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My Bitcoin Mining Project and MRIP

EDIT: Everyone, I totally f'd up on GPU's that I would have by end of June. I just wrote a quick VBS script that shows I'll only have 22 (15+7) by end of June. Not too shabby, but definitely not 48. Just wanted to post an update. Feel free to use the script!
So I've posted here a few times in the past. Now I'll detail what I'm doing a little further and try to help others.
Right now I'm working with 5x 7950's, 3x 7850's, a 6750, and 3x GTX 580's (my gaming rig). My hash rate is about 4,500 MH/s. I started this project using the DRIP (http://en.wikipedia.org/wiki/Dividend_reinvestment_plan) principles in mind. I call this MRIP (Mining Reinvestment Plan). The plan is to reinvest all bitcoins mined into more mining hardware. Today I just purchased two more 7950's that are due to arrive tomorrow. Note that these two cards were purchased with bitcoins that were mined. This should bring my hash rate up to about 5660 MH/s, which will let me purchase another card next monday. The plan is every time I have enough to buy another card, I withdraw the bitcoins and convert it into cash. At this rate I'm hoping to have about 48 additional 7950 cards by the end of June or about 33,000 MH/s (33GH/s).
To those I haven't gotten back with about hardware that I'm ordering, I do apologize. I'm using ported 7950's. I STRESS ported cards (ported on top, other on bottom) because they throw the heat out of the chassis. When clustering 12 cases together (4x12=48 cards) it's not ideal to "just leave the side off and hope it's cool it enough". These cases will be slammed up against each other. Going to back to hardware, I still haven't decided on a locked feature set - meaning I don't know what I'm going to buy (mobo, ram, cpu, psu, etc). Ideally I want to keep the core system down to about $70/PCI-e slot, but I have to factor in space (hashing density too).
I say this because hardware pricing is always changing, but I want to lock the specs down eventually because it'll be easy to administer. Having 12 like systems will be easier to deploy than 12 totally different systems (all I have to do is image them). Being a net/sys admin I'll probably administer them with a PXE boot image (which I plan on making that publicly available along with the system specs). Anyways I apologize about that.
I run an IT consulting company on the side and thus I have A CRAP LOAD of old machines with a working PCI-e slot (or two or three). I'll be using these up and then will start building out a system.
Going back to mining, I'm not sure what ASIC's have in store for us. The difficulty could rise so much that by end of June I only have 4 more GPUs instead of 48. My hope is that the difficulty will not go up that high as ASIC's are still very hard to come by and really don't make a good investment case right now (or then). Looking at the difficulty graphs, TH/s seem to be leveling off in the near future - but only time will tell! Let me know if this helps! FYI I have put $0 into this so far, as I've been using old hand-me-down GPU's...
Edit: You all are more than welcome to check out my mining stats!
UltraSPARC_1 = 4x 7950's UltraSPARC_2 = 1x 7950 UltraSPARC_3 = 6750 UltraSPARC_4/5/7 = 7850 UltraSPARC_6 = 3x GTX 580 UltraSPARC_8 = 2x 7950
EDIT 2: A lot of you have mentioned why not buy an ASIC or aren't you afraid the difficulty will skyrocket?! I just don't see that happening soon, and this post makes my case quite nicely. They're even assuming that Butterfly Labs will start shipping in quantity lol
Edit 3: UltraSPARC_8 is online! Two more 7950's, woohoo! I'll post some pictures soon.
Pictures! YAY! For reference please see HERE
My personal accomplishments as of late - Exchange 2010 /w AD deployed recently!
Updates on cards - Because today we saw another pop - I'm planning on buy two (not one) cards by next tuesday. I have about 5 more deprecated systems to use up - thus saving me money - before I plan on locking in a system. Keep ya posted! Thanks for stopping by!
Please note UltraSPARC_6 will be going off line once I get four more cards... This is my gaming rig, and seeing that nVidia "ain't shit" with mining, there's no point in burning up $500 cards...
Edit 4: Just got another 7950 in! Bringing my total hash rate up to a 7,800 MH/s peak! It should settle down though to the high 6,000 range...
Ok, now my mining pool is messing with me. How is this even real?! I mean I'll take the PPS, not complaining or anything!
submitted by UltraSPARC to BitcoinMining [link] [comments]

