PS3/360 owner new to home computers and bitcoin mining. Good card?

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Posted by BravoOneActual (541 posts) -

So I went to Microcenter after reading a news item on yahoo. Apparently people are making lots of money with bitcoin, so I said this to the Microcenter sales person and he said a 7950 (I asked him to write it down) or R9 would work best for the money I could spend.

They didn't have anything matching that number and R9 cards were very expensive, so he said craigslist or ebay might have these cards.

On craigslist I found a 7950 for $400 and that was about $100 cheaper than the other cards he mentioned, so I bought it. It's a 7950 GT model and the guy I bought it from said it's like cars and GT means a sports model, and is better than normal. Considering bitcoins are $600 and this is $400, it was a bargain!

How many bitcoins can I make in a day with this card?

Thanks in advance for any info!

#1 Edited by Jimmy_Russell (491 posts) -

Bitcoin mining is primarily dominated by ASIC hardware designed specifically for high efficiency mining. No personal computer with any amount of GPUs can compete against dedicated ASICs. For an example, The Leopard from Xtreme Miners is dedicated mining hardware that is capable of producing a hash rate of 2.5 TH/s. In contrast, the 7950 would be lucky to get 400 KH/s.

#2 Edited by mastershake575 (8351 posts) -

There is no AMD 7950 GT edition.

The 7950GT was a card released by NVidia in 2006

I've seen you post in the PC forum about hardware so this is clearly a joke thread

#3 Posted by GeminonTraveler (155 posts) -

hilaaaaaaaaarious

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actually no it isnt. its pathetic. moving on.

#4 Edited by Jimmy_Russell (491 posts) -

Doesn't matter if the OP is telling a joke or not, the information I've put in this thread is going to be useful to a resourceful person, regardless.

#5 Posted by Postmortem123 (7627 posts) -

Gr8 b8 m8 r8 8/8

#6 Posted by Bikouchu35 (7312 posts) -

o.o better off buying the coin outright than mining(preferably the coins that aren't blocked by china). Considering the cost of amd cards, electricity, blah.

Damn, GT and cars, careful with that buddy.

#7 Edited by mastershake575 (8351 posts) -

@jimmy_russell said:

Doesn't matter if the OP is telling a joke or not, the information I've put in this thread is going to be useful to a resourceful person, regardless.

Nobody said or implied that it wasn't

#8 Posted by nicecall (428 posts) -

I heard a big bitcoin trader was involved in some shady trading and a ton of bitcoins disappeared a few weeks ago. I wouldn't waste any time or money mining this fake currency. Its prices drop too quickly you never know what will happen. Its just not secure and its not backed up by anything. Plus don't you wonder what its making your PC do while its so called "mining"... it could be hacking passwords/encrypted data from real banking sites or god knows what else.

#9 Edited by Jimmy_Russell (491 posts) -

Mining bitcoins is a complicated mathematical process involving cryptographic hash functions, that's why it's referred to as a cryptocurrency. The cryptography is what keeps the currency safe from counterfeiting. The entire process of mining bitcoins is in turn verifying their existence and nullifying any duplicates so that double-spending of the same bitcoin is not possible. As with any currency, bitcoins can be stolen or lost, but more unfortunate is that they can't be traced back to the thief very easily.

Lately, there have been many high profile heists, some of them actually coordinated by the Department of Homeland Security and the FBI. If you mine bitcoins this won't affect you that much because you are always making a profit. If you buy bitcoins, however, you have a good chance of losing a lot of real money.

#10 Posted by kraken2109 (12984 posts) -

0/10

#11 Edited by IvanElk (3798 posts) -

@nicecall said:

I heard a big bitcoin trader was involved in some shady trading and a ton of bitcoins disappeared a few weeks ago. I wouldn't waste any time or money mining this fake currency. Its prices drop too quickly you never know what will happen. Its just not secure and its not backed up by anything. Plus don't you wonder what its making your PC do while its so called "mining"... it could be hacking passwords/encrypted data from real banking sites or god knows what else.

Lol fake currency. Its as fake as the money in your paypal and banks.

Backed up? you can physically posess a bitcoin. Mt.Gox shut down, I don't know too much about why nor do I care, I stopped using it a while back. That all being said mining bitcoins is pointless now a days. The profitability is very little in comparison to litecoin mining and even that due to the drop on bitcoins has become much less profitable (I hardly even use my r9 290 to mine anymore).

#12 Edited by SerOlmy (1625 posts) -

@IvanElk said:

@nicecall said:

I heard a big bitcoin trader was involved in some shady trading and a ton of bitcoins disappeared a few weeks ago. I wouldn't waste any time or money mining this fake currency. Its prices drop too quickly you never know what will happen. Its just not secure and its not backed up by anything. Plus don't you wonder what its making your PC do while its so called "mining"... it could be hacking passwords/encrypted data from real banking sites or god knows what else.

Lol fake currency. Its as fake as the money in your paypal and banks.

