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[Enjin Archive] Eximius Bitcoin Mining pool? :P
Started by [E] Chunkyt

what website?
I hate to be a thread crapper but i've already pointed out elsewhere and will point out again that the power cost of mining exceeds the earned money these days. There was a time when you could actually profit from it. If you take the time to understand the system of mining you'll see that the difficulty to make new blocks doubles in difficulty every month or so. When i last calculated the cost to benifit it was a close call, but it's been several months. It now takes several factors longer to succesfully complete one block and it's not worth it any more if only due to power cost, not even counting the costs of life lost on the cards used. Now if you're going to waste 10$'s of energy running your graphics cards at max to earn 5$ in bitcoins you're better off just donating 10$. On top of that i'd like to point out the reason bitcoins are worth 5$ has little to do with international markets, and more to do with the fact that a few months ago mtgox was exploited for millions of dollars worth of bitcoins which caused a massive freeze of the entire market and rollback of trades. Easy to see how people lost interest. There have also been several incidents of bot/drone exploits and such which continuously prove that bitcoins will not survive for much longer.
I Disagree. The "Power cost" Is not that great in general. Even if the power cost were huge, the average time for stryk9 ALONE to solve a new block would be 3-4 hours. And you dont have to use the entirety of your graphics card's power to do this, you can scale it down with certain commands.

I've calculated block difficulty (It's gone down recently. Block difficulty is not relative to how many blocks there are actually, it's relative to the amount of activity on the bitcoin structure and the amount of other people trying to solve these blocks) vs hashes per second. With the few people in this thread's graphics cards all hashing together, even at 75% we will find new blocks on average every 1-2 hours, 50% of the time within 45 minutes.
I vote we start now hahah : ) (this just sounds to interesting)

10 bucks in 2 hours for the server

thats 120 bucks a day...
You're way off chunky. It takes a single person over a month to find a block on his own, and that's assuming he's pulling at least 300 mhashes. I'm not sure where you're getting your numbers but they're pretty far off. The power cost is more than enough to beat the potential earnings.
heiwashin what if we have 10-15 people doing this?
http://www.alloscomp.com/bitcoin/calculator.php

http://www.alloscomp.com/bitcoin/old_calculator.php

http://blockexplorer.com/q/getdifficulty

http://blockexplorer.com/q/nethash

The very last page, proves that as bitcoin mining loses its popularity, the rewards from it are easier to obtain, in the last two block difficulty changes, the difficulty has dropped an entire 8%. and it's been going down for a bit now.

edit: I check all of these numbers daily.
Yea my man, i checked it using current numbers, there's no real money in it. Let me take it further using your own calculator. My graphics card is a beast, it manages 300 mhashes. According to your own calculator that's 26$ a month. It's also mildly more efficient than current nvidea offerings(source. Look at that beefy power draw. A system using such a card will pull a steady 250 watts or more, 300 in the case of current gen nvidia offerings. Now lets work that out to energy costs. I'm going off 13 cent killo-watt-hours, which some people here will be paying more.

250/1000(kw's) *730(hours in a month)*.13(price per kw/hour) = 23.7

If 300 watt draw 28.5

And i know for a fact my draw is over 250 watts thanks to having a kill-a-watt <object class="emojione" data="https://resources.enjin.com/1489581540/themes/core/images/emojione/svg/1f61b.svg?0" type="image/svg+xml" standby=":p">:p</object>.

Now with that in mind, sure i can see the difficulty has dropped, but i find it still fits my prediction that the earnings rate is exactly the line of any earnings at all, and there's no actual profit to be made. Most people probably do the math necessary to see that it's simply not worth it. Especially if you take into the degradation on my power supply, motherboard, processor, and video card, not too mention the effort of cooling down the extra heat being ejected into the house (about 1\5th of a space heater).

If you want to run your pc 24\7 for a possible gain of 2 or 3 dollars per month per person, go for it. I, on the other hand, am going to donate the money saved from having to replace parts and pay for energy and come out a nice bit ahead.