[How to] fund your cruncher's utility bill OR how to make money using bitcoin

[p2501]

Takes longer to get them.

If it takes longer to find them but they will be worth more after the difficulty increase, shouldn't then <ideally> the payout stay the same?

Did anyone watch this thing longer than a few days? How often are these increases to be excpeted?!

Kinda tempted to pull the trigger on two quad 5870 rigs here.... BUT for that the payout would need to be stable for 2 months to offset initial building costs.

[MadHacker]

6990 is best performer but costs the most
I believe 58** are cost/performance kings

what i meant to say is what is the best bang for buck.
i believe until the 6990 comes down in price, its way past its point of diminishing returns.

also looking at it on newegg, they only had 2, 1 was double slot, other was watercooled, single slot. (but out of stock and out of my reasonable price range)

[rcofell]

How does difficulty affect income, though? Less Bitcoins per day but they are worth more?

More difficulty = less probability for the ENTIRE network generating the next block. This is because on average the whole cloud will require more hashes in order to find an accepted solution per block.

It is one of the mechanisms used to slow down bitcoin generation according to the "schedule". The other is sometime in the future (~2012) only 25bitcoins will be "mined" per block, then 12.5 later on, etc.

If it takes longer to find them but they will be worth more after the difficulty increase, shouldn't then <ideally> the payout stay the same?

Did anyone watch this thing longer than a few days? How often are these increases to be excpeted?!

Kinda tempted to pull the trigger on two quad 5870 rigs here.... BUT for that the payout would need to be stable for 2 months to offset initial building costs.

Think of difficulty as decreasing how often a new chunk of coins is found, leading to you to get less coins found on average over time. This is in ADDITION to more miners diluting your share of the chunk as well. Although difficulty is directly correlated to more miners too.

No one knows for certain how often these increases will be, since it's DIRECTLY affected by how much compute power is out there mining. More miners = more difficulty + less share for you.

I believe the new difficulty is calculated every 2016 blocks, at which time the entire network adjusts it in attempts to make the next 2016 blocks take two weeks of real world time to generate.

[Alpha]

got it up and running on my wife's rig. she has a GTX460, and soon will house 2 9800GT's. Until i get some money from this, i have to work with what i have. she may actually go for me getting some 6870's, lol.

[jcool]

Just a heads-up, the BCT Guild pool has been having some issues today. I recommend staying with another pool for at least another day or so.

[Sparky]

I'll wait to try this until I get my water loop back online. Which should be soon, as I finally found a way to clean everything so all that's left is radiator flushing, which should happen this weekend

[p2501]

More difficulty = less probability for the ENTIRE network generating the next block. This is because on average the whole cloud will require more hashes in order to find an accepted solution per block.

It is one of the mechanisms used to slow down bitcoin generation according to the "schedule". The other is sometime in the future (~2012) only 25bitcoins will be "mined" per block, then 12.5 later on, etc.


Think of difficulty as decreasing how often a new chunk of coins is found, leading to you to get less coins found on average over time. This is in ADDITION to more miners diluting your share of the chunk as well. Although difficulty is directly correlated to more miners too.

No one knows for certain how often these increases will be, since it's DIRECTLY affected by how much compute power is out there mining. More miners = more difficulty + less share for you.

I believe the new difficulty is calculated every 2016 blocks, at which time the entire network adjusts it in attempts to make the next 2016 blocks take two weeks of real world time to generate.

Sounds like it only makes sense to throw in everything you have _now_. Also one would be getting less and less every 2016 blocks which leads me to the question of how far down earnings will go? Watching these graphs isn't very reassuring..

[artemm]

Whelp... looks like BOINC and Guiminer don't like each other. When both are on, my performance in Guiminer fluctuates wildly (sometimes it 2Mh/s and sometimes it's 600Mh/s.) However, when BOINC is snoozed () my Hemlocks get a constant 370Mh/s each @ 840 on the core.

I suppose it might have something to do with the CPU usage glitch, but it's pretty clear that these two projects won't play nice together on my machine.

[rcofell]

Which SDK version are you using?

For now you could just tell BOINC to spare a core or two and see if that helps.

[artemm]

Which SDK version are you using?

For now you could just tell BOINC to spare a core or two and see if that helps.

2.1

Taking down two cores allows full GUIminer performance. 1 core down bottlenecks second GPU by 40 MH/s

Edit: not cores, threads... out of 12

[Reflex1]

Im having problems with my Bitcoin core app (the wallet). It doesn't start up anymore and comes up with the error: Couldn't load blkindex.dat
ive tried re-installing multiple times and same problem. any ideas?
EDIT: nevermind i fixed it by opening a new wallet

[Red Maw]

Just a heads-up, the BCT Guild pool has been having some issues today. I recommend staying with another pool for at least another day or so.

What kind of problems? I've been using it all day and haven't noticed anything odd, not that I know what normal is either though.

[zalbard]

What kind of problems? I've been using it all day and haven't noticed anything odd, not that I know what normal is either though.

Connection problems, I mentioned them earlier.

[ggdh]

And how to sell coins?

On deepbit site i had 1.15, i hit "instant payout", it appeared in my bitcoin wallet as received. I already have an account on bitmarket.eu, but my balance did not change and is still zero. What am i doing wrong?

[[XC] Oj101]

I'm just getting "Problems communicating with bitcoin RPC" , do I need to enable port forwarding? I have disabled the firewall already.

[[XC] Oj101]

I tried this, but still nothing:

Service select User Defined
Protocol TCP
Public Start Port 8333
Public End Port 8333
Mapped Private IP Address 192.168.1.100
Mapped Private Port (Leave blank or input 0 indicating Virtual Server Service.) 8333

[shoota]

OJ I had that problem too. For me it was because I had my account name entered instead of my worker name

[[XC] Oj101]

^$#% YEAH! Thanks mate

[mreuter80]

A totally different question(s): What about taxes?
I would assume it's different for each country, and maybe not relevant as long as you only mine the virtual money. But what happens when you change it to real money? Who needs/must take care of it? Is it the miner? Does the pool takes care of it? What type of taxes can we expect and what is the percentage? Can we offset the involved costs (energy/hardware)?
Any thoughts?

[Tom128]

A totally different question(s): What about taxes?

I read somewhere on their wiki that you are expected to report earnings from mining just like you are expected to report any other income like tips, freelance work, gifts, etc.

[Sparky]

I read somewhere on their wiki that you are expected to report earnings from mining just like you are expected to report any other income like tips, freelance work, gifts, etc.

I can see reporting earnings, freelance work, and tips, as that is all job related. This too. But gifts? Heck no.

[shoota]

^$#% YEAH! Thanks mate

Sweet!


Re taxes: I can almost assure you this falls under income and would news to be reported. how? No idea, but I could ask my CPA father-in-law.

[[XC] Oj101]

Please do, I don't know if you could consider this a salary?

[stangracin3]

how long did it take to connect to the pool?
mines been connecting for 5 minutes...


edit:

figured it out. running between 345 and 350

[ggdh]

I repeat my question: what to do if i have bitocins in "bitcoin" wallet (software, not webpage)? I had 1 bitcoin on my deepbit account and then I transferred it to my wallet using my wallet's address.

What now? If i log in into bitmarket my balance is zero.