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Author Topic: How long to generate ONE bitcoin????  (Read 25385 times)
NuAngel
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August 03, 2010, 08:05:07 PM
 #1

I've had BitCoin installed and running practically 24/7 since July 23rd.  My KHASH/S value is only about 352 - Pentium 4 Dual Core 2.8Ghz w/ 2 GB of RAM.  My Balance of coins has not gone up, even though I've processed 72,110 blocks.

Am I ever going to see a sudden burst of BTC's or will my balance show "one" some time in mid-August??

NuAngel
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August 03, 2010, 08:13:46 PM
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It's kinda random, more like a lottery.  If your computer is the one that finds the solution to a block first, then you will get 50 coins; no more and no less.  This problem is designed to grow more difficult as the total computational power of the network grows, in order to keep the average time between blocks at about 10 minutes.  So 7200 coins are created each day, and given out in 50 coin sets.  It could be weeks before you are the winner, or it could be twice in the next 30 minutes.  No one can predict this, and that is the point.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
NuAngel
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August 03, 2010, 08:18:15 PM
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Are there odds that you'll NEVER be the first?   Undecided  Think I'll be uninstalling.  Evidently my computer isn't fast enough to compete or "earn" money.

Nu
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August 03, 2010, 08:21:36 PM
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Bitcoin isn't about generating coins. It's about trading coins for stuff, so offer some stuff for sale and get some bitcoins that way Smiley

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August 03, 2010, 08:23:25 PM
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Are there odds that you'll NEVER be the first?   Undecided  Think I'll be uninstalling.  Evidently my computer isn't fast enough to compete or "earn" money.

Nu
Once Bitcoin reaches minimal popularity as it did when it was featured on Slashdot, the focus shifts from generating bitcoins to using bitcoins. You can provide goods and services for bitcoins or you can purchase them. You can also receive goods and services for bitcoins or you can sell them.

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August 03, 2010, 08:25:45 PM
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Given how hard they are to generate, in my opinion (if I worked 24 hours a day for 3 weeks, I'd certainly expect more than 50 cents)...  I'd have to say that 1 BTC is worth about $800.  I'll trade my 5 BTC for a PS3.

Given there's no realistic way to determine the value of something which is randomly generated, I'm giving up on it.

My 5 coins from bit faucet will go to you, martin, just because your address is listed.  They're all yours, knock your socks off.  Don't spend'em all in one place...  or do...  if you can...  good luck.

NuAngel
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August 03, 2010, 08:38:15 PM
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Given how hard they are to generate, in my opinion (if I worked 24 hours a day for 3 weeks, I'd certainly expect more than 50 cents)...  I'd have to say that 1 BTC is worth about $800.  I'll trade my 5 BTC for a PS3.

Given there's no realistic way to determine the value of something which is randomly generated, I'm giving up on it.

The value of bitcoins are determined by the market.  See https://mtgox.com/ and http://www.bitcoinmarket.com/ for current exchange rates, which should give you a concrete idea of value.

Jeff Garzik, bitcoin core dev team and BitPay engineer; opinions are my own, not my employer.
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August 03, 2010, 08:52:11 PM
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Given how hard they are to generate, in my opinion (if I worked 24 hours a day for 3 weeks, I'd certainly expect more than 50 cents)...  I'd have to say that 1 BTC is worth about $800.  I'll trade my 5 BTC for a PS3.

Given there's no realistic way to determine the value of something which is randomly generated, I'm giving up on it.

My 5 coins from bit faucet will go to you, martin, just because your address is listed.  They're all yours, knock your socks off.  Don't spend'em all in one place...  or do...  if you can...  good luck.

NuAngel

Using your computer to generate bitcoins does no useful works, other than creating bitcoins, which is useless by itself. So you missed the entire point of bitcoin, which is to facilitate an economy using...bitcoins.

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August 03, 2010, 08:59:32 PM
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Given how hard they are to generate, in my opinion (if I worked 24 hours a day for 3 weeks, I'd certainly expect more than 50 cents)...  I'd have to say that 1 BTC is worth about $800.  I'll trade my 5 BTC for a PS3.

