American Express introduced a prepaid debit card that has nearly no fees and is reloadable using MoneyPak .
A Green Dot MoneyPak is a payment method in the U.S. that uses cash . clears instantly and is irrevocable . These properties make it one of the payment methods preferred among those selling bitcoins through the #bitcoin-otc marketplace .
Those who wish to buy bitcoins but don’t have a Dwolla account have been frustrated as the few remaining options to purchase bitcoins with PayPal have all but disappeared due to chargeback risk. With the ability to accept MoneyPak and load that cash into a prepaid debit card, sellers will likely see this option as a suitable alternative to accepting PayPal. The prepaid cards can be used not just for spending but also for cash withdrawal at an ATM .
Loading Funds
To load or reload the prepaid debit card with cash, a MoneyPak can be purchased at a retailer such as at a Wal-Mart (including their new automated MoneyCenters ) or at a 7-Eleven. Purchasing MoneyPak usually costs $4.95, paid at the time of purchase.
Those selling bitcoins are able to treat the MoneyPak as digital cash because the MoneyPak number from the buyer is all that is needed for the seller to be able to load funds to the American Express reloadable prepaid debit card.
The prepaid debit card can also be funded using a linked bank account, similar to how bank funds are transferred to a PayPal or Dwolla account.
Fees
The card has no activation or maintenance fees, nor are there any fees to make purchases, balance inquiries, or to replace a card.
The funds on the card do not expire, and a balance of up to $2,500 can be loaded to the card. Using the card at an ATM does incur a $2 charge though the fee is waived for the first ATM withdrawal each month.
Obtaining A Card
To obtain a card, the signup process requires the following information: Name, Address, Date of Birth . Social Security Number . a Mobile Phone Number and an email address. Also available is the American Express PASS prepaid debit card which is also reloadable. PASS was created for parents to be able to provide and monitor a card provided to their teen.
Risks
The MoneyPak number should only be transmitted through a secure channel. Because email is sent in “clear text” over the Internet, sending the MoneyPak number through e-mail is not recommended .
The MoneyPak is irrevocable so there is no risk to the seller that the buyer will be able to issue a chargeback following the sale.
While sending a MoneyPak number directly to a seller is not against Green Dot’s terms of service. their fraud-prevention recommendation warns against doing so. To help ensure a safer over the counter (OTC) transaction, the buyer will likely only want to only send a MoneyPak number to a seller who uses ClearCoin escrow should the seller’s OTC trust rating be not well established yet.
At the same time, the seller has no way to know that the buyer will provide a valid MoneyPak number, so sellers may be wary of committing bitcoins to even a 30-day escrow if the buyer has no history.
Those sellers preferring to not trade on OTC can get a reloadable prepaid debit card directly from Bitcoin Morpheus. On a related note, coming soon will be the Bitcoin branded prepaid Mastercard though whether or not that is a reloadable cad has not yet been established.
Competition
This option from American Express sellers does increase the ability for sellers to offer bitcoins to buyers who are new to Bitcoin or to those who are repeat customers who don’t use a bank (referred to in the financial industry as the unbanked).
American Express’ entry is not the first with a reloadable debit card though. The UPside Prepaid VISA card is similar in that it too can be reloaded with MoneyPak but UPside incurs a $3 monthly fee. Green Dot itself offers a reloadable card though their monthly fee is even higher.
There will likely be more options coming in the future as well. According to an article in TIME more major financial institutions are expected to launch prepaid debit cards of their own.
If the financial industry wishes to refer to those who reject their system as “ the unbanked ”, perhaps we refer to those who do participate in their scam as “ the overbanked ”. Ughh. Who wants to be one of them?
What's a Bitcoin?
It's the state-of-the-art in money. It's a new form of electronic money . It's already become "the gold standard" of digital currency.
Ya know how email changed old-fashioned mail forever? Well, Bitcoin is changing money forever.
Based on some old technologies, and some new technologies. Bitcoin is the result of combining. the very state of the art in cryptographic security + the idea of a limited quantity commodity similar to gold and silver (where there's only so much of it) and using it as money + the idea of massive numbers of computers connected by the internet. forming a strong, resilient, indestructible peer-to-peer network. It's called a cryptocurrency.
Since the invention of Bitcoin. Money will never be the same.
Why would I use Bitcoin?
Bitcoin is the world's first completely decentralized currency . This means it has no issuing entity . therefore, no single point of failure . In many ways Bitcoin is more secure than your bank. If your bank were to fail, your money could be gone forever. The Bitcoin network is made up of millions of computers all over the world, connected via the internet. The entire Internet would have to go away, in order for the Bitcoin network to fail.
As easy as sending an email . Just one click. Bitcoin payments are sent with one click - just like email. And transactions are always as free and as fast as email.
Zero transaction fees . In the United States, merchants pay 45 billion dollars per year in credit card transaction fees. And for what? So that the transactions can be reversed as "chargebacks" up to six months later? That doesn't seem fair at all. Bitcoin transactions are free. Whereas credit cards and other online payment systems typically cost 3-5% or more per transaction, plus various other exorbitant fees. Bitcoin usage and transactions are always free. It doesn't matter if you send $0.01. or $1,000,000.00. the transaction cost is always the same: free *
No such thing as a chargeback . Payments are irreversable. No matter whether you accept Bitcoin payments for your business or otherwise, payments can not be reversed. There's no such thing as a "chargeback". No way to get a "bounced check". No "reversed transactions". Not with Bitcoin. Payments can only be "refunded" if and when the recipient, voluntarily, as a separate new transaction, decides to send the money back. This protects merchants from fraud. Credit cards and PayPal can, and often do, reverse transactions up to six months later.
As anonymous as you want it to be . Just like with cash, transactions can be totally anonymous. Transactions are only identified by your Bitcoin address, and you can have as many Bitcoin addresses as you want. You create another new Bitcoin address with one click any time you want to. Bitcoin transactions can be made to be: anonymous ***
Financial privacy . Gone are the days of "Identity theft". In the old days, credit cards required merchants to have proof positive of your identity in order to shop there. Because a Bitcoin address can only be used to receive money, and it cannot be used to extract money. with Bitcoin, the merchant only needs to know two things: Did you pay? and, Where do you want your stuff sent to? Isn't that the way it should be? Does your banker really need to know what you buy online?
Your account cannot be frozen . No one can freeze your account and keep your money. (as long as you keep control of your bitcoins yourself and don't keep your bitcoins in an online bank or wallet service. See the Security tab for recommendations)
No big brother . Third parties can’t prevent or control your transactions. Transfer money easily through the internet, without having to trust middlemen; no central bank, nor central authority.
No censorship of who you're allowed to send money to . No more blocking who you can make payments or donations to. just because someone doesn't agree.
It's not a bank. It's not a paypal . What may be the best feature of all? "Bye bye, PayPal." "Bye bye, Bank."
More secure than online banking existing in the world today. Traditional banks use encryption when you log on to your online banking. The cryptography technology used in Bitcoin is even more secure. In other words, if it were to ever become possible to hack in to it. Then ALL the world's banking would be compromised. With today's known technology, experts all agree. It is absolutely un-hackable and un-breakable: secure Ŧ
Funding Union | What is Funding Union? & Bitcoin | What is Bitcoin?
Bitcoin is transparent and verified . Bitcoin is a free open source software (FOSS) project, which means it has total transparency. Millions of programmers all over the world see every bit of the program's source code. They constantly monitor it, study it, and report on it. to verify that there are no flaws or irregularities.
Send payments to anyone worldwide . Bitcoin has no artificial national boudaries or limitations on where money can be sent, or on how much, or how little, can be sent. You can now use Bitcoin to shop online for millions of items, or make a donation to a charity or organization, and you can even make purchases at physical stores. shops, and restaurants that now accept Bitcoin. using a free app or any device with a web browser.
No central bank . No privately-owned Federal Reserve central bank can print more money for themselves. not Bitcoin anyway. The value of each Bitcoin does not go down when the privately owned corporation known as "The Fed" decides to print more dollars. In fact, it might even go up in value. as it triggers more people to seek out alternatives to storing their money in the world's fiat currencies.
There will never be more than 21 million Bitcoins . The number of Bitcoins is limited by the design of the network. This number can never be increased. Also.
Bitcoins are virtually infinitely divisible . Currently, Bitcoins are divisible up to 8 decimal places. For example, you can send someone 0.00000001 of a Bitcoin. In the future, as the value of Bitcoin goes up, you might be sending your favorite coffee shop 0.00000003 Bitcoin for that cafe latte. Also, in the future, Bitcoin could become even more divisible, if needed. as the value of one Bitcoin becomes larger and larger.
How much is a Bitcoin worth?
The value of a Bitcoin (as measured in US Dollars or any other currency) is determined by the automated online markets. These markets operate 24 hours a day, 7 days a week, 365 days a year. They match buyers and their "bid prices". with sellers and their "asking prices". automatically.
Normally, what we call the "value of a Bitcoin" is simply the last amount a Bitcoin sold for on one of the major markets (or an average of several).
See the Value tab for links to web sites that give real-time value information.
A Guide to Bitcoin Mining: Why Someone Bought a $1,500 Bitcoin Miner on eBay for $20,600
The world's first ASIC-based miner, via Avalon
With the price of bitcoins skyrocketing, mining is suddenly big business, so enticingly big that one wannabe miner was willing to pay a 1,333 percent premium to get his (or her) foot in the door of this wildly lucrative bitcoin bonanza. Ladies and gentlemen, welcome to the bitcoin gold rush.
The craziest part? This wasn’t an auction for a physical, working, ready-to-ship bitcoin mining machine from Avalon. which claims to be the first to develop turnkey, bitcoin-specific mining computers for sale. For $20,600 (bidding started at a reasonable $500 ), the lucky winner only received a place in line and the promise that an actual (pre-ordered) miner will be delivered sometime next month. If that sounds ridiculous, well, it’s because it quite possibly is.
But clearly there are bitcoin-savvy folks betting that paying 13 times the price of a machine will actually pay off. How did we arrive at this maniacal juncture? Was it greed? Stupidity? Or simple mathematics? For the full story, we’ll have to start from the top.
How bitcoin mining works
In order to keep a record of everything, bitcoin has a ledger known as the “block chain,” a shared database of all successful transactions. Every transaction that occurs must be broadcast to the bitcoin network and everyone connected to the bitcoin network has a copy of the block chain.
Click to enlarge. How bitcoin works, by Joshua J. Romero, Brandon Palacio & Karlssonwilker Inc.
The purpose of bitcoin miners is to verify these transactions and then add groups of transactions, called blocks, to the block chain. This process occurs roughly every 10 minutes. For every block added, the successful miner receives a certain amount of bitcoins for his troubles, plus transaction fees. The reward started out at 50 bitcoins, but it's cut in half every 4 years. Right now, you get get 25 bitcoins for every block mined.
Anyone can technically become a miner. The software is ready to download. all you have to do is contribute raw computing power, which means your main recurring costs are electricity bills. If you solve the next block, the spoils are yours. The more processing power at your disposal, the greater your mining ability.
But here’s the kicker. Built into the model is a “difficulty” metric, which is recalculated whenever 2016 blocks are added. As the speed of mining goes up (as more processing power is added to the system), the difficulty will increase proportionately to compensate in order to maintain the rate of one block every 10 minutes.
Mining difficulty increases at a predictable rate, via bitcoinX
What this means is that your ability to mine bitcoins isn’t necessarily about absolute computing power, but rather your computing power relative to other mines. Of course, in the end, that still means you’re going to want the most powerful hardware possible if you want to maximize your mining ability. But it also means that if you don’t keep pace, you’re going to be left behind. Which brings us to.
Back in 2009, when Satoshi Nakamoto first birthed bitcoin, mining difficulty was relatively low, which meant that anyone could download the software and more or less start mining with only their CPU.
The next logical step was the GPU, dedicated graphics chips usually reserved for gaming. A graphics card from the likes of Nvidia or ATI offered a significant boost over Intel and AMD CPUs. For about $150, you could buy an off-the-shelf graphics card and start a fairly profitable mining business in mid-2011.
As more miners joined the party, difficulty increased, making the profit to power consumption ratio unpalatable for those used to a higher rate of return. Bitcoin's price collapse in July of 2011 only exacerbated the situation. Even if you believed in the future of bitcoin, if you spent more on your electric bill than you made from mining, you were better off just buying bitcoins.
This initiated the advent of FPGA. or field-programmable gate array, use in mining. That's a mouthful for the technical layman, but all you really need to know is that these add-on cards, which cost in the hundreds of dollars, offered comparable mining performance to GPUs while using way less power. Better energy efficiency meant higher profit margins. Eventually, any self-respecting miner was FPGA-equipped.
