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Author Bitcoin
Ian
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Registered: 28th Aug 99
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1st Dec 13 at 08:51   View Garage View User's Profile U2U Member Reply With Quote

Need an absolute beginner's guide to this.

Just got the Multibit which doesn't appear to be doing anything, and GUIMiner which I also can't work out.

Thinking I can probably farm up a few machines around the place and generate some money, and at the rate they're going up, it'll be worth sitting on them.

Anyone had success? Ideally want to install and forget but if anyone has good clear instructions that would be nice.


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Ian
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1st Dec 13 at 09:05   View Garage View User's Profile U2U Member Reply With Quote

WTF

http://www.ebay.co.uk/itm/3-Bitcoin-Btc-Digital-Currency-/131059523017?pt=UK_Coins_World_RL&hash=item1e83c19dc9&nma=true&si=F7rxbWc8Q9Edxg3MCpmpOT7WxVw%253D&orig_cvip=true&rt=nc&_trksid=p2047675.l2557


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Ian
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1st Dec 13 at 09:08   View Garage View User's Profile U2U Member Reply With Quote

Another one.

Currently $1000, this guy has paid 1000.

http://www.ebay.co.uk/itm/1-Bitcoin-1-BTC-PayPal-Accepted-Instant-Delivery-/261327415620?pt=UK_Coins_World_RL&hash=item3cd853e944

Could have bought one at an exchange surely?


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Cavey
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1st Dec 13 at 09:17   View User's Profile U2U Member Reply With Quote

can't help you with that, but was an article on the BBC website of a guy going to a tip to try and find his hard drive from a few.months before because he had $1m worth on it

http://m.bbc.co.uk/news/technology-25146685

Edit - 4.6m

[Edited on 01-12-2013 by Cavey]
Rob_Quads
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1st Dec 13 at 10:09   View User's Profile U2U Member Reply With Quote

From what a friend who was into this told me he said that starting out now mining is not easy. Many people who have built machines to mine won't break even due to all the power needed to actually find one. Obviusly some people will luck it at the start but for continuous mining is hard

There are meant to be other similar online currencies that people are now looking into
Aaron
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1st Dec 13 at 10:59   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Cavey
can't help you with that, but was an article on the BBC website of a guy going to a tip to try and find his hard drive from a few.months before because he had $1m worth on it

http://m.bbc.co.uk/news/technology-25146685

Edit - 4.6m

[Edited on 01-12-2013 by Cavey]


what a retard
Brett
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1st Dec 13 at 13:02   View Garage View User's Profile U2U Member Reply With Quote

Isn't it a bit of a losing battle mining bitcoin now for regular people without ASIC machines? I'd be looking at Litecoin.

Kind of annoying, I remember pondering on buying some bitcoin after it crashed when silkroad was taken down and was sub $200.

[Edited on 01-12-2013 by Brett]
Brett
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1st Dec 13 at 13:05   View Garage View User's Profile U2U Member Reply With Quote

Mining megacoin is really easy to get started btw. There's actually shit loads of cryptocurrency now. With bitcoin, isn't it a case of 'if you can see the boat you've already missed it'.
John
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1st Dec 13 at 13:15   View User's Profile U2U Member Reply With Quote

I was reading an article the other day saying it's just about a waste of time mining bitcoin now, costs more in hardware and electricity than you'll get back. If you are planning on using some old machines you've got lying around Ian, I wouldn't waste your time.
Brett
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1st Dec 13 at 13:22   View Garage View User's Profile U2U Member Reply With Quote

As above, I read in the end it'll only be worthwhile for people who have access to free electricity.

I genuinely think litecoin is the one. http://cryptocur.com/litecoin/litecoin-mining/

[Edited on 01-12-2013 by Brett]
willay
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1st Dec 13 at 13:35   View Garage View User's Profile U2U Member Reply With Quote

what John says, mining is totally useless now for us norms
Dom
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1st Dec 13 at 14:50   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Brett
Isn't it a bit of a losing battle mining bitcoin now for regular people without ASIC machines? I'd be looking at Litecoin.



Exactly this. You're better off jumping to another cryptocurrency, like Litecoin, and hope that the price climbs. Although a lot of people are using AISC/FPGA setups, so you really need to follow suit if you want to get in the game - only saving grace of GPU mining is the resale value of the hardware but hashrate and power consumption obviously suffers.

Best thing with Bitcoin is to trade it

Edit - CPU mining isn't worth thinking about, the harshrate (10-60KH/s) is far too low to make it worth while.