SHA256 with ASIC compared to Scrypt with GPU

this is the very basic for latecomer always doesn't understand.
i keep seeing they insist on mining bitcoin with SHA256 ASIC, i know its fun, its fun to see you generate money out of thin air, but thats not how we do it today because SHA256 ASIC era are gone, its very expensive playing field right now, if you insist want to mine some bitcoin, you should start mining using GPU! why?
lets calculate profitability of your SHA256 ASIC, and lets make it really easy by assuming some factor :
now go here you will see you will get 1 BTC in about 75 days right now (see the 2nd column from the rightmost), this value is not correct since it does not account for difficulty increase within 75 days, bitcoin difficulty are increasing about 35% in 2 weeks, thats about 70% per month, you will see the correct calculation is here which you will never get 1BTC within a year, and after 6 months your ASIC doesn't generate bitcoin anymore
now lets compare it to GPU miner for Scrypt mining, which i use realistic assumption here
now go here, you will see that on the most profitable coin (first row) you will get 1 bitcoin for about 30 days (its 45 days faster than SHA256 ASIC), how about difficulty increase within these period, this factor is not as scary as bitcoin, lets see difficulty chart for LTC here, you will see that the diff is up and down, by calculating the data history for 1 year, you will get that LTC difficulty increase is about 3% per month on average (this is 25x smaller than bitcoin difficulty change rate), so coinwarz data is not too much way off here by not take into account of difficulty increase
TL;DR;
note: this calculation are made in worst case scenario for GPU compared to best case scenario for bitcoin ASIC
thats just prediction and calculation, things will go wrong right? lets see the report from my own GPU mining rigs here, see 2nd sheet (RIG1-Report), this is my earning report day to day in BTC (already running since december 2013), my rigs cost about 2000$ (this is 2nd hand 6x AMD 7970 for 4.2MH/s) and will ROI within 50 days from start if my calculation are correct
submitted by uraymeiviar to BitcoinMining [link] [comments]

[Help] Looking to get started. Questions and Concerns

So, I'm at school, and I'm going to be in the dorms next year. I mainly use my laptop for my work / play, but I have a desktop back home that was my rig before I came here. I was thinking about ripping out the NVidia GTS 250 and putting in a card or two for bitcoin / litecoin mining. It sports an AMD Athlon II X4 CPU @ 2.6GHz and 8GB RAM with a 650W PSU. I was thinking about putting a 7970 or two in. I know that there are other cards, but this would allow it to fall back as a great gaming rig if mining doesn't turn out. The plan was also to set up some liquid cooling to keep it from running too hot. I think this investment would be around $1500 max (This includes some money for an initial direct investment in bitcoins / litecoins).
I have done a bit of research for the past few days on this, and I'm a bit hesitant to get started. The cost of power is no concern, so I'm guaranteed to make SOME money. Even if it takes a year for me to break even, that's okay. However, I know that a lot of people are saying NOT to get into bitcoin mining due to the new ASIC miners coming out that are going to fuck the difficulty for GPU rigs. I also hear a lot of people saying that getting into Litecoin mining is an alternative due to it's low hash rate requirement. However, won't ASICs also screw the difficulty here as well, despite it being very low right now (compared to bitcoins)?
Last concern I have is that I want to try out litecoin mining a bit first. However, my gaming laptop isn't cooled very efficiently, and it is currently my only machine besides my phone. It has a 7970M and an i7 Ivy Bridge. I did some bitcoin mining just to test speeds, and the 7970M would pull 320 - 350 Mh/s which isn't awful. However, the temps would get upwards of 90C, and the CPU while litecoin mining would get to about 89C with only 1.5 Mh/s. Now I may be wrong, but this seems too hot. I tested these temps against the load from Hitman: Absolution, and while it wasn't quite maxed, it would still run the temp up to about 90C. I've played this and many other high demand games for over a year, and have had no issues. How safe would it be for me to run some litecoin mining on this laptop?
Rundown:
If I'm not paying for power, would a ~$1500 investment in a mining rig be a smart idea for bitcoin / litecoin mining?
Is this planned rig even a good idea, or should I be going for the less available but more efficient cards?
Have I missed the boat entirely and is bitcoin / litecoin mining just not a good idea in general anymore?
Would it be safe for my laptop to run some litecoin mining on it for short 1hour spurts?
Thanks very much in advance!
submitted by TheGadgetCat to BitcoinMining [link] [comments]

