Mining on an original Nintendo
I don’t recommend this, but I think it is a really cool concept and these people put a lot of work into making this happen. And no, don’t use your gaming systems to mine Bitcoins, that includes your XBOX 360, PS3, Atari, etc. This is just a cool concept that I thought some might enjoy.
Anonymous asked: I want to start bitcoin and lite coin minning what do I need
Anonymous asked: Hi, I heard that if i order a 25 GH/s Butterfly miner now i will get the miner in november or december. based on level of difficulty which increases so fast should i expect to make profit with the miner that time? I am afraid i cannot even make the investment back!
I usually try to stay out of the speculation and internet rumor market, but I wanted to respond to this question. First, I view Bitcoin mining as an investment and just like many other investment, there is a risk and you must understand that and be willing to invest an amount of money that you could potentially lose. However, I believe that there are also a lot of Bitcoin miners out there who are spreading rumors about BFL and other companies because they stand to gain by keeping potential competition out of the market. This is called FUD and I’ve seen it numerous times before in my experience in the technological world. The best way to calculate your profit/loss potential is to use a mining calculator like http://www.bitcoinx.com/profit/ to plug in a variety of factors that could impact your investment, such as the difficulty, price of Bitcoins, hashing rate, etc.
I’m not going to tell you what to do with your money, but I will tell you from my experience that I believe strongly in Bitcoin and have seen it grow exponentially in regards to value and in the public consciousness since its infancy. I believe it will continue to grow and flourish as it grows up, despite the occasional setbacks that come with such a new idea and currency. Only you can decide if you are willing to take the risk to be part of something revolutionary.
Anonymous asked: What is bitcoin-mining?
Good question. There’s a long explanation and a short explanation. I’ve tried to explain this to my friends and people I meet who ask about it, but normally their eyes just gloss over after about 5 minutes.
I’m going to refer to a website I found that explains it fairly well in an easy to understand manner. Check out www.bitcoinmining.com and watch the video. It gives you an idea but you really need to do more research as it has become much more advanced since I started mining.
Thanks for the question. I think you may have given me an idea for a new post to write about.
Anonymous asked: So how do I actually start mining in a pool? Is there a list of pools somewhere, hopefully with ranking by payout share, etc? I have the default program installed and updated: Bitcoin version v0.8.1-beta, and there's nothing about mining solo OR in a pool, and didn't even have an option to create a new Wallet, which some other vague instructional inclined. My system: Radeon 7950+Intel 3570K+16GB 2400MHz DDR3.
Try using BFGMiner: https://github.com/luke-jr/bfgminer
You just need to find a pool and join it. Here is a list of pools:https://en.bitcoin.it/wiki/Comparison_of_mining_pools
Great article on AMD Radeon vs Nvidia GPU’s: Gaming vs. Mining
Anonymous asked: I have an older 1.6 gig box with older decent graphics card. If I join a pool (slush) is it worth it to even try for solving a block or two? Electricity high and outdated hardware. Box will be dedicated, stay on always though. I started programming Bitcoin API stuff into ecommerce app, and became interested for the novelty of it at this point. Great site man. Thanks.
Thank you for the kind words and fellow interest in Bitcoins and mining. I try to do my best but run a little behind answering questions from time to time as I get so many. I would say that in your situation it all depends on what kind of graphics card you are using as that is the main determinant. I wouldn’t say that it would be worthless to try, but that you are probably going to end up paying more in electricity than you make in Bitcoin on average.
Check out this site to see what your GPU can do:
And check out this site to get an idea of how profitable/unprofitable it would be:
Mining Profitability and Hardware Spec Links
I just wanted to post a couple of handy links for everyone as I get a lot of questions regarding the efficiency/profitability of mining an various hardware.
This calculator will help you estimate the profitability of mining depending on a variety of factors:
And this link will help you compare the specs of various mining hardware, like GPU’s, FPGA’s, and ASIC’s.
Hope that helps. Stay calm and mine on!
Anonymous asked: I am apologize if this is a repeat question, but I cannot find any answer to this one anywhere. I was curious I started bit mining yesterday just for something to do, and its going at .0079 BTC/ day. At this rate it will take roughly 130 days to make 1 BTC. Now with say the Asic 50 Gh/s according to the calculators I will earn roughly 3.2 BTC/ day. My question being if I make the investment wil I actually see an improvement if everyone else does the same thing? Is it relative to others hardware?
Good question. The difficulty will go up as more hashing power comes online so it is relative. However, I would contend that it would still mine faster than what you have at the moment given what you have stated.
Here is a really good calculator I recommend that will help predict your profitability depending on a number of factors, such as network hash rate, difficulty, your hash rate, power usage, etc.
Anonymous asked: Complete newb here: I have a pretty basic box - i5 2400 processor, 1Gb nVidia 550Ti, and 12Gb Memory. Worth joining a pool with this thing? And if so, what sort of return/timeframe would I expect?
With the exception of the new ASIC’s that are coming out, mining is dependent on the GPU that you are using and nVidia GPU’s are not nearly as good at processing the complex mathematical equations that are necessary for mining as ATI Radeon cards are.
I recommend Bitcoinx: http://www.bitcoinx.com/profit/
It is a great way to help determine your profitability considering a number of factors.