A mining rig hooked up with 41 Icarus FPGAs, via Xiangfu Liu
The endgame, however, was always going to be the ASIC, an application-specific integrated circuit–in other words, a chip designed from the ground up for the specific purpose of mining bitcoins. The result is a system that is not only incredibly powerful compared to anything else, it’s also exceedingly energy efficient.
ASIC also represents the theoretical limit on the hardware capabilities of mining equipment. Sure, you could keep shrinking the die-size of the chip so that it uses even less power, but even that road eventually ends. It’s simple physics: things can only get so small. Until quantum computing arrives–if it ever does–for bitcoin miners, using ASICs is the way to go.
For a while, the bitcoin ASIC was a pipe dream. Designing and manufacturing your own chip requires significant upfront investment. With bitcoin’s future still uncertain, many figured FPGAs would be the best hardware miners ever got. Then, last summer, a company called Butterfly Labs started taking pre-orders for fully functional ASIC systems for $1,299 and promised to ship in October. Another company, bASIC, started taking pre-orders soon after.
As with most things bitcoin in these early days, the whole ordeal was contrasted by wild enthusiasm and lingering fear, uncertainty, and doubt. The guys from bASIC ended up running with the money (although it appears they have been attempting to give partial refunds). Meanwhile, Butterfly Labs, after numerous delays, has still yet to ship anything, although it’s generally believed that they eventually will.
Avalon's ASIC chips
Only one company followed through. Avalon started taking orders in September, promising delivery sometime in February. That first batch of 300 pre-orders sold out within hours. By the end of January, Avalon shipped their first two units from China just before the new year's festivities, effectively becoming the world’s first ever company to produce an ASIC bitcoin miner. ASICminer, another major developer went online in February as well, although these units were never sold to the public (but you can buy shares in the company). A new era had begun.
Where we are today
Remember, the ability to mine bitcoins is based on relative computing power. As such, whoever got their hands on those first ASIC machines–which are roughly 50 times more powerful than the next best thing–would quite literally print money. That lucky man was Jeff Garzik. who was incidentally pushed to the front of the queue by Avalon for being a core bitcoin developer. It’s an open source project after all. (The other unit went to the Bitcoin Foundation .)
Garzik made back the cost of the $1,299 ASIC bitcoin miner in about a week. The remaining units from batch one were delivered by the end of February.
Having gained some credibility and silenced the trolls, Avalon started accepting orders for batch two, which totaled 600 units at a cost of $1,499 each. Batch two pre-orders sold out within 20 minutes. Those units are scheduled to complete shipping by the first week of April. But while miners in batch two will still do well for themselves, they’ll be doing less well than batch two over time as difficulty inevitably ramps up.
Which finally brings us back to our exuberant eBayer, the one who paid over $20,000 to cut in line and join the other batch two early birds. Is the worm really worth an $18,500 premium? Only time will tell. But if the price of bitcoin continues its meteoric rise, he too, will eventually mine his money back, sooner rather than later. Under current conditions, he'll break even in 50 days, with daily revenues of $434.12, according to BitcoinX. All things considered, not too bad. Granted, it's impossible to know how bitcoin will perform in that time.
BitCoin for Beginners - Mac OS Mining, Tips, Mining Software, Wallets And More ! Part 2
The arrival of ASIC-miners, in graph form, via bitcoin.sipa.be
We do know however, that he'll be in for some stiff competition and with it, the reality of diminishing returns as more ASIC units flood the system. Butterfly Labs–rumored to have sold over 20,000 pre-orders as of a month ago–is expected to start shipping in May or June. Still chugging along, Avalon revealed it would start taking orders for batch three in the next few days.
This time around, one of the 600 Avalon miners will cost
75 BTC (the batch three price of the systems will be calculated so that break even point will be 30 days, once the difficulty resets), which comes out to over $5000 with bitcoins trading at
$70.
If that seems pricey–it is nearly five times the price of an identical unit from batch two–it’s still only a fraction of the market value. And really, there are few other businesses whose start-up costs are designed to break even in just a month. Such is the insanity of bitcoin mania.
A Guide to Bitcoin Mining: Why Someone Bought a $1,500 Bitcoin Miner on eBay for $20,600
The world's first ASIC-based miner, via Avalon
With the price of bitcoins skyrocketing, mining is suddenly big business, so enticingly big that one wannabe miner was willing to pay a 1,333 percent premium to get his (or her) foot in the door of this wildly lucrative bitcoin bonanza. Ladies and gentlemen, welcome to the bitcoin gold rush.
The craziest part? This wasn’t an auction for a physical, working, ready-to-ship bitcoin mining machine from Avalon. which claims to be the first to develop turnkey, bitcoin-specific mining computers for sale. For $20,600 (bidding started at a reasonable $500 ), the lucky winner only received a place in line and the promise that an actual (pre-ordered) miner will be delivered sometime next month. If that sounds ridiculous, well, it’s because it quite possibly is.
But clearly there are bitcoin-savvy folks betting that paying 13 times the price of a machine will actually pay off. How did we arrive at this maniacal juncture? Was it greed? Stupidity? Or simple mathematics? For the full story, we’ll have to start from the top.
How bitcoin mining works
In order to keep a record of everything, bitcoin has a ledger known as the “block chain,” a shared database of all successful transactions. Every transaction that occurs must be broadcast to the bitcoin network and everyone connected to the bitcoin network has a copy of the block chain.
Click to enlarge. How bitcoin works, by Joshua J. Romero, Brandon Palacio & Karlssonwilker Inc.
The purpose of bitcoin miners is to verify these transactions and then add groups of transactions, called blocks, to the block chain. This process occurs roughly every 10 minutes. For every block added, the successful miner receives a certain amount of bitcoins for his troubles, plus transaction fees. The reward started out at 50 bitcoins, but it's cut in half every 4 years. Right now, you get get 25 bitcoins for every block mined.
Anyone can technically become a miner. The software is ready to download. all you have to do is contribute raw computing power, which means your main recurring costs are electricity bills. If you solve the next block, the spoils are yours. The more processing power at your disposal, the greater your mining ability.
But here’s the kicker. Built into the model is a “difficulty” metric, which is recalculated whenever 2016 blocks are added. As the speed of mining goes up (as more processing power is added to the system), the difficulty will increase proportionately to compensate in order to maintain the rate of one block every 10 minutes.
Mining difficulty increases at a predictable rate, via bitcoinX
What this means is that your ability to mine bitcoins isn’t necessarily about absolute computing power, but rather your computing power relative to other mines. Of course, in the end, that still means you’re going to want the most powerful hardware possible if you want to maximize your mining ability. But it also means that if you don’t keep pace, you’re going to be left behind. Which brings us to.
A brief history of mining hardware
Back in 2009, when Satoshi Nakamoto first birthed bitcoin, mining difficulty was relatively low, which meant that anyone could download the software and more or less start mining with only their CPU.
The next logical step was the GPU, dedicated graphics chips usually reserved for gaming. A graphics card from the likes of Nvidia or ATI offered a significant boost over Intel and AMD CPUs. For about $150, you could buy an off-the-shelf graphics card and start a fairly profitable mining business in mid-2011.
As more miners joined the party, difficulty increased, making the profit to power consumption ratio unpalatable for those used to a higher rate of return. Bitcoin's price collapse in July of 2011 only exacerbated the situation. Even if you believed in the future of bitcoin, if you spent more on your electric bill than you made from mining, you were better off just buying bitcoins.
This initiated the advent of FPGA. or field-programmable gate array, use in mining. That's a mouthful for the technical layman, but all you really need to know is that these add-on cards, which cost in the hundreds of dollars, offered comparable mining performance to GPUs while using way less power. Better energy efficiency meant higher profit margins. Eventually, any self-respecting miner was FPGA-equipped.
A mining rig hooked up with 41 Icarus FPGAs, via Xiangfu Liu
The endgame, however, was always going to be the ASIC, an application-specific integrated circuit–in other words, a chip designed from the ground up for the specific purpose of mining bitcoins. The result is a system that is not only incredibly powerful compared to anything else, it’s also exceedingly energy efficient.
ASIC also represents the theoretical limit on the hardware capabilities of mining equipment. Sure, you could keep shrinking the die-size of the chip so that it uses even less power, but even that road eventually ends. It’s simple physics: things can only get so small. Until quantum computing arrives–if it ever does–for bitcoin miners, using ASICs is the way to go.
For a while, the bitcoin ASIC was a pipe dream. Designing and manufacturing your own chip requires significant upfront investment. With bitcoin’s future still uncertain, many figured FPGAs would be the best hardware miners ever got. Then, last summer, a company called Butterfly Labs started taking pre-orders for fully functional ASIC systems for $1,299 and promised to ship in October. Another company, bASIC, started taking pre-orders soon after.
As with most things bitcoin in these early days, the whole ordeal was contrasted by wild enthusiasm and lingering fear, uncertainty, and doubt. The guys from bASIC ended up running with the money (although it appears they have been attempting to give partial refunds). Meanwhile, Butterfly Labs, after numerous delays, has still yet to ship anything, although it’s generally believed that they eventually will.
Avalon's ASIC chips
Only one company followed through. Avalon started taking orders in September, promising delivery sometime in February. That first batch of 300 pre-orders sold out within hours. By the end of January, Avalon shipped their first two units from China just before the new year's festivities, effectively becoming the world’s first ever company to produce an ASIC bitcoin miner. ASICminer, another major developer went online in February as well, although these units were never sold to the public (but you can buy shares in the company). A new era had begun.
Where we are today
Remember, the ability to mine bitcoins is based on relative computing power. As such, whoever got their hands on those first ASIC machines–which are roughly 50 times more powerful than the next best thing–would quite literally print money. That lucky man was Jeff Garzik. who was incidentally pushed to the front of the queue by Avalon for being a core bitcoin developer. It’s an open source project after all. (The other unit went to the Bitcoin Foundation .)
Garzik made back the cost of the $1,299 ASIC bitcoin miner in about a week. The remaining units from batch one were delivered by the end of February.
Having gained some credibility and silenced the trolls, Avalon started accepting orders for batch two, which totaled 600 units at a cost of $1,499 each. Batch two pre-orders sold out within 20 minutes. Those units are scheduled to complete shipping by the first week of April. But while miners in batch two will still do well for themselves, they’ll be doing less well than batch two over time as difficulty inevitably ramps up.
Which finally brings us back to our exuberant eBayer, the one who paid over $20,000 to cut in line and join the other batch two early birds. Is the worm really worth an $18,500 premium? Only time will tell. But if the price of bitcoin continues its meteoric rise, he too, will eventually mine his money back, sooner rather than later. Under current conditions, he'll break even in 50 days, with daily revenues of $434.12, according to BitcoinX. All things considered, not too bad. Granted, it's impossible to know how bitcoin will perform in that time.
The arrival of ASIC-miners, in graph form, via bitcoin.sipa.be
We do know however, that he'll be in for some stiff competition and with it, the reality of diminishing returns as more ASIC units flood the system. Butterfly Labs–rumored to have sold over 20,000 pre-orders as of a month ago–is expected to start shipping in May or June. Still chugging along, Avalon revealed it would start taking orders for batch three in the next few days.
This time around, one of the 600 Avalon miners will cost
75 BTC (the batch three price of the systems will be calculated so that break even point will be 30 days, once the difficulty resets), which comes out to over $5000 with bitcoins trading at
$70.
If that seems pricey–it is nearly five times the price of an identical unit from batch two–it’s still only a fraction of the market value. And really, there are few other businesses whose start-up costs are designed to break even in just a month. Such is the insanity of bitcoin mania.
Read more about bitcoin:
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GaudyGabriev02: If you want to mine and U dont have equipment to do it, you can mine in the cloud *Cloud Mining*: https://cex.io/r/1/Gaudy/0/
darodism: God I love the fact that PC geeks have no idea how Bitcoin really works in the backbone. It doesn't matter if you make a gaming pc idiot wow.
Kurtis Beacroft: whats the G/hash?
ToNnY cAsSiDy: where can i get something like os or anything for bitcoin mining ?
Crucafixxx: Bonito
Niladem Hec: 2 years ago i agree but now, no interest
ElectronicNRG: 1:57. Poldergeist. )
Сергей Иванов: Help to the prisoners of the Putin regime in Russia!If you have some spare coins send it to this address 1JkaL9uGXTvNbgPn8bqqJhUnTEi9k1inkS Thank you not indifferent people in advance.
xxxRampage1xxx: Here a site you can sell some of your hashing power https://cex.io/r/0/xxxrampage1xxx/0/ Nice video
IVER WEENER: Like ur rig m8 would u plz provide me with everything i need for me to build my own
moko bit: Hello, today is it possible to mine with this configuration? Regards.
