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Author Bitcoin
Gary
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7th Dec 13 at 16:36   View Garage View User's Profile U2U Member Reply With Quote
So why are people using gpus rather than cpus? Sure the more powerful chip would work better/faster?


So 'bitcoin' have basicall written a program and slapped it on a server somewhere for people to guess code in return for a 'coin'?
Dom
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7th Dec 13 at 16:42   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by Gary
So why are people using gpus rather than cpus? Sure the more powerful chip would work better/faster?


Because it offers higher hashrate; typical CPU processors are pretty poor in comparison. Although most big Bitcoin mining setups use AISC boards, dedicated chips/processors created to purely crunch Bitcoin.

With LiteCoin, there aren't any AISC mining systems hence a lot of the Bitcoin GPU mining crowd have moved over from Bitcoin to try and get in before AISC systems become available.

[Edited on 07-12-2013 by Dom]
Gary
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7th Dec 13 at 16:45   View Garage View User's Profile U2U Member Reply With Quote
Might set it going at work. Free lucky Ftw
John
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7th Dec 13 at 17:49   View User's Profile U2U Member Reply With Quote
http://www.engadget.com/2013/12/06/up-close-with-a-bitcoin-mining-powerhouse-video/
Ian
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7th Dec 13 at 18:12   View Garage View User's Profile U2U Member Reply With Quote
Clever guy.
Dan
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8th Dec 13 at 08:51   View Garage View User's Profile U2U Member Reply With Quote
BTC is climbing fast this morning. COuld have bought at 600 or less yesterday morning, now at 770. A nice 170+ dollar a coin profit.

There must be people making absolute fortunes with this. But same old, u have to have lots of money to make money!

My LTC is £5 up at the moment. Following the value of this is going to keep me occupied for hours!!!

[Edited on 08-12-2013 by Dan]

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John
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8th Dec 13 at 09:19   View User's Profile U2U Member Reply With Quote
How did you manage to mine a litecoin so quickly?
Cavey
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8th Dec 13 at 09:28   View User's Profile U2U Member Reply With Quote
He bought one, for £17 (see thread)

Edit, £18 sorry

[Edited on 08-12-2013 by Cavey]
Dan
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8th Dec 13 at 09:31   View Garage View User's Profile U2U Member Reply With Quote
Yea. I bought myself one for £18.

Im gonna just keep it for a while and see what happens.

If it wasn't xmas, id have bought some more. Might buy 1 a week if they don't rise quickly.

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John
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8th Dec 13 at 09:32   View User's Profile U2U Member Reply With Quote
Ahh, missed that.
Gary
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8th Dec 13 at 11:15   View Garage View User's Profile U2U Member Reply With Quote
Might throw a bit of money at it too, might pay off you never know
John
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8th Dec 13 at 11:16   View User's Profile U2U Member Reply With Quote
If you think they'll massively increase in value in a short space of time, thrown money at buying them. If you don't, throw money at mining hardware.
Gary
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8th Dec 13 at 11:37   View Garage View User's Profile U2U Member Reply With Quote
Might as well do both. Got a load of old machines and bits at work to use.
Dan
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8th Dec 13 at 11:38   View Garage View User's Profile U2U Member Reply With Quote
What uthinking of investing in gary?

The price has started to drop again, but people are expecting it to start rising again later from what ive read.

Someone mentioned theres been a real pattern where price has crashed, then risen much hire, and its done it 3 or 4 times now. Not sure how true that is.

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Gary
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8th Dec 13 at 11:44   View Garage View User's Profile U2U Member Reply With Quote
Not much, £100 if that.
Dan
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8th Dec 13 at 11:50   View Garage View User's Profile U2U Member Reply With Quote
Probably best to stick to ltc then, as u would only get roughly 0.2 bit coins for that.

What hardware have u got to mine with, as ltc are getting a lot harder to mine pretty fast. might be better trying to mine some other coins in hope they rise too.

LTC is defo tracking BTC at the moment. Graphs all look pretty much identical.

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Gary
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8th Dec 13 at 11:53   View Garage View User's Profile U2U Member Reply With Quote
Sounds good. Worth a punt I reckon
Dan
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8th Dec 13 at 12:08   View Garage View User's Profile U2U Member Reply With Quote
It's just buying them is a pain in the arse. Most sites use some dodgy sounding pay methods. That's why I paid a little more for mine and got it from bit bargain. Can pay via bank transfer and the coins are held in escrow

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Gary
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8th Dec 13 at 12:09   View Garage View User's Profile U2U Member Reply With Quote
Mind sending me some info?
John
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8th Dec 13 at 12:56   View User's Profile U2U Member Reply With Quote
Old machines at work are no use btw, you need at the very least a couple of decent graphics cards, could set up a 1400 KH/s ish rig for under a grand if you had to buy everything, less depending what computers you already have. It still takes 5 or 6 months to make back that initial outlay at current rates, that could and probably will be longer by next week.
Dan
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8th Dec 13 at 13:06   View Garage View User's Profile U2U Member Reply With Quote
LTC difficulty is rising really fast now. I think mining them is too hard for the average person.

Only way is to trade them it seems.

If you want to mine, it looks best to try mine something newer, and hope they go up

zeta coins, with my i5 processor, I could mine 30 a day. but they are worth nothing.

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Dan
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8th Dec 13 at 13:10   View Garage View User's Profile U2U Member Reply With Quote
You could buy 50 ltc for 1k.

A 1k rig at present pulling 1400kh/s would produce around 0.5 coins per day. so without power costs put into it, it would take you 100 days to return 50 coins.

In which time, the difficulty will have gone up so much, it would probably end up taking over a year to get 50!

If you look at ltc difficulty charts, its gone up 100% in a month. if that continues, it would mean every month you are taking twice as long to mine that 50 coins..



[Edited on 08-12-2013 by Dan]

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Gary
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8th Dec 13 at 13:17   View Garage View User's Profile U2U Member Reply With Quote
Fuck mining then, might have a go at smaller stuff if I can be arsed.

With the difficulty going up so quick I guess the price is due to rocket also?
Dan
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8th Dec 13 at 13:28   View Garage View User's Profile U2U Member Reply With Quote
Who knows. but the harder they are to get, the more people who want in cant get them, meaning they pay more.

Trouble is, if big wallet owners sell, the price will drop quickly.

I predicted earlier, that the drop btc/ltc have just had is going to rise and break the 800usd/btc now.

Its started to show signs of rising now. will be interesting to see if the days of plus500 have taught me anything lol

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Brett
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8th Dec 13 at 14:18   View Garage View User's Profile U2U Member Reply With Quote
Quick Gary, invest, the whole market relies people like your good self jumping on the bandwagon

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