Bitcoin mining (turn your GPU into a slave)

interesting.... okay so how would i go about buying bitcoins? what are the prices associated with them as well.

can the same be done with lightcoins?
 
Ocali said:
interesting.... okay so how would i go about buying bitcoins? what are the prices associated with them as well.

can the same be done with lightcoins?
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I use bitx.co.za to buy BTC. You need a local exchange to buy and sell with FIAT currency because of the ID/address verifications.

Bitcoin can be exchanged for Litecoin (or any other altcoin) on lots of exchanges like MintPal or Bittrex.

Once you have Bitcoins signing up on other exchanges is easy since you can just deposit BTC, so no address verifications and ID documents are needed. Bitcoin transactions are not reversible so the exchange doesn't need to worry about cancelled cheque deposits/stolen credit cards and the like.

If you want to change the altcoins back to ZAR you then sell for BTC, transfer to BitX, sell for ZAR and bitx.co.za deposit it back into your bank account.
 
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lcbxx said:
It is currently better to mine LiteCoin with your Radeons as there are not specialised chips for Scrypt decoding (yet).
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Litecoin will make you around R80/month on a Radeon R9 290X before electricity because the last part of your statement is incorrect. Scrypt ASICs are here.
 
Only recently dipped into BC by opening an account and buying some.

Also looked at the mining options, both cloud and on own PC and did not find it worthwhile i.e. cost/effort ration just not worth it.

This however got me thinking and maybe some of the BC 'experts' can provide a little insight. I do not know all the in's and out's of BC so might seem like a stupid question. My question:

Is the fact that mining is becoming so difficult not a Achilles heel of BC? Meaning, will this not eventually lead to less and less people mining resulting in less and less transactions being verified and coins mined?
 
We only need a few of the big guys mining (probably just one) to maintain the network. These are the guys with hundreds of thousands of dollars invested in low power draw ASICs, their wallets are worth (probably) millions of times their daily power costs so don't expect them to go anywhere.
 
MKFrost said:
Is the fact that mining is becoming so difficult not a Achilles heel of BC? Meaning, will this not eventually lead to less and less people mining resulting in less and less transactions being verified and coins mined?
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No. The same amount of Bitcoins will be mined and the same amount of transactions will be verified... even with only 1 ASIC left mining bitcoin.

The more people there is mining the more difficult it gets... that's it - doesn't change the amount of bitcoins released or the transaction volume.
 
Is there a reason why the prices on BitX are so high?

Was just on there now to buy some more BC and only noticed the price difference now. Current BC price is US$601.79 and R/$ is R10.52 making it around R6,330.83 for one BC. On BitX the best asking price is currently at R6,933. That is almost US$60 more per BC.

Edit: The R6,933 price is also what they show as the current price for a single BC.
 
Oj0 said:
Take the money you can afford to blow and buy some coins to hold long-term. You'll make far more by playing the market than you will with mining. Even a Radeon R9 290X will be lucky to make R100 per month BEFORE electricity.At as little as only R1/kWh (cheaper than you'll pay anywhere in the country) you'll run at a loss.
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We pay 87c/kWh since we are >600kWh/month. We fall in a different homepower tariff. As soon as you go <600kWh/month, BAM, anal sex! R1.60 round about /kWh. :D At least Eskom is happy GPU mining died down.

See here for more info: http://www.eskom.co.za/CustomerCare/TariffsAndCharges/Documents/ConnectA4SPU2014.pdf
 
So my GTX 660Ti is a no go?

**Edit** mining with a Nvidia card is highly discouraged I see.
 
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