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Meauxjeaux 
Memphis Fan
I have 91k posts with all my alters
Member since Jun 2005
12971 posts
| Installed my first bitcoin miner... (Posted on 2/27/13 at 12:57 am)
Currently in day 3 of the "seeding" process required to get the thing running.
Nearly 30 hours straight and I'm as recent as 149 days ago in transaction seeding.
I like this.
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saintforlife1
Member since Jul 2012
247 posts
| re: Installed my first bitcoin miner... (Posted on 2/27/13 at 1:08 am to Meauxjeaux)
quote:
Installed my first bitcoin miner...
Currently in day 3 of the "seeding" process required to get the thing running.
Is the miner biased towards a powerful computer? As in, if you had a super fast fully loaded desktop, would you be able to mine faster? Does that give you an advantage? Sorry I am not exactly up to speed on this whole thing works.
Btw, what miner do you use? Is there a good one you recommend for beginners?
This post was edited on 2/27 at 2:20 am
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LSURussian 
LSU Fan
Baton Rouge
Member since Feb 2005
63136 posts
 Online
| re: Installed my first bitcoin miner... (Posted on 2/27/13 at 7:55 am to saintforlife1)
quote:
Sorry I am not exactly up to speed on this whole thing works.
This post was edited on 2/27 at 8:15 am
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dagrippa
LSU Fan
Saigon
Member since Nov 2004
1429 posts
| re: Installed my first bitcoin miner... (Posted on 2/27/13 at 8:17 am to Meauxjeaux)
When I first heard about this I got the same feeling that someone was trying to scam me. I haven't done any research etc but just got a really strong feeling. Hope it works out for you.
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OnTheBrink 
Alabama Fan
TN
Member since Mar 2012
1802 posts
| re: Installed my first bitcoin miner... (Posted on 2/27/13 at 8:23 am to Meauxjeaux)
Post some of your finds in the coin collector thread...
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WikiTiger
LSU Fan
Member since Sep 2007
38216 posts
| re: Installed my first bitcoin miner... (Posted on 2/27/13 at 8:29 am to Meauxjeaux)
quote:
Currently in day 3 of the "seeding" process required to get the thing running.
Nearly 30 hours straight and I'm as recent as 149 days ago in transaction seeding.
I like this.
yea, getting started can be slow. you are essentially verifying every transaction ever. this takes a while.
couple questions:
are you running the standard bitcoin client? if so, what version? the latest version, 0.8, dramatically speeds up that process (from taking like 3 days to taking around 3 hours)
as for mining software, what are you running? are you a member of a mining pool?
what kind of mining hardware do you have? if you are just using a CPU then you will just be wasting your time. If you are using GPU's or FPGA's then you make make a few coins but it still probably won't be worth your efforts. the new ASIC chips have started to become available and they are making mining with anything else obsolete.
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Vols&Shaft83 
Tennessee Fan
Member since Dec 2012
3075 posts
Online
| re: Installed my first bitcoin miner... (Posted on 2/27/13 at 8:31 am to WikiTiger)
Bitcoin Board
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Lsut81
LSU Fan
Member since Jun 2005
54807 posts
| re: Installed my first bitcoin miner... (Posted on 2/27/13 at 8:40 am to Meauxjeaux)
quote:
Installed my first bitcoin miner...
Mining for ore?
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VABuckeye 
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
8114 posts
| re: Installed my first bitcoin miner... (Posted on 2/27/13 at 8:44 am to saintforlife1)
quote:
Is the miner biased towards a powerful computer? As in, if you had a super fast fully loaded desktop, would you be able to mine faster?
It's biased towards AMD (Radeon) graphics cards. The mining is done by using the graphics card(s) to solve complicated formulas (in a nutshell). The AMD cards are much, much better than the GeForce cards in this regards.
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VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
8114 posts
| re: Installed my first bitcoin miner... (Posted on 2/27/13 at 8:45 am to Lsut81)
quote:
Mining for ore?
Mining for an online currency that can be cashed in for real currency.
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Lsut81
LSU Fan
Member since Jun 2005
54807 posts
| re: Installed my first bitcoin miner... (Posted on 2/27/13 at 8:46 am to VABuckeye)
quote:
Mining for an online currency that can be cashed in for real currency.
I know what Bitcoin is, trust me, its been shoved down our throats by Wiki...
But how the frick do you "Mine" for a currency? What is backing these funds up? There has to be a physical backing.
