How can i safely get some bitcoins?

So those who have done this, what's you mhash/s and what have you made? In a pool.

These numbers look far to high to make anything even pocket money?

Say you had 1000mhash/s what would your expected revenue be per day/week or what ever in a pool, ignoring electricity and costs for the moment. How does a pool assign you bitcoins. Assuming far more users than coins.
 
Last edited:
The wealth generation doesn't come from the mining any more, it comes from trading goods and services for Bitcoins. There's more than enough people mining to keep the profit from mining right down. Focus on offering goods and services for Bitcoins to earn them.
 
Glaucus said:
So those who have done this, what's you mhash/s and what have you made? In a pool.

These numbers look far to high to make anything even pocket money?

Say you had 1000mhash/s what would your expected revenue be per day/week or what ever in a pool, ignoring electricity and costs for the moment. How does a pool assign you bitcoins. Assuming far more users than coins.
Click to expand...

Based on so far in a day at 1100mhash i have made 0.02 bitcoins.
 
So 50 days at that rate. But then the calculator posted earlier says you should be expecting closer to 0.18 coins a day. Or is this just the randomness of generating blocks and over time, you should hit that target?

Who did you sign up with?
 
im basically getting 0.01 coins per round of mining these rounds could last different durations some have been an hour some like 4+ wouldnt expect to make more than 0.05 BTC a day even at good speeds
 
Which is about right as you are probably spending ~0.045 BTC a day on the ~6 KWH of electricity to generate them.

Ultra_Extreme said:
im basically getting 0.01 coins per round of mining these rounds could last different durations some have been an hour some like 4+ wouldnt expect to make more than 0.05 BTC a day even at good speeds
Click to expand...
 
Ultra_Extreme said:
when it reaches 1 coin its paid into my wallet i guess
Click to expand...
you can cash out from the 50btc pool at 0.01 coins, some of the others you must have 0.05
you have to set the auto payout rate on whatever pool you are using.
on 50btc you don't have to wait for the block to be verified either before you earn your "shares"

anyway the way it works is.
everytime you solve part of the blocks complex mathematical code you earn 1 share
when a block is solved the 25btc are divided between the amount of shares it took to find the block and they take a crapload of shares to solve.

at current bitcoin prices the op is making about £1.03 per day.
but hes not using hiw own electricity so hes really making around £2-2.50

So 50 days at that rate. But then the calculator posted earlier says you should be expecting closer to 0.18 coins a day. Or is this just the randomness of generating blocks and over time, you should hit that target?
Click to expand...
depends on how quickly the pool he is using is finding blocks of BTC it's better to join one of the pools that solves blocks pretty fast rather than join one that sometimes takes 2-3 hours to solve one.
 
Last edited:
I don't really see the point in this... can you convert bitcoins back into regular currency?

I can't really see why bitcoins would be necessary for anything useful beyond purchasing dodgy items/services.
 
grimm said:
I don't really see the point in this... can you convert bitcoins back into regular currency?

I can't really see why bitcoins would be necessary for anything useful beyond purchasing dodgy items/services.
Click to expand...

You can convert them to cash, by selling.
ATM not a lot of point, it appeals to the frings anti goverment lot/sites.
Like reddit and mega allow bitcoin purchases of their services.

It's interesting.

And lol, my comp crunches at 46mhash and never heard it be so loud before.
I'll leave it running for a few hours and see what the stats say then delete it.
It's interesting, but I can't see how people can even make pocket money out of this, unless you don't pay elec.
 
I'm very confused with this concept altogether! *Backs out slowly*

So lets say you have a £1.2k pc mining away all day, it could take 1200 days to get the money back? + Electricity + time?

Why's?
 
Glaucus said:
You can convert them to cash, by selling.
ATM not a lot of point, it appeals to the frings anti goverment lot/sites.
Like reddit and mega allow bitcoin purchases of their services.

It's interesting.

And lol, my comp crunches at 46mhash and never heard it be so loud before.
I'll leave it running for a few hours and see what the stats say then delete it.
It's interesting, but I can't see how people can even make pocket money out of this, unless you don't pay elec.
Click to expand...

you need to use guiminer and get a graphics card mining. dont do it on your cpu
 
ThaReaperGuy said:
I'm very confused with this concept altogether! *Backs out slowly*

So lets say you have a £1.2k pc mining away all day, it could take 1200 days to get the money back? + Electricity + time?

Why's?
Click to expand...

Well you wouldn't include the 1.2k unless you purchased it specifically for mining.
Looking at stats, some people are doing 30,000mhash/s so I assume either they have access to a lab full of computers or running much more efficient hardware specifically for mining, rather than trying to use jack of all trade gpus.
 
arknor said:
lol wow :O

I really wouldn't bother at 50mhash, i get like 300 with a 7850 and its not worth it
Click to expand...

Don't worry I'm not. As I said curiosity.
It's to loud, electricity is more expensive than us, exchange rate. Makes it even worse than over there.
And well a bit pointless. £20 every 50 days for even a top end system. Then minus your elec.
 
GPU mining was cost effective a year or so ago, now you need specialised hardware designed just for mining which has higher performance than GPU mining but uses a fraction of the electricity. Try looking into BitcoinFPGA
 
You must log in or register to reply here.
Back
Top Bottom