Author Topic: Bitcoin  (Read 7995 times)

Offline zer0

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Bitcoin
« on: July 18, 2011, 03:46:27 AM »

Offline Hajile

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Re: Bitcoin
« Reply #1 on: July 18, 2011, 08:56:29 AM »
Magkano ba ang bitcoin in Pesos?

And GPU's are mandatory. CPU's are good for doing large calculations, but bitcoin mining is mostly short simple ones. GPU's are highly parallelized (spellcheck) so they can do multiple computations at once.



Typical bitcoin miner. You ready to make that kind of investment?
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Offline wheelee

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Re: Bitcoin
« Reply #2 on: July 18, 2011, 10:57:48 AM »
i red the personal details where compromise about 3 wks ago
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Offline EvilCarlo

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Re: Bitcoin
« Reply #3 on: July 18, 2011, 11:23:54 AM »
We do some bitcoin mining in one of my gaming communities to help pay for game server costs. AFAIK 1 bitcoin is worth $14.

AMD/ATI cards are the most efficient for this. My 1 year old Radeon 5770 does ~185Mhash/s while more recent mid-high end Nvidia cards do like ~100Mhash/s
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Offline wheelee

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Re: Bitcoin
« Reply #4 on: July 18, 2011, 11:27:31 AM »
how does work?
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Offline zer0

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Re: Bitcoin
« Reply #5 on: July 18, 2011, 08:59:29 PM »
-bump-

Offline bravoexo

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Re: Bitcoin
« Reply #6 on: July 18, 2011, 09:51:59 PM »
How does Bitcoin work?

Bitcoin utilizes public/private key digital signatures (ECDSA). A coin has its owner's public key on it. When a coin is transferred from user A to user B, A adds Bís public key to the coin and signs it with his own private key. Now B owns the coin and can transfer it further. To prevent A from transferring the already used coin to another user C, a public list of all the previous transactions is collectively maintained by the network of Bitcoin nodes, and before each transaction the coinís unusedness will be checked

* Posted about Bitcoin last Feb. 1 Bitcoin is roughly $13-14 nowadays
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Offline Louie

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Re: Bitcoin
« Reply #7 on: July 18, 2011, 10:26:34 PM »
Hmm, so what exactly does Bitcoin mining do? And how do you make money out of it?

Offline splerdu

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Re: Bitcoin
« Reply #8 on: July 19, 2011, 03:01:33 AM »
You have a client that works like most distributed computing apps, but whenever you finish a certain number of work units you get awarded with a bitcoin that you can exchange for $$$.

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Online borgy_t

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Re: Bitcoin
« Reply #9 on: July 19, 2011, 09:31:19 AM »
i listened to a podcast which explained quite well the mechanics of Bitcoin, even though i agree only with some of their opinions about using the service. http://sixgun.org/linuxoutlaws/215

think of it as sort of like p2p banking/transactions.

from what i understand, Bitcoin mining is related to doing validations of the transactions that are happening, which is done by doing a computationally difficult problem. if you or the network you belong to (there have been groups organized for specifically mining, then dividing out the coins among the members) solve the problem, then you get bitcoins "out of thin air". The number of bitcoins in the network will be at most only 21 million. The rate at which these coins are created (aka, the rate at which the problems are solved) are determined algorithmically and related to the total number of computing power of the whole network.
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Offline wheelee

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Re: Bitcoin
« Reply #10 on: July 19, 2011, 09:44:12 AM »
so should we join?

cons & pro?
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Offline bravoexo

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Re: Bitcoin
« Reply #11 on: July 19, 2011, 12:30:46 PM »
If you can pay for the power usage? why not... 
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Online borgy_t

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Re: Bitcoin
« Reply #12 on: July 19, 2011, 12:52:56 PM »
he might be referring to joining the bitcoin network to use the service, not mining? currently in average it takes a month to solve a block and get bitcoins.

also there are several exchanges for trading bitcoins for cash. AFAIK there is no standard rate for exchanging a particular currency among these services, though i imagine those rates will be pretty close to one another.
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Offline wheelee

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Re: Bitcoin
« Reply #13 on: July 19, 2011, 03:32:23 PM »
what is love? baby don't hurt me, no more.

Offline EvilCarlo

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Re: Bitcoin
« Reply #14 on: July 20, 2011, 01:11:31 PM »
Well anyway if any of you feel like trying it, here's our bitcoin mining group: http://btc.xjz.me/

You won't get paid, but you'll help shoulder costs of a local Team Fortess 2 server and get reserved slots when certain conditions are met: http://forums.xjz.me/showthread.php?tid=501
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Offline zer0

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Re: Bitcoin
« Reply #15 on: April 08, 2013, 06:06:12 AM »
http://www.rappler.com/world/25690-virtual-currency-value-soars-amidst-bubble-fears

matry nga ulit...






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Offline splerdu

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Re: Bitcoin
« Reply #16 on: April 08, 2013, 07:52:00 AM »
Calculate your feasibility!
http://dev.bitcoinx.com/profit/
https://en.bitcoin.it/wiki/Mining_hardware_comparison

Sample result (values for local electricity cost, hash rate and optimistic tdp for 3770k plugged in):


My conclusion: unless you have Tahiti dont even bother.
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Offline zer0

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Re: Bitcoin
« Reply #17 on: April 08, 2013, 08:24:59 AM »
automatic ba kinukuha ng page ang specs ng rig ko? hindi ko nagets

Offline Louie

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Re: Bitcoin
« Reply #18 on: April 08, 2013, 08:28:09 AM »
Mahal kasi ng kuryente sa Pilipinas. Lugi.

Offline splerdu

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Re: Bitcoin
« Reply #19 on: April 08, 2013, 08:29:45 AM »
Nope you have to plug teh values in (get from the second link).

Just enter your MHash/sec rate, platform power consumption and power cost per kWh. I zeroed the hardware cost on the assumption that you already have a PC and it's paid for). Other values are pretty much correct as pre-filled.

7970 is about 650MHash/sec and about 350W platform power when mining with an optimzed client.

Typical results are actually around 550MH/s

Unicorn (or super-specialzed bitcoin specific ASIC) computer yung 60,000MHash/sec lol. You'll need 8-10 7970s to do that. Let's say two X79 systems with 4 7970s each.
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