Geekzone: technology news, blogs, forums
Guest
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.


View this topic in a long page with up to 500 replies per page Create new topic
1 | 2 | 3 | 4 | 5 | 6 | 7
34 posts

Geek


  Reply # 471008 19-May-2011 11:27
Send private message

All I can say is thanks..........


You've made me decide to go 'hardcore'. Within 3 weeks, I'll have 4 HD5850 on the go.

What do you use to measure wattage to calculate the cost?

I'm in a pool with Slush (mining.bitcoin.cz). Tales me 8 hours to get 1 BTC. With 1 HD5850..

gjm

742 posts

Ultimate Geek
+1 received by user: 90


  Reply # 471009 19-May-2011 11:28
Send private message

oh well good luck to you guys that are making some dosh out of this. I think getting a purchase order past SWMBO in order to generate bitcoins on what seems like something suspiciously close to a new games computer would be somewhat difficult to say the least 




[Amstrad CPC 6128: 128k Memory: 3 inch floppy drive: Colour Screen]

 
 
 
 


87 posts

Master Geek


  Reply # 471012 19-May-2011 11:31
Send private message

gjm: If people are making 60 - 70 bucks a day thats about 25k a year...is that right? Are some people really making that?


Only since the value skyrocketed a few weeks back but now the value is holding steady/declining while the difficulty of creating bitcoins has increased dramatically and will continue to increase, I think anyone buying mining hardware now will struggle to break even.

Someone earlier said $280 for a 5850, at todays difficulty that will produce 1.35BTC per day, at todays rate = ~11.50nzd per day.

So you'll make about $115 for the next 10 days or so until the difficulty resets again, network growth is hitting record levels of about 6% per day so the next difficulty increase will also be of record levels.

Of course this is assuming the value holds steady, it could go up or with all these gamers only looking to cash out, it could continue to drop.

gjm

742 posts

Ultimate Geek
+1 received by user: 90


  Reply # 471014 19-May-2011 11:36
Send private message

I went to the Caprica gaming lounge yesterday for a couple of hours. Those guys should wind up all the pc's after hours and mine bitcoins. They have some very nice machines.




[Amstrad CPC 6128: 128k Memory: 3 inch floppy drive: Colour Screen]

30 posts

Geek


  Reply # 471018 19-May-2011 11:45
Send private message

vfxguynz: All I can say is thanks..........

You've made me decide to go 'hardcore'. Within 3 weeks, I'll have 4 HD5850 on the go.

What do you use to measure wattage to calculate the cost?

I'm in a pool with Slush (mining.bitcoin.cz). Tales me 8 hours to get 1 BTC. With 1 HD5850..



Your welcome. Just make sure you know that there's going to be a difficulty increase this Tuesday (or sometime next week) and you're willing to take that risk if the prices remains the same or gets lowers or even crashes.

I bought those power measurements in ebay that you plug in the wall and you can insert how much you pay per units (kilowatts) into them. Cost like $26.

Looks like you're getting better result with slush compared to me or it was just my luck being crap (and pool's luck).


Edit: Just reread the whole thread and you're wandering how much it would cost me to build my second rig. It would cost me $2400. The MSI 890-FXA-GD70 cost like $350 2 days ago and then bam it now cost $200 woot woot!!!

2335 posts

Uber Geek
+1 received by user: 372

Trusted

  Reply # 471029 19-May-2011 12:00
Send private message

So if I buy 4* HD 6990 and put them in a machine. How much would I make a day?

34 posts

Geek


  Reply # 471031 19-May-2011 12:05
Send private message

Haha, the risk is what makes it fun! :P

Oh cool, I saw them yesterday, just wondered if there was a place more local.

Yeah, I've just calculated it all, and slush is better than deepbit, for me. I might post details later when I get home (7pmish).

Haha typical about the mobo price drop! I bought a Dell XPS M1530 3 days before they released their new line of studio XPS's..

30 posts

Geek


  Reply # 471032 19-May-2011 12:06
Send private message

LennonNZ: So if I buy 4* HD 6990 and put them in a machine. How much would I make a day?


5.67BTC...Difficulty has just increased like 20minutes ago Cry and exchange rate is falling as well, currently.

You will make a return but your paypack period or break even will be longer. Look for a used HD5970, don't buy a HD6990 and just overclock the HD5970 to make the same result and eat slightly less wattage.

If you're in windows you only use 4 GPU (note HD5970 and HD6990 is dual GPU) unless you're in Linux.

34 posts

Geek


  Reply # 471039 19-May-2011 12:15
Send private message

Is there anyway to tell when the difficulty is gonna rise?

Bitcoinwatch.com still shows that it's at 157,426

30 posts

Geek


  Reply # 471052 19-May-2011 12:28
Send private message

vfxguynz: Is there anyway to tell when the difficulty is gonna rise?



Bitcoinwatch.com still shows that it's at 157,426


bitcoincharts.com/markets/

Quick summary on how difficulty increases...
If we solved 2016 blocks (somewhere around this figure) in less then two weeks difficulty will increase if not it will decrease.

Most likely there's going to be a 100% or more increase for the next difficulty with this current computing power. It was 1.8Thash/s 4 days ago and now 3.5Thash/s.