Backed up? you can physically posess a bitcoin. Mt.Gox shut down, I don't know too much about why nor do I care, I stopped using it a while back. That all being said mining bitcoins is pointless now a days. The profitability is very little in comparison to litecoin mining and even that due to the drop on bitcoins has become much less profitable (I hardly even use my r9 290 to mine anymore).

It is monopoly money. You are deluding yourself if you think it has any value outside what some idiot speculator gives it to make a quick buck off a bunch of rubes. It is no different than buying Dutch Tulip bulbs in the 1630's. There have been at least 3 more major "heists" since Mt. Gox went down and I put that in parenthesis because it is just as likely they ran off with the money while crying wolf. This is what you get in an anarchocapitalist libertarian utopia. Anyone with enough ingenuity can rob you blind and you have ZERO RECOURSE if it should happen. The Japanese gov't where Mt. Gox was headquartered basically told people to go f*** themselves, it wasn't their problem since it isn't real money.

Regardless, at this point it isn't worth mining the coins anymore. We are well past the break even point, it would cost you more money in hardware to mine the BitCoins than you would make. That's why we now see idiots with access to university supercomputers getting caught red-handed running mining scripts during off-peak usage.

#13 Edited by Innovazero2000 (3128 posts) -

Yeah...I'm glad I never got into it. I thought about litecoining with my Radeon but ultimately not worth the hassle or the electricity. I'm sure those who caught it at it's peak and pulled made some nice actual cash, but beyond that... most wasted time.

#14 Posted by IvanElk (3798 posts) -

@SerOlmy said:

@IvanElk said:

@nicecall said:

I heard a big bitcoin trader was involved in some shady trading and a ton of bitcoins disappeared a few weeks ago. I wouldn't waste any time or money mining this fake currency. Its prices drop too quickly you never know what will happen. Its just not secure and its not backed up by anything. Plus don't you wonder what its making your PC do while its so called "mining"... it could be hacking passwords/encrypted data from real banking sites or god knows what else.

Lol fake currency. Its as fake as the money in your paypal and banks.

Backed up? you can physically posess a bitcoin. Mt.Gox shut down, I don't know too much about why nor do I care, I stopped using it a while back. That all being said mining bitcoins is pointless now a days. The profitability is very little in comparison to litecoin mining and even that due to the drop on bitcoins has become much less profitable (I hardly even use my r9 290 to mine anymore).

It is monopoly money. You are deluding yourself if you think it has any value outside what some idiot speculator gives it to make a quick buck off a bunch of rubes. It is no different than buying Dutch Tulip bulbs in the 1630's. There have been at least 3 more major "heists" since Mt. Gox went down and I put that in parenthesis because it is just as likely they ran off with the money while crying wolf. This is what you get in an anarchocapitalist libertarian utopia. Anyone with enough ingenuity can rob you blind and you have ZERO RECOURSE if it should happen. The Japanese gov't where Mt. Gox was headquartered basically told people to go f*** themselves, it wasn't their problem since it isn't real money.

Regardless, at this point it isn't worth mining the coins anymore. We are well past the break even point, it would cost you more money in hardware to mine the BitCoins than you would make. That's why we now see idiots with access to university supercomputers getting caught red-handed running mining scripts during off-peak usage.

It is monopoly money in the same sense that the dollar bills in your pocket are. Back in the day you could say it representing gold, now-a-days the US dollar is nothing but a symbol. I transfer my money into USD because Bitcoins are not a good way to store money as bit coins have always been an unstable market (its not something I would keep my money in). I actually have car dealerships near be that accept bitcoins as payment, and as a method of payment it works. Also the money that was "ran-off" with came from allowing other companies to manage your money. The actual bitcoin wallet is (Albeit virtual) your posession in which it can stay on your computer and as long as you have it on your harddrive (or have it backed up) you can never lose your bitcoins. The idiots that have their currency stored on online wallets... that's there problem. You have a currency that is backed by no government (which has plenty of benefits) and you are storing it in uninsured banks. In America, the government gurantees your money to a certain amount in banks.

Its a currency, it has value, I can take it, buy things with it, and exchange it to another currency. Deal with it.

It isn't worth mining BitCoins this is true, ASIC's the better they make them, the higher the difficulty goes up and then the return on profit becomes 9 months and you are out money for a long time. Litecoins are a different story though due to Bitcoins going down it isn't as profitable in USD anymore.

#15 Posted by krazyorange (2615 posts) -

Well, this degenerated into a pol thread pretty fast. Obvious bait by OP is obvious.

Bitcoins are only valuable because people put value on it. Fundamentally, it's the same as any currency or exchange base (eg diamonds, oil, frankincense, gold). Unfortunately it isn't really worth much because there's no "central bank." inb4 durrrrr muh freedumz. There is no regulating force which can invest and keep the currency stable enough for it to be legitimate; obviously that's the draw for bitcoiners, but the reality is that it isn't pegged against something with real value, meaning it's about as liquid as my last trip to the lavatory. A friend of a friend put in 100kUSD when it was like 800USD/per. So many lulz when it crashed.