Few Questions | Bitcointalksearch.org

wiredmine

member

Activity: 69

Merit: 10

Quote from: BurtW on July 02, 2013, 07:31:42 PM

...

4) Typed in your number, which was 49

5) Got: $3.19 per month.

Not worth your time and the electricity you will burn.

Exactly ... 49MH/s isn't much. In my gaming PC i have a ATI 6950 which brings in around 330MH/s. although this was a fair bit and could make money a couple years ago, now with the ever increasing (exponentially) "Difficulty" variable, we now have 21Million+. This in practice meant that by letting my computer run for around 24hours at ~330MH/s i only made something like 60cents using a pool. considering the computer is using probably 140+Watt then its not nearly worth the effort. I'd be far better off delivering pamphlets in mailboxes after work hours!

The reason the difficulty is increasing so much lately is due to the ASIC chip based devices from the likes of Butterfly labs and KnCminer etc

Hope that helps a little

Its just my 2cents from a newbie to another

Robixen

newbie

Activity: 13

Merit: 0

3.)It's a good place but you might want to check other exchanges too, other good exchanges are bitstamp, btce and campbx.

BurtW

legendary

Activity: 2646

Merit: 1137

All paid signature campaigns should be banned.

1) I went to this new fangled web site, I think it is called goocle or something like that
2) Put "bitcoin mining calculator" in the search box.
3) Found http://www.alloscomp.com/bitcoin/calculator in the first result
4) Typed in your number, which was 49

5) Got: $3.19 per month.

Not worth your time and the electricity you will burn.

mnyonpa

full member

Activity: 140

Merit: 100

1) 49.0 Mhash/s at current difficulty will produce about ฿0.001 per 24 hours of mining, or $2.7 a month. Given that you most probably mine with a GPU, you will waste more energy and GPU lifetime with that.

2) Bitcoin wiki (https://bitcoin.it/‎) has articles on anything.

Mhash/s is megahash per second, used to measure mining speed. During mining, the miner calculates the SHA-256 hash of a block, then adds a nonce to the block data, with is a number starting from 1, then checks if the hash is less than a certain number set by current network difficulty, increases the nonce than starts again until the hash meeting the requirements has been received (SHA-256 hashing is made in such a way that if you make a slightest addition to the data, you get a completely different hash, so you cannot predict it until you calculate it) and then the block is created and propagated across the network. The more hashes are generated per second, the more likely it is to solve the block, but everything is probabilistic.

BTC means BiTCoin, the name of the currency

3) Very probably so.

4) Official client although it verifies the complete block chain every time you start it and thus loads for several minutes on a cheap notebook. For mining, maybe cgminer.

DannyHamilton

legendary

Activity: 3472

Merit: 4801

Quote from: blackshards on July 02, 2013, 06:42:50 PM

2). Is there a tutorial that explains all of these terms? (Like Mhash/s, BTC, etc.)

A quick glance at the NEWBIE README thread pinned to the top of the Newbie forum, and we find the following link:

https://bitcointalksearch.org/topic/newbie-readme-177133

Quote from: blackshards on July 02, 2013, 06:42:50 PM

3). Is Mt Gox a good and safe place to sell bitcoins?

You'll find a lot of opinions on this forum about that. Some people will say it is absolutely a good and safe place. Others will say that it is a horrible place that can't be trusted. Personally, I don't like several of their business practices and refuse to use them. I prefer CampBX (only available in the U.S.) and https://localbitcoins.com

Quote from: blackshards on July 02, 2013, 06:42:50 PM

4). What mining software and wallet software do you recommend to a newbie?

I don't do any mining. As for wallet software, it really depends on your level of technical skill and your needs. Any of the following are reputable and generally considered "safe". You should probably do some research into each and decide which one will best fit your needs. Bitcoin is still in its infancy, so all the wallets have their own "quirks" that you'll need to adapt to.

Paper wallet
Armory (requires you to also install Bitcoin-Qt)
Bitcoin-Qt
Electrum
MultiBit
https://blockchain.info/wallet

If you have any specific questions about any of the wallets, feel free to ask in the Newbie Forum. There are several experienced and knowledgeable forum members who will be happy to answer.

blackshards

newbie

Activity: 13

Merit: 0

Hi, I am brand new to BitCoin and I just had a few questions about this whole thing.

1). I just started mining and I'm wondering if 49.0 Mhash/s is a good speed and will generate me a decent amount of bitcoins?

2). Is there a tutorial that explains all of these terms? (Like Mhash/s, BTC, etc.)

3). Is Mt Gox a good and safe place to sell bitcoins?

4). What mining software and wallet software do you recommend to a newbie?

Thanks in advance!

Topic: Few Questions (Read 485 times)