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Radioactive View Drop Down
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    Posted: 27 Nov 2013 at 5:06pm
Hey all,

A few years ago I heard some friends on EU talking about Bitcoin. I didn't really understand and never really looked into it. Anyways yesterday I stumbled upon some information about it and decided to look it up. It seems like a really interesting project, something that could really take off in the future. I was looking to get into mining Bitcoin as my laptop is usually on all the time anyways. Is there anyone here with some expertise in Bitcoin and mining that could give me some advice on what to do and how to start? I gathered that I would need to join a mining pool to get any form of payout. Thanks.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Kombinacka Quote  Post ReplyReply Direct Link To This Post Posted: 27 Nov 2013 at 5:18pm
Originally posted by Radioactive Radioactive wrote:

Hey all,

A few years ago I heard some friends on EU talking about Bitcoin. I didn't really understand and never really looked into it. Anyways yesterday I stumbled upon some information about it and decided to look it up. It seems like a really interesting project, something that could really take off in the future. I was looking to get into mining Bitcoin as my laptop is usually on all the time anyways. Is there anyone here with some expertise in Bitcoin and mining that could give me some advice on what to do and how to start? I gathered that I would need to join a mining pool to get any form of payout. Thanks.

Hello. I don't have personal experience with BTC, but I wrote a lot about them.

I am  not sure how strong your laptop is, but it takes a lot of computing power, and now, you will have to add yourself into some good pool.
There is (probably) not a slightest chance you could mine something on your own (mostly on laptop).

But as I said, I did not tried it, I regret it I did not when I first tought about it, but now it is getting kind of late. I whish you much luck! 

This is how such bitcoin mining PC looks: 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Radioactive Quote  Post ReplyReply Direct Link To This Post Posted: 27 Nov 2013 at 5:28pm
Yeah I did find that you would need a pretty beefy rig to do some serious mining. The one in the pic there is pretty grand! I did find a list of mining pools and was thinking of joining one.

I hear the rewards get cut in half every so often and there is only a set amount of BTC that are ever to be released. I'm thinking that it is getting a little late but may as well get into it while it lasts and maybe make a few bucks in the process. 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Kombinacka Quote  Post ReplyReply Direct Link To This Post Posted: 27 Nov 2013 at 5:32pm
Originally posted by Radioactive Radioactive wrote:

Yeah I did find that you would need a pretty beefy rig to do some serious mining. The one in the pic there is pretty grand! I did find a list of mining pools and was thinking of joining one.

I hear the rewards get cut in half every so often and there is only a set amount of BTC that are ever to be released. I'm thinking that it is getting a little late but may as well get into it while it lasts and maybe make a few bucks in the process. 

Just keep checking your bills, if you are not loosing more then gaining :)

I have kind of old computer, so I am affraid it would explode when I would try mining and gaming at once, but you could make some nice money.

Few days ago 1BTC had more value then 300 dolars Oo. Really regret I did not tried it few years ago.

(But I am still better then the person who bought first pizza with btc!:D)
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Radioactive Quote  Post ReplyReply Direct Link To This Post Posted: 27 Nov 2013 at 5:39pm
Actually the power is included in the rent for my apartment so it would stay the same. I already leave my computer on all the time anyways because I also run Seti@Home on it too.

I did see that the value for BTC is quite high and does tend to fluctuate a lot. It may present some interesting investment opportunities besides just mining.
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MayBe View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote MayBe Quote  Post ReplyReply Direct Link To This Post Posted: 27 Nov 2013 at 5:49pm
I've read a bit about Bitcoin, and it's a nice system (if you got in early, like so many things).

One thing that I could not figure out, is the energy spend.
As I understood it, the 'mining' is basically a computer doing random calculations?
What is being calculated? Does it serve any purpose? Like that program where you could contribute to calculations for some space program*? Or any other science application that needs a lot of dreary repetitive calculations.

Is it really gazillions of bits and bytes used solely to 'produce' bitcoin? 
Because the calculations don't make the actual bitcoin, right? That's just the payment for the amount of data processed? A way to keep the inflation at bay by keeping the production limited? 
Or did I understood that wrong, and are the calculations literally what is needed to 'make' the bitcoin itself?

