Cryptocurrencies

[Temor]

Is anyone else caught in the Cryptocurrencies hype that's starting to form?
I've noticed in the past few months that Bitcoins have attracted more and more attention, thus increasing it's value, thus increasing it's popularity further.

I have recently started "mining" myself, but quickly realized that if you wan't to make a profit in Bitcoins you either have to have a giant farm of miners ( 10+ GPU's ) or specialized equipment.

I'm now farming a separate Cryptocurrency called Litecoins and am actually making a decent profit ( $50 / week roughly ) with just one miner running ( 2x Radeon 6970 ).


I am curious now if this has caught the eye of anyone else from this non-existent community, and if not, then go read some about it!

/Edit:
Sidenote: if anyone has some server space ( Jacek? ) for rent, please pm me

[EcazS]

No idea what it is... Do you actually get the money or is some online currency that you can't actually collect?

And if you can collect it, how do you set it up?

[Temor]

Here's a brief explanation. It doesn't cover any of the technical stuff though, so I can provide a quick run-through if you wish.

[jacek]

It's a very interesting idea, I don't like the idea of all that wasted computer time though. That much calculation power could be put to so much better use

[Temor]

Don't you worry, I donate some power to folding as well

/Edit; A lot of bitcoin farmers donate some of their computing power. Bitcoin has actually boosted the folding at home project quite a bit ( according to bitcoin forums at least ).

[Temor]

Update: I just now finished my first mining-rig. I am pulling a mighty 1.300.000 hashes / second average.

Here's how it looks from above, resting at it's temporary location ( my bedroom drawer ).



I will be spending the better part of my next few salaries to buy more equipment and also get a better location.

If you wish to see how much "money" this actually generates for me then check this out:

http://83.233.163.22/mining/

It updates continuously, and takes into account the electrical bill, so this is pure profit.
It may not look like much but I figure it's free money, right?

[FrederickGeek8]

I've been trying Bitcoins for a while now and I've only been making like $0.01/month

Are you pooling? If so, where???

[Temor]

Like I said, Bitcoin farming is not worth it unless you have ASIC's ( Application Specific Integrated Circuits ) or several miners.

I'm mining Litecoins ( currently 3 times more profitable than Bitcoins ) on Notroll pool.
Will be starting my own multi-currency pool soon-ish.
It will have support for LTC, BTC and NMC.

I just ordered a server. I will get it next week, and then I need to configure it and bring it to the datacenter. That will take a few days. So in two or three weeks I might have the pool running.

[Helx]

You're really going all-out on this aren't you :O

[Temor]

All out would be me spending my entire salary this month on Radeon 5850 graphics cards.

I only spent half.

[Helx]

Ah, so you're going "half-out"

[Temor]

Pretty much, but I'm already "3/4 in" i.e I've gotten back 3/4 of what I payed for it already. In just a day or two I will be back to ±0.

[FrederickGeek8]

I have a bunch of FPGA's laying around that I want to use for mining but I just cannot figure out how to program the damned things... Sounds like you are making out really good. I can't seem to get anything and I'm mining on several good computers...

[Temor]

FPGA's are pretty easy to program. There are several very detailed forumposts on bitcointalk about how to get started using FPGA's.

[FrederickGeek8]

Even though they are good, I think the manufacture went bankrupt so now there is no documentation or anything. I've tried to program them but failed.

[Temor]

could you post the device / manufacturer name? I might be able to help you.

[FrederickGeek8]

I think it is Cyber Cortex AV

In other news I just discovered a computer I built has a motherboard that supports 7 GPU's This could be interesting...

[Temor]

That seems to be a hobby project gone south I'm afraid. Apparently he lost interest in it.
Not much I can do to help. I have very little experience programming microprocessors.

[FrederickGeek8]

I'm thinking of maybe buying a TI FPGA and playing around with it. I've heard that you can get really awesome hash rates out of some FPGA's.

Also I kinda hate you for how much success you are having with this I can't seem to put up a working miner anymore

[Temor]

I don't think you will have much success with a blank FPGA board. It requires some pretty advanced programming skills to make it run miners and whatnot.


If you manage to find working Mining boards for decent prices, please pm me or post here

[FrederickGeek8]

Right right I'm looking for at-least two decent GPU's to put in my computer.