Can a Thinkpad be rigged to mine BitCoins?

[Smokestoomuch]

Some wizards at MIT came up with a new medium of exchange called Bitcoins. You may or may not be familiar with it. It's been out for a couple of years now. For early adopters, you may receive blocks of Bitcoins by "mining" them with a computer. As I understand, in order to effectively mine the coins, you need fancy graphics cards. Bitcoins gives you a long list of recommended graphics cards. So, here is my question...

Thinkpad bases often have internal slots for graphic cards. Could someone put a big graphics card inside a Thinkpad base station to mine Bitcoins? Is anyone mining Bitcoins with there Thinkpad?

[ThinkRob]

Thinkpad bases often have internal slots for graphic cards. Could someone put a big graphics card inside a Thinkpad base station to mine Bitcoins? Is anyone mining Bitcoins with there Thinkpad?

No.

You could use the internal GPU, but it wouldn't be cost-effective.

[jdk]

Why would you want to? IMO, BitCoin never had credibility, and last month's attack killed any headway it may have been making as a legit currency.

Of course, people still buy Mary Kay and MonaVie Juice, so maybe they can start trading BitCoins as well.

[ThinkRob]

Why would you want to? IMO, BitCoin never had credibility, and last month's attack killed any headway it may have been making as a legit currency.

IMHO, said attack only really had an effect on Bitcoin's credibility in the eyes of folks who didn't quite understand the concept.

[automobus]

No. You could use the internal GPU, but it wouldn't be cost-effective.

I expected the opposite answer. I assume mining does not need high throughput, but only high computing performance. Therefore, provided the video card gets power supplied external from the dock, I assume it would work fine. I would not expect the single-lane bus to be a problem. That is only assumption and expectation, when I really know nothing. Why would it not work?

I'll never be a miner anyhow. I am glad to know that I am not the only one here who wants to use bitcoin.

[Smokestoomuch]

"I'll never be a miner anyhow. I am glad to know that I am not the only one here who wants to use bitcoin".

I'm quite puzzled by this comment.

[Smokestoomuch]

"Of course, people still buy Mary Kay and MonaVie Juice, so maybe they can start trading BitCoins as well".

I have just recently discovered Bitcoins, so my knowledge is limited. However, there does seem to be a very healthy market for mined coins.

It is also my understanding that the computer, excepting the graphics card(s), is not significant. They do recommend a dual core CPU but that's about it.

Dirt farming Bitcoins sounds kind of fun. Look at it this way... you'll at least cover all the expenses for your hardware. And who couldn't use an ultimate game box?

[automobus]

Smokestoomuch,
What I mean is, I will never own a computer powerful enough to mine, so I would not be disappointed if my ThinkPad is incapable. I am happy you started the thread, because now I know I am not the only one around here who uses bitcoin.

[jdk]

IMHO, said attack only really had an effect on Bitcoin's credibility in the eyes of folks who didn't quite understand the concept.

Right, because I want my currency's largest exchange to be a trading post that originally specialized in Magic the Gathering, and is confidently backed by the assurance by a single guy on IRC.

[ThinkRob]

Right, because I want my currency's largest exchange to be a trading post that originally specialized in Magic the Gathering, and is confidently backed by the assurance by a single guy on IRC.

If your goal is to use Bitcoin as an investment vehicle or as a way to gain traditional currency then yes, that is a problem.

If you consider Bitcoin for what it is -- a separate currency that (by its very design) does not function like any other currency ever created -- then it's not as grim as you make it sound.

[bill bolton]

a separate currency that (by its very design) does not function like any other currency ever created

Currency (in the sense of a semi-tangible value exchange media) is an extremely trust dependent mechanism, and the trust model underlying needs to be very easy to understand for it to work effectively.

The Bitcoin trust model is just not easy to understand at any level, so is that sense it certainly does not function like any other currency ever created

Cheers,

Bill B,

[ThinkRob]

The Bitcoin trust model is just not easy to understand at any level, so is that sense it certainly does not function like any other currency ever created

Very true. I was actually referring to things like the practical impossibility of forgery, the built-in auditing, and the possibility for completely anonymous use. That said, you are correct: it is an unusual, unconventional, arguably-disruptive technology -- and it's certainly nowhere near as obvious or accessible as plain old cash.