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Bitcoin Mining Comes To Radeon Open-Source OpenCL

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  • phoronix
    started a topic Bitcoin Mining Comes To Radeon Open-Source OpenCL

    Bitcoin Mining Comes To Radeon Open-Source OpenCL

    Phoronix: Bitcoin Mining Comes To Radeon Open-Source OpenCL

    With the increasing popularity as of late with the Bitcoin virtual currency, the open-source Radeon Gallium3D OpenCL stack has advanced to support Bitcoin mining...

    http://www.phoronix.com/vr.php?view=MTM0ODY

  • chithanh
    replied
    Originally posted by erendorn View Post
    Woah, you can make up to an extra 3% by paying in a year. Compared to the temporal volatility of bitcoin prices, and geographical volatility of electricity, I'm sure that's the most important thing to take into account when mining.
    You get an implied credit by your utility company for mining bitcoins, which may be a small or huge advantage depending on your credit score.

    Originally posted by erendorn View Post
    That doesn't really change profitability, and I'm sure you need to disclose some information (like bank account, credit card) to your electricity company anyway.
    The second argument was not about maximum profitability. You do not need to disclose to the company that you are mining bitcoins.

    Look, I don't say that these arguments hold for everybody. It was just to combat the notion that people could not have reasons to mine bitcoins when electricity cost is higher than the current exchange rate.

    Leave a comment:


  • erendorn
    replied
    Originally posted by chithanh View Post
    You are assuming that only the price of bitcoins versus the electricity cost matters. Unfortunately, it's not as easy as that.

    One difference between mining and buying is that usually you don't pay the electricity bill right away. Depending on your utility contract, the actual use will be billed once per month or even once per year. So you can rack up the kWh now and pay later.
    Woah, you can make up to an extra 3% by paying in a year. Compared to the temporal volatility of bitcoin prices, and geographical volatility of electricity, I'm sure that's the most important thing to take into account when mining.

    Originally posted by chithanh View Post
    Secondly, in order to buy bitcoins you have to disclose certain information (like bank account, credit card) and make a payment. This involves risks. If you only mine, then nobody needs to know who you are until you sell the bitcoins.
    That doesn't really change profitability, and I'm sure you need to disclose some information (like bank account, credit card) to your electricity company anyway.

    Leave a comment:


  • chithanh
    replied
    Originally posted by erendorn View Post
    That's stupid. You could buy those same bitcoins today for less than by mining them, and sell those bitcoin later at the exact same price as if you would have mined them.
    If you mine at a loss today, it's at a loss forever. That's like saying, I'll get that lesser paid job instead of the same, better paid one, because then I'll speculate with the money I'll earn, and I'll be rich.
    You are assuming that only the price of bitcoins versus the electricity cost matters. Unfortunately, it's not as easy as that.

    One difference between mining and buying is that usually you don't pay the electricity bill right away. Depending on your utility contract, the actual use will be billed once per month or even once per year. So you can rack up the kWh now and pay later.
    Secondly, in order to buy bitcoins you have to disclose certain information (like bank account, credit card) and make a payment. This involves risks. If you only mine, then nobody needs to know who you are until you sell the bitcoins.

    Leave a comment:


  • Wildfire
    replied
    Originally posted by chithanh View Post
    Only if you sell the bitcoins immediately after mining. If you speculate that the exchange rate will increase further then maybe not.
    Sure, but think about it this way: if you mine Bitcoins worth 200? while racking up an energy bill worth 400? you'll have to gain at least 200? before you break even. And this isn't even taking things like inflation into account. And since Bitcoins are speculative their worth may or may not reach this goal in the foreseeable future.

    It's a bit like stock trading, I've you've got the money and you can live with the possible loss of your investment, go for it. But given the current (in)stability of our economy I'd rather not invest in a virtual currency that might not be worth anything if it comes to the worst. Or do you think the bakery around the corner is gonna sell you bread for Bitcoins? (Yeah yeah, I know I'm exaggerating, but still...)

    Anyway let's get some realistic numbers in here: http://www.bbc.co.uk/news/technology-22153687

    Leave a comment:


  • intellivision
    replied
    Originally posted by Prescience500 View Post
    Bitcoin is NOT a ponzi scheme like the Dollar or the Euro because there's a finite number of them that can ever exist. Central banks can go on a printing spree like the Weimar Republic. The Bitcoin Foundation can't.
    Well, as CPU/GPU development advances the ceiling limit of Bitcoin may have to be readjusted periodically as hashes that were previously unable to be mined in any reasonable time would be in reach.

    Leave a comment:


  • brosis
    replied
    By "mining bitcoins" you essentially spend your computer resources and electricity to secure the digital money transactions over bitcoin.
    So, the "coins" which you get is your compensation for making transactions system secure.
    Nothing more. This is proven by bitcoin limit.

    Ponzi scheme or bubbles have no relation to that.
    Ponzi is using existing money to advertise new payers, money of which would be used to cover tomorrow costs.
    Applied to bitcoin, it would mean that tomorrow mining will earn you more, than today. But it is not happening, because the number of bitcoins is limited, so is limited the need to cryptographically protect the system. For this protection, money is paid ("mining"). But there is limit in protection, when its not worthy anymore. Should system expand and find more money transfer cases, so will demand for cryptography increase and people will join in. Thats self regulation.

    Its not bubble, because bubble would be making promises. There are no promises in bitcoin, and money is paid in exchange for making it secure. This is exactly equivalent to the amount PayPal requests from each money reciever, to make system secure and insured.

    Leave a comment:


  • erendorn
    replied
    Originally posted by chithanh View Post
    Only if you sell the bitcoins immediately after mining. If you speculate that the exchange rate will increase further then maybe not.
    That's stupid. You could buy those same bitcoins today for less than by mining them, and sell those bitcoin later at the exact same price as if you would have mined them.

    If you mine at a loss today, it's at a loss forever. That's like saying, I'll get that lesser paid job instead of the same, better paid one, because then I'll speculate with the money I'll earn, and I'll be rich.

    All in all, if you make your investment decisions like that, you probably shouldn't speculate.

    Leave a comment:


  • chithanh
    replied
    Originally posted by Fenrin View Post
    well after my last post I looked a bit more into it, if it even would be worth it to mine Litecoins.
    Even more important for the decision for or against mining Litecoins is whether it is even possible. bfgminer folks have been actively cooperating to make bitcoin mining work with the free software stack.

    Leave a comment:


  • TemplarGR
    replied
    Enjoy your next bubble folks! Don't say i didn't warn ya!

    Leave a comment:

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