So anyone that wants to join this venture now its going to be tough especially us here in New Zealand and our expensive electricity bills.

34 posts

Geek


  Reply # 472715 23-May-2011 07:43
Send private message

It's been a few days, and I have a few BTC....
Nobz, how do you sell them? MtGox doesn't do paypal :-/.

1217 posts

Uber Geek
+1 received by user: 143


  Reply # 472954 23-May-2011 13:45
Send private message

Those who are mining BTC, don't forget, it is income, and as such it is subject to income tax.

Somebody was claiming above up to $65/day returns, that's 23 grand a year.




---
James Sleeman
I sell lots of stuff for electronic enthusiasts...


90 posts

Master Geek
+1 received by user: 3

Subscriber

  Reply # 472971 23-May-2011 14:11
Send private message

sleemanj: Those who are mining BTC, don't forget, it is income, and as such it is subject to income tax.
Just call them Rugby World Cup Credits and I'm sure you'll be fine.

More seriously, I wonder what the rule would be. Would it be taxed when you cash the coins in for dollars? Or at the price when you mined them? It'd suck to mine them at $10/btc and at tax time they're work $2/btc.

2776 posts

Uber Geek
+1 received by user: 119


  Reply # 472973 23-May-2011 14:13
Send private message

sleemanj: Those who are mining BTC, don't forget, it is income, and as such it is subject to income tax.

Somebody was claiming above up to $65/day returns, that's 23 grand a year.


It's not actual currency as such though, would it be subject to the same terms as standard income, or those such as shares?

If you sell them then is it like selling an asset or treated as pure income?

Would be interesting to know the finer points of how it'd all work.

I don't have the kind of money to build a rig that'd pay itself off, just a 3.5Ghz-quadcore thing with a mid-level GPU, power bill would probably offset any income.




1217 posts

Uber Geek
+1 received by user: 143


  Reply # 472991 23-May-2011 14:40
Send private message

cdouble:
sleemanj: Those who are mining BTC, don't forget, it is income, and as such it is subject to income tax.
Just call them Rugby World Cup Credits and I'm sure you'll be fine.

More seriously, I wonder what the rule would be. Would it be taxed when you cash the coins in for dollars? Or at the price when you mined them? It'd suck to mine them at $10/btc and at tax time they're work $2/btc.


Income in foreign currencies is taxed in the financial year it was made (at the exchange rate applicable at the time) not necessarily at the time you exchange it to NZD

To put it another way, if as a New Zealander in New Zealand I make 100 grand billed in US Dollars, I don't get a free ride from the NZ tax man even if I keep it as USD, when it comes time to do the tax return, I have to use an appropriate FX rate to declare the income and pay the tax as if it were NZD income from the get-go.

Being as it is not exactly an "officially recognised" currency I guess there is no internationally recognised FX rate, but I would expect that the IRD would happily find or set some "authoritative" rate for BTC to NZD if there was any possibility of them collecting tax from you :-)
 




---
James Sleeman
I sell lots of stuff for electronic enthusiasts...


1 | 2 | 3 | 4 | 5 | 6 | 7
View this topic in a long page with up to 500 replies per page Create new topic



Twitter »

Follow us to receive Twitter updates when new discussions are posted in our forums:



Follow us to receive Twitter updates when news items and blogs are posted in our frontpage:



Follow us to receive Twitter updates when tech item prices are listed in our price comparison site:





News »

Intel reimagines data centre storage with new 3D NAND SSDs
Posted 16-Feb-2018 15:21


Ground-breaking business programme begins in Hamilton
Posted 16-Feb-2018 10:18


Government to continue search for first Chief Technology Officer
Posted 12-Feb-2018 20:30


Time to take Appleā€™s iPad Pro seriously
Posted 12-Feb-2018 16:54


New Fujifilm X-A5 brings selfie features to mirrorless camera
Posted 9-Feb-2018 09:12


D-Link ANZ expands connected smart home with new HD Wi-Fi cameras
Posted 9-Feb-2018 09:01


Dragon Professional for Mac V6: Near perfect dictation
Posted 9-Feb-2018 08:26


OPPO announces R11s with claims to be the picture perfect smartphone
Posted 2-Feb-2018 13:28


Vocus Communications wins a place on the TaaS panel
Posted 26-Jan-2018 15:16


SwipedOn raises $1 million capital
Posted 26-Jan-2018 15:15


Slingshot offers unlimited gigabit fibre for under a ton
Posted 25-Jan-2018 13:51


Spark doubles down on wireless broadband
Posted 24-Jan-2018 15:44


New Zealand's IT industry in 2018 and beyond
Posted 22-Jan-2018 12:50


Introducing your new workplace headache: Gen Z
Posted 22-Jan-2018 12:45


Jucy set to introduce electric campervan fleet
Posted 22-Jan-2018 12:41



Geekzone Live »

Try automatic live updates from Geekzone directly in your browser, without refreshing the page, with Geekzone Live now.



Are you subscribed to our RSS feed? You can download the latest headlines and summaries from our stories directly to your computer or smartphone by using a feed reader.

Alternatively, you can receive a daily email with Geekzone updates.