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Blue Skies Thread, Bitcoin mining - using school computers in General; So I was reading an article in this month's PC Format about Bitcoin mining and it got me thinking, would ...
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    nikaso's Avatar
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    Bitcoin mining - using school computers

    So I was reading an article in this month's PC Format about Bitcoin mining and it got me thinking, would the payoff to the school in terms of Bitcoins mined be worth the extra power consumed by leaving computers on to do it? We have roughly 200 desktop PCs with discrete graphics cards and combined would make a sizeable resource?

    I need to read a lot more about Bitcoins and how they work etc. (I have noticed a handy infographic using the forum search) but just wondered if anyone had mined Bitcoins (not necessarily on school equipment!) ?

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    Steve21's Avatar
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    How to Get Rich on Bitcoin, By a System Administrator Who's Secretly Growing Them On His School's Computers | Motherboard

    I think the big problem comes to what the "block" you're solving is actually about. If you're solving a "how to break into XYZ system" block it could be problems. Solving cancer etc? Maybe not so

    I'd have to wonder whether you'll actually create that much money, when you need to figure things like VAT etc being taken off payments etc etc?

    Steve

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    chazzy2501's Avatar
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    bitcoin mining in no way made me buy AMD based PCs last year

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    I'm not too sure - Virtual Bitcoin Mining Is a Real-World Environmental Disaster - Bloomberg is an interesting article I came accross on slashdot a while ago

    I guess the biggest problem is that even if it is worth it right now that doesn't mean it still will be in a few months time due to exchange rate fluctuations. I exchanged £12 for 1btc a few months back, if I hadn't already spent it would it would now be worth £75ish

    If the govenors/lea/whoever decide to take a look into it all when the benefits outweigh the gain they're going to want to know why you're wasting so much energy while everyone else is trying to save it

    thinking down the line you'd probably need to include additional costs due shorter equipment lifetimes

    James

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    Quote Originally Posted by nikaso View Post
    would the payoff to the school in terms of Bitcoins mined be worth the extra power consumed by leaving computers on to do it?
    That's an almost certain no.

    Would have been possible in the past but as the mining always increases in difficulty (as there will only ever be a finite number of bitcoins) it's just not worth it. All the exposure Bitcoins have got recently has probably made it even harder as everyone and their dog wants a go. Seen lots of people trying to calculate it and the general consensus is, unless your electricity is free, it isn't worth it. It might be profitable if you happened to already have loads of machines with extremely high end graphics cards but still not for long

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    Theblacksheep's Avatar
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    You're technically not making any money until you sell them or trade them. How much you get depends on the cards hash rates. It they are nvidia, no, they'll probably cost more to run. If they are AMDs from the last few years they should grind out some BTC if you pool them, but custom ASICs are getting deployed now and the difficulty is ramping up to the point of making GPU mining pointless.

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    Case in point: that article was 2 years ago. He probably was making a lot of money then. He won't be now.

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    ok done the math, each of my a8-3850s (GPU = 6550d) can do 66.2 Mhash/s each x 64PCs = 4236.8Mhash/s so totally worth it

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    Quote Originally Posted by chazzy2501 View Post
    ok done the math, each of my a8-3850s (GPU = 6550d) can do 66.2 Mhash/s each x 64PCs = 4236.8Mhash/s so totally worth it
    This calculator Bitcoin Mining Calculator comes out at $15.41 or £9.90 a day from that. Does that cover the electric cost of running 64 PCs all day long?

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    People have been fired for using company electricity and systems to generate BTC.

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    A meagre £3613.50 a year! To think you can buy a dedicated fga board bitcoin miner that does 5000mhash/s for $280 and uses 30 watts.

    Answer = Totally not worth it. Still my APUs can also play dirt2 really well

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    nikaso's Avatar
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    Well i think that has solved that question then! The custom bitcoin board might be worth it though, if it's netting £10 a day then it would pay itself off in under 20 days?

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    Watch today's BBC Click, one guy on there says mining on a single machine take about 1 month to generate a single coin.

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    Show me where I can get a miner for $280 please

    Ben

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    Quote Originally Posted by plexer View Post
    Show me where I can get a miner for $280 please
    The Butterfly Labs website.


  16. Thanks to Arthur from:

    plexer (10th June 2013)

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