Jonathan Sansom: I need college money SEND BTC HERE 1JCGFUJhMwgUrphVUXNdC9d79CcCXJyfwQ
Frederikq8: what program are you useing to get coins?
samsat1024: Very nice!
Conmega: Found this site, make yourself a few Bitcoins for free! Honestly I'm surprised its actually that simple, now sure its not a lot but free Bitcoins are free Bitcoins! http://freebitco.in/?r=49531
IMakeOrWatchVideos: why get a case?
Magnus Jonsson: *OUTPUT: 1624MH/s using 4 Gigabyte HD 5870 UD Cards @ 900MHz/302MHz* Chassi: Antec LanBoy Air Midi Tower Motherboard: MSI 980FXA-GD70, Socket-AM3 CPU: AMD Athlon II X2 250 PSU: Corsair AX 1200W (best PSU ever) RAM: Corsair Vengeance DDR3 1600MHz 2x2GB CL9 GPU: Gigabyte HD5870 UD (overclocked to 900Mhz, mem downclocked to 302MH/s) Most important part of a Bitcoin miner is using the right software and keep tuning it to find the right balance between performance, power usage and temperature. *INSTALL GUIDE - BITCOIN MINING SOFTWARE ON UBUNTU 11.04* sudo add-apt-repository ppa:ubuntu-x-swat/x-updates sudo apt-get update sudo apt-get install screen sudo apt-get install libqt4-network screen -S update sudo apt-get install fglrx vim openssh-server g++ libboost-all-dev subversion git-core python-numpy screen -d -m -S icd wget http://download2-developer.amd.com/amd/Stream20GA/icd-registration.tgz screen -d -m -S pyopencl wget http://pypi.python.org/packages/source/p/pyopencl/pyopencl-0.92.tar.gz screen -d -m -S stream wget http://download2-developer.amd.com/amd/APPSDK/AMD-APP-SDK-v2.4-lnx64.tgz screen -r stream sudo tar xvfz AMD-APP-SDK-v2.4-lnx64.tgz -C /opt sudo tar xvfz icd-registration.tgz -C / cd /opt/AMD-APP-SDK-v2.4-lnx64 sudo tar xvfz icd-registration.tgz -C / cd
drepix3l: what an estimate of how much u make daily
xCrackify: how much bitcoins do you earn on one day with this pc?
Dylan Oakes: lol this is perfect if your in a dorm who that pays for your electricity
R Watson: wouldent it be better to go for an FX 4170 or a 6100 or higher, so you have at least a core to a card, might boost you up a bit more
iFuZiiOnZTuts: Ok so it's only about the price point of the 5850. I know that the last radeon serie back in 2011 was the 5xxx serie but why not to take a 5950 or 5970 ?
mrzazzaable: lol what a waste, you can get a 5gs miner for 300 bucks
Imdor: Stock heatsinks comes with the paste pre applied.
boskie165: Lol, I totally would but I use mine for playing games and watching movies and making music on as well! And I certainly couldn't do what I do well on a cheap Sempron with 2gb of RAM!
deear diesel: Would you run into any type of bottlenecking with 4 7970's with that mobo, srs question! thanx! nice rig, gj building!
Bluehyfin: yes. unless you can build a high hash low wattage miner its not even worth it
leoleonardo: About 0.016 or just shy of 2$. Its way to slow of a rig, There are rigs in the network now that push 600-900GH/s one in the 1.5TH/s range. 1GH/s is a waste of money and wont make a profit.
boskie165: Mind you, my display driver keeps crapping out, lol, but I'm sure it's nothing. P
Bernel Rex: @ Alex, did BFL directly told you you're getting it May? I thought they started shipping July. At any rate, I got 2 orders of the5GH/s, Currently I'm running 2 computers totalling 1200MH/s for the fun of it.
boskie165: No, I was saying 1 Bitcoin is currently worth $185 CAD, but it's actually gone up to $196.82 since I made that comment last night!!
iFuZiiOnZTuts: Why is everyone taking 5850 and 5870 for bitcoin. Are they THAT good. I know Radeon cards are good but why this one especially.
HighTechRicky: either way. for what he spent to build this and it's power consumption. it's useless today (for mining)
coinminingrigs: Quite the rig. Check out coinminingrigs dotcom. I've made over $600 USD worth of Bitcoin over the last 2 months using a 'milk crate' rig. The site includes a full build guide and and software configuration guide to build your own miner.
Diego T: what software do you use?
boskie165: If you don't pay for power because your rent is inclusive, like mine, then it's pure profit. D
billyboy402: hey freak tard What does it matter the date - last year the bitcoin was alot less then in was today. i wanted to know the the cost to see if he made money back to pay for the cost of the PC. do us all a favour and man kind and eat your own pickle ;0 -
Bernel Rex: There are certain cards that provide higher hashing power..google it..
urbex2007: so how do you sell the bitcoins you have made? do you sell them or just use them yourself to buy goods online?
IveGotTheNuts: How many bitcoins a day can you produce.
aStonedPenguin: Because it's easy money. All you have to do is cash out and keep it on.Plus $2 a day is what you would get with your everyday PC not one of these mining rigs.
Grey Matters: I'm also running an Antec LanBoy Air Midi Tower on an MSI 980FXA-GD70 with the AMD Athlon II X2 250 and just recently upgraded to a Corsair AX 1200W, with the Vengeance DDR3 1600MHz 2x2GB CL9. I'm getting +- 1600 MH/s using 4 Gigabyte HD 5870 UD Cards @ 900MHz/302MHz I'm constantly tuning it to find the right balance between performance, power usage and temperature, but with the right software (and a portable freezer ;) I have it all pretty much under control. Follow the white rabbit Neo.
Rockzilla1122: *college
BrainSeepsOut: Wouldn't it be a better idea to buy a bunch of bitcoins for the money that you spent on the rig?
George K: Boskie165, so you meant $2 not 2bit coins
Steve La: Boskie165, $2 a day with 183mh/s, hard to belive
boskie165: I am averaging about $2/day though at 183mh/s. That's correct. Via Slush's pool
Bruel111: 2 years ago it was
Inside the Race to Build the World’s Fastest Bitcoin Miner
Avalon Asics CEO Yifu Guo. Photo: Alec Liu
There’s more than one way to make money from the Bitcoin craze, which has seen the value of the digital currency increase more than six-fold over the past few months. You can do it the old-fashioned way: buying low and selling high. But for the sophisticated digital-currency investor, there’s a whole other world of Bitcoin speculation: the Bitcoin mining rig.
Like the currency itself, this strangely lucrative game is heating up — in a big way. One mining rig — available for preorder at a cost of about $1,800 in February — is now selling for more than $22,000 on eBay. And it hasn’t even shipped yet.
asicbitcoinmining.info - How to Build Bitcoin/Litecoin Mining Rig with AMD Radeon 7950 GPU = 1.2GH/s
Over the past year, a handful of companies have raced to build a new generation of computers that are specifically designed to mint digital money, and many speculators across the Bitcoin world are dying to get their hands on the latest hardware. This week, one of these companies, Butterfly Labs, is finally shipping its first custom-designed machines, six months behind schedule.
If Bitcoins are the fiat currency alternative for techno libertarians, then Bitcoin miners are the digital mint operators who keep the whole thing running. Bitcoin transactions are not registered with any central bank or brokerage firm or website. They’re logged by a peer-to-peer network of computers. These computers keep track of who’s transferring Bitcoins to whom, and then — every 10 minutes — they enter a kind of cryptographer’s lottery, with the winner getting paid 25 Bitcoins for their work. That’s how new Bitcoins get into the network. It’s also how the Bitcoin miners earn their keep.
For Bitcoin miners, the name of the game is cryptography. And the lottery ticket is a hash — a number that represents a big bunch of data and is created via cryptographic algorithms. If one miner — or a group of miners — can take the transactions on the Bitcoin network and convert them into more cryptographic hashes faster than someone else, they have a better chance of winning that 25 Bitcoin payout. As Bitcoins have skyrocketed in value, the Bitcoin miners have been throwing more and more computing power onto the network.
When Bitcoins were first introduced, you could win the hashing lottery with a regular old personal computer. Now that’s pretty much impossible. In fact, it now takes about 9 million times as much processing power to produce Bitcoins as it did in the beginning. So, for any Bitcoin miner to have a reasonable chance of winning, they have to seriously up their game.
That’s where the new mining gear comes into play.
In the past year, three companies, Butterfly Labs. Avalon Asics. and Asicminer led a race to produce a new generation of computers built with custom-designed chips (they’re called ASICS: application-specific integrated circuits) that do nothing but create tickets for the Bitcoin mining lottery.
You plug one of these machines into your computer, run special mining software, and sit back and wait for the Bitcoins. But they’re so powerful that they’re making things harder for other miners. “The difficulty has been skyrocketing lately as these ASICS have been coming online,” says Gavin Andresen, chief scientist with the Bitcoin foundation.
Last summer, Bitcoin miner Scott Novich bet on Butterfly Labs. It seemed like a reasonable bet at the time because Butterfly had already shipped specialized Bitcoin mining rigs that, when pooled with other miners, were cranking out an average of four to six Bitcoins per month for Novich, a graduate student at Rice University. Butterfly had the best reputation; it had shipped well regarded mining rigs in the past. And its miners — which look like stretched out versions of the Roku media player — simply looked cool.
So last July, Novich and a few friends shelled out an advance payment of about $1,200 for a Butterfly miner that the company said would be able to perform more than 60 billion hashes per second. His current mining rig performs 750 million hashes per second.
The Butterfly gear was supposed to ship by November. Today Novich is still waiting.
The problem was that Butterfly — based out of Kansas City, Missouri — banked on a cool design and a brand new chip manufacturing process and ended up getting in over its head. “We’ve hit quite a few snags along the way, says Butterfly Chief Operations Officer Josh Zerlan.
The company had to redo its initial chip designs, but the worst snag was in November, when the Butterfly got a hold of its first chip samples. They were basically too hot to work, Zerlan says. “The plastic packaging on the top of the chip just couldn’t exhaust the heat fast enough, so it basically melted the package.”
A Butterfly miner (Photo: Butterfly Labs )
And so, with customers growing angrier by the day, Butterfly was soundly beaten in the great Bitcoin mining race by Avalon Asics. Avalon used a less-cutting-edge chip manufacturing process, and it didn’t pay too much attention to aesthetics, but it managed to ship out its first boxy, 67 Gigahash units back in February.
To hear CEO Yifu Guo tell it, Avalon won because they bet everything on a network of friends, college buddies, and acquaintances in China — who helped them build their first 300 systems in four months. After spending September and October last year working with “friends or people that were really smart” designing the systems, Guo flew to Shenzhen, China, where he spent another two months negotiating with the suppliers who would help him build his Bitcoin mining machines.
Guo called on his network to lend him cars, to introduce him to parts suppliers, even to ship packages. Avalon had sketched out the chip in the U.S. but it then paid (using Bitcoins, natch) a group of engineers at a Chinese computer company to build out the chip’s design using specialized chip-making software that created specifications that the chip’s manufacturer, Taiwan Semiconductor Manufacturing Company, could actually use.
“Nothing happens in Asia if you don’t know somebody. It doesn’t matter how much money you have,” Guo says. “That’s really what it came down to.”
Those folks who’ve been lucky enough to get their hands on one of these early Avalon systems are cleaning up. Miner Jeff Garzik was the first person to take possession of a Avalon machine. Last year, he plunked down preorder money for a variety of custom ASIC rigs, including $1,300 for his Avalon system. “At the time, it was a very risky bet,” he said in an email interview. “None of the ASIC vendors were shipping, and all were funding their efforts through a pre-order model, akin to Kickstarter. This meant any buyer was paying months in
advance for hardware that did not exist, and not even a guarantee of a refund upon failure.”
But Garzik’s Avalon bet paid off. Big time. He got his system the end of January. Within 20 hours, it had earned him nearly 15 Bitcoins. Today it cranks out just under 4 Bitcoins per day. That’s about $500 at current Bitcoin exchange rates. “The first mover advantage is enormous,” Garzik said in an email interview.
Avalon expects to ship another 1,200 rigs within the next month.
Until this week, Butterfly customers like Novich had been left on the sidelines, watching the compute power on the Bitcoin network rise up, day by day, while they waited.
Butterfly’s Zerlan says the experience has been “very painful” and some customers are extremely angry. But reviewers and first-in-line customers are finally getting their hands on Butterfly’s systems. Zerlan says that customers will still be able to make money mining Bitcoins. It will just take more time.