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Vols&Shaft83
Tennessee Fan
Member since Dec 2012
3075 posts
Online
| re: Installed my first bitcoin miner... (Posted on 2/27/13 at 8:51 am to Lsut81)
quote:
I know what Bitcoin is, trust me, its been shoved down our throats by Wiki...
But how the frick do you "Mine" for a currency? What is backing these funds up? There has to be a physical backing.
The grand master Satoshi Nakamoto is a trustworthy lad/lady/group/alien. Stop being unsophisticated and asking logical questions 
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WikiTiger
LSU Fan
Member since Sep 2007
38216 posts
| re: Installed my first bitcoin miner... (Posted on 2/27/13 at 8:54 am to Lsut81)
quote:
But how the frick do you "Mine" for a currency?
You use hardware to perform complex mathematical operations that when solved result in the award of a set amount of bitcoins. This process also secures the bitcoin transaction ledger and because of this, the miner also collects any transaction fees included in that block*.
*A block is where bitcoin transactions are stored and a new one is generated about every 10 minutes.
quote:
What is backing these funds up?
The value of bitcoins are based on supply and demand. They have no "backing."
quote:
There has to be a physical backing.
Really? Why?
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ItNeverRains
LSU Fan
Franklin, TN
Member since Oct 2007
4567 posts
| re: Installed my first bitcoin miner... (Posted on 2/27/13 at 9:06 am to WikiTiger)
quote:
You use hardware to perform complex mathematical operations that when solved result in the award of a set amount of bitcoins. This process also secures the bitcoin transaction ledger and because of this, the miner also collects any transaction fees included in that block
This is the Scientology of currencies if this is true.
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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
63136 posts
Online
| re: Installed my first bitcoin miner... (Posted on 2/27/13 at 9:07 am to WikiTiger)
quote:
perform complex mathematical operations that when solved result in the award of a set amount of bitcoins.
And Mr. Yakahomo Hashatori Ono, aka, Bonzai!, didn't keep the keys to the formulas in his back pocket? Would you be interested in buying (or leasing) a bridge over the Mississippi River in Baton Rouge which I own?
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Lsut81
LSU Fan
Member since Jun 2005
54807 posts
| re: Installed my first bitcoin miner... (Posted on 2/27/13 at 9:09 am to WikiTiger)
quote:
Really? Why?
So basically you are just making a fake currency that someone is going to allow you to cash in for physical money on the other end?
Yeah, nothing can go wrong with that...
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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
63136 posts
Online
| re: Installed my first bitcoin miner... (Posted on 2/27/13 at 9:10 am to ItNeverRains)
quote:
This is the Scientology of currencies if this is true.
 
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BACONisMEATcandy
LSU Fan
My opinions are my own
Member since Dec 2007
37629 posts
| re: Installed my first bitcoin miner... (Posted on 2/27/13 at 9:35 am to ItNeverRains)
quote:
This is the Scientology of currencies if this is true.
I know it's only February... But this is the post of the year
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Meauxjeaux
Memphis Fan
I have 91k posts with all my alters
Member since Jun 2005
12971 posts
| re: Installed my first bitcoin miner... (Posted on 2/27/13 at 9:38 am to saintforlife1)
gonna try to answer a couple questions in 1 post.
1- I am using a windows base program called Ufasoft
2- It is NOT EASY for the computer amateurs. There is not very good documentation and help is mostly doled about in heavy tech talk. (I think this is somewhat by design so that all the geeks can mine the coins until they are all mined lol)
3- Why did I start? Curiosity and ability. I have a couple PC's that are online 24x7 and mostly don't do very much so why not?
4- What are my expectations? I'll be thrilled if over time my pc discovers a bitcoin block and I get 50 bitcoins. Then I dunno. I'll have 50 bitcoins.
5- I am NOT an 'investor' or trader or anything else with this. Just had some time to roll out a miner and figured I'd give it a shot.
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Meauxjeaux
Memphis Fan
I have 91k posts with all my alters
Member since Jun 2005
12971 posts
| re: Installed my first bitcoin miner... (Posted on 2/27/13 at 9:41 am to Lsut81)
quote:
What is backing these funds up? There has to be a physical backing.
It's a fiat currency. Just like all the others.
quote:
But how the frick do you "Mine" for a currency?
It is virtual mining. Instead of shovels and pans, it's algorithms and processor cycles.
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