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5HTSynaptrip
Dopamine Enthusiast



Registered: 09/14/08
Posts: 4,360
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Re: About mining Bitcoins (the deep web currency) [Re: Gorlax]
#15722166 - 01/26/12 06:57 PM (12 years, 4 days ago) |
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Not if you take precautionary measures. How can you even be sure the information was taken from a site restricted to Tor? You may have a rootkit, or have had one for some time. The sites I visit on Tor could certainly be compromised, like any site, but if you're on there it's because you want to be anonymous. Aside from scripts or something, what would cause your information to be compromised?
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Science is a way of thinking much more than it is a body of knowledge. - My hero, who will be forever remembered, Carl Sagan.
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psi
TOAST N' JAM


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Loc: 613
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Re: About mining Bitcoins (the deep web currency) [Re: 5HTSynaptrip]
#15729239 - 01/28/12 12:53 PM (12 years, 2 days ago) |
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Quote:
5HTSynaptrip said: You'd only make a profit off of bitcoin mining if you had started doing it years ago.
Years is a bit of an exaggeration (someone who started this time last year and sold them all at close to the peak would have done pretty well) but yeah mining sucks now. I started in July and basically got a free video card out of it but I don't do it any more. The price crashed but difficulty stayed fairly high anyway, bad combo even if your power is cheap. There is hardware available that is a lot more energy efficient than GPUs but it's also a lot more expensive.
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5HTSynaptrip
Dopamine Enthusiast



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Re: About mining Bitcoins (the deep web currency) [Re: psi]
#15732085 - 01/29/12 01:11 AM (12 years, 1 day ago) |
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It's no exaggeration. There are multiple sites with very detailed calculators that get pretty damn close to being accurate, that is if you take the time to enter all the required information and ensure it's correct. People would do this to make money, not buy a video card. BTC Miners from the past couple of years put a shitload of money down to buy a lot of hardware, so before you're making a profit you need to pay the electric and cover what you spent on hardware(granted you can sell used hardware for some of your money back).
I wasn't talking about mining to get $30 a month. People were making thousands that got in on it early. You wouldn't be able to pay of a crossfire 7970 setup by mining in the next 11-13 months. All I was saying is that a large operation for mining isn't a good investment at this point, but if you already have a few PC's with the GPU's to do the computing(and cheap electricity) then by all means do some mining and play around with exchange rates.
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Science is a way of thinking much more than it is a body of knowledge. - My hero, who will be forever remembered, Carl Sagan.
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psi
TOAST N' JAM


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Re: About mining Bitcoins (the deep web currency) [Re: 5HTSynaptrip]
#15734949 - 01/29/12 06:20 PM (12 years, 1 day ago) |
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Yes, those who made the most money by mining undoubtedly started quite early. My point was just that many people who did not start "years" ago came out ahead after expenses and thus did in fact make "a profit". How much they made depends not just on how early they started (and power costs etc) but also on how big of an operation they were able to finance in the first place.
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maggotz


Registered: 06/24/06
Posts: 7,539
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Re: About mining Bitcoins (the deep web currency) [Re: 5HTSynaptrip]
#15736243 - 01/29/12 11:26 PM (12 years, 22 hours ago) |
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i agree with psi, that was exaggerating a bit.
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5HTSynaptrip
Dopamine Enthusiast



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Re: About mining Bitcoins (the deep web currency) [Re: maggotz]
#15736405 - 01/30/12 12:12 AM (12 years, 22 hours ago) |
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Taken from bitcoinX using current BTC values @ $5.48/BTC Coins Generated Per Block: 50 *Which will drop this year significantly* Difficulty: 1307728.360000 Hash Rate: 1568 Mhash/sec Video Cards: 2x 6990's Cost of Mining Hardware(6990's ONLY): $1400 Cost of my electricity: 0.119 USD/kWh Power Consumed By ONLY The 6990's(PC itself would use more):868
Here's the estimates, which are pretty accurate from what I've actually mined.
Mining Factor 100 at the end of the time frame: 0.22 USD/24h@100MHash/s Average Mining Factor 100: 0.31 USD/24h@100MHash/s Power cost per time frame: 830.00 USD Revenue per time frame: 1637.73 USD ... less power costs: 807.73 USD
Hardware break even: 1 year, 179 days Net profit first time frame: -592.27 USD *time frame was set to 11 months assuming the coins generated drop to 20*
So, taking into account the need to have an entire computer and not just the cost of the video cards, it takes a long time. If you get into open air setups, as a lot of the hardcore miners did to lower initial hardware costs, you wouldn't break even if you were trying to make money. By money I mean a decent supplement to income.
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Science is a way of thinking much more than it is a body of knowledge. - My hero, who will be forever remembered, Carl Sagan.
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psi
TOAST N' JAM


