Bitcoin Forum

What do i have to do to start this process. It would make sense too as mostly my PC just sits idling. And if it can be running programs that use the GPU's processor and generate coin, may aswell go for it.
I herd if you have a ATI card, you can make a couple of bucks a day by just leaving your computer on with the card processing redundant alogrithms to generate bitcoin.... so please help me, what do i need to do to set this up?!

I have the following PC setup:

• XFX ATI HD5770 1GB GDDR5 DX11 Single Slot

• Intel Core 2 Quad Q6700 @ 3.25GHz

• 4GB DDR3 Corsair XMS3 Dual Channel 1333Mhz Ram

• SyncMaster 920NW 1400x900 (16:10) + ViewSonic N3246w 32” HDTV

• 640GB Sata II - 500GB Sata II - 300GB Sata - 300GB IDE

• TerraTec Aureon 5.1 Fun Sound Card (2.1 PC + 5.1 Optical out)

• 2.1 Subwoofer Blue~Neon-Typhoon

• Trust 305KS Wireless Keyboard & Optical Mouse set

• Windows 7 Home Premium 64bit

• MSI G41M-P28 Intel Socket 775 Motherboard

• OCZ MODXSTREAM PRO Modular 600w

first off, i'd suggest reading some of the guides, they are very helpful.


https://github.com/downloads/Kiv/poc...r-20110701.exe

this is the miner you need to start making some BTC

download bitcoin from bitcoin.org to get your e-wallet and address.

https://tman540.triplemining.com/register

if the link for my pool. make sure you create a worker as well after your register. Feel free to ask any questions.

You need 3 things:

• Install the official Bitcoin client.
• Join one pool.
• Set up a miner program.

the github link doesn't work, can you give clear instruction on what exactly im to do? thanx.

The 1st: Install the official Bitcoin client.

Visit the official website, download the installer, then install it.
http://www.bitcoin.org/ (http://www.bitcoin.org/)

The program will generate you a new empty wallet, with a unique bitcoin address.

yep, installed that, running it now, yeah i have an address shown, what now? it says 5 connections currently, 500 blocks etc.

Sorry about that.

https://github.com/downloads/Kiv/poclbm/guiminer-20110701.exe

here's the link for the GUIminer.

The 2nd: Join one pool.

You could try to mine solo, but that's much slower, then joining a pool.
There are many mining pools, you can find more info about them at the corresponding section of the forum: http://forum.bitcoin.org/index.php?board=41.0 (http://forum.bitcoin.org/index.php?board=41.0)
The necessary settings for the mining programs differ from pool to pool, usually you will need to set 3 things:

• url
• username or worker's name
• password (worker's password, if it's different)

I can recommend Deepbit and BTC Guild.

Do i need to register to deepbit?

What should i select when registering? Proportional mode or pay per share?

The 3rd: Set up a miner program.

Like pools, there are many different miner programs, I would recommend 2:

• GUIMiner (http://forum.bitcoin.org/index.php?topic=3878.0)
• cgminer (http://forum.bitcoin.org/index.php?topic=28402.0)

The 1st are more easy to set up, the later supports multiple pools with a failover mechanism.

If you want to join a pool, you have to register. I use Proportional @ Deepbit.
You can mine without to join a pool (solo mining), but you would have to wait at least weeks, if not months to get some coins...

You can register with any pool. Personally, I really like triplemining.com. It has weekly jackpots of 1.5 BTC and you can start your own mini mining pool which pays you a small percentage. GUIminer currently has triplemining as one of their default servers. Check out the link in my sig if your interested in joining my pool.

You do advertise this pool, I recommend the ones I did mention... that's the difference :P

ok so ive got guiminer running and bitcoin, im signed in with guiminer too, i can refresh balance to, but its at 0.00 blahblah..

I'm not getting a single penny from triplemining. I'm doing it because they only take 1% compared to 2% from bigger pools and they have weekly jackpots of 1.5 BTC. Theres usually 300-350 miners on, so the chances of winning the jackpot are pretty favorable. The mini mining pool is also awesome.

Lol, bitcoins doea not grow on threes m8! That's not like you start it, and you get 1000$ in 1 sec :D
Do the miner reports some 1xx Mhash/s? If yes, it do work already.

Averaging 165.30 MH/s and i have added my bitcoin address on the deepbit website account setting.
I get this info in the deepbit account setting too:
Worker   Pass   Shares (stale)   Mode
MY EMAIL ADDRESS   hidden   45 (2.17%)   Prop.

My GPU activity is at 95% too. I'm using deepbit in guiminer, i don't want to keep changing things, so should keep running this when my PC is idling?
Also Guiminer allows me to change device to my CPU, so should i give that a try, i know GPU processor is a ton faster! so GPU will perform best.

Do you think ill have some form of balance in an hours time once it refreshes?

Your monitor has a max refresh rate of 75 Hz, I recommend you to set the following extra options for the worker in GUIMiner:

I use -f100, and I don't notice anything while playing World of Tanks! :)

Deepbit's stats are delayed by...

why would the refresh rate make any difference? Also when i highlight over the flags bar, it says, for HD58.