But with each new computer that ships, and each new adventurer that gets into Bitcoin mining, the bar is getting higher. Butterfly has already taken thousands of orders for the new systems. And Asicminer, which is both selling its own custom-designed machines and mining the Bitcoins itself, has already brought new custom ASIC systems to play.
So a year from now, the 750 megahash mining rig that Scott Novich is running at home may not be worth the power it sucks up. It really depends on how much a Bitcoin is worth in 2014. And that’s anyone’s guess.
Robert McMillan is a writer with Wired Enterprise. Got a tip? Send him an email at: robert_mcmillan [at] wired.com.
Beginners Guide to Mining Bitcoins
One of the biggest problems I ran into when I was looking to start mining Bitcoin for investment and profit was most of the sites were written for the advanced user. I am not a professional coder, I have no experience with Ubuntu, Linux and minimal experience with Mac. So, this is for the individual or group that wants to get started the easy way.
First thing you need to do is get a “Bitcoin Wallet”. Because Bitcoin is an internet based currency, you need a place to keep your Bitcoins. Got to http://www.bitcoin.org and download the Bitcoin client for your Operating System. Install it the client will begin to download the blockchain. Downloading the blockchain can take a long time and will be over 6GB of data. If you have data caps, I would recommend ordering a copy of the blockchain on DVD to keep from going over as it is growing exponentially. Click to order the bitcoin blockchain by mail. Once the client is up to date, click “New” to get your wallet address. It will be a long sequence of letters and numbers. One of most important things you can do is make sure you have a copy of the wallet.dat file on a thumb drive and print a copy out and keep it in a safe location. You can view a tutorial on how to create a secure wallet by clicking the link on the top of the page. The reason is that if you computer crashes and you do not have a copy of your wallet.dat file, you will lose all of your Bitcoins. They won’t go to someone else, they will disappear forever. It is like burning cash.
Now that you have a wallet and the client, you are probably roaring to go, but if you actually want to make Bitcoin (money), you probably need to join a pool. A pool is a group that combines their computing power to make more Bitcoins. The reason you shouldn’t go it alone is that Bitcoins are awarded in blocks, usually 50 at a time, and unless you get extremely lucky, you will not be getting any of those coins. In a pool, you are given smaller and easier algorithms to solve and all of your combined work will make you more likely to solve the bigger algorithm and earn Bitcoins that are spread out throughout the pool based on your contribution. Basically, you will make a more consistent amount of Bitcoins and will be more likely to receive a good return on your investment.
The pool that I’m involved in is called Slush’s Pool so I will be giving instructions on how to join there but feel free to look at other options. Follow the link to go to their site and click the “Sign up here” link at the top of their site and follow their step by step instructions. After you have your account set up, you will need to add a “Worker”. Basically, for every miner that you have running, you will need to have a worker ID so the pool can keep track of your contributions.
If you are mining with an ASIC, please go to our Mining with ASICs page. The following will only pertain to GPU miners.
Most of the mining programs out there are pretty complicated to setup and will frustrate your average user. Recently a great program has come out to get the most basic of users started. The program is called GUIMiner. Click the link and download the program (Be careful, some of the ads are set up to look like the file download). Install and run the program and add in your information from Slush’s Pool. Remember that the user name is actually the worker name. The worker name will be your user name, dot, worker ID (username.worker ID) and the password from that worker ID.
Mac users should look into using Astroid
Now that you are set up, you can start mining. If you feel like you want to make more Bitcoins, you might want to invest in mining hardware.
To see how much your current hardware will earn mining Bitcoins, head over to the Bitcoin Profitability Calculator .
If you found this information helpful, please donate to 1G1ehppEgjiFTUSHFz2xs9KLSQuWLPYF2o
In this E-Book, I am going to share my project in creating a Bitcoin mining cluster, which I started in June 2011. I will try to include everything from beginning to the end with as much detail as possible. Most of this project was trial and error, so I will do my best to note each step of the way with all the pros and cons. I would beleive this to the most complete guide currently available for helping people understand the basics of Bitcoin mining, and actually being able to delve into it as well. Please keep in mind that my Bitcoin operation is completely handled under Linux operating systems, however I do have a few Windows based Bitcoin miners so I will provide notes, guides, and best practices for that OS as well. Also note that many of the references that I make in this E-Book are in regard to my person Bitcoin mining rigs.
If you do not know what Bitcoin is, I highly suggest you read up on the following sites:
Assuming you are not solo mining, you will need to create account with 1 or more bitcoin mining pools. Discussed in section 12.
2. Find a location for your bitcoin miners
You will need to find a good place that you can keep your bitcoin mining rigs. Somewhere they will not be bothered. No kids, pets, weather, or other interferences.
You will need to ensure that wherever you keep you bitcoin mining rigs you have: An internet connection, enough power, and a suitable operating temperature with enough airflow. Discussed in section 6, 7, and 8.
4. Asses your budget
Determine how much money you have, and want to invest in bitcoin miners. Weigh the profit, loss, and risks. Discussed in section 2, and 3.
5. Decide on hardware and purchase hardware
You will need to select and purchase the best hardware according to your budget. All this is explained in section 4.
6. Build, configure, and test bitcoin rigs
You will need to be capable of building these machines from scratch. Without the knowledge of building computers, it is going to be difficult to be successful in running your own bitcoin mining rig. You must know the ins and outs of these beasts. Also discussed in section 4.
7. Obtain and implement software and scripts
There are many options to choose from. Will you be using Windows, or Linux? What kind of Bitcoin mining software will you choose? Will you decide to automate your bitcoin mining rigs? The questions will never end. Learn more in section 11.
8. Setup bitcoin proxy
Now that you have everything setup, you could centralize everything using a bitcoin proxy. This will always keep your login information the same, and allow you to manage mining pools and workers very easily. Discussed in section 13.
9. Deploy
Finally, deploy your bitcoin miners, and start generating bitcoins!
10. Overclock
When everything is running smoothly, get even more performance out of your GPUs by overclocking them. Discussed in section 9.
Here are the primary things we will cover in this E-Book:
I apologize for the order of these items, as you may need to jump around through sections to reference terms, and explanations. I did not think I would be elaborating this much.
What is Bitcoin mining?
Center for Financial Services
Description
The Center for Financial Services oversees the operations of the UBS Simulation, Learning, and Research Lab, conducts a Trading Challenge for students, and organizes an annual Wall Street on Campus financial strategy education seminar. The Center plays a key role in fulfilling the School’s mission of providing a comprehensive business and management education to students, by enabling them to gain real-world knowledge, practical skills, and the enhanced ability to research and analyze business issues. It is a vital resource for teaching, learning, and research, and it has been a showpiece for the School of Business. The activities of the Center enable faculty to integrate real-world perspectives into their courses and enhance the practical utility of education through experiential learning-by-doing for students. The Center has been instrumental in generating enthusiasm for School of Business students among recruiters. In recent years, several leading firms have been attracted toward hiring our well-prepared students, either for the first time or in larger numbers. Dr. Sandip Mukherji, CFA, Professor of Finance, has served as the Director of the Center since its inception, and he is supported by a second-year graduate assistant.
Mission Statement
The mission of the Center is to provide business students and faculty with advanced computer resources, access to practical knowledge and skills, and real-world environments, for researching and analyzing business issues. The Center’s goals are to encourage and facilitate use of the UBS SLR Lab by students and faculty, and student participation in Trading Challenges, besides successfully organizing and encouraging student participation in the Wall Street on Campus financial strategy education seminar.
Set up as a trading floor, the UBS SLR Lab has 26 computers with dual monitors, 3 LCD projectors, a live ticker, and an LCD monitor tuned to business news. The computers in the Lab provide access to an array of cutting-edge software programs and subscription websites for investment information and analysis (MorningStar Direct, Standard & Poor’s Research Insight, and Value Line); risk analysis using simulations, forecasting, and optimizations (Crystal Ball Professional Edition); statistical analysis (SPSS); technical analysis (Metastock Professional); and a Trading Challenge (Stocktrak). Use of the Lab has grown significantly since its inception. In the 2010-11 academic year, 20 faculty members used the Lab for 39 classes and 149 assignments in 34 courses. In addition, there were 240 student visits to the Lab for independent work on assignments.
The Trading Challenge is conducted for 11 to 12 weeks each semester through the dedicated website of the School of Business provided by Stocktrak. Several courses require participation in the Challenge, and it is also open to all School of Business students. Securities available for trading are stocks, bonds, mutual funds, options on stocks and futures, spot currencies and commodities, and most popular commodity, index, and foreign currency Futures. Initial funds of $500,000 can be leveraged with 50% margin, but the position limit is $100,000. The maximum number of trades is 500. Short sales and day trading are allowed. Students with the top five portfolio values share $2,500 in scholarship awards. In the 2010-11 academic year, the Challenge attracted a record 460 student participants.
The Wall Street on Campus financial strategy education seminar is held from 10 a.m. to 5 p.m. on a Friday in the first half of October each year. The goal of the seminar is to expose students to practical knowledge and insights on financial strategies from leading professional experts, and to provide students with information about careers in financial services. The fifth annual seminar in 2010 had one-hour sessions on Economic and Market Outlook, Outlook and Recommendations for Stocks and Bonds, U. S. Municipal Bond Market – A Global Perspective, and a panel discussion on Careers in Financial Services. Mark Rosenberg, Chairman & CEO of SSARIS Advisors, the Hedge Fund Affiliate of State Street Global Advisors, delivered the keynote Brown Capital Management Executive Lecture. Bank of America, BlackRock Private Investors, J.P. Morgan, and UBS provided six speakers and panelists for the event, which was attended by 156 students and 8 faculty members from seven universities: American, Bowie State, Georgetown, George Washington, Howard, University of DC, and West Virginia State University. Other leading financial institutions, such as Credit Suisse, Goldman Sachs, and Morgan Stanley have provided speakers and panelists for the seminar in recent years.
Inside the Race to Build the World’s Fastest Bitcoin Miner
Avalon Asics CEO Yifu Guo. Photo: Alec Liu
There’s more than one way to make money from the Bitcoin craze, which has seen the value of the digital currency increase more than six-fold over the past few months. You can do it the old-fashioned way: buying low and selling high. But for the sophisticated digital-currency investor, there’s a whole other world of Bitcoin speculation: the Bitcoin mining rig.
Like the currency itself, this strangely lucrative game is heating up — in a big way. One mining rig — available for preorder at a cost of about $1,800 in February — is now selling for more than $22,000 on eBay. And it hasn’t even shipped yet.
Over the past year, a handful of companies have raced to build a new generation of computers that are specifically designed to mint digital money, and many speculators across the Bitcoin world are dying to get their hands on the latest hardware. This week, one of these companies, Butterfly Labs, is finally shipping its first custom-designed machines, six months behind schedule.
If Bitcoins are the fiat currency alternative for techno libertarians, then Bitcoin miners are the digital mint operators who keep the whole thing running. Bitcoin transactions are not registered with any central bank or brokerage firm or website. They’re logged by a peer-to-peer network of computers. These computers keep track of who’s transferring Bitcoins to whom, and then — every 10 minutes — they enter a kind of cryptographer’s lottery, with the winner getting paid 25 Bitcoins for their work. That’s how new Bitcoins get into the network. It’s also how the Bitcoin miners earn their keep.
For Bitcoin miners, the name of the game is cryptography. And the lottery ticket is a hash — a number that represents a big bunch of data and is created via cryptographic algorithms. If one miner — or a group of miners — can take the transactions on the Bitcoin network and convert them into more cryptographic hashes faster than someone else, they have a better chance of winning that 25 Bitcoin payout. As Bitcoins have skyrocketed in value, the Bitcoin miners have been throwing more and more computing power onto the network.
When Bitcoins were first introduced, you could win the hashing lottery with a regular old personal computer. Now that’s pretty much impossible. In fact, it now takes about 9 million times as much processing power to produce Bitcoins as it did in the beginning. So, for any Bitcoin miner to have a reasonable chance of winning, they have to seriously up their game.
That’s where the new mining gear comes into play.
In the past year, three companies, Butterfly Labs. Avalon Asics. and Asicminer led a race to produce a new generation of computers built with custom-designed chips (they’re called ASICS: application-specific integrated circuits) that do nothing but create tickets for the Bitcoin mining lottery.
You plug one of these machines into your computer, run special mining software, and sit back and wait for the Bitcoins. But they’re so powerful that they’re making things harder for other miners. “The difficulty has been skyrocketing lately as these ASICS have been coming online,” says Gavin Andresen, chief scientist with the Bitcoin foundation.
Last summer, Bitcoin miner Scott Novich bet on Butterfly Labs. It seemed like a reasonable bet at the time because Butterfly had already shipped specialized Bitcoin mining rigs that, when pooled with other miners, were cranking out an average of four to six Bitcoins per month for Novich, a graduate student at Rice University. Butterfly had the best reputation; it had shipped well regarded mining rigs in the past. And its miners — which look like stretched out versions of the Roku media player — simply looked cool.