Given there's no realistic way to determine the value of something which is randomly generated, I'm giving up on it.

My 5 coins from bit faucet will go to you, martin, just because your address is listed.  They're all yours, knock your socks off.  Don't spend'em all in one place...  or do...  if you can...  good luck.

NuAngel

Thanks Nu Angel, very kind of you Cheesy

There *is* a way to determine the value of something generated like this - it's what people will pay for it. In that respect bitcoin is largely the same as "real" monetary systems.

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August 03, 2010, 09:00:43 PM
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Given how hard they are to generate, in my opinion (if I worked 24 hours a day for 3 weeks, I'd certainly expect more than 50 cents)...  I'd have to say that 1 BTC is worth about $800.  I'll trade my 5 BTC for a PS3.

Given there's no realistic way to determine the value of something which is randomly generated, I'm giving up on it.

My 5 coins from bit faucet will go to you, martin, just because your address is listed.  They're all yours, knock your socks off.  Don't spend'em all in one place...  or do...  if you can...  good luck.

NuAngel

Using your computer to generate bitcoins does no useful works, other than creating bitcoins, which is useless by itself. So you missed the entire point of bitcoin, which is to facilitate an economy using...bitcoins.

Wait, it's not about getting free stuff? See ya.

N/m, I'm back. Just made some free coin via my good friend Arbitrage.

Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone.
skull88
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August 03, 2010, 09:47:30 PM
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If you open a bank account, do you expect that the bank puts daily 100€ on your account, just because you have an active account with them?

No, you got to work to fill your bankaccount, the same with bitcoins, if you want them, than trade something for them (goods or services). It's just something like euro's and dollars, a way of paying for things, but instead of paying with creditcard, paper, coins,..., you pay with bitcoins.

That you get some bitcoins for helping the network is a nice little bonus, you could see it as the interest the bank gives you for renting them your money. In bitcoin you don't rent your money but ur cpu.

If you could daily generate a lot of bitcoins, they would btw be worthless, so whats the difference, if you got to generate a month for 50 coins and you can buy something for 50 coins or you generate 50000 in a month and for the same thing you got to pay 50000?

Btw, I got from 24/07 till now generated 50BTC and I got a khash of around 1600.
I've made some graphics for the community and put them here and got in one day 26BTC from donations.
So forget the generation, just do what you are good in and sell it for coins, or give it away freely and maybe you get some donations. (I prefer the last business model but that's up to you offcourse)

BTC: 1MifMqtqqwMMAbb6zr8u6qEzWqq3CQeGUr
LTC: LhvMYEngkKS2B8FAcbnzHb2dvW8n9eHkdp
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December 19, 2010, 06:59:02 PM
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If you open a bank account, do you expect that the bank puts daily 100€ on your account, just because you have an active account with them?

If I open a bank account, I don't expect the bank to expect me to run a piece of software that does… what, again? Why is there the word "Generating" in the mid-status bar? What is it generating and how long does it take?

I am a huge fan of alternative economies, but Bitcoin is either badly designed (UI that creates false expectation; no point in generating - just call it 'wallet'), or another scam, where only the early adopters win.

Anyway, in an honest economy no reward can be expected, because no one can let a good, valuable deed to go unrewarded. Bitcoin is money in disguise, and therefore a step in the same direction as Goldman Sachs and the Fed.
kiba
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December 19, 2010, 07:10:23 PM
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Anyway, in an honest economy no reward can be expected, because no one can let a good, valuable deed to go unrewarded. Bitcoin is money in disguise, and therefore a step in the same direction as Goldman Sachs and the Fed.

Wrong community. We have no problem with money. Fat cat bankers, yes, but not banking and money itself.

MoonShadow
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December 19, 2010, 07:12:53 PM
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I am a huge fan of alternative economies, but Bitcoin is either badly designed (UI that creates false expectation; no point in generating - just call it 'wallet'), or another scam, where only the early adopters win.


Neither.  Generating is hard, and both a means of distributing new currency somewhat fairly, and an incentive to contribute clock cycles to secure the system.  You don't have to generate to use the system, it's voluntary.  Nothing of the sort is expected of you.

