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Wednesday
Sep252013

Bitcoin mining general background

So What is bit coin mining? According to a wiki it's:

Mining is the process of spending computation power to secure Bitcoin transactions against reversal and introducing new Bitcoins to the system.

Technically speaking, mining is the calculation of a hash of the a block header, which includes among other things a reference to the previous block, a hash of a set of transactions and a nonce. If the hash value is found to be less than the current target (which is inversely proportional to the difficulty), a new block is formed and the miner gets the newly generated Bitcoins (25 per block at current levels). If the hash is not less than the current target, a new nonce is tried, and a new hash is calculated. This is done millions of times per second by each miner.

TL;DNR it does a bunch of math and if it gets a right answer you get some bitcoins!

For reasons I'll go into at a later posting. Instead of using your CPU or even your GPU to do the math you need to buy a device with some ASIC chips on them. these can range in price from $20 to $40,000. 

The spped of these things are measured in metric unit Hashes per second. so MH/s is million hashes per sec GH/s is Bilion per second and so on.

The $20 units that I have do 333MH/s each my $115 GPU does ~200MH/s for comparison (which is why you don't just run GPUs). I have 7 and with the GPU thrown in I total about 2.5GH/s.

It would still probably take more than a year if ever to find a block by myself. So I join a Pool which is a bunch of people 'pooling' their work and sharing the rewards.

So here is my mining program at work.

The program is BFGMiner. the top section is general info like version numbers pool address and average total performance.

The middle section is how each unit is doing and the bottom is comunications back and forth with the pool's server.

I'm not worried about showing my username at the top. If you tried using my ID and I'm up and running it will tell that that worker is in use. If I happen to be down you can connect and do work under my name but I'll get paid for it. why would you want to do that?

I'm a very very small fish in a very very big pool. 2.5GH/s out of 406.3TH/s But I'm making .02 BTC about every 40-50 hours.

My next posting will be how to join a pool and install BFGminer and get it up and mining.

 

 

Wednesday
Sep252013

New Miner on Order

Blue Fury

It's the larger one with heatsink Will run at about 2.5Gh/s  A standard .333GH/s is shown as comparison

uses about the same power.

.9BTC but I think I'll be lucky if I make it back.

 

Tuesday
Sep242013

I got a Penny!

Thank you to whoever clicked on the button and sent it to me. as the first you put data on some new pages on my coinbase wallet. Thanks
Wednesday
Sep182013

My New Silliness is Bitcoin Mining

I bought 10 bitcoins in 2011 (less than $10) played around with them and forgot about it.

 

Saw a wallet file in an old backup and restored it and found I still had 2 BTC left. Used some of it to Buy 7 USB dongles that mines bitcoins.

Mine are all Black

Iv'e made back the few dollars the orginal bitcoins cost me. But I don't think I'll make back ~$250.00 I could have sold them for today.

 

But it's fun to watch, and chat on forums about it. Instead of just mining by my self I have joined a pool.

 

More about pools next time

Thursday
Sep052013

When roasting your own coffee isn't far enough.

Grow your own.

A nice instructable going from plant to cup.

 

Sorry I just buy preroasted beans.

http://www.volcanicacoffee.com

and

http://www.coffeebeandirect.com