4 ms·

This is very impressive. Think of all the BitCoins they could create with a setup like that (I get an average of 50 coins every 26 minutes with http://www.allo

by kondro 16y ago

This is very impressive. Think of all the BitCoins they could create with a setup like that (I get an average of 50 coins every 26 minutes with http://www.alloscomp.com/bitcoin/calculator.php http://www.alloscomp.com/bitcoin/calculator.php). At a current market value of about USD$0.22 per coin, this equates to about USD$25/hour. Of course, BitCoin uses SHA256, but how much different from MD5 can that be?

iheartmemcache 16y ago
> How much different from MD5 can that be? Answer: Very. (MD5: 128 bit | SHA256: 256 bit) :: (2^256/2^128 = 2^128) => 3.40282367*10^38 of a larger keyspace. I know nothing about the specifical implementation details of either hashing method (and I eagerly await tptacek to offer a far more comprehensive response) but I'm sure the difference in keyspace alone is enough to make this practically impossible.
Tichy 16y ago
Hm, there is a market value for bitcoins? 25$/hour sounds like a very good deal - as long as power consumption is less, it is a license to print money? Maybe this is the final incentive for me to look into EC2...
- mrb 16y ago
  EC2 is NOT cost-effective at all for hash computations as I describe in detail in: http://blog.zorinaq.com/?e=42 http://blog.zorinaq.com/?e=42 (This is the machine I built to develop whitepixel).
- dedward 16y ago
  I'm not a bitcoins expert - but wouldn't any jump in the availability of bitcoins necessarily cause deflation, as with any currency? If someone finds a way to generate,say, 5x more bitcoins that what the average expected amount is - they have a temporary advantage, but once those coins hit the market, the market is diluted and will quickly catch up. Bitcoins has replaced mining gold with generating bitcoins - so it will be harnessing server infrastructure and good code / math -vs- digging big holes in the ground.
  - Zaak 16y ago
    That's true. Also, as more computing power is added to its network, the difficulty of the hashing problem is increased to maintain the bitcoin creation rate at about 50 per ten minutes.
  - Tichy 16y ago
    They say there is a limited amount of BitCoins, though - I think 21 million?
  - ent 16y ago
    the difficulty of the calculations is adjusted so that 50 bitcoins will be released every 10 minutes. so this would only affect the distribution of bitcoins, not generation speed.
brinchj 16y ago
BitCoins dynamically adjusts the computation needed in order to claim coins. It will just make the computation harder. Of course, you would get more than the other users with less CPU power.
- skorgu 16y ago
  You'll really clean up until the difficulty increases though.
kgtm 16y ago
Interesting. Would you mind sharing some information regarding your hardware and performance (ghash/s)? Does your estimate include amortization of hardware cost, electricity consumption? Because the general consensus is that BTC generation is not cost-effective unless: a) One does not pay for resources consumed. b) Speculates about future value of BTC. Regardless, very impressive. I would love to hear more!

by kondro 16y ago

iheartmemcache 16y ago

> How much different from MD5 can that be? Answer: Very. (MD5: 128 bit | SHA256: 256 bit) :: (2^256/2^128 = 2^128) => 3.40282367*10^38 of a larger keyspace. I know nothing about the specifical implementation details of either hashing method (and I eagerly await tptacek to offer a far more comprehensive response) but I'm sure the difference in keyspace alone is enough to make this practically impossible.

Tichy 16y ago

Hm, there is a market value for bitcoins? 25$/hour sounds like a very good deal - as long as power consumption is less, it is a license to print money? Maybe this is the final incentive for me to look into EC2...

mrb 16y ago
EC2 is NOT cost-effective at all for hash computations as I describe in detail in: http://blog.zorinaq.com/?e=42 http://blog.zorinaq.com/?e=42 (This is the machine I built to develop whitepixel).
dedward 16y ago
I'm not a bitcoins expert - but wouldn't any jump in the availability of bitcoins necessarily cause deflation, as with any currency? If someone finds a way to generate,say, 5x more bitcoins that what the average expected amount is - they have a temporary advantage, but once those coins hit the market, the market is diluted and will quickly catch up. Bitcoins has replaced mining gold with generating bitcoins - so it will be harnessing server infrastructure and good code / math -vs- digging big holes in the ground.
- Zaak 16y ago
  That's true. Also, as more computing power is added to its network, the difficulty of the hashing problem is increased to maintain the bitcoin creation rate at about 50 per ten minutes.
- Tichy 16y ago
  They say there is a limited amount of BitCoins, though - I think 21 million?
- ent 16y ago
  the difficulty of the calculations is adjusted so that 50 bitcoins will be released every 10 minutes. so this would only affect the distribution of bitcoins, not generation speed.

brinchj 16y ago

BitCoins dynamically adjusts the computation needed in order to claim coins. It will just make the computation harder. Of course, you would get more than the other users with less CPU power.

skorgu 16y ago
You'll really clean up until the difficulty increases though.

kgtm 16y ago

Interesting. Would you mind sharing some information regarding your hardware and performance (ghash/s)? Does your estimate include amortization of hardware cost, electricity consumption? Because the general consensus is that BTC generation is not cost-effective unless: a) One does not pay for resources consumed. b) Speculates about future value of BTC. Regardless, very impressive. I would love to hear more!