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Re: About mining Bitcoins (the deep web currency) [Re: 5HTSynaptrip]
#15736935 - 01/30/12 05:07 AM (12 years, 17 hours ago) |
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What I had said was that "someone who started this time last year (i.e. late Jan 2011) and sold them all at close to the peak would have done pretty well" and I still believe that is accurate, considering that the difficulty had only recently hit 5 digits at that point and didn't even hit 6 digits until around May: http://bitcoin.sipa.be/speed-ever.png If I'm wrong, feel free to run some numbers based on starting at that date, selling all accumulated coins when the price first hit $20 (assuming a somewhat cloudy crystal ball) and then continuing to mine and sell from that point. Let's assume a $20k initial hardware investment and enough of a float to cover power bills until the coins got sold.
I agree that it would be quite foolish to try to do the same thing right now of course.
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maggotz


Registered: 06/24/06
Posts: 7,539
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Re: About mining Bitcoins (the deep web currency) [Re: 5HTSynaptrip]
#15737048 - 01/30/12 06:31 AM (12 years, 15 hours ago) |
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i know of quite a few people that made a lot of money off bitcoins and they started mining early last year, like psi said. hell, i made decent money and i didn't even mine them and wasn't even really trying to make money out of it. i got lucky but if i had been in it for the money i could have made a lot. i agree that mining today is probably not worth it but saying you had to get in on it years ago to make a profit is an exaggeration based on my experience with them.
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psi
TOAST N' JAM


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Re: About mining Bitcoins (the deep web currency) [Re: maggotz]
#15737144 - 01/30/12 07:25 AM (12 years, 14 hours ago) |
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Yeah I mean even at 50k difficulty you would end up grossing ~$2800 a week with one Ghash if you waited until $20/BTC to sell, that's not pocket change to anyone I know. For me it was purely for fun, I got a $110 5830 in the summer and kept at it until I recouped the purchase price. Should have hit that point sooner but I waited too long to sell and had some losses screwing around with alt currencies. When the prices kept dropping I decided it would be a better use of my time and electricity to run lights to grow cacti.
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5HTSynaptrip
Dopamine Enthusiast



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Re: About mining Bitcoins (the deep web currency) [Re: psi]
#15739005 - 01/30/12 04:42 PM (12 years, 5 hours ago) |
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Yea, the best part imo is playing with the exchange rates. That's where I've made the most money really after getting over 100 bitcoins.
Sometime this week I'm switching over to Linux to mine when I get my 7970's. Just hoping to make enough of a profit to cover a good chunk of the cost of the cards.
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Science is a way of thinking much more than it is a body of knowledge. - My hero, who will be forever remembered, Carl Sagan.
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Zorro
Bandito



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Re: About mining Bitcoins (the deep web currency) [Re: 5HTSynaptrip]
#15739234 - 01/30/12 05:32 PM (12 years, 4 hours ago) |
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About those exchange rates: could I for instance buy Bitcoins now and sell them when they're peaking, or something like that?
Or would that be too much of a risk?
What are the expectancies concerning the Bitcoin exchange rates in both the near and far future?
-------------------- Zorro, Zorro, the fox so cunning and free, Zorro, Zorro, who makes the sign of the Z. Zorro sàz: Consuming tropane alkaloids is like using Windows XP.
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ky_distiller
Master Distiller




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Re: About mining Bitcoins (the deep web currency) [Re: Zorro]
#15741658 - 01/31/12 06:48 AM (11 years, 11 months ago) |
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If bitcoins end up taking off, you could make some money doing that. There's always the possibility that they will go down in value, so only invest what you can afford to lose.
-------------------- "Always carry a flagon of whiskey in case of snakebite; and furthermore, always carry a small snake." W. C. Fields
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frost458
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Re: About mining Bitcoins (the deep web currency) [Re: Zorro]
#15761745 - 02/04/12 07:23 PM (11 years, 11 months ago) |
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mining bitcoin takes AGES, and a beginner will have a really hard time setting up the required softwares which are clearly not user friendly (and where not meant to be).
Building a mining rig today is not profitable anymore, you will never generate enought bitcoin to get your money back. (time to generate getting longer, value dropping)
the best way is to buy them, as said, there is a lot of site selling them to you, and it's legal.
yes, you could buy them now and sell them later if their value increased, BUT, the value is getting very low right now.
Quote:
giving a try to buying something else than murderer and CP
I would love to get feedback on that! MDMA being virtually inexistant in my country, if you know what I mean...
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Baby_Hitler
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Re: About mining Bitcoins (the deep web currency) [Re: frost458]
#15762111 - 02/04/12 08:54 PM (11 years, 11 months ago) |
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Is there any way to sell short on Bitcoins?
-------------------- Ƹ̵̡Ӝ̵̨̄Ʒ Ƹ̵̡Ӝ̵̨̄Ʒ Ƹ̵̡Ӝ̵̨̄Ʒ Ƹ̵̡Ӝ̵̨̄Ʒ Ƹ̵̡Ӝ̵̨̄Ʒ Ƹ̵̡Ӝ̵̨̄Ʒ Ƹ̵̡Ӝ̵̨̄Ʒ Ƹ̵̡Ӝ̵̨̄Ʒ Ƹ̵̡Ӝ̵̨̄Ʒ Ƹ̵̡Ӝ̵̨̄Ʒ Ƹ̵̡Ӝ̵̨̄Ʒ Ƹ̵̡Ӝ̵̨̄Ʒ Ƹ̵̡Ӝ̵̨̄Ʒ Ƹ̵̡Ӝ̵̨̄Ʒ Ƹ̵̡Ӝ̵̨̄Ʒ Ƹ̵̡Ӝ̵̨̄Ʒ (•_•) <) )~ ANTIFA / \ \(•_•) ( (> SUPER / \ (•_•) <) )> SOLDIERS / \
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Zorro
Bandito



