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Bitcoin Graphics Open Source Hardware Linux

Open Source Radeon Gallium3D OpenCL Stack Adds Bitcoin Mining 140

Posted by timothy
from the top-priority dept.
hypnosec writes "The open-source Radeon Gallium3D OpenCL stack has been modified to support Bitcoin mining through the use of mining application 'bfgminer.' To mine Bitcoins using the open source GPU driver, one must use Tom Stellard's non-stock branches of Mesa, LLVM and libclc OpenCL library. Further, bfgminer must be patched as well. Once the patches are applied and modified code of the stack is used, users will be able to mine Bitcoins using the Radeon HD 5000 and Radeon HD 6000 graphics cards; however the cards have to be pre-HD6900 Cayman in case of the HD 6000 series."
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Open Source Radeon Gallium3D OpenCL Stack Adds Bitcoin Mining

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  • by maeka (518272) on Thursday April 11, 2013 @11:20AM (#43422617) Journal

    What bubble? Plenty of people perform transactions using bitcoin to pay for goods and services every day and go away happy. How is that a bubble?

    What bubble? Plenty of people performed transactions for houses in 2006 and went away happy. How was that a bubble?

    What bubble? Plenty of people performed transactions of dot-com stocks up through early 2010 and went away happy. How was that a bubble?

  • by Sarten-X (1102295) on Thursday April 11, 2013 @11:26AM (#43422679) Homepage

    What bubble? Plenty of people perform transactions using bitcoin to pay for goods and services every day and go away happy. How is that a bubble?

    People bought and sold houses during the housing bubble, and used dot-com companies every day in the dot-com bubble. Use has little to do whith being a bubble or not. The notion of a "bubble" is where the price of a commodity far exceeds its actual value. Yes, this can even apply to foreign currency like bitcoins. People are buying bitcoins more as an investment than for actual trade, so the price climbs higher, making everybody happy.

    Then something happens. A few more big thefts, or a flaw in the protocol is discovered, or an economic externality makes people sell off just a few coins at less-than-market price, so they're sure to sell quickly. Other investors see the price fall, and they worry about the bubble starting to burst, so they sell quick, too... and that makes the price drop more, and the cycle repeats, sending the price crashing back to a price on par with its actual value.

    The problem is that Bitcoins have very little intrinsic value. The value of national currencies is based on the stability ogf the government backing it, ultimately reflecting the currency's use for paying taxes and other government charges. Bitcoin isn't backed by a government, though, and even the prices for day-to-day trade are effectively just national currencies with an exchange rate and transaction fees applied. When the bubble finally bursts, Bitcoins' value will hover around the cost of the electricity & equipment to mine them, so investors can write off the purchase as a slight loss or slight profit.

    Like all bubbles, there are some get-rich-quick millionaires who made a fortune getting in early, but their money will effectively come at the expense of those who come in later, buying the bitcoins they're selling off. Someone's always left holding the bag.

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