BitClockers Overclockers BitCoin Mining Pool information

[V2-V3]

BitCoins are a way to exchange money person to person via the internet similar to PayPal how ever they can be earned by using the graphics cards ability to calculate mathematical "proofs" or simply the journalaling of all transactions on the bitcoin network into a "Block" and this block is shared with the entire bitcoin network as an open ledger to provide security for the users, having the transaction history open and distributed to all users of the network eliminates the ability for anyone to counterfeit bitcoins or take down the network in an attack. consider it this way you are being paid to secure the network and provide decentralized security just as PayPal will pay a Server farm to backup their database to protect their customers transaction records. with each Bitcoin worth *$6.00USD compensation is good. However a massive amount of computational power is required to acquire a Bitcoin. The best way to acquire coins is to build a PC with multiple AMD graphics cards for example One system with four ASUS Radeon HD 7970 graphics cards can earn you about *$300.00 dollars extra monthly income. To start join a Mining Pool and install a mining client, like BitClockers.com. When you recieve Bitcoins you can Sell them at an exchange or use them anywhere accepted.

Step By Step How To guide: http://bitclockers.com/forums/index.php?topic=3.0

Since Bitcoin works much like torrents do (there is no central entity), it has to work off a distributed P2P database. The blocks are the 'snapshots' of the database. So each transaction that takes place has to be verified, balanced, and secured using SHA256. By you 'serving' the distributed database and computing the complex security of it, you can build new blocks. Since it's a highly computational task, GPUs are the perfect workhorses for it.

It's a lot more complex than that and I'm sure I don't fully understand it either, but that's the idea.

I recommend BitClockers.com its a great mining pool that is loaded with how to guides and have a very helpful community

START HERE - how to Getting started mining Bitcoins : BitClockers Mining Guide to Bitcoins

GUIMiner Installation Guide: http://bitclockers.com/forums/index.php?topic=8.0

Mining Profitability Calculator: http://bitclockers.com/miningcalculator


*value per coin at the time of this writing

[xeromist]

Yeah, I'm familiar with Bitcoin as it has been in the tech news several times lately. My understanding though is that the actual payouts really aren't as good anymore. I've seen people say you'd be better off powering down your computer to save on your power bill and investing that money to buy bitcoins. Has your experience been different?

[V2-V3]

Thus far I have been generating nearly $80.00 per day off my hardware that usually just sits there. If you were to build a system correctly with ATI 6990's and OC them you can bring home some serious $

My basement farm

The server rack at my office being put to good use

its full of GPU's

[xeromist]

huh, good to know. I don't like folding on GPUs because it is inefficient but maybe bitcoin is an option if it can pay for its own power.

[Six Foot Ginger]

what about for the folks that have Nvidia cards?

[Brian@ASUS]

what is the power bill to pay out ratio?

[V2-V3]

what about for the folks that have Nvidia cards?

You can still Mine with a Nvidia graphics card I have a few that are.

what is the power bill to pay out ratio?

The power bill takes about 10% of your profits.

[Gimsly]

How much hardware do you use to generate approx. $80.00 per day?

[V2-V3]

How much hardware do you use to generate approx. $80.00 per day?

I am using 3X ASUS 5870's and 1X ASUS 5970 on one Rampage III Extreme motherboard with an i7 920 CPU and 2GB of RAM. The GPU's cost me $950.00 for all 4 of them.

[Six Foot Ginger]

Nvidia cards work for this too or just AMD?