This is a split board - You can return to the Split List for other boards.

Bitcoin miners?

#1TheAlmightyCowPosted 12/28/2013 9:45:17 PM
So I've been browsing this part of the forum now for about an hour, and I see a bunch of people talking about bitcoin miners bumping the price up for some GPUs.

How are they bumping the price up, and what exactly is a "bitcoin miner"? I know what bitcoins are.
---
Youtube: http://www.youtube.com/watch?v=QwXItLxvZ_0&feature=youtu.be
FC: 3866 - 8210 - 3222
#2KabtheMentatPosted 12/28/2013 9:49:05 PM
Supply and demand. Less supply + increased demand = Higher prices.

Bitcoin fad miners were buying up large amounts of higher end AMD GPUs. So there were less to go around.
---
Big Money. Big Women. Big Fun.
Skillz Ferguson
#3TheAlmightyCow(Topic Creator)Posted 12/28/2013 9:51:45 PM
KabtheMentat posted...
Supply and demand. Less supply + increased demand = Higher prices.

Bitcoin fad miners were buying up large amounts of higher end AMD GPUs. So there were less to go around.


I see. Thanks.

But how do you "mine" bitcoins?
---
Youtube: http://www.youtube.com/watch?v=QwXItLxvZ_0&feature=youtu.be
FC: 3866 - 8210 - 3222
#4DV8ingSourcesPosted 12/28/2013 9:55:09 PM
To create bitcoins, computational devices need to compute some really hard math. Once a solution to a problem is provided, a new harder problem is created. This originally started off as some fairly simple problems and is now at extremely time consuming problems. So when bitcoins first launched a regular pc with a gpu (AMD is MUCH MUCH better at openCL calculations used in 'mining') could mine coins fairly regularly. Now it would take farms of gpu's or specialized hardware to put a decent dent in creating new coins.

The reason some AMD GPU's are having their price inflated is that the bitcoin craze has hit the mainstream public. Bitcoins were worth over 1000 dollars overnight seemingly. Now everyone from investors to the average joe thinks they can make a buck or two doing this when in reality, the time to make money via simple gpu setups is long gone. It takes exponentially more in electricity costs to create a bitcoin now than before. Unless you have free electricity (which is still incredibly wasteful as gpu's aren't anywhere as efficient at solving these problems anymore), there is almost 0 point to mining. Still people were buying up AMD gpu's left right and center in hopes to get a piece of the pie.

Once people realize the futility and volatility the cryptocurrency market, things should slow down and gpu's drop back down to their normal msrp.
---
2500k @ 4.4 | P8Z68-V Pro | H80 | 8GB RAM | 770 + 670 physx | 256 SSD | 8TB HDD | Win 8.1 64bit | ax1200w | CM690II
Steam: DV8ing1
#5TheAlmightyCow(Topic Creator)Posted 12/28/2013 9:59:05 PM
DV8ingSources posted...
To create bitcoins, computational devices need to compute some really hard math. Once a solution to a problem is provided, a new harder problem is created. This originally started off as some fairly simple problems and is now at extremely time consuming problems. So when bitcoins first launched a regular pc with a gpu (AMD is MUCH MUCH better at openCL calculations used in 'mining') could mine coins fairly regularly. Now it would take farms of gpu's or specialized hardware to put a decent dent in creating new coins.

The reason some AMD GPU's are having their price inflated is that the bitcoin craze has hit the mainstream public. Bitcoins were worth over 1000 dollars overnight seemingly. Now everyone from investors to the average joe thinks they can make a buck or two doing this when in reality, the time to make money via simple gpu setups is long gone. It takes exponentially more in electricity costs to create a bitcoin now than before. Unless you have free electricity (which is still incredibly wasteful as gpu's aren't anywhere as efficient at solving these problems anymore), there is almost 0 point to mining. Still people were buying up AMD gpu's left right and center in hopes to get a piece of the pie.

Once people realize the futility and volatility the cryptocurrency market, things should slow down and gpu's drop back down to their normal msrp.


Thank you! I appreciate it! Very good answer!
---
Youtube: http://www.youtube.com/watch?v=QwXItLxvZ_0&feature=youtu.be
FC: 3866 - 8210 - 3222
#6Tony_Biggie_PunPosted 12/28/2013 10:17:45 PM
There is still a ton of money to be made mining alternative cryptocurrencies. Wth a 7950 you can make about $100 a month mining alt-coins
#7DV8ingSourcesPosted 12/28/2013 10:19:00 PM
Tony_Biggie_Pun posted...
There is still a ton of money to be made mining alternative cryptocurrencies. Wth a 7950 you can make about $100 a month mining alt-coins


Yes and all these newer currencies are basically new ponzi schemes. Those work in the real world too until you get caught.
---
2500k @ 4.4 | P8Z68-V Pro | H80 | 8GB RAM | 770 + 670 physx | 256 SSD | 8TB HDD | Win 8.1 64bit | ax1200w | CM690II
Steam: DV8ing1
#8josh_bazzellPosted 12/29/2013 9:03:44 PM
DV8ingSources posted...
Tony_Biggie_Pun posted...
There is still a ton of money to be made mining alternative cryptocurrencies. Wth a 7950 you can make about $100 a month mining alt-coins


Yes and all these newer currencies are basically new ponzi schemes. Those work in the real world too until you get caught.


You have literally no idea what you speak of.
---
My gaming rig: ASUS G73JW: I7 740qm, 8 gigs ddr3, Nvidia Geforce 460m.
I like single player games. Nothing is quite as enjoyable as playing with myself.
#9ATARIJAWAPosted 12/31/2013 6:39:30 PM
Bitcoins are a tax on the stupid.
---
Gamefaqs game rating system : 10 = Best Game Ever. 8-9. Crushing dissapointment. Below 8 :Total Garbage. This is getting ridiculous. people agreeing so far 108
#10DerPancakePosted 12/31/2013 7:05:03 PM(edited)
Criminals will soon use another form of currency, and then the bitcoin fad will die because its no use to the general public.
---
http://i.imgur.com/mng6Lqf.jpg
http://tinyurl.com/mxvh3ut - Taylor Swift: Queen of Pop.