Bincoin mining & GPUs

category: offtopic [glöplog]
Interesting fact: The bitcoin mining difficulty level is sky rocketing due to recent ASIC based mining machines.

This means that GPU miners are soon to become ineffective. Those crazy rigs are likely to hit ebay as soon as it's ineffective (could be a matter of days).

This could be an opportunity for getting some really high-end GPUs at some ridicules prices...
added on the 2013-06-05 20:14:51 by TLM TLM
what about other crypto-currencies then?
added on the 2013-06-05 20:21:40 by v3nom v3nom
This could be an opportunity for getting some really high-end GPUs at some ridicules prices...

I dunno, just because they're not good for one very specific, non-mainstream use doesn't devalue them that much, they're still perfectly fine top-of-the-range hardware, and I'm guessing the owners paid a large enough price for them to hope to see as much of it back as possible.
added on the 2013-06-05 21:08:54 by Gargaj Gargaj
I figure it's a thing of demand and supply and supply is about to go up - I think
added on the 2013-06-05 21:29:12 by TLM TLM
One swallow does not make a summer
added on the 2013-06-05 23:02:13 by RufUsul RufUsul
i ran an simple shorty on bitcoin. this' a weird hobby. do they even get a penny? i haven't found out. this' so not calculating.

about that graphics cards: it's still used and worn hardware. so... there you go. sell cheaper.

that's how it works. *shrugs*
added on the 2013-06-05 23:50:45 by yumeji yumeji
Bitcoin is such a stupid fad, and a pyramid scheme-y one too, the first blocks were easier than the future blocks, blaaah
its only a pyramid scheme when you look at it from a mining perspective...
added on the 2013-06-06 01:11:50 by wysiwtf wysiwtf
Bitcoin is such a stupid fad, and a pyramid scheme-y one too, the first blocks were easier than the future blocks, blaaah

your comment is stupid: for the network the first blocks were as easier to mine than current and future blocks, so they could be mined at a constant rate (every ~10 minutes).

gpu miners are moving to litecoin because of scrypt..
added on the 2013-06-06 01:47:48 by pera pera
I wasn't sure, hence the wording, I'm not going anywhere near those things for my savings yet
I'll just leave this here: http://buttcoin.org/
added on the 2013-06-06 07:11:55 by sol_hsa sol_hsa
Compared to the type of geeks running these things , I trust even the European Central Bank more.
added on the 2013-06-06 09:40:59 by Preacher Preacher
sol: you just gave us pure Internet Gold. the real kind.
added on the 2013-06-06 10:18:36 by Gargaj Gargaj
added on the 2013-06-06 10:50:58 by Preacher Preacher
Bitcoin is such a stupid fad

And what an awesome fad it was. I wish I had the foresight to mine the stuff in 2009, get out in early 2010, keep sitting on it and sell the whole lot for $200+ a piece 3 years later. ;)
added on the 2013-06-06 10:51:29 by tomaes tomaes
BB Image
added on the 2013-06-06 13:09:05 by Tjoppen Tjoppen
BB Image
added on the 2013-06-06 13:13:15 by Preacher Preacher
Can we rename this to "Random Bitcoin Thread" already?
added on the 2013-06-06 13:36:19 by Tomoya Tomoya
could someone explain me in a easy way what bitcoin mining is ? i looked at wiki but not sure to understand...
added on the 2013-06-06 14:42:51 by Tigrou Tigrou
@Tigrou: It's a kind of money not managed by any bank or state. It's virtual, no physique representation. You can already buy with bitcoins on internet.

You generate the money, and it's value by mining (it's some kind of SHA 256 computation) but you need a lot of power now to generate enought money...

Let's the other explain better than me since english is not my native language. Hope i helped you.
added on the 2013-06-06 14:51:53 by Romain337 Romain337
Thanks to the mining i can play with an ATI 7970 at work now :D bitcoin is good
added on the 2013-06-06 14:53:14 by Romain337 Romain337
Bunch of geeks use lots of computing power to create numbers that are so hard to calculate that they have scarcity and then claim that they have intrinsic value because of that and try to convince people to exchange them for real things in a vain belief that it will somehow change society.
added on the 2013-06-06 14:54:36 by Preacher Preacher
you got a 7970 for mining purposes at work? really?
Bitcoins can be seen (I simplify) as a string of bits with a specific property. The property is quick to check (computing a hash), but finding a string that satisfies it is hard (ie. only known algorithm is brute force enumeration). As more new strings are found, one have to enumerate longer and longer strings... Mining bitcoins is just finding new such strings.

I highly recommend the Buttcoin website, with its galleries of mining rigs (what do you mean by "fire hazard" ?)...