So last July, Novich and a few friends shelled out an advance payment of about $1,200 for a Butterfly miner that the company said would be able to perform more than 60 billion hashes per second. His current mining rig performs 750 million hashes per second.
The Butterfly gear was supposed to ship by November. Today Novich is still waiting.
The problem was that Butterfly — based out of Kansas City, Missouri — banked on a cool design and a brand new chip manufacturing process and ended up getting in over its head. “We’ve hit quite a few snags along the way, says Butterfly Chief Operations Officer Josh Zerlan.
The company had to redo its initial chip designs, but the worst snag was in November, when the Butterfly got a hold of its first chip samples. They were basically too hot to work, Zerlan says. “The plastic packaging on the top of the chip just couldn’t exhaust the heat fast enough, so it basically melted the package.”
A Butterfly miner (Photo: Butterfly Labs )
Forget Mining BITCOIN, Start MINING LITECOIN with Home Built LITECOIN MINING RIG
And so, with customers growing angrier by the day, Butterfly was soundly beaten in the great Bitcoin mining race by Avalon Asics. Avalon used a less-cutting-edge chip manufacturing process, and it didn’t pay too much attention to aesthetics, but it managed to ship out its first boxy, 67 Gigahash units back in February.
To hear CEO Yifu Guo tell it, Avalon won because they bet everything on a network of friends, college buddies, and acquaintances in China — who helped them build their first 300 systems in four months. After spending September and October last year working with “friends or people that were really smart” designing the systems, Guo flew to Shenzhen, China, where he spent another two months negotiating with the suppliers who would help him build his Bitcoin mining machines.
Guo called on his network to lend him cars, to introduce him to parts suppliers, even to ship packages. Avalon had sketched out the chip in the U.S. but it then paid (using Bitcoins, natch) a group of engineers at a Chinese computer company to build out the chip’s design using specialized chip-making software that created specifications that the chip’s manufacturer, Taiwan Semiconductor Manufacturing Company, could actually use.
“Nothing happens in Asia if you don’t know somebody. It doesn’t matter how much money you have,” Guo says. “That’s really what it came down to.”
Those folks who’ve been lucky enough to get their hands on one of these early Avalon systems are cleaning up. Miner Jeff Garzik was the first person to take possession of a Avalon machine. Last year, he plunked down preorder money for a variety of custom ASIC rigs, including $1,300 for his Avalon system. “At the time, it was a very risky bet,” he said in an email interview. “None of the ASIC vendors were shipping, and all were funding their efforts through a pre-order model, akin to Kickstarter. This meant any buyer was paying months in
advance for hardware that did not exist, and not even a guarantee of a refund upon failure.”
But Garzik’s Avalon bet paid off. Big time. He got his system the end of January. Within 20 hours, it had earned him nearly 15 Bitcoins. Today it cranks out just under 4 Bitcoins per day. That’s about $500 at current Bitcoin exchange rates. “The first mover advantage is enormous,” Garzik said in an email interview.
Avalon expects to ship another 1,200 rigs within the next month.
Until this week, Butterfly customers like Novich had been left on the sidelines, watching the compute power on the Bitcoin network rise up, day by day, while they waited.
Butterfly’s Zerlan says the experience has been “very painful” and some customers are extremely angry. But reviewers and first-in-line customers are finally getting their hands on Butterfly’s systems. Zerlan says that customers will still be able to make money mining Bitcoins. It will just take more time.
But with each new computer that ships, and each new adventurer that gets into Bitcoin mining, the bar is getting higher. Butterfly has already taken thousands of orders for the new systems. And Asicminer, which is both selling its own custom-designed machines and mining the Bitcoins itself, has already brought new custom ASIC systems to play.
So a year from now, the 750 megahash mining rig that Scott Novich is running at home may not be worth the power it sucks up. It really depends on how much a Bitcoin is worth in 2014. And that’s anyone’s guess.
Robert McMillan is a writer with Wired Enterprise. Got a tip? Send him an email at: robert_mcmillan [at] wired.com.
Litecoin 101: How To Build Your Own Mining Rigs
UPDATE 2: I’ve recently switched my mining hardware to Dogecoin due to its rising popularity and lower difficulty. I’ve found it to be more profitable, and it may be worth pursuing depending on your specific situations.
We’re still not even sure who created Bitcoin, the first cryptocurrency to go mainstream. Its value is erratic, swinging dramatically up and down within weeks. We don’t know who will adopt or condemn it next, but one thing is certain: This new form of decentralized currency is resilient, and you can mine it, trade it, and sell it using nothing more than off-the-shelf PC parts geared toward gamers.
Former Google employee Charlie Lee, Litecoin’s creator, refers to it as “silver to Bitcoin’s gold.” His intent was to improve on Bitcoin and, in the process, make it more accessible and obtainable. Indeed, Litecoin can be “mined” by off-the-shelf PC components typically snatched up by gamers.
The Forbes E-book On Bitcoin Secret Money: Living on Bitcoin in the Real World . by Forbes staff writer Kashmir Hill, can be bought in Bitcoin or legal tender.
But if you’ve been drawn in by the headline, you’re not here for a history lesson. You’re here to jump into the Litecoin mining pool. With that in mind, I’m going to present two distinct PC builds focused exclusively on Litecoin mining and explain some of the basic requirements and best practices along the way.
First, let me qualify myself: I’ve been mining 24/7 for the past two weeks; not long, but obsessively. I’ve scoured dozens of forums and Reddit threads for answers and engaged in a lot of trial and error. I’ve successfully turned what I instinctively viewed as “funny money” that existed in an encrypted digital Litecoin wallet into actual $USD deposited into my checking account. If it’s impossible to wrap your head around that, you’re not alone!
Next, I’m going to caution you: Like playing the stock market or investing in general, there is a risk associated with Litecoin mining. Cryptocurrency is decentralized and unregulated. It’s volatile, and there are significantly less experts in this realm to advise you. While I can’t recommend what’s best for you, I will share that I have three dedicated Litecoin mining rigs running at home. I believe in its long-term value.
If you’re not comfortable assembling your own PC, there are a wealth of people on eBay willing to charge you an exorbitant amount of money for the opportunity. If you want the satisfaction and inherent pride in doing it yourself, NewEgg has an excellent video tutorial here. Or you can leave a comment and I’ll do my best to lend an assist.
Finally, make sure to subscribe to the RSS feed of this blog, follow me on Facebook, or just keep your eyes on Forbes Tech. This guide will be published in multiple parts; we’ll first tackle the hardware involved, then go into detail setting up the software and associated websites. We’ll conclude it with a look at how to turn your mined Litecoins into cash.
UPDATE . As reader Chris rightly points out, including the increasing “difficulty” of mining blocks in your ROI calculations is important. I didn’t want to journey down that rabbit hole just yet and subsequently overwhelm readers new to the mining craze, but it’s yet another aspect of mining that reinforces how volatile it is. If you commit to doing this, base your decision on extensive research and not merely an impulse. In my opinion the increasing challenge and dwindling supply of a finite amount of coins will raise the overall value of Litecoin.
To study up on the difficulty factor, read this Wiki page. This chart from Litecoinscout.com illustrates the rise in difficulty over the last 10 days, but that alone shouldn’t be a barrier to entry:
Litecoin Difficulty Changes: 10 Day Window
4 GPU Litecoin/Dogecoin Mining Rig Guide
Home-built crypto currency mining rigs are a great way to invest in the new digital currencies, while avoiding some of the risk involved in purchasing the coins outright. This guide will show you how to assemble a fairly easy to build ‘milk crate mining rig’. This rig is capable of mining at over 2,800Kh/s. As of the date this guide was updated (01/28/2014), a 4 GPU Litecoin mining rig like this can generate over $600 USD worth of Litecoins per month or over $1k worth of Dogecoin, and will cost you between $2,000-$2,500 to build. If you want to see the live current calculation yourself click here. for a pre-configured calculator with the hashrate and energy use for this Litecoin mining rig already entered. You’ll just have to enter your electricity rate to calculate your net profits. I have built several of these rigs for myself and friends. Build time should be no more than 2 hrs.
Mining Hardware Build List
Power Supply – $230 – EVGA 1300 Watt Gold Rated Power Supply - If this PSU is out of stock, or is taking longer to ship than you’d like to wait for, I’d recommend getting two lower powered EVGA 750 watt Gold Rated PSU’s and connecting them together with this add2psu adapter to power your rig. Either option will cost roughly the same amount.
Motherboard – $90 – ASRock MB-970EX4 Socket AM3+/ AMD 970/ AMD (best motherboard for mining at the moment). If it is out of stock, this one or this one are good alternatives.
Graphics Cards (GPU) - $400 x 4 AMD Radeon R9 280x - This is one of the best graphics card for alt-currency mining (now that the Radeon 7950 is virtually unavailable). It is capable of over 750Kh/s per card, bringing your total rig power to 3,000 Kh/s. Stick with the Sapphire, Gigabyte, ASUS or MSI brands and avoid the HIS, Powercolor and XFX brands as they are known to have issues with mining. There are several other recommended mining cards listed here. Just remember to calculate the power requirements for whichever cards you decide to go with.
CPU – $40 - AMD Sempron 145 Processor - We’ve chosen the cheapest option here, since the CPU doesn’t affect mining efficiency.
RAM - $50 - 4 GB Corsair DDR3 RAM
1x to 16x Powered Riser Cables - $6 x 4 - PCI Express 1X to 16X Powered Riser Cables - These riser cables allow you to suspend the graphics cards abover the motherboard for better airflow/cooling. We recommend powered riser cables which plug directly into the PSU to reduce the wattage required from the motherboard. The 1x male end of the cable plugs into either the 1x or 16x slot on the motherboard, and the 16x end of the cable is where the graphics card gets plugged in.
Hard Drive – $40 - Small Solid State Drive
Case - $6 - Plastic Milk Crate (you might be able to pick one of these up at an office supply store for less). Alternatively, for a much more aesthetically pleasing build, check out the custom built cases designed and built by Rich Chomiczewski. I’ve personally used his cases and can recommend the excellent build quality and customer service he provides.
Extra Cooling - $30 - Box Fan - Best cooling for a mining rig, as it pushes all that hot air away from the rig.
Operating System - $0-$90 - Windows 8.1 – If you’re familiar with Linux you can of course download it for free (some folks consider Linux to be the best OS for litecoin mining . since it keeps your overall costs down, improving your litecoin mining ROI). If you want to load the OS from a CD you might want to pick up a $29 external USB powered DVD drive. Many laptops in the ‘thin & light’ category are shipping with no internal optical drive, so it will probably come in handy for other uses as well.
Monitor . Mouse and Keyboard - Most people already have this trio somewhere around the house, but I included it since you’ll need it to set up your rig. Once the rig is setup it can run without these as a ‘headless mining rig’.
A note on ROI (or return-on-investment). I built my first rig in April 2013, and it paid for itself in less than 6 months, however there is no guaranteed return on mining rigs, so use your own judgement, do your due diligence, and decide if this is an investment you want to make. If nothing else, you will learn a LOT about computers in the process of building your rig.
If you’d like to trade Litecoins or any other Scrypt based currency to Bitcoin, I would recommend the Cryptsy exchange. Also, I personally use and highly recommend CoinBase for buying and selling your Bitcoin for USD here in the US. If you sign up through that link, they’ll give you $5 worth of Bitcoin to get you started as a reward for buying your first coin through them!
Putting it all Together – Assembling your Litecoin Mining Rig
Unpackage everything
Install processor and RAM on motherboard
Plug in all riser cables
Place motherboard in plastic crate
Plug in SATA hard drive
Connect all GPUs to riser cables and fasten them to plastic crate evenly spaced out for maximum heat dissipation
Plug in all power supply connections
Connect mouse, monitor and keyboard and an internet connection (I used a USB WiFi adapter )
Check all connections once more
Fire it up! Install the OS if needed. Install Graphics card drivers. Install mining software. Make sure fans are doing their job. Fire up the mining software. tweak for maximum hasrate and let ‘er run!
Budget Litecoin Mining Rig – Under $1k
You might have read our previous article, detailing how to build a 4 GPU Litecoin mining rig. but maybe you don’t want to invest that much money in a rig just yet. No worries! In today’s post, I’ll show you how you can assemble your own 1,350+Kh/s Litecoin mining rig for under $1,000. As of the date this guide was updated (1/6/2014), a 3 GPU Litecoin mining rig like this, can generate over $250 USD worth of Litecoins per month. Click here. for a pre-configured calculator with the hash-rate and energy use for this Litecoin mining rig already entered. You’ll just have to enter your local power company rate to calculate your net profits. As you can see, using the best Litecoin mining hardware currently available on the market, we can build a fairly low risk investment in the future of crypto-currency. Let’s get started!
