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A typical system with a 5970 consumes just under 500 Watts lets say, including the GPU (some examples here: www.bitcoin.org... ).
That's 12kWh at let's say a $0.12/kWh residential electric rate ( www.bitcoinminer.com... ) that's about $1.44 per day for your electricity.
A 5970 hashes at just under 600 Mhash/s, per en.bitcoin.it... so punch that 600000 number in as khps here: www.alloscomp.com...
and it shows that at the current difficulty level, you should generate 50 BTC about every 3 days and 29 minutes.
So in a 24 hour period you get about 16.55 BTC per day. Converting that 16.55 BTC to USD: bitcoin.1t2l.net... shows you earn about $15.28 per day with a rig holding a single 5970.
Then to send those BTCs to your PayPal, you use coincard.ndrix.com... (starting again monday morning) and you lose 3% doing that conversion so you end up with $14.82 in revenue per day. Subtract the $1.44 in electricity that nets you $13.38 a day. If that were to hold, you'ld have the card paid off in well under two months.
That said, ... difficulty is rising (fast! ... bitcoin.sipa.be... ). If the BTC/USD exchange rises more ( it's had quite a run bitcoincharts.com... ), then that payout might continue at these levels. Otherwise, the payout from mining will decrease.
In the same paper Nakamoto writes:
"The system is secure as long as honest nodes collectively control more CPU power than any cooperating group of attacker nodes."
"If a majority of CPU power is controlled by honest nodes, the honest chain will grow the fastest and outpace any competing chains. "
"If a greedy attacker is able to assemble more CPU power than all the honest nodes, he would have to choose between using it to defraud people by stealing back his payments, or using it to generate new coins."
"we proposed a peer-to-peer network using proof-of-work to record a public history of transactions that quickly becomes computationally impractical for an attacker to change if honest nodes control a majority of CPU power. "
That's an interesting idea actually. A game(s) where the currency isn't bitcoins, but can be converted to bitcoins. Also, in game currency could obviously be purchased with bitcoins. It would give the bitcoin currency some sort of "backing". A post on the first page of this thread was saying it's a useless currency because it's not backed by any commodity.
If you have to use bitcoin to play and the only currency allowed in the game is bit coin a really large online game would become a marketplace for bitcoin as well as a place to play.
VirWoX, Buy or sell Bitcoins for Linden Dollars, which are in turn convertible to EUR, USD, GBP, and CHF. Supports PayPal, Moneybookers, NETELLER, paysafecard, and bank transfers. It is not necessary to have a Second Life avatar to trade on VirWoX!
Nah, I prefer to make edits unless there have been a few posts after me.
Thanks for the edited parts of your post but they deserved another post of their own don't you think?
Originally posted by Blackmarketeer
Paypal isn't an "ecurrency", comparing it to one isn't fair, it's an online bank and subject to all those laws and regulations (not to mention they have a nasty habit of seizing accounts on pretty flimsy excuses).edit on 17-5-2011 by Blackmarketeer because: (no reason given)
It already seems that way to me. I'm finding it hard to mine a reasonable amount of bitcoins and I'm using a GTX285 black edition. Is solo better than pool mining? I heard you get like 50 at a time, but how long will that take me?
they will start setting up warehouses full of bitmining servers and no one else will be able to compete.
Originally posted by wayouttheredude
Here is some relevant bitcoin news. Gavin Andresen the bitcoin development head will talk to CIA in June
This is nearly month old info but it tells you that bitcoin is certainly on their radar.