Informative post about Feathercoin

Seeing how this Subreddit is lacking any sort of info on Feathercoins and the lack of community support we have, I have decided to start a post that would inform newbies about Feathercoin and seasoned vets on the best places to trade.
Feathercoin:
It is a Crypto Currency that was started by Peter Bushnell. It is a clone of Litecoin (This coin was inspired by Bitcoin). The Feathercoin network generates coins at a decreasing rate. It will generate about 336 million coins which is 16 times more than that of Bitcoin and 4 times more than that of Litecoin. Currently about 25 million coins have been generated.
Network hashrates, Pools, Solo mining:
Currently a mid end system comprising of 7870 or 7970 will get you abot 400 to 700 kh/s. That means that in a given day you will be mining about 7 to 13 Feathercoins on current difficulty level. However If you mine alone that is solo mining, the probability of you finding a block is hard and it may take a while before you make a coin. To counter this people have started making pools to increase the chances of finding blocks. There are many pools that allow you to have multiple workers so you can setup multiple systems and mine at your leisure. Currently some of the popular pools are:
http://www.fcpool.com/
http://give-me-coins.com/
http://www.wemineftc.com/
http://fc.ltcoin.net/
https://ftc.d2.cc/
For a full list of mining pools: http://coinpools.sdfg.org/ftc
It is highly recommended to join a pool to make mining profitable. Look at the pools posted above, look at their fee structure, their payout and make an informed decision on which pool to join.
Hardware and Mining:
Feathercoin utilizes scrypt based mining that is you can use your GPU (the Graphics card inside your system) to mine them. AMD Cards are highly recommended as they output higher hashrates as compared to Nvidia. To give you an idea of the difference a 7870 ghz edition mines at about 375 kh/s whereas a Nvidia 780ti would mine at about 224 to 300 kh/s. If you are seriously considering in investing in this venture it would be best to buy a rig that supports 6 GPU's and buy either the 7950 or the 280x as they have considerably higher hash rates and are affordable to say the least. Something one should be aware of is that mining produces a lot of heat as your system is basically running at full capacity and therefore needs a lot of cooling. People usually build rigs in the open (no case) and use household fans to cool them. Also another thing that is common is to use PCIe risers as they allow greater spacing between GPU cards and effectively help in dissipating heat. Mining uses a lot of electricity so it is best to use a schedule to mine or if electricity is cheap then 6 7950's running 24 hours a day would cost you about 12 to 18 dollars in electricity a month, maybe more depending on where you live. The software to use for mining are Cgminer (https://litecointalk.org/index.php?topic=6925.0), guiminer scrypt (http://forum.feathercoin.com/index.php?topic=961.0) and cudaminer for Nvidia cards. I would advise against Cpu mining as that is not profitable and will simply weigh you down. Invest 250 to 350 dollars in a good AMD GPU and you will be mining much more effectively.
Trading:
There are many places where one can trade Feathercoins but only a few of them offer FTC/USD exchange. Btc-e (https://btc-e.com/exchange/ftc_btc). Is one of the biggest cryptocoin trading exchanges, it does not offer USD exchange for Feathercoins as of yet but allows you to exchange for Bitcoins. Crypto-trade (https://www.crypto-trade.com/trade/ftc_btc), this trading exchange allows you to trade against the USD making it more favourable to miners however there is currently a lack of volume for FTC as of writing. Other exchanges like Cryptsy, Bter and coins-e are all good but they are heavily dependent on Bitcoins and Litecoins for now.
My thoughts
Feathercoin is fairly new and its gaining momentum, once big exchanges start listing it against the USD, the venture will become more profitable. For now it is advisable to mine as many as you can and sit on them till value improves or if you have a mining rig that is mining at 22000 kh/s (this will get you about 500 feathercoins a day) then mine the shit out of them and trade them for Btc for profit although I would recommend against this as it it reduces the value of feathercoin. Many exchanges allow you to deposit money via international wire transfers however the minimum is 2000 dollars so keep that in mind before investing real money into this venture. There are alternatives like paypal and okpay that are also accepted but not a lot of people have accounts on those so signup for a website that suits your situation.
One last ting we all need to do is spread awareness about Feathercoin, It is a miners coin and the difficulty right now makes it so much more interesting to mine. I will update this page with more information and will answer questions if any to the best of my knowledge. Happy mining
My FTC wallet deposit thingy address : 6v1VuL41xGuLG1Bd8usJsuUEkZyac8jKbe
EDIT : I realized some of you might have NVIDIA GPU's and are hesitant on getting AMD. Never fear for there is a solution. If you have a motherboard that supports two or more GPU's that is you have more than one PCIe slots than follow these instructions:
If you intend to game on your system while you are mining then put the NVIDIA card in PCI slot one and buy an AMD card and put it in slot 2. Now install the drivers in the order Nvidia first reboot and then Amd second reboot. You do not need to plug in HDMI to your AMD card just leave it as it is. Now download gpu miner scrypt and select from the list your AMD card and start mining, its that easy. At night if you want to squeeze in more kh/s then run cudaminer and let it mine alongside your AMD. The best part about this is that you can be mining 24/7 on your AMD card and you will not experience any system slow down while gaming or watching movies. Remember to have atleast two workers workers created so you can mine parallel. If you already have an NVIDIA card then just install your AMD card and install AMD drivers and reboot and run guiminer scrypt. At times you might run into the issue of guiminer not starting, just delete it and re install it and it should work fine in 98% of the cases. This is for those who do not want to invest in a completely new system and would rather use their existing system. You can use cgminer as well but remember the order in cgminer starts from 0 not 1 so if NVIDIA is in slot 1 then it is -d0 -g0 and AMD will be -d1 -g1
submitted by motherlode1 to FeatherCOin [link] [comments]