[Edited on 01-12-2013 by Dom]
Dan
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1st Dec 13 at 16:17   View Garage View User's Profile U2U Member Reply With Quote

So whats actual score with this mining, even for liteccoin? What actually happens etc?

I have an old laptop I could set up for it which is pretty powerful, just to say ive tried it lol.

Surprised ive never looked at this before as it seems right up my street!


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Dom
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1st Dec 13 at 16:44   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Dan
So whats actual score with this mining, even for liteccoin? What actually happens etc?



Essentially it's puzzles for computers, which exponentially increases in difficulty, where you gain virtual currency for every puzzle solved; the virtual currency can then be traded.
There's obviously a huge underground scene, buying guns, drugs, hitmen etc, in virtual currency as it's relatively anonymous.

Brett posted up a link to get you started with Litecoin but as said, if you want to actually make any real money with it then you have to invest in hardware.
Dan
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1st Dec 13 at 17:04   View Garage View User's Profile U2U Member Reply With Quote

So could you mine any coins with a laptop, purely for a bit of fun? or does it use so much power etc that it will fuck said laptop in a few hours?

Fancy trying to mine 1 coin just to say I have haha


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Brett
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1st Dec 13 at 17:06   View Garage View User's Profile U2U Member Reply With Quote

It's not about fucking the computer, it's the fact it'd take you years to solve a block, and blocks = coins.
John
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1st Dec 13 at 17:08   View User's Profile U2U Member Reply With Quote

You're into absolutely any money making scheme Dan
Dan
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1st Dec 13 at 17:09   View Garage View User's Profile U2U Member Reply With Quote

Ha, I know john, but for once, this is purely to say ive done something!

I do not have the time nor investment to go at it like would be needed, but id like to try and mine 1 just for pub talk if anything!


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Dom
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1st Dec 13 at 18:36   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Dan
I do not have the time nor investment to go at it like would be needed, but id like to try and mine 1 just for pub talk if anything!


Why not just buy a LTC (litecoin), currently $30, and just say you mined it?


What's the processor in the laptop?

But say you had a CPU capable of doing 5KH/s - at the current difficultly level, and this continuously changes, you will get 1 LTC in a year to 18months and that doesn't factor in the cost of electricity of the laptop running 24/7 365 days at full load. Now unless LTC suddenly rockets in price, it's likely it'll cost you more than what the 1 LTC you've mined is worth.

[Edited on 01-12-2013 by Dom]
Dan
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1st Dec 13 at 19:02   View Garage View User's Profile U2U Member Reply With Quote

Hmm. What about this pooling? Any better than going it alone?

Buying defeats the object lol


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Ian
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1st Dec 13 at 19:02   View Garage View User's Profile U2U Member Reply With Quote

Don't really want to put any real money in to it.

I'd but and speculate but knowing my luck, that one would crash.


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Dom
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1st Dec 13 at 19:22   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Dan
Hmm. What about this pooling? Any better than going it alone?

Buying defeats the object lol


But CPU mining isn't going to cut it. As a minimum you want to GPU mine on something like a 7950/7950 which will set you back around 300 but will get you a so-so hashrate (600-800KH/s).

But you've got to remember, the more people that jump on the bandwagon (plenty are heading to LTC considering BTC is nie-impossible to mine now) the quicker the difficultly level will go up and there's people who'll happily spend $30-50K on a AISC machine (not sure if there is a AISC system for LTC, yet) that'll munch through hundreds/thousands of GH/s.

Bottom, purchase hardware or don't bother; and if you don't bother then start trading the currency if you want to make money.
Dan
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1st Dec 13 at 19:26   View Garage View User's Profile U2U Member Reply With Quote

Could be worth buying a few at 30$ and holding out for a big increase.

If bitcoin is impossible to mine. Surely something else will rise until that becomes impossible?


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Brett
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1st Dec 13 at 19:26   View Garage View User's Profile U2U Member Reply With Quote

http://www.coinwarz.com/cryptocurrency
Dom
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1st Dec 13 at 20:18   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Dan
If bitcoin is impossible to mine. Surely something else will rise until that becomes impossible?


That is what is happening. But then you're continuously chasing cryptocurrencies and with every new cryptocurrency popping up and miners/traders/users jumping ship, it's watering down the whole market and rocking the cryptocurrency 'boat' which could end up killing the whole system.

In the short term you could make a reasonable amount but you've got to to stump up for a decent setup which will allow you to go into a currency whilst the difficultly is low and rape the daylights out of it.

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