Crypto Currency Mining & Graphics Cards

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I'll give you an 'A' for effort.

No that's per card. I mine at 650kH/s per with my 780's because I keep the clocks low and they are quiet.

Performance per watt the nVidia cards own.

nVidia cards can be very efficient
miners - don't believe the AMD fanboy myth that nVidia cards
suck at mining! We've recently had a watercooled 780Ti break
900 kHash/s at scrypt (N=1024) mining.
Click to expand...

 
NVidia can mine scrypt as well or better than AMD cards, but Bitcoin does not use scrypt, and nVidia can't mine them worth squat. Of course, neither can AMD now that the difficulty has skyrocketed due to the arrival of ASICS. Anyone mining today is seeking an alternative currency, such as Litecoin, Dogecoin, or any number of others. A number of organizations have created a cryptocurrency, hoping that theirs is the one that takes off. That sort of game-playing permeates our society, and is one of its problems. It is one of the weaknesses of cryptocurrency in general, it is still so early that speculators have too much influence.
 
It has just been decided in Denmark that profits from bitcoins will not be taxed. It's the same concept as selling a painting and making a profit of that (Not including professional painters of course)
 
I think they can still audit you if they suspect you though, which means you'd then have to prove it... and if you don't cooperate they can throw you in jail for tax evasion?

But the bitcoin transactions being untraceable.... don't they have to be traceable somehow so people can't just add bitcoins to their wallets by duplicating code? (i.e. "I have bitcoins a10131!$&AD3, 841247#22d and puy7te2231 in my wallet because I typed them in.")
 
The block chain "knows" about the history of every bitcoin, from its creation on. It isn't possible to "poof" one into your wallet. When you tried to spend it, the network would not confirm it. In that sense, bitcoins themselves can be "traced," sort of, but they remain anonymous, not linkable to a particular person.
 
Well how is it really anonymous then?

Bitcoins (but does that include Litecoins, Dogecoins, any of the others?) are being treated in the same manner as stock, so you only pay taxes on them when you sell them, based on how much you made or loss. It also means you can claim the lossed value of your Bitcoins as well if they decrease in value from the amount you bought them at.

If you buy them at $100 apiece, and then sell them for $200, the IRS gets a cut. If you buy them at $100 and then sell them for $50, you can claim that as a loss on your tax return and get a tax refund.
 
Don't buy and sell them. Why convert them at all? While there are a limited number of people and places that will take them, if you are able to find what you want, the parasites have no way of getting their greasy mitts on it.
 
It will be interesting to see how they react to the first Bitcoins for real estate sale. Because your right, as long as you don't trade them cash, the IRS can't really do much.

But this could also set a precedent for WoW gold couldn't it? It's pretty much the exact same thing, and people trade it for cash, and it's value can fluctuate, ect. It's just businesses outside of wow don't accept it, but it doesnt mean they can't.

Bitcoins are no different then any other virtual commodity in basic practice.

I do have dreams about "the people" casting off the government by just using currencies that the government doesn't print themselves.
 
One thing I don't understand, and I've read about and watched a lot of videos about it, is why does using your computing power to solve algorithms equate to money? Why are you getting paid to solve equations basically? I don't get it, like does is help society in any way?

I find it interesting though. If the market holds, once we get closer to the 21 million bitcoin cap all the people that hoarded bitcoins are gonna be RICH. 1 bitcoin is going to be worth thousands of dollars.
 


No, but neither does investing in the stock market or speculating on real estate. All it does is make you richer and negatively effect everyone else by increasing inflation.
 
Creating bitcoins (or other crypto) is only "pseudo-work" at best, but the potential benefit to society is the adoption of currencies that cannot be artificially manipulated by banksters, financial game-players, and parasites to the detriment of all. It's a new model, and will have growing pains, and any number of other glitches along the way, but I can't see not turning out a lot better than things are today.
 
I'm interested in starting mining, mainly bitcoin though as that seems to be the most stable cryptocurrency, then litecoin. Can I mine litecoin with nvidia cards? Cause I know only AMD does bitcoin. If I can't use nvidia for litecoin what's the best currency for nvidia cards? Do you think the market is going to collapse at all? Cause right now one bitcoin is worth about $89, if the current model holds, (so far 10 million out of the 21 million bitcoins out there have already been mined) once we start to reach the cap one bitcoin has the potential to be worth thousands of dollars.

Btw, I just bought two cause there's a cap, but newegg has asus R7 265's right now. $179.99 for a 2gb 256-bit interface card.
 
You can mine litecoin with NVidia cards but with less performance than AMD cards. But NVidia Maxwell may change that.
Bitcoin cannot be effectively mined without an ASIC

Actually bitcoin is about $500 per coin right now
 



oh dang, the video I watched said that it was 82 a coin "at the time" so it must've been an older video, my mistake and thanks for correcting it :)

I have a GTX 760, isn't that a maxwell? Will maxwell be able to mine bitcoin?

My brother just bought 2 Asus R7 265's, they seem to be great cards they were only $169.99 and have 2gb vram and a 256-bit interface. There's a 2 per customer limit cause all the crypto-miners have been buying them up. Sapphire makes one as well for $149.99. Just letting everybody know as this card will probably be sold out by the end of the day.

http://www.newegg.com/Product/Product.aspx?Item=N82E16814121868
 


https://docs.google.com/spreadsheet/ccc?key=0Aj3vcsuY-JFNdHR4ZUN5alozQUNvU1pyd2NGeTNicGc&usp=sharing#gid=0

Vertcoin is where it's at.

A good calculator - http://www.coinwarz.com/miningprofitability/litecoin

 


Can I use nvidia and AMD for vertcoin?
 
Am I the only one who thinks it's just beyond ludacris when people start mining new crypto currency when the established ones are getting too difficult / not profitable enough to mine?
I wouldn't hold on to anything other than Bitcoin or Litecoin for a longer period of time.
This is the bubble as I see it right now. New crypto currency just pops up every day now. Antyone with a little sense can see that this is not going to be a stable establishment of crypto currency.

By all means, go ahead and mine the new currency, especially while the mass hysteria is very much alive and people are grabbing everything they can but just remember that those coins will be worthless in the long wrong if they don't get established and the chances of them getting a value on pair with Bitcoins are very small as I see it. The high value of Bitcoins are a result of the publicity and interest of the coin.
 
I believe Mahisse is correct. Most of the assorted cryptocurrencies are little more than gambling games, with people trying to make a buck before everyone realizes that particular coin is worthless.
 


What in your opinion are the top three established currencies other than bitcoin?
 


and litecoin can be mined with nvidia cards? I heard litecoin was created by a co-founder of google to be "the silver to bitcoin's gold"
 
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