Mining Hardware List
Essentially, a Litecoin mining rig is a custom-built PC with parts chosen for maximum hash rates (determines how fast you can mine) and minimal overall cost. Here are the parts you’ll need to build this budget sub-$1,000 rig.
Motherboard – $95 – ASUS M5A97 . This motherboard has two of the 16x PCI-e slots and two of the 1x PCI-e slots. All four slots can be used for mining GPU’s. If it is out of stock, this one or this one are good alternatives.
GPUs – $600 (3x $200) – AMD Radeon R9 270 - If the R9 270 is out of stock, the R9 270x costs just a bit more for slightly more hashing power and will still work with everything else in this setup. For specific configuration details be sure to read this litecoin mining hardware comparison .
Powered Risers – $30 (3x $10) Use 1x to 16x powered risers suspended above the motherboard with proper spacing for cooling the cards. You can get away with non-powered risers for rigs with up to 3 GPU’s, but I usually recommend going with powered risers if the price is similar as it reduces the strain on your motherboard.
CPU – $35 - AMD Sempron 145 Processor Since CPU specs have no effect on mining efficiency, we’ve chosen the cheapest option here.
RAM - $40 – 4GB Kingston DDR3 RAM
Hard Drive – $40 - 32GB Solid State Drive or boot BAMT from a fast USB thumb drive )
Case - $6 - Plastic Milk Crate (you might be able to pick one of these up at your local office supply store for less)
Power Switch - $6 – A basic Motherboard Power Switch does the trick, making it easier to start up your mining rig.
Extra Cooling - $30 - Box Fan (good supplemental cooling for a mining rig, as it pushes all that hot air away from the cards)
Operating System - $0-$90 - Windows 7 is my preference, but if you’re familiar with Linux you can of course download it for free (some folks consider Linux to be the best OS for litecoin mining . since it keeps your overall costs down, improving your litecoin mining ROI or return-on-investment). If you will be loading the operating system from a CD or DVD, a $29 external USB powered DVD drive will come in handy.
Monitor . Mouse and Keyboard (to install the OS and configure the mining software, no need to buy more than one set since you only use this for setup)
Total Cost:
How to build a bitcoin mining rig guide
Posted by: admin
In this E-Book, I am going to share my project in creating a Bitcoin mining cluster, which I started in June 2011. I will try to include everything from beginning to the end with as much detail as possible. Most of this project was trial and error, so I will do my best to note each step of the way with all the pros and cons. I would beleive this to the most complete guide currently available for helping people understand the basics of Bitcoin mining, and actually being able to delve into it as well. Please keep in mind that my Bitcoin operation is completely handled under Linux operating systems, however I do have a few Windows based Bitcoin miners so I will provide notes, guides, and best practices for that OS as well. Also note that many of the references that I make in this E-Book are in regard to my person Bitcoin mining rigs.
If you do not know what Bitcoin is, I highly suggest you read up on the following sites:
Here are pictures of a few of my rigs:
10 steps to implement and deploy your Bitcoin Mining Rigs
Below are the 10 steps to getting your bitcoin mining rigs running. Hopefully, I will be able to answer all your questions later in this E-Book.
Assuming you are not solo mining, you will need to create account with 1 or more bitcoin mining pools. Discussed in section 12.
2. Find a location for your bitcoin miners
You will need to find a good place that you can keep your bitcoin mining rigs. Somewhere they will not be bothered. No kids, pets, weather, or other interferences.
You will need to ensure that wherever you keep you bitcoin mining rigs you have: An internet connection, enough power, and a suitable operating temperature with enough airflow. Discussed in section 6, 7, and 8.
4. Asses your budget
Determine how much money you have, and want to invest in bitcoin miners. Weigh the profit, loss, and risks. Discussed in section 2, and 3.
5. Decide on hardware and purchase hardware
You will need to select and purchase the best hardware according to your budget. All this is explained in section 4.
6. Build, configure, and test bitcoin rigs
You will need to be capable of building these machines from scratch. Without the knowledge of building computers, it is going to be difficult to be successful in running your own bitcoin mining rig. You must know the ins and outs of these beasts. Also discussed in section 4.
7. Obtain and implement software and scripts
There are many options to choose from. Will you be using Windows, or Linux? What kind of Bitcoin mining software will you choose? Will you decide to automate your bitcoin mining rigs? The questions will never end. Learn more in section 11.
8. Setup bitcoin proxy
Now that you have everything setup, you could centralize everything using a bitcoin proxy. This will always keep your login information the same, and allow you to manage mining pools and workers very easily. Discussed in section 13.
9. Deploy
Finally, deploy your bitcoin miners, and start generating bitcoins!
10. Overclock
When everything is running smoothly, get even more performance out of your GPUs by overclocking them. Discussed in section 9.
Here are the primary things we will cover in this E-Book:
I apologize for the order of these items, as you may need to jump around through sections to reference terms, and explanations. I did not think I would be elaborating this much.
What is Bitcoin mining?
A very good guide on how to build a Bitcoin Mining Rig Cluster
10 steps to implement and deploy your Bitcoin Mining Rigs
Assuming you are not solo mining, you will need to create account with 1 or more bitcoin mining pools. Discussed in section 12 .
2. Find a location for your bitcoin miners
You will need to find a good place that you can keep your bitcoin mining rigs. Somewhere they will not be bothered. No kids, pets, weather, or other interferences.
You will need to ensure that wherever you keep you bitcoin mining rigs you have: An internet connection, enough power, and a suitable operating temperature with enough airflow. Discussed in section 6, 7, and 8.
4. Asses your budget
Determine how much money you have, and want to invest in bitcoin miners. Weigh the profit, loss, and risks. Discussed in section 2, and 3.
5. Decide on hardware and purchase hardware
You will need to select and purchase the best hardware according to your budget. All this is explained in section 4.
6. Build, configure, and test bitcoin rigs
You will need to be capable of building these machines from scratch. Without the knowledge of building computers, it is going to be difficult to be successful in running your own bitcoin mining rig. You must know the ins and outs of these beasts. Also discussed in section 4.
7. Obtain and implement software and scripts
There are many options to choose from. Will you be using Windows. or Linux. What kind of Bitcoin mining software will you choose? Will you decide to automate your bitcoin mining rigs? The questions will never end. Learn more in section 11.
8. Setup bitcoin proxy
Now that you have everything setup, you could centralize everything using a bitcoin proxy. This will always keep your login information the same, and allow you to manage mining pools and workers very easily. Discussed in section 13.
9. Deploy
Finally, deploy your bitcoin miners, and start generating bitcoins!
10. Overclock
When everything is running smoothly, get even more performance out of your GPUs by overclocking them. Discussed in section 9.
A Guide to Bitcoin Mining: Why Someone Bought a $1,500 Bitcoin Miner on eBay for $20,600
The world's first ASIC-based miner, via Avalon
With the price of bitcoins skyrocketing, mining is suddenly big business, so enticingly big that one wannabe miner was willing to pay a 1,333 percent premium to get his (or her) foot in the door of this wildly lucrative bitcoin bonanza. Ladies and gentlemen, welcome to the bitcoin gold rush.
The craziest part? This wasn’t an auction for a physical, working, ready-to-ship bitcoin mining machine from Avalon. which claims to be the first to develop turnkey, bitcoin-specific mining computers for sale. For $20,600 (bidding started at a reasonable $500 ), the lucky winner only received a place in line and the promise that an actual (pre-ordered) miner will be delivered sometime next month. If that sounds ridiculous, well, it’s because it quite possibly is.
But clearly there are bitcoin-savvy folks betting that paying 13 times the price of a machine will actually pay off. How did we arrive at this maniacal juncture? Was it greed? Stupidity? Or simple mathematics? For the full story, we’ll have to start from the top.
How bitcoin mining works
In order to keep a record of everything, bitcoin has a ledger known as the “block chain,” a shared database of all successful transactions. Every transaction that occurs must be broadcast to the bitcoin network and everyone connected to the bitcoin network has a copy of the block chain.
Click to enlarge. How bitcoin works, by Joshua J. Romero, Brandon Palacio & Karlssonwilker Inc.
The purpose of bitcoin miners is to verify these transactions and then add groups of transactions, called blocks, to the block chain. This process occurs roughly every 10 minutes. For every block added, the successful miner receives a certain amount of bitcoins for his troubles, plus transaction fees. The reward started out at 50 bitcoins, but it's cut in half every 4 years. Right now, you get get 25 bitcoins for every block mined.
Anyone can technically become a miner. The software is ready to download. all you have to do is contribute raw computing power, which means your main recurring costs are electricity bills. If you solve the next block, the spoils are yours. The more processing power at your disposal, the greater your mining ability.
But here’s the kicker. Built into the model is a “difficulty” metric, which is recalculated whenever 2016 blocks are added. As the speed of mining goes up (as more processing power is added to the system), the difficulty will increase proportionately to compensate in order to maintain the rate of one block every 10 minutes.
Mining difficulty increases at a predictable rate, via bitcoinX
What this means is that your ability to mine bitcoins isn’t necessarily about absolute computing power, but rather your computing power relative to other mines. Of course, in the end, that still means you’re going to want the most powerful hardware possible if you want to maximize your mining ability. But it also means that if you don’t keep pace, you’re going to be left behind. Which brings us to.
Back in 2009, when Satoshi Nakamoto first birthed bitcoin, mining difficulty was relatively low, which meant that anyone could download the software and more or less start mining with only their CPU.
The next logical step was the GPU, dedicated graphics chips usually reserved for gaming. A graphics card from the likes of Nvidia or ATI offered a significant boost over Intel and AMD CPUs. For about $150, you could buy an off-the-shelf graphics card and start a fairly profitable mining business in mid-2011.
As more miners joined the party, difficulty increased, making the profit to power consumption ratio unpalatable for those used to a higher rate of return. Bitcoin's price collapse in July of 2011 only exacerbated the situation. Even if you believed in the future of bitcoin, if you spent more on your electric bill than you made from mining, you were better off just buying bitcoins.
This initiated the advent of FPGA. or field-programmable gate array, use in mining. That's a mouthful for the technical layman, but all you really need to know is that these add-on cards, which cost in the hundreds of dollars, offered comparable mining performance to GPUs while using way less power. Better energy efficiency meant higher profit margins. Eventually, any self-respecting miner was FPGA-equipped.
A mining rig hooked up with 41 Icarus FPGAs, via Xiangfu Liu
The endgame, however, was always going to be the ASIC, an application-specific integrated circuit–in other words, a chip designed from the ground up for the specific purpose of mining bitcoins. The result is a system that is not only incredibly powerful compared to anything else, it’s also exceedingly energy efficient.
ASIC also represents the theoretical limit on the hardware capabilities of mining equipment. Sure, you could keep shrinking the die-size of the chip so that it uses even less power, but even that road eventually ends. It’s simple physics: things can only get so small. Until quantum computing arrives–if it ever does–for bitcoin miners, using ASICs is the way to go.
For a while, the bitcoin ASIC was a pipe dream. Designing and manufacturing your own chip requires significant upfront investment. With bitcoin’s future still uncertain, many figured FPGAs would be the best hardware miners ever got. Then, last summer, a company called Butterfly Labs started taking pre-orders for fully functional ASIC systems for $1,299 and promised to ship in October. Another company, bASIC, started taking pre-orders soon after.
As with most things bitcoin in these early days, the whole ordeal was contrasted by wild enthusiasm and lingering fear, uncertainty, and doubt. The guys from bASIC ended up running with the money (although it appears they have been attempting to give partial refunds). Meanwhile, Butterfly Labs, after numerous delays, has still yet to ship anything, although it’s generally believed that they eventually will.
Avalon's ASIC chips
Only one company followed through. Avalon started taking orders in September, promising delivery sometime in February. That first batch of 300 pre-orders sold out within hours. By the end of January, Avalon shipped their first two units from China just before the new year's festivities, effectively becoming the world’s first ever company to produce an ASIC bitcoin miner. ASICminer, another major developer went online in February as well, although these units were never sold to the public (but you can buy shares in the company). A new era had begun.
Where we are today
Remember, the ability to mine bitcoins is based on relative computing power. As such, whoever got their hands on those first ASIC machines–which are roughly 50 times more powerful than the next best thing–would quite literally print money. That lucky man was Jeff Garzik. who was incidentally pushed to the front of the queue by Avalon for being a core bitcoin developer. It’s an open source project after all. (The other unit went to the Bitcoin Foundation .)
