that much higher load power consumption.

 

Where i live power is dirt cheap. I doubt Im making anything anymore (in fact i may be losing some, i started mining just before the "bubble"). But its still fun to do. 

[TheMrBeb]

I have a sticky thread about the introduction to bitcoins here.

To keep things clean I am opening a different thread for you guys to ask questions. Whether it be about mining, the currency, anything.

Hopefully others who are knowledgeable in bitcoins can answer any questions I do not know as well.

how long does it take to get 1 bit coin? 2x 780 2600k 4.5ghz?

[BenDreadful]

how long does it take to get 1 bit coin? 2x 780 2600k 4.5ghz?

 

nvidia cards and cpu's are bad for mining, you would only lose money from the electricity bill.

[Judahnator]

how long does it take to get 1 bit coin? 2x 780 2600k 4.5ghz?

 if you were to use an AMD card like the 7970, or if you were to get the best of the next generation of their products, you could get a bitcoin withen a few months if you were lucky.

but with the new ASIC miners it simply isnt worth it.

[Notaek]

How much can you make on average mining? like you personally i have a mid tier- high end build so if that might help 

It varies widely on your hardware.  Mining bitcoin is out of the question for GPU miners.  

If you mine a *scrypt coin you can make some decent cash.  For example, I have two 7970s and two 6950s in one computer and I make about 10 dollars a day if I were to sell all of the coins I mine right now.  Thing is, I count on the coins I have rising in value eventually.  For example,  I might be able to make 1000 dollars if I sold my coins now, but if the value of the coins I mined were to double, I would be able to cash out at 2000 dollars.  It is smarter to hold for the long term

 

*Litecoin is a scrypt coin.  Scrypt is a different algorithm than SHA2 which is what Bitcoin is based on, and its main feature is that GPU miners are still competitive.

[I'm Batman]

what is bitcoin? :/

[BenDreadful]

what is bitcoin? :/

Everything is in the sticky, embrace the sticky and the info it gives you

[RuecanOnRails]

what is bitcoin? :/

 

Bitcoin is an open-source pseudonyms non centralized digital crpyto-currency based off proof of work by solving complex algorithms.

The act of "mining" is what builds and sustains the network to ensure it is infallible by cross referencing and linking every action. All transactions are kept in a public ledger known as the blockchain are able to be viewed by anyone anytime for no cost. 

 

If you got some hacking skills and want to try to break bitcoin, there is an unclaimed $1.1bn dollar bounty to hack bitcoin.

 

 

You will need to look into details yourself, or narrow down your question a little bit. "What is bitcoin" is covers a very large topic.

https://www.udemy.com/bitcoin-or-how-i-learned-to-stop-worrying-and-love-crypto

[TheSLSAMG]

Nothing. 

Edited August 14, 2013 by TheSLSAMG

[ztmj96]

I'm extremely new to Bitcoin, and I'm wondering how different is this virtual currency from shares and stocks? What is the price of each Bitcoin determined by? Would it lose value if people just stop mining?

[megadarkwood]

Would 3 ASIC miners be sufficient?

[BenDreadful]

Would 3 ASIC miners be sufficient?

 

if you have them right now, maybe.

 

if you plan on buying them now/in the future, not at all.

[Judahnator]

I'm extremely new to Bitcoin, and I'm wondering how different is this virtual currency from shares and stocks? What is the price of each Bitcoin determined by? Would it lose value if people just stop mining?

 

The value of the USD (or CAD) goes up and down just like stocks and BTC, we just dont notice it because we are looking at everything else relative to our native currency

You could look at stocks as a type of currency if you wanted. If you think about it a little, we are all invested in our native currency hoping its value dosnt change much.

 

The price of a Bitcoin is determined by supply and demand. Lots of people want it, but only a set amount are produced every block.

 

Also, if everyone simply stopped mining Bitcoins would still be a valid currency. There would just be no new Bitcoins being added to the blockchain. This would incure other problems, like transactions wouldn't be able to happen. But if everyone stopped mining even for a few days, the difficulty would change.

This would mean a very high chance of hitting a block when mining, and very little competition for that block. Thus, proffit.

 

The way the BTC currency is setup, i doubt it is even possible for it to fail. Now if the US government gets involved like it says its trying to do, im sure it will be avoided like the plague.

[RuecanOnRails]

I'm extremely new to Bitcoin, and I'm wondering how different is this virtual currency from shares and stocks? What is the price of each Bitcoin determined by? Would it lose value if people just stop mining?

 

Mining is required for bitcoin to work. Mining, while at first seems like it's only a method of making profit and a waste of energy. The reason there is incentive given to miners in the form of bitcoins is because the miners sustain the network. When people are mining, they are gathering, compiling, and verifying every transaction that has just occurred and placing it into a block. This is targeted to happen every 10 minutes which is why occasionally your transactions can feel delayed, it's due to waiting on a miner to collect your transaction and compile it.

 

Without the miners, their wouldn't be a network to verify or compile transactions. it would essentially be the same as hosting a data center but with no internet. Everything is still there and works, but the infrastructure is gone. So yes, it would lose value if everyone stopped mining. The only way to stop the miners at this point would be a global shutdown of the internet. For that situation to occur, something extreme would have to happen and it would not be a result of someone wanting to shut down bitcoin.

 

The easiest way to compare bitcoin to current shares and stocks would be to view Bitcoin as a combination commodity and currency such as gold. You're able to speculate and hold it, sell it, use it as collateral in situations, or use it as currency with people and places accepting it. The main difference is that with Bitcoin you can send it instantly around the world with no fees, delays, or roadblocks. You're able to send as much or as little as you want in a single transaction. Bitcoin can be divided down 8 decimal points. While currently 1 Bitcoin is worth around $145, you can buy, sell, or send much less 0.01 which equals to $1.45. You can divide Bitcoin down to 0.00000001 There is no need to use whole numbers with Bitcoin which makes it very versatile.

 

Bitcoin is to fiat currency, as email was to mail.

 

 

Unfortunately I'm still trying to learn how to explain what Bitcoin is to people new to the idea. It's a rather difficult thing to explain and even long time veterans of Bitcoin have a hard time The best method is not to ask what it is, but to ask certain questions regarding it then build up your you're own understanding of it.

Here's a couple links which should help.

https://en.bitcoin.it/wiki/Myths

http://evoorhees.blogspot.ca/2012/04/bitcoin-libertarian-introduction.html

[IvIast3r]

how long will it take to complete a single wu on a 4000$ mining system (insert imagination here).

[RuecanOnRails]

how long will it take to complete a single wu on a 4000$ mining system (insert imagination here).

 

Not sure that's relevant, care to rephrase your question.

If you're looking for estimated hash rates please post your specs.

[IvIast3r]

Not sure that's relevant, care to rephrase your question.

If you're looking for estimated hash rates please post your specs.

ok say i have two systems running 3 7970's in the system, how much would that produce?