Questions from a newbie looking to get into mining

Hello,
Just like everyone else who is amazed by the recent rise in the value of bitcoins I was wondering if it would be profitable to turn my gaming computer into a mining machine.
My question is based on my current system what could I expect for a profit in a given time frame (each month) after expenses such as electricity.
I have started doing my homework on mining and learning about hash rates and such, but have not been able to really understand how difficulty comes into play when mining and what I need to start up
My system specs are as follows:
ROG Crosshair V formula MOBO
FX-8350 (stock clock)
8gb 1600 ram
radeon HD 7970
1tb HDD and 128GB ssd
HX750 PSU
So with this setup what could I expect to mine and how would I got about starting?
I read about networks that you can join to contribute your computers power with others and share in the profits.
I have also read you can buy mining boxes that you just plug in via USB that do the work for you but I do not understand what they really do
Any help/information is appreciated!
submitted by Shnacks to BitcoinMining [link] [comments]

How to Calculate Bitcoin Difficulty BitCoin Weekly 3/20/13 $66, Difficulty Doubled, Hashrate Distribution Stable What Does Hashrate Mean?  Hashrate Mining Explained Bitcoin basics: What is the difficulty target and how does it adjust itself? Following Bitcoin’s Hash Rate Network Difficulty Is About to Set a New

* Bitcoin Price at $11,317.09 USD. Disclaimer: The estimated mining rewards are based on a statistical calculation using the values entered and do not account for difficulty and/or exchange rate fluctuations, stale/reject/orphan rates, and/or a pool's mining luck. Goldcoin Mining Calculator Inputs. Goldcoin Mining Difficulty Goldcoin Block Reward Goldcoin Price; 187.43 4.00 GLD: $0.0000 (GLD ... Bitcoin difficulty. Bitcoins per Block (BTC/block) Conversion rate (USD/BTC) Hash rate . Electricity rate (USD/kWh) Power consumption (W) Time frame (months) Cost of mining hardware (USD) Profitability decline per year. Reset Calculate. Nothing guaranteed, of course this is only a rough estimate! Do not enter commas, only dots for decimal separator. You can also calculate rented mining by ... Hash Power Buying . Live Marketplace Pricing Compatible Pools. Exchange; Help; Blog; LOG IN; Get Started MORE. Profitability Calculator. Check or Compare the potential earnings of your hardware. Calculator Comparison Auto Detection. For CPU & GPU only. autodetect my hardware For Windows 64bit users only. or. Manual Selection. CPU, GPU & ASIC. ENTER HARDWARE MANUALLY. BEST PERFORMING HARDWARE ... 117 Hash/s: Equihash: 110 Watts: 1489 MHz-Asus: Nvidia: Asus GTX 950 Hashrate : GTX 1050 Ti WindForce OC: 300 Hash/s: CryptoNote: 60W -Gigabyte: Nvidia: Gigabyte GTX 1050 Ti WindForce OC Hashrate : GTX 1060: 23.2 MHash/s: Ethereum: 75W: 1733 MHz-Asus: Nvidia: Asus GTX 1060 Hashrate : RX 480 8GB: 28.63 MHash/s: Ethereum: 1290 MHz-Gigabyte: AMD: Gigabyte RX 480 8GB Hashrate : Radeon R9 380: 22 ... Q&A for Bitcoin crypto-currency enthusiasts. Stack Exchange Network. Stack Exchange network consists of 176 Q&A communities including Stack Overflow, the largest, most trusted online community for developers to learn, share their knowledge, and build their careers. Visit Stack Exchange. Loading… 0 +0; Tour Start here for a quick overview of the site Help Center Detailed answers to any ...

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How to Calculate Bitcoin Difficulty

This is the fifth edition of BitCoin Weekly. Preformed by your host Jason, hope you enjoy. What is BitCoin: http://youtu.be/Um63OQz3bjo Dwolla: https://www.d... For context, that’s double what the hash rate was at one year ago and 1,000% higher than the hash rate at Bitcoin’s $20,000 high. Bitcoin’s network difficulty, which regulates how fast ... 01:18 Market Update 02:18 BTC Difficulty and Hash Rate Drop 05:01 Satoshi Nakomoto Won't Sell Bitcoin 07:28 eToro Market Analysis 10:59 Paxful in India 13:36 IOST NFT Collectibles and Mystery Box ... Bitcoin Mining Difficulty: An Overview - Duration: 4:37. AMBCrypto Recommended for you. 4:37. Why there will never be more than 21 million bitcoin. - Duration: 8:18. Keifer Kif 751 views. 8:18 ... Hash rate is used as the speed indicator of a machine that mines Bitcoin on the Blockchain. The higher the hashrate number on a machine, the faster it will solve complex equations and find blocks ...

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