Garzik made back the cost of the $1,299 ASIC bitcoin miner in about a week. The remaining units from batch one were delivered by the end of February.
Having gained some credibility and silenced the trolls, Avalon started accepting orders for batch two, which totaled 600 units at a cost of $1,499 each. Batch two pre-orders sold out within 20 minutes. Those units are scheduled to complete shipping by the first week of April. But while miners in batch two will still do well for themselves, they’ll be doing less well than batch two over time as difficulty inevitably ramps up.
Which finally brings us back to our exuberant eBayer, the one who paid over $20,000 to cut in line and join the other batch two early birds. Is the worm really worth an $18,500 premium? Only time will tell. But if the price of bitcoin continues its meteoric rise, he too, will eventually mine his money back, sooner rather than later. Under current conditions, he'll break even in 50 days, with daily revenues of $434.12, according to BitcoinX. All things considered, not too bad. Granted, it's impossible to know how bitcoin will perform in that time.
The arrival of ASIC-miners, in graph form, via bitcoin.sipa.be
We do know however, that he'll be in for some stiff competition and with it, the reality of diminishing returns as more ASIC units flood the system. Butterfly Labs–rumored to have sold over 20,000 pre-orders as of a month ago–is expected to start shipping in May or June. Still chugging along, Avalon revealed it would start taking orders for batch three in the next few days.
This time around, one of the 600 Avalon miners will cost
75 BTC (the batch three price of the systems will be calculated so that break even point will be 30 days, once the difficulty resets), which comes out to over $5000 with bitcoins trading at
$70.
If that seems pricey–it is nearly five times the price of an identical unit from batch two–it’s still only a fraction of the market value. And really, there are few other businesses whose start-up costs are designed to break even in just a month. Such is the insanity of bitcoin mania.
Read more about bitcoin:
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GaudyGabriev02: If you want to mine and U dont have equipment to do it, you can mine in the cloud *Cloud Mining*: https://cex.io/r/1/Gaudy/0/
darodism: God I love the fact that PC geeks have no idea how Bitcoin really works in the backbone. It doesn't matter if you make a gaming pc idiot wow.
Kurtis Beacroft: whats the G/hash?
ToNnY cAsSiDy: where can i get something like os or anything for bitcoin mining ?
Crucafixxx: Bonito
Niladem Hec: 2 years ago i agree but now, no interest
ElectronicNRG: 1:57. Poldergeist. )
Сергей Иванов: Help to the prisoners of the Putin regime in Russia!If you have some spare coins send it to this address 1JkaL9uGXTvNbgPn8bqqJhUnTEi9k1inkS Thank you not indifferent people in advance.
xxxRampage1xxx: Here a site you can sell some of your hashing power https://cex.io/r/0/xxxrampage1xxx/0/ Nice video
IVER WEENER: Like ur rig m8 would u plz provide me with everything i need for me to build my own
moko bit: Hello, today is it possible to mine with this configuration? Regards.
Jonathan Sansom: I need college money SEND BTC HERE 1JCGFUJhMwgUrphVUXNdC9d79CcCXJyfwQ
Frederikq8: what program are you useing to get coins?
samsat1024: Very nice!
Conmega: Found this site, make yourself a few Bitcoins for free! Honestly I'm surprised its actually that simple, now sure its not a lot but free Bitcoins are free Bitcoins! http://freebitco.in/?r=49531
IMakeOrWatchVideos: why get a case?
Magnus Jonsson: *OUTPUT: 1624MH/s using 4 Gigabyte HD 5870 UD Cards @ 900MHz/302MHz* Chassi: Antec LanBoy Air Midi Tower Motherboard: MSI 980FXA-GD70, Socket-AM3 CPU: AMD Athlon II X2 250 PSU: Corsair AX 1200W (best PSU ever) RAM: Corsair Vengeance DDR3 1600MHz 2x2GB CL9 GPU: Gigabyte HD5870 UD (overclocked to 900Mhz, mem downclocked to 302MH/s) Most important part of a Bitcoin miner is using the right software and keep tuning it to find the right balance between performance, power usage and temperature. *INSTALL GUIDE - BITCOIN MINING SOFTWARE ON UBUNTU 11.04* sudo add-apt-repository ppa:ubuntu-x-swat/x-updates sudo apt-get update sudo apt-get install screen sudo apt-get install libqt4-network screen -S update sudo apt-get install fglrx vim openssh-server g++ libboost-all-dev subversion git-core python-numpy screen -d -m -S icd wget http://download2-developer.amd.com/amd/Stream20GA/icd-registration.tgz screen -d -m -S pyopencl wget http://pypi.python.org/packages/source/p/pyopencl/pyopencl-0.92.tar.gz screen -d -m -S stream wget http://download2-developer.amd.com/amd/APPSDK/AMD-APP-SDK-v2.4-lnx64.tgz screen -r stream sudo tar xvfz AMD-APP-SDK-v2.4-lnx64.tgz -C /opt sudo tar xvfz icd-registration.tgz -C / cd /opt/AMD-APP-SDK-v2.4-lnx64 sudo tar xvfz icd-registration.tgz -C / cd
drepix3l: what an estimate of how much u make daily
xCrackify: how much bitcoins do you earn on one day with this pc?
Dylan Oakes: lol this is perfect if your in a dorm who that pays for your electricity
R Watson: wouldent it be better to go for an FX 4170 or a 6100 or higher, so you have at least a core to a card, might boost you up a bit more
iFuZiiOnZTuts: Ok so it's only about the price point of the 5850. I know that the last radeon serie back in 2011 was the 5xxx serie but why not to take a 5950 or 5970 ?
mrzazzaable: lol what a waste, you can get a 5gs miner for 300 bucks
Imdor: Stock heatsinks comes with the paste pre applied.
boskie165: Lol, I totally would but I use mine for playing games and watching movies and making music on as well! And I certainly couldn't do what I do well on a cheap Sempron with 2gb of RAM!
deear diesel: Would you run into any type of bottlenecking with 4 7970's with that mobo, srs question! thanx! nice rig, gj building!
Bluehyfin: yes. unless you can build a high hash low wattage miner its not even worth it
leoleonardo: About 0.016 or just shy of 2$. Its way to slow of a rig, There are rigs in the network now that push 600-900GH/s one in the 1.5TH/s range. 1GH/s is a waste of money and wont make a profit.
boskie165: Mind you, my display driver keeps crapping out, lol, but I'm sure it's nothing. P
How to make a Raspberry Pi Bitcoin Mining Rig
Bernel Rex: @ Alex, did BFL directly told you you're getting it May? I thought they started shipping July. At any rate, I got 2 orders of the5GH/s, Currently I'm running 2 computers totalling 1200MH/s for the fun of it.
boskie165: No, I was saying 1 Bitcoin is currently worth $185 CAD, but it's actually gone up to $196.82 since I made that comment last night!!
iFuZiiOnZTuts: Why is everyone taking 5850 and 5870 for bitcoin. Are they THAT good. I know Radeon cards are good but why this one especially.
HighTechRicky: either way. for what he spent to build this and it's power consumption. it's useless today (for mining)
coinminingrigs: Quite the rig. Check out coinminingrigs dotcom. I've made over $600 USD worth of Bitcoin over the last 2 months using a 'milk crate' rig. The site includes a full build guide and and software configuration guide to build your own miner.
Diego T: what software do you use?
boskie165: If you don't pay for power because your rent is inclusive, like mine, then it's pure profit. D
billyboy402: hey freak tard What does it matter the date - last year the bitcoin was alot less then in was today. i wanted to know the the cost to see if he made money back to pay for the cost of the PC. do us all a favour and man kind and eat your own pickle ;0 -
Bernel Rex: There are certain cards that provide higher hashing power..google it..
urbex2007: so how do you sell the bitcoins you have made? do you sell them or just use them yourself to buy goods online?
IveGotTheNuts: How many bitcoins a day can you produce.
aStonedPenguin: Because it's easy money. All you have to do is cash out and keep it on.Plus $2 a day is what you would get with your everyday PC not one of these mining rigs.
Grey Matters: I'm also running an Antec LanBoy Air Midi Tower on an MSI 980FXA-GD70 with the AMD Athlon II X2 250 and just recently upgraded to a Corsair AX 1200W, with the Vengeance DDR3 1600MHz 2x2GB CL9. I'm getting +- 1600 MH/s using 4 Gigabyte HD 5870 UD Cards @ 900MHz/302MHz I'm constantly tuning it to find the right balance between performance, power usage and temperature, but with the right software (and a portable freezer ;) I have it all pretty much under control. Follow the white rabbit Neo.
Rockzilla1122: *college
BrainSeepsOut: Wouldn't it be a better idea to buy a bunch of bitcoins for the money that you spent on the rig?
George K: Boskie165, so you meant $2 not 2bit coins
Steve La: Boskie165, $2 a day with 183mh/s, hard to belive
boskie165: I am averaging about $2/day though at 183mh/s. That's correct. Via Slush's pool
Bruel111: 2 years ago it was
Center for Financial Services
Description
The Center for Financial Services oversees the operations of the UBS Simulation, Learning, and Research Lab, conducts a Trading Challenge for students, and organizes an annual Wall Street on Campus financial strategy education seminar. The Center plays a key role in fulfilling the School’s mission of providing a comprehensive business and management education to students, by enabling them to gain real-world knowledge, practical skills, and the enhanced ability to research and analyze business issues. It is a vital resource for teaching, learning, and research, and it has been a showpiece for the School of Business. The activities of the Center enable faculty to integrate real-world perspectives into their courses and enhance the practical utility of education through experiential learning-by-doing for students. The Center has been instrumental in generating enthusiasm for School of Business students among recruiters. In recent years, several leading firms have been attracted toward hiring our well-prepared students, either for the first time or in larger numbers. Dr. Sandip Mukherji, CFA, Professor of Finance, has served as the Director of the Center since its inception, and he is supported by a second-year graduate assistant.
Mission Statement
The mission of the Center is to provide business students and faculty with advanced computer resources, access to practical knowledge and skills, and real-world environments, for researching and analyzing business issues. The Center’s goals are to encourage and facilitate use of the UBS SLR Lab by students and faculty, and student participation in Trading Challenges, besides successfully organizing and encouraging student participation in the Wall Street on Campus financial strategy education seminar.
Set up as a trading floor, the UBS SLR Lab has 26 computers with dual monitors, 3 LCD projectors, a live ticker, and an LCD monitor tuned to business news. The computers in the Lab provide access to an array of cutting-edge software programs and subscription websites for investment information and analysis (MorningStar Direct, Standard & Poor’s Research Insight, and Value Line); risk analysis using simulations, forecasting, and optimizations (Crystal Ball Professional Edition); statistical analysis (SPSS); technical analysis (Metastock Professional); and a Trading Challenge (Stocktrak). Use of the Lab has grown significantly since its inception. In the 2010-11 academic year, 20 faculty members used the Lab for 39 classes and 149 assignments in 34 courses. In addition, there were 240 student visits to the Lab for independent work on assignments.
The Trading Challenge is conducted for 11 to 12 weeks each semester through the dedicated website of the School of Business provided by Stocktrak. Several courses require participation in the Challenge, and it is also open to all School of Business students. Securities available for trading are stocks, bonds, mutual funds, options on stocks and futures, spot currencies and commodities, and most popular commodity, index, and foreign currency Futures. Initial funds of $500,000 can be leveraged with 50% margin, but the position limit is $100,000. The maximum number of trades is 500. Short sales and day trading are allowed. Students with the top five portfolio values share $2,500 in scholarship awards. In the 2010-11 academic year, the Challenge attracted a record 460 student participants.
The Wall Street on Campus financial strategy education seminar is held from 10 a.m. to 5 p.m. on a Friday in the first half of October each year. The goal of the seminar is to expose students to practical knowledge and insights on financial strategies from leading professional experts, and to provide students with information about careers in financial services. The fifth annual seminar in 2010 had one-hour sessions on Economic and Market Outlook, Outlook and Recommendations for Stocks and Bonds, U. S. Municipal Bond Market – A Global Perspective, and a panel discussion on Careers in Financial Services. Mark Rosenberg, Chairman & CEO of SSARIS Advisors, the Hedge Fund Affiliate of State Street Global Advisors, delivered the keynote Brown Capital Management Executive Lecture. Bank of America, BlackRock Private Investors, J.P. Morgan, and UBS provided six speakers and panelists for the event, which was attended by 156 students and 8 faculty members from seven universities: American, Bowie State, Georgetown, George Washington, Howard, University of DC, and West Virginia State University. Other leading financial institutions, such as Credit Suisse, Goldman Sachs, and Morgan Stanley have provided speakers and panelists for the seminar in recent years.