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Anyway, in an honest economy no reward can be expected, because no one can let a good, valuable deed to go unrewarded. Bitcoin is money in disguise, and therefore a step in the same direction as Goldman Sachs and the Fed.

If that's the way you feel about it, don't use it.  But you are also wrong.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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December 19, 2010, 07:32:56 PM
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Quote
I don't expect the bank to expect me to run a piece of software that does… what, again? Why is there the word "Generating" in the mid-status bar? What is it generating and how long does it take?

Man, you'd think someone would have taken all of these Frequently Asked Questions and made a single page where they are all answered up front.  Wink

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Bitcoin is money in disguise...

No, Bitcoin is a self-described "peer-to-peer digital currency." It's not money in disguise. It's money.

Please don't donate money to me at 12qF5Mdrx8N3cKbcJzBCJmifim3FKtHtuX there are much more important things you can be spending your viable currency on.
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December 20, 2010, 09:59:04 PM
 #16

Fuck for a commie these people are stupid I hope they realize they are the early adopters.
One day bitcoins will be worth 1000 dollars each. Then they can cry that they don't have any and they don't wanna work or do things to get some. Till then I hope these idiots don't dry up the faucet and delete their wallet.dat.

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skull88
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December 21, 2010, 12:36:51 PM
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If I open a bank account, I don't expect the bank to expect me to run a piece of software
We also don't expect you to run a piece of software: https://www.mybitcoin.com

btw my girlfriend needs to run a program to view her bank account, it is an online only bank account and requires you to install a piece of software to log in. So yes, some banks require you to install a piece of software to view you account or make transactions.

BTC: 1MifMqtqqwMMAbb6zr8u6qEzWqq3CQeGUr
LTC: LhvMYEngkKS2B8FAcbnzHb2dvW8n9eHkdp
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December 21, 2010, 12:49:51 PM
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One day bitcoins will be worth 1000 dollars each.

Using the bitcoin system will probably be illegal far before we reach this point :-/
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December 23, 2010, 09:42:45 PM
 #19

Well, my first post, yes, I'm a nooob at this.. but in 2 hours, I have received 0.1 btc.. oh boy.. so this is like, say apparently equal to the electricity consumed for generation? Lets see, an average psu at 450w - receives 1 unit (btc) every 2 years? We pay at least 1000 units a year for leccy.. perhaps I'm missing something here.. Banks rely on people having their money in their accounts, as Bitcoin relies on the cpu pwr of you and I..

My first test of how much I could generate was 1 coin every 2 years..

A weakness in your system means if I wanted to put the time in, I could generate around 1 coin PER DAY.

My 0.1 was generated in less than an hour.

Disclosure fee: 50.00 BTC - is that 2 expensive?

I have read a few post's regarding how btc may be worth 1000 dollars one day..

Haha..

For me it looks like this.. The US has a brain that has yet to catch up with the fact it's already dead, as the rest of the world buy's Gold or Silver.. Forgive me here, I'm not flaming the US, but their time is over, and the bigger they are, the harder they fall.. and if BITCOIN has NO isp prepared to accept bitcoin as paymnet for access, then when the monetary system fails in the next year or 2 (max), then so will bitcoin, for with no cash, isp's cut connections, and I cant see them accepting nothing for the very connection all these new digi-millionaires require.. they will want the cash, or the gold.

These my first thought's, but I am alway's open to change, as much as this editor needs one.. the window wont let me see whats being typed now, so I'll ask my questions in another post, in the hope of seeing what I'm writing.. IE8 bug, or 2 simple machine, who knows..

 





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BitLex
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December 23, 2010, 10:18:15 PM
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Lets see, an average psu at 450w - receives 1 unit (btc) every 2 years?
what's an average PSU?
with 450W you can easily power a HD5970, or 2 HD5850, which will not receive 1 unit (btc) every 2 years, but receive ~50 units a day, quite a difference, isnt it?

and besides the fact, that generating bitcoin-blocks on CPUs isn't profitable at all,
if you need 450W to power a CPU, something is very wrong on your setup.


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