Sorry if it's not completely on topic, but I see we have someone here who has some knowledge about it, and couldn't let this chance pass to get some clarity.Wink


edit: * seti@home, that's exactly what I meant. Embarrassed


Edited by MayBe - 27 Nov 2013 at 5:51pm
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Radioactive Quote  Post ReplyReply Direct Link To This Post Posted: 27 Nov 2013 at 5:56pm
I'm pretty sure that all the work your computer does is actually to verify transactions. All bitcoin transactions are stored publicly on the network in something called the block chain. The active computers look over the information in the block chain in search for fraudulent transactions. Every once in a while, newly minted bitcoins are rewarded for the work. I read that it was done this way because it's a peer to peer service and it releases new currency in a time consuming way that simulates mining for real resources.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Ovolon Quote  Post ReplyReply Direct Link To This Post Posted: 27 Nov 2013 at 6:04pm
It's like a cloud instead a big "server-farm" is needed.
All participants "offer the performance" and the Bitcoins are the payment for the "performance-supply".
The company offering the Bitcoin-programm rent out this cloud (best example the Amazon-Cloud), earn much money for "their" service and only pay some Coins to the people supplying this cloud.
Problem for the avarage:
The more people participate in this "cloudserver" the less is the payment cause matter if 10 or 10kk people participateing the distributed Coins-numbers are the same;
only a few people who having the best personal computers (they usually have real private-servers) earn some Coins and all other participants only support the cloud without earning for this.


Edited by Ovolon - 27 Nov 2013 at 6:06pm
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Radioactive Quote  Post ReplyReply Direct Link To This Post Posted: 27 Nov 2013 at 6:19pm
Yeah, that's the biggest problem I can see since I only have a laptop. But I guess it's worth a try.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote jqkill Quote  Post ReplyReply Direct Link To This Post Posted: 27 Nov 2013 at 6:23pm
I've been mining on my laptop for the past 2 weeks or so, part of 'slushes pool' and have made a whopping .00022 bitcoins =)

I use GUIminer if its any help
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Ovolon Quote  Post ReplyReply Direct Link To This Post Posted: 27 Nov 2013 at 6:32pm
Originally posted by jqkill jqkill wrote:

I've been mining on my laptop for the past 2 weeks or so, part of 'slushes pool' and have made a whopping .00022 bitcoins =)

0.00022 Coins in 2 weeks Ouch
all what? 2h 0.5 Bitcoins be created.
2009 at bginning you might earn ~2 Coin a day with a that time "normal" Home-PC cause not many people participate in this programm.
Exchange rate first NOT exist and exchange beginning in 2010 wasn't as good as today but if you don't waste but collect them today it's much money you earned in those days.
But today without a own server-farm it's impossible to earn someting



Edited by Ovolon - 27 Nov 2013 at 6:38pm
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MayBe View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote MayBe Quote  Post ReplyReply Direct Link To This Post Posted: 27 Nov 2013 at 6:36pm
Ah, that makes more sense. So basically all the 'miners' are replacing the servers. 
Smart!

And a reason why entering now with one pc/laptop seems not really worth the effort/costs. 
Although, if your electricity is already covered, I guess it doesn't hurt to try. So I wish you good luck.
I think there are even pc's specially designed for bitcoin mining for sale now.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Radioactive Quote  Post ReplyReply Direct Link To This Post Posted: 27 Nov 2013 at 9:11pm
Originally posted by jqkill jqkill wrote:

I've been mining on my laptop for the past 2 weeks or so, part of 'slushes pool' and have made a whopping .00022 bitcoins =)

I use GUIminer if its any help

I did read that slushes pool was a good one to use.

That's why people started using pools. Most don't have or don't want to spend the large amounts of money required to start mining with a big mining rig. Groups of people with ordinary computers pooled together, combining all their computers to make a cloud that could compute as much or more data than a mining rig. The payouts are mostly shared so they will be smaller.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Sluggo Quote  Post ReplyReply Direct Link To This Post Posted: 27 Nov 2013 at 10:19pm
Ive been doing bitcoins for a few years now.
CPU's are not worth it.
GPU's are no longer worth it.
Unless you got a few blades running, you won't make much.
The difficulty of them is very high now, and yes they are very expensive, I think the market on them will crash soon, this is a bubble, but still unless you have a few grand to sink into equipment, you won't do a ton of profit on them.

Also, need to remeember that, unless you are running your miner at work, YOU pay the electricity.  So again, unless you got a few blades of ASICS, it's foolish to spend 2 dollars a day in electricity to get 30 cents of bitcoins.

sluggo
As I have grown older, I have learned that pleasing everyone is an impossible task. Making them mad now, is a piece of cake :)
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Radioactive Quote  Post ReplyReply Direct Link To This Post Posted: 28 Nov 2013 at 3:11pm
Yeah, I'm not really looking at spending any money on mining rigs. I ran the GUIMiner all night and made a tiny amount of BTC so far.

I checked the exchange rate. It's over 1000 CAD per BTC.
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