Silk Road forums
Market => Product requests => Topic started by: crazycanadian on October 25, 2012, 01:05 pm
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I been around for a bit but trying to figure out how to mine for bitcoin or how that all works, can you send me in the right direction or show me how? I have tried looking around on the forums and searching and have not really found anything concrete on how to mine so, I am willing to compensate if I have too.. Oh, and please either email me crazycanadian@tormail.org or msg me on SR marketplace... same screen name crazycanadian .I dont check here regularly..... Thanks
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I been around for a bit but trying to figure out how to mine for bitcoin or how that all works, can you send me in the right direction or show me how? I have tried looking around on the forums and searching and have not really found anything concrete on how to mine so, I am willing to compensate if I have too.. Oh, and please either email me crazycanadian@tormail.org or msg me on SR marketplace... same screen name crazycanadian .I dont check here regularly..... Thanks
If you don't check here then you shouldn't have posted a question. Well here is your answer.
You need to visit www.butterflylabs.com and check their new ASIC stuff coming out next month. I've been mining for a while and it takes patience. You will NOT get rich at all and make a quick buck. The only people making any money of mining are those that have money already. Since they can spend a ton on all the upfront costs of hardware. Getting 25-30 bitcoin on daily basis is really nice. Bitcoin itself is legal, so the "regular" internet is where you'll find the best information. Just goto www.bitcointalk.org and read away.
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Corollary to Harry's reply. If you're not going to sink big bucks into it, don't bother. It will never pay you back.
But Butterfly Lab's machines are okay, they're reasonably easy for them to produce. There is better hardware out there but it costs more than anything BFL is offering.
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How exactly do you mine for bitcoins, and where do they come from?
How much money would you need upfront to profit from bitcoin mining,
and how long would it take to make that initial investment back?
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check out the other thread about btc mining, there's more info there :)
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How exactly do you mine for bitcoins, and where do they come from?
How much money would you need upfront to profit from bitcoin mining,
and how long would it take to make that initial investment back?
Since I've got time and I feel like talking about this, here is a little answer to some of your questions that (I hope) will help.
1. Mining bitcoins is usually done with mining software that you run on your computer that will use your video card's GPU in order to solve the "blocks" of free bitcoin code that exists. (This is a rough description of how it works so for the super geeks feel free to elaborate/completely correct me) You can check out places such as bitcoin-pool.com (I think that's the right site) and there you'll find all the instructions you need for a successful mining experience. Don't expect anything more than .01 btc every few days. It's hard work for the computer, which is why people often buy mining hardware.
2. You'd probably need a couple thousand USD upfront in order to make any decent amount of money. But even then, it wouldn't be profit. Mining is more of a hobby unless you have the money to throw down on several mining machines to make a "mining rig."
3. As stated before, it depends on how many miners you've got going. The best bet is to do pooled mining, that is join a mining site where there are thousands of other people all mining together and when a block is solved, the BTC are distributed amongst all the miners that are plugging away at the code in their own little paces. I mine to help pay for little shipping costs here and there, but it's really not something that's gonna get you profit.
All that said, I hope you take the time to check out what there is to know about mining, you may find some rewarding info!
All the best.
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Corollary to Harry's reply. If you're not going to sink big bucks into it, don't bother. It will never pay you back.
But Butterfly Lab's machines are okay, they're reasonably easy for them to produce. There is better hardware out there but it costs more than anything BFL is offering.
Please point me in the right direction. I cant find any company that offers better hardware than BFL.
Thanks alot!
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Since there are many Mining Bots out there, mining is only a thing for people with botnets and hundreds of zombies.
Or for people who can afford strong hardware AND cheap electricity. For example locations near wind parks.
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your from canada and you're in the drug game... find someone who can jump the electricity and you will make mad coin....
I just ordered the mini rig sc from BL...
if shit goes will I plan on buying 4 more right away... fingers crossed.
But if you're gonna do it you might as well go for broke, a 1200$ machine wont earn you shit once the difficulty get adjusted.
good luck
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I just ordered the mini rig sc from BL...
wow, so you decided to invest 30 000USD to non-existing rig...nice :)
if shit goes will I plan on buying 4 more right away... fingers crossed.
BFL did not sell more than 3 rigs to one person :)
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I looked into mining bitcoins when I first heard about them and Silk Road about 6 months ago. For it to be worth your while, you would need a serious computer network set up with many computers mining simultaneously. Otherwise, the return is very low. That was the impression I got when I researched it anyway, so i'll just stick to buying them instead :)
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I just ordered the mini rig sc from BL...
wow, so you decided to invest 30 000USD to non-existing rig...nice :)
if shit goes will I plan on buying 4 more right away... fingers crossed.
BFL did not sell more than 3 rigs to one person :)
thank god i have partners