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I started BitCoining


LUZR4LIFE
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I started BitCoining a few days ago since I could make money running my system. For those of you who don't know what BitCoining is clink on the link. Running my 6850 and 6950 I will generate around 1.85 coins a day, that's around 55 coins a month. The coins are virtual currency that can be sold/traded at anytime. The price of each coin goes up and down like stock. Right now it's at $7.32 a coin so I can earn around $400 a month if I sell. Most people have been holding on to them since the price should be getting higher do to the fact that it is now harder to generate the coins. The government is trying to find away to make this illegal since there is no way to trace the money and they can't get their cut. LOL ATI cards are the best for this, here is a CHART that give details on what each GPU speeds will be.

I found this interesting and thought I would let you guys know about it since I just found out about it.

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One of the best pools for mining is DeepBit right now. You will sign up to join the pool and then you will get a % of the coins found. You can do a solo but it takes awhile to find a block with coins, the payout will be high but it's better to run in a pool unless you have a few PCs running with 5870/6990's.

There are different types of software to run on your PC for the mining. I like the GUI one and I had issue's getting the others to run.

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  • 2 weeks later...

LOL. I was about to sell but was greedy. The difficulty is going to increase Tues. So the prices should go back up to 30+ if not more. Then I will sell again. I flipped the circuit breaker today and I think it's from the 2nd system I started mining with. LOL. The electrical in my hous sucks. It took out 3 room when that switched flipped. I am glad my PC'c seem fine. I have 19 coins right now and will cash out for more mining equipment. I need to calculate the electrical bill for this.

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i'm still confused. what exactly does your computer do while running? i mean, is it like seti@home?

Somewhat. It's just a program that runs on my PC that processes the bitcoin network. The more hashes I have the more share I contribute. The more share you contribute the more BTC you earn.

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Should I try with my HD 5770 :)

It all depends on how much you pay for electrical. The 5770's get around 200MH/s (that's what I am getting right now after OC'n), which is about a coin every 3 days which will change tom. when the difficulty goes higher.

Here is a site that will calculate everything for you. I will calculate everything tom. after the difficulty increases that way you will see how much you will profit.

I am running a 6850, 5770 and a 6950 (flashed to a 6970) so I am generating a coin+ a day. I am going to try to tweak my 6950 more today. I want to unlock the shaders.

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Somewhat. It's just a program that runs on my PC that processes the bitcoin network. The more hashes I have the more share I contribute. The more share you contribute the more BTC you earn.

that much i understood. but what exactly is being processed? i mean what are your cpu cycles being used for? is it similar to something good, like for seti? or is it just running some virtual 'mining' program that does absolutely nothing or has any benefit in the real world :(

if its just virtual currency, then seems like they could (or should) slap some seti-like program to run under the 'mining' program, and say the more you mine, the more you do for seti, but at the same time the mining aspect also can randomly give you bitcoins, so it encourages people to keep running their systems. basically it would seem like a win-win situation. anyway, to me that would make more sense :P

Edited by ccl0
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that much i understood. but what exactly is being processed? i mean what are your cpu cycles being used for? is it similar to something good, like for seti? or is it just running some virtual 'mining' program that does absolutely nothing or has any benefit in the real world :(

if its just virtual currency, then seems like they could (or should) slap some seti-like program to run under the 'mining' program, and say the more you mine, the more you do for seti, but at the same time the mining aspect also can randomly give you bitcoins, so it encourages people to keep running their systems. basically it would seem like a win-win situation. anyway, to me that would make more sense :P

I will try to get you more information on what it actually does. Other than using GPU's to process block that will release coins is all I know. As long as it makes me money I really don't care. LOL

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i doubt that it does anything else :P

seems kind of a waste to spend that resource with no good cause, but then the whole system seems very odd.

can you do anything else while running the program? or does it use 100% of your cpu..i wonder if it can be throttled, like 50/50 or something.

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  • 1 month later...

So I sold 28 BTC and got $370. I bought a 990FX Sabertooth and a 975 since we had it on sale for $100 + $40 off the mobo. I didn't need it since I have 2x1090T, a 945, and a 555. I picked up some new burners for my system, 4G kit off DDR3 for my daughter system and a Scout case which I am trading to a friend for his 932. I am upset that this didn't go as well as I thought, the difficulty is getting higher and the BTC price has gone down. I don't coin as much as I used to,I have no AC so my room gets to around 105+.

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