What's new
By:
  • Visit Rebornbuddy
  • Visit Panda Profiles
  • Visit LLamamMagic
  • Visit Resources
  • Visit Downloads
  • Visit Portal

[How To] Bitcoin Mining

disclaimer: im not an expert on the topic, but have some general insights i can share and have dabbled around with btc's for a while. take what i say with a grain of salt and check out this bitcointalk.org as a valuable sources of knowledge on the subject. A good starting point would be the thread "New to BitCoin? Start here!":
https://bitcointalk.org/index.php?topic=7269.0

Every transfer gets verified by the p2p network many many times over. in order to be secure the process is using some of the most advanced encryption algorithms humanity knows. encrypting this data for verification of transfers requires computing power, a lot of it. This is done by the clients when you choose to do so. During this process, newly printed bitcoins are awarded for large volumes of processed data. i think its called a block which awards 50 coins and this amount is by now virtually unreachable by a single person or would take years. blocks take longer and longer to be printed, i dont know the exact function used though, but its public and can be read up upon.

therefore people combine their power to networks like one that i assume the buddy team is running. this way every user can be paid out on a daily or so basis. be aware that usually these combined efforts require all users to automatically pay a part of what they would be awarded to the owner of the network, the buddy team in this case if they are running one. these fees vary and among other factors (uptime and stability is important) make up the quality of a network.

prices first rose up from practically nil to 30usd in a matter of months until the bubble exploded in mid 2011. the price has been very stable at around 6usd now i think. some stores here in hamburg already accept them.

privacy wise bitcoins seem to be very poor, but that being said, their production and value cannot be controlled by a central authority which is what most people like about them. payments through the btc client are still pretty much under the radar too, but be aware that this can change. the currency's value will always directly depend on the amount of trust people invest into it, as with any other currency which are unlike this one forced onto people instead of chosen.

i would kill for abandoning my bank account here in germany, since i can be controlled, monitored and bound through it by my gouvernment, but currently this is not an option since monthy payments end up on that account. we dont have any real bank secrecy agreement anymore and neither is our money safe from being seized, even by private organizations without a court ruling. :/
on the other hand btc wallets can be hacked or someone can simply transfer all your money to another wallet when he gains control of your pc. i dont wanna give anyone any ideas, but programming such malware which could barely be stopped before it is too late is an extremely easy task right now. with no gouvernment (understandably) really supporting the currency i doubt the authorities would care much. so be careful with these and dont invest your whole savings. that being said, btc's ftw!!!
 
Im kind of interested in this as i have more than 1 pc. where do you sell the bitcoins?
 
Last edited:
how good is that 2nd computer? because if you want to just get 1 coin/day u need to OC your GFX quite alot if its a shit 1 :P
 
no my pcs are rather good but after reading more into I dont believe its a good idea for me personally. plus im not sure how much it would shoot my light bill up. im running a geforce gtx 460 on one of them and i know there was quite some heat coming out of it with liquid cooling lol. Thanks for response though :D

~Shadoweffect
 
Last edited:
Nvidia is waste of electricity compared to ATI/AMD

And no its not inventeb by the electricity producers, as you can buy specialized mining hardware, so called FPGAs, which are a bit too expensive and only need 1/10 - 1/30 electricity of what enduser computer miners need.

for example a spartan board that does 200mhash uses only 9 W, so 36 W for 800 mash, actually 3 x 6870 ATI make 800 mhash and underclocked and undervolted they still need > 400 W build in a system.
 
 
7970 are pretty new but you can run diablo miner with some reading, actually i am all on Diablo - its the one with the best performance

However its not easy for beginners, bitminter ordered his 7970s to optimize the software already.
 
so how much profit per month avg with optimal setup?

straight answer please.
 
In germany ? Probably none if you sell them the month you mine them. Electricity is very expensive.
 
i thought you are settled in Germany.

So you mine in another country ? someone posted you are TOP1 Producer...

i dont get it, why we opened a subforum for something that is not profitable in germany and then why do you make so much bitcoins (Top1)?
 
Yes that's very low. Are you just using the CPU or something? CPU is highly inefficient for this type of work. It's best to use your graphics card.
 
Well , if you started this , maybe you can help us with some tips:

- best hardware setup (price/$)
- best Software (you use Diablo)
- OS linux/Win
- best pool
- how to setup and config hardware/software for max Mhahs/W
 
Basically, what you guys do is becoming Bosslands Bitcoin-farming Botnet Zombies. True words.
 
Lol. In USA electricity is monopolized by huge corporations. Of course it's expensive. Look up BGE rates.
 
You must log in or register to reply here.
Back
Top