Beginners Guide to Mining Bitcoins
One of the biggest problems I ran into when I was looking to start mining Bitcoin for investment and profit was most of the sites were written for the advanced user. I am not a professional coder, I have no experience with Ubuntu, Linux and minimal experience with Mac. So, this is for the individual or group that wants to get started the easy way.
First thing you need to do is get a “Bitcoin Wallet”. Because Bitcoin is an internet based currency, you need a place to keep your Bitcoins. Got to http://www.bitcoin.org and download the Bitcoin client for your Operating System. Install it the client will begin to download the blockchain. Downloading the blockchain can take a long time and will be over 6GB of data. If you have data caps, I would recommend ordering a copy of the blockchain on DVD to keep from going over as it is growing exponentially. Click to order the bitcoin blockchain by mail. Once the client is up to date, click “New” to get your wallet address. It will be a long sequence of letters and numbers. One of most important things you can do is make sure you have a copy of the wallet.dat file on a thumb drive and print a copy out and keep it in a safe location. You can view a tutorial on how to create a secure wallet by clicking the link on the top of the page. The reason is that if you computer crashes and you do not have a copy of your wallet.dat file, you will lose all of your Bitcoins. They won’t go to someone else, they will disappear forever. It is like burning cash.
Now that you have a wallet and the client, you are probably roaring to go, but if you actually want to make Bitcoin (money), you probably need to join a pool. A pool is a group that combines their computing power to make more Bitcoins. The reason you shouldn’t go it alone is that Bitcoins are awarded in blocks, usually 50 at a time, and unless you get extremely lucky, you will not be getting any of those coins. In a pool, you are given smaller and easier algorithms to solve and all of your combined work will make you more likely to solve the bigger algorithm and earn Bitcoins that are spread out throughout the pool based on your contribution. Basically, you will make a more consistent amount of Bitcoins and will be more likely to receive a good return on your investment.
The pool that I’m involved in is called Slush’s Pool so I will be giving instructions on how to join there but feel free to look at other options. Follow the link to go to their site and click the “Sign up here” link at the top of their site and follow their step by step instructions. After you have your account set up, you will need to add a “Worker”. Basically, for every miner that you have running, you will need to have a worker ID so the pool can keep track of your contributions.
If you are mining with an ASIC, please go to our Mining with ASICs page. The following will only pertain to GPU miners.
Most of the mining programs out there are pretty complicated to setup and will frustrate your average user. Recently a great program has come out to get the most basic of users started. The program is called GUIMiner. Click the link and download the program (Be careful, some of the ads are set up to look like the file download). Install and run the program and add in your information from Slush’s Pool. Remember that the user name is actually the worker name. The worker name will be your user name, dot, worker ID (username.worker ID) and the password from that worker ID.
Mac users should look into using Astroid
Now that you are set up, you can start mining. If you feel like you want to make more Bitcoins, you might want to invest in mining hardware.
To see how much your current hardware will earn mining Bitcoins, head over to the Bitcoin Profitability Calculator .
If you found this information helpful, please donate to 1G1ehppEgjiFTUSHFz2xs9KLSQuWLPYF2o
Inside the Race to Build the World’s Fastest Bitcoin Miner
Avalon Asics CEO Yifu Guo. Photo: Alec Liu
There’s more than one way to make money from the Bitcoin craze, which has seen the value of the digital currency increase more than six-fold over the past few months. You can do it the old-fashioned way: buying low and selling high. But for the sophisticated digital-currency investor, there’s a whole other world of Bitcoin speculation: the Bitcoin mining rig.
Like the currency itself, this strangely lucrative game is heating up — in a big way. One mining rig — available for preorder at a cost of about $1,800 in February — is now selling for more than $22,000 on eBay. And it hasn’t even shipped yet.
Over the past year, a handful of companies have raced to build a new generation of computers that are specifically designed to mint digital money, and many speculators across the Bitcoin world are dying to get their hands on the latest hardware. This week, one of these companies, Butterfly Labs, is finally shipping its first custom-designed machines, six months behind schedule.
If Bitcoins are the fiat currency alternative for techno libertarians, then Bitcoin miners are the digital mint operators who keep the whole thing running. Bitcoin transactions are not registered with any central bank or brokerage firm or website. They’re logged by a peer-to-peer network of computers. These computers keep track of who’s transferring Bitcoins to whom, and then — every 10 minutes — they enter a kind of cryptographer’s lottery, with the winner getting paid 25 Bitcoins for their work. That’s how new Bitcoins get into the network. It’s also how the Bitcoin miners earn their keep.
For Bitcoin miners, the name of the game is cryptography. And the lottery ticket is a hash — a number that represents a big bunch of data and is created via cryptographic algorithms. If one miner — or a group of miners — can take the transactions on the Bitcoin network and convert them into more cryptographic hashes faster than someone else, they have a better chance of winning that 25 Bitcoin payout. As Bitcoins have skyrocketed in value, the Bitcoin miners have been throwing more and more computing power onto the network.
When Bitcoins were first introduced, you could win the hashing lottery with a regular old personal computer. Now that’s pretty much impossible. In fact, it now takes about 9 million times as much processing power to produce Bitcoins as it did in the beginning. So, for any Bitcoin miner to have a reasonable chance of winning, they have to seriously up their game.
That’s where the new mining gear comes into play.
In the past year, three companies, Butterfly Labs. Avalon Asics. and Asicminer led a race to produce a new generation of computers built with custom-designed chips (they’re called ASICS: application-specific integrated circuits) that do nothing but create tickets for the Bitcoin mining lottery.
You plug one of these machines into your computer, run special mining software, and sit back and wait for the Bitcoins. But they’re so powerful that they’re making things harder for other miners. “The difficulty has been skyrocketing lately as these ASICS have been coming online,” says Gavin Andresen, chief scientist with the Bitcoin foundation.
Last summer, Bitcoin miner Scott Novich bet on Butterfly Labs. It seemed like a reasonable bet at the time because Butterfly had already shipped specialized Bitcoin mining rigs that, when pooled with other miners, were cranking out an average of four to six Bitcoins per month for Novich, a graduate student at Rice University. Butterfly had the best reputation; it had shipped well regarded mining rigs in the past. And its miners — which look like stretched out versions of the Roku media player — simply looked cool.
So last July, Novich and a few friends shelled out an advance payment of about $1,200 for a Butterfly miner that the company said would be able to perform more than 60 billion hashes per second. His current mining rig performs 750 million hashes per second.
The Butterfly gear was supposed to ship by November. Today Novich is still waiting.
The problem was that Butterfly — based out of Kansas City, Missouri — banked on a cool design and a brand new chip manufacturing process and ended up getting in over its head. “We’ve hit quite a few snags along the way, says Butterfly Chief Operations Officer Josh Zerlan.
The company had to redo its initial chip designs, but the worst snag was in November, when the Butterfly got a hold of its first chip samples. They were basically too hot to work, Zerlan says. “The plastic packaging on the top of the chip just couldn’t exhaust the heat fast enough, so it basically melted the package.”
A Butterfly miner (Photo: Butterfly Labs )
And so, with customers growing angrier by the day, Butterfly was soundly beaten in the great Bitcoin mining race by Avalon Asics. Avalon used a less-cutting-edge chip manufacturing process, and it didn’t pay too much attention to aesthetics, but it managed to ship out its first boxy, 67 Gigahash units back in February.
To hear CEO Yifu Guo tell it, Avalon won because they bet everything on a network of friends, college buddies, and acquaintances in China — who helped them build their first 300 systems in four months. After spending September and October last year working with “friends or people that were really smart” designing the systems, Guo flew to Shenzhen, China, where he spent another two months negotiating with the suppliers who would help him build his Bitcoin mining machines.
Guo called on his network to lend him cars, to introduce him to parts suppliers, even to ship packages. Avalon had sketched out the chip in the U.S. but it then paid (using Bitcoins, natch) a group of engineers at a Chinese computer company to build out the chip’s design using specialized chip-making software that created specifications that the chip’s manufacturer, Taiwan Semiconductor Manufacturing Company, could actually use.
“Nothing happens in Asia if you don’t know somebody. It doesn’t matter how much money you have,” Guo says. “That’s really what it came down to.”
Those folks who’ve been lucky enough to get their hands on one of these early Avalon systems are cleaning up. Miner Jeff Garzik was the first person to take possession of a Avalon machine. Last year, he plunked down preorder money for a variety of custom ASIC rigs, including $1,300 for his Avalon system. “At the time, it was a very risky bet,” he said in an email interview. “None of the ASIC vendors were shipping, and all were funding their efforts through a pre-order model, akin to Kickstarter. This meant any buyer was paying months in
advance for hardware that did not exist, and not even a guarantee of a refund upon failure.”
But Garzik’s Avalon bet paid off. Big time. He got his system the end of January. Within 20 hours, it had earned him nearly 15 Bitcoins. Today it cranks out just under 4 Bitcoins per day. That’s about $500 at current Bitcoin exchange rates. “The first mover advantage is enormous,” Garzik said in an email interview.
Avalon expects to ship another 1,200 rigs within the next month.
Until this week, Butterfly customers like Novich had been left on the sidelines, watching the compute power on the Bitcoin network rise up, day by day, while they waited.
Butterfly’s Zerlan says the experience has been “very painful” and some customers are extremely angry. But reviewers and first-in-line customers are finally getting their hands on Butterfly’s systems. Zerlan says that customers will still be able to make money mining Bitcoins. It will just take more time.
But with each new computer that ships, and each new adventurer that gets into Bitcoin mining, the bar is getting higher. Butterfly has already taken thousands of orders for the new systems. And Asicminer, which is both selling its own custom-designed machines and mining the Bitcoins itself, has already brought new custom ASIC systems to play.
So a year from now, the 750 megahash mining rig that Scott Novich is running at home may not be worth the power it sucks up. It really depends on how much a Bitcoin is worth in 2014. And that’s anyone’s guess.
Robert McMillan is a writer with Wired Enterprise. Got a tip? Send him an email at: robert_mcmillan [at] wired.com.
How to build a bitcoin mining rig guide
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In this E-Book, I am going to share my project in creating a Bitcoin mining cluster, which I started in June 2011. I will try to include everything from beginning to the end with as much detail as possible. Most of this project was trial and error, so I will do my best to note each step of the way with all the pros and cons. I would beleive this to the most complete guide currently available for helping people understand the basics of Bitcoin mining, and actually being able to delve into it as well. Please keep in mind that my Bitcoin operation is completely handled under Linux operating systems, however I do have a few Windows based Bitcoin miners so I will provide notes, guides, and best practices for that OS as well. Also note that many of the references that I make in this E-Book are in regard to my person Bitcoin mining rigs.
If you do not know what Bitcoin is, I highly suggest you read up on the following sites:
Here are pictures of a few of my rigs:
10 steps to implement and deploy your Bitcoin Mining Rigs
Below are the 10 steps to getting your bitcoin mining rigs running. Hopefully, I will be able to answer all your questions later in this E-Book.
Assuming you are not solo mining, you will need to create account with 1 or more bitcoin mining pools. Discussed in section 12.
2. Find a location for your bitcoin miners
You will need to find a good place that you can keep your bitcoin mining rigs. Somewhere they will not be bothered. No kids, pets, weather, or other interferences.
You will need to ensure that wherever you keep you bitcoin mining rigs you have: An internet connection, enough power, and a suitable operating temperature with enough airflow. Discussed in section 6, 7, and 8.
4. Asses your budget
Determine how much money you have, and want to invest in bitcoin miners. Weigh the profit, loss, and risks. Discussed in section 2, and 3.
5. Decide on hardware and purchase hardware
You will need to select and purchase the best hardware according to your budget. All this is explained in section 4.
6. Build, configure, and test bitcoin rigs
You will need to be capable of building these machines from scratch. Without the knowledge of building computers, it is going to be difficult to be successful in running your own bitcoin mining rig. You must know the ins and outs of these beasts. Also discussed in section 4.
7. Obtain and implement software and scripts
There are many options to choose from. Will you be using Windows, or Linux? What kind of Bitcoin mining software will you choose? Will you decide to automate your bitcoin mining rigs? The questions will never end. Learn more in section 11.
8. Setup bitcoin proxy
Now that you have everything setup, you could centralize everything using a bitcoin proxy. This will always keep your login information the same, and allow you to manage mining pools and workers very easily. Discussed in section 13.
9. Deploy
Finally, deploy your bitcoin miners, and start generating bitcoins!
10. Overclock
When everything is running smoothly, get even more performance out of your GPUs by overclocking them. Discussed in section 9.
Here are the primary things we will cover in this E-Book:
I apologize for the order of these items, as you may need to jump around through sections to reference terms, and explanations. I did not think I would be elaborating this much.
