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Author Topic: Any Bitcoin miners out there?  (Read 428 times)
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Moliere
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« on: April 15, 2013, 05:34:20 PM »

I started my mining operation over the weekend. Any recommendations or tips from experienced miners? I joined a mining pool and I am using the Phoenix mining tool. My preliminary reading made me think it was better to use my GPU rather than the CPU.
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Crusis
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« Reply #1 on: April 15, 2013, 05:46:07 PM »

I've thought about it but for the life of me I'm just not smart enough to figure out what the hell it is. I read their page, read about the economy and just don't get it. I need pictures drawn for six year olds.
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Moliere
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« Reply #2 on: April 15, 2013, 05:51:02 PM »

Quote from: Crusis on April 15, 2013, 05:46:07 PM

I've thought about it but for the life of me I'm just not smart enough to figure out what the hell it is. I read their page, read about the economy and just don't get it. I need pictures drawn for six year olds.

Yeah, I kind of fumbled my way through the setup. It appears to be working, but I'm sure there are things I could do in the config that would make it run more efficiently.
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Crawley
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« Reply #3 on: April 15, 2013, 06:01:50 PM »

Planet Money (podcast) recently did a show on Bitcoin. They seemed to suggest that at this point it would be difficult to get any coins from mining - particularly on a home PC. They also spoke to a few people who thought the bubble for Bitcoin was getting close to bursting - so if you get coins probably best to use them or sell them quick.

Its a neat idea, and like everyone wish I got in on it from the start, but at this point I'm sticking with traditional money.
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gangeli
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« Reply #4 on: April 15, 2013, 08:16:10 PM »

I looked in to this last year, and at that point it had all ready seemed like the ship had sailed
for regular joes to do some mining on their home pcs.

Do a google image search for bitcoin mining, and check out some of the rigs people have setup.  It's crazy.
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Turtle
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« Reply #5 on: April 15, 2013, 10:43:50 PM »

I know about bitcoin, but what is this mining aspect?
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Crawley
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« Reply #6 on: April 16, 2013, 03:36:40 AM »

Quote from: Turtle on April 15, 2013, 10:43:50 PM

I know about bitcoin, but what is this mining aspect?

Well basically they created a Bitcoin with the idea that is was like any resource you would mine for (gold, oil, gas, etc). There's a finite number of the resource and that helps determine value - in this case not a whole lot of it. Initially in order to get the Bitcoin you had to mine for it. And you would do that by running a computer program that ran some algorithm that would determine if you got a coin or not.

The faster and more powerful the system the more mining it could do and the greater the chance you would get a coin.

But the problem now is that the resource has pretty much all been mined so the chances of getting a coin are slim. Particularly on home system which are slow and underpowered compared to whats out there mining for these coins.
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MonkeyFinger
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« Reply #7 on: April 16, 2013, 01:20:49 PM »

http://techcrunch.com/2013/04/08/how-to-mine-bitcoins/
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Turtle
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« Reply #8 on: April 16, 2013, 07:12:45 PM »

Still seems silly to me, although no sillier than any currency system.

Is this just basically running a random number generator that randomly gets you a bitcoin?
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EngineNo9
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« Reply #9 on: April 16, 2013, 07:44:20 PM »

Quote from: Turtle on April 16, 2013, 07:12:45 PM

Still seems silly to me, although no sillier than any currency system.

Is this just basically running a random number generator that randomly gets you a bitcoin?

No, it's more complex than that: http://en.wikipedia.org/wiki/Bitcoin_mining#Bitcoin_mining
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Moliere
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« Reply #10 on: April 16, 2013, 07:49:44 PM »

Here's a good summary.
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