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Re: About mining Bitcoins (the deep web currency) [Re: frost458]
#15762184 - 02/04/12 09:15 PM (11 years, 11 months ago) |
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Quote:
frost458 said:yes, you could buy them now and sell them later if their value increased, BUT, the value is getting very low right now.
That's a good thing if you currently would want to buy something with Bitcoins, no?
Quote:
frost458 said:
Quote:
giving a try to buying something else than murderer and CP
I would love to get feedback on that! MDMA being virtually inexistant in my country, if you know what I mean...
I would love to get some feedback as well, for fuck's sake!
Also, I don't know where you live (I live in Europe), but I do know at least one honest online vendor that sells MDMA (no, not on Tor, but on the regular web)... They are based in Europe as well and deliver worldwide as far as I know. I don't know how much the average cost of MDMA is though, so I don't know whether prices are reasonable or not (they charge €90 for 1 gram, for instance). They sell RC's too (including 2C-I, 2C-B, 2C-T-2, 5-MeO-DMT, 3-MEO-PCE, and a bunch of other stuff).
Best regards, Zorro (the fox so cunning and free)
-------------------- Zorro, Zorro, the fox so cunning and free, Zorro, Zorro, who makes the sign of the Z. Zorro sàz: Consuming tropane alkaloids is like using Windows XP.
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frost458
Dreamer


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Re: About mining Bitcoins (the deep web currency) [Re: Zorro]
#15762400 - 02/04/12 10:11 PM (11 years, 11 months ago) |
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Quote:
That's a good thing if you currently would want to buy something with Bitcoins, no?
only if they were to go up again one day, some say the bitcoin economy is going to collapse.
but for now, they seems to be going a little up : http://blog.bitcoinwatch.com/
I pm'ed you =D
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Simms
Fuckwit


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Re: About mining Bitcoins (the deep web currency) [Re: frost458]
#15773381 - 02/07/12 11:11 AM (11 years, 11 months ago) |
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Value is getting low, so its good time to buy. I am sure its value will go up again when the number is closing to that 21 million in after some years...
Of course, now everyone starts to buy BTs and its value will go up anyway, after which it will drastically drop again.
Triple social engineering.
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Edited by Simms (02/07/12 11:13 AM)
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Zorro
Bandito



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Re: About mining Bitcoins (the deep web currency) [Re: Simms]
#15773560 - 02/07/12 12:01 PM (11 years, 11 months ago) |
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Quote:
Simms said: Value is getting low, so its good time to buy. I am sure its value will go up again when the number is closing to that 21 million in after some years...
Of course, now everyone starts to buy BTs and its value will go up anyway, after which it will drastically drop again.
Triple social engineering.
The problem is: I don't have a lot of money. I'm currently looking for a job and I'm hoping on getting one within a month. So for the moment, I really can't invest my money in a speculating market, since I can't afford to lose any money at this moment in my life.
I bet I would make a lot of money if I would sell my OxyContin though (since it's the old formula - the new one hasn't even been introduced on the market in Europe as far as I know. But that would be highly illegal, and I'm not prepared to take the risks.
If only there was an easier way to get Bitcoins...
-------------------- Zorro, Zorro, the fox so cunning and free, Zorro, Zorro, who makes the sign of the Z. Zorro sàz: Consuming tropane alkaloids is like using Windows XP.
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ky_distiller
Master Distiller




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Posts: 516
Loc: Kentucky
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Re: About mining Bitcoins (the deep web currency) [Re: Zorro]
#15773580 - 02/07/12 12:05 PM (11 years, 11 months ago) |
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Could you sell other things? Old DVDs, video games, books, electronics. Other stuff that's just sitting around the house.
There's a website where you can sell stuff for bitcoins: bitmit.net
-------------------- "Always carry a flagon of whiskey in case of snakebite; and furthermore, always carry a small snake." W. C. Fields
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Zorro
Bandito



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Re: About mining Bitcoins (the deep web currency) [Re: ky_distiller]
#15773610 - 02/07/12 12:13 PM (11 years, 11 months ago) |
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Quote:
ky_distiller said: Could you sell other things? Old DVDs, video games, books, electronics. Other stuff that's just sitting around the house.
There's a website where you can sell stuff for bitcoins: bitmit.net
I could sell my collection of Metal CD's, tapes and vinyl. They would be worth at least a few thousands of dollars by now, but I'm too attached to them. Maybe I should sell my old Xbox (I have two - both the original ones, not the 360's), that would be a good idea, maybe. But I guess they aren't of any great value.
-------------------- Zorro, Zorro, the fox so cunning and free, Zorro, Zorro, who makes the sign of the Z. Zorro sàz: Consuming tropane alkaloids is like using Windows XP.
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