iBuyPower Introduces Coin Mining Computers

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Zac Lloyd-Jones

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Jul 4, 2013
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I'm not really into this mining thing but isn't this a bit pointless just for mining when there are ASIC miners that can crunch a lot more MH/S for a lot cheaper?
 

NAG3LT

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Jun 18, 2012
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ASIC miners exist for BitCoin at the moment, but not for other crypto currencies. So GPUs can still be useful in the meantime.
 
G

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In regards to virtual currency's... is there a competitor to bit coin for which their currency is easily traceable? I want to get into mining and building purpose built systems for other miners but given that bit coin is used for various illegal stuff because of it's cryptic nature is the reason I'm choosing not to ATM.
 

vmem

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@megamanxgt there is no huge draw toward crypto currency if it was easily tracable. for those purposes most developed coutries already have a working credit system, and 'mining' a tracable digital currency would be the equivalent of investing in gold mining
 

chumly

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Bitcoin is SHA-256, Litecoin and others are based in scrypt. A GPU or FPGA is necessary for scrypt; FPGA's are costly, and ASIC's based on them will not be available until later this year. For LTC mining or other scrypt based coins, these rigs make sense at the moment, however, I do not see you making a return on your investment without selling all the hardware in the future.
 

razor512

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Mining hardware like this will never pay its self off. mining litecoin is not profitable unless you have a personal mining farm. if you are part of a mining pool, then you will never make enough money. if the difficulty remains the same, 3 r9 290x's would take around 3 years to pay them self off.You only make a profit if you are buying the cards for gaming, and you do not pay for electricity, then what ever money you get, is a profit. If you are only using the system for gaming, then it will never pay its self off, the difficulty will increase beyond what the GPU can handle before it comes close to paying its self off. Currently the only way to make money, is to start your own mining farm (requires hundreds of GPU's working in order to have a chance at mining a block on your own).
 

sunshine240sx

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Jan 11, 2013
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Yeah I am going to disagree with you on that. I have personaly mined in a month about $230 in LTC with 2 7870's (R9 270'S) and my electric bill with all other appliances runnig was not even close to that. My friend who got me into mining has turned his 6950 into a 7870 and then into 2 R9 280x's all paid for with LCT (and a lot of money left over). The diffuculty has gone up alot since Nov when every one and ther brother bought every highend AMD card out there but it is still possible to make money.
 

InvalidError

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If the difficulty goes up a lot, the chances of getting a decent return on the hardware goes down by that much. If complexity increased by 4X since November then your LTC income should now be around $60/month while your mining electric bill is around $35/month. At $25/month, it will take 40+ months for someone who gets into mining now to recover the cost of a pair of R9-290X assuming complexity does not increase again. If complexity doubles again, PC mining will barely break even on power cost.
 

AnUnusedUsername

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Anyone else find the idea of a virtual currency completely nonsensical?

The equivalent thing in reality would be sitting in a room rolling dice all day. When you rolled twenty sixes at once, someone handed you a sheet of ordinary paper with "money" written on it. And people actually accept this as a real currency?

I really don't see the point. "Mining" coins does literally nothing but consume electricity and produce heat. What's the point of requiring that at all? Why not just arbitrarily sell/give away the coins and use the exact same exchange framework to keep them as a secure currency? Giving them away based on random numbers only accomplishes wasting lots of electricity and otherwise useful hardware.
 

InvalidError

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Virtual currencies are not just given out based on random numbers; it is given based on solving a complex mathematical puzzle that prevents people from mining arbitrarily quickly. The reason why this is necessary is exactly because virtual currencies do not want to have to rely on conventional heavily regulated currency exchanges. The mathematical puzzle is what prevents people from successfully compromising the block chain.

Yes, the whole process is awfully inefficient but that inefficiency is exactly what virtual currencies' decentralized functionality relies on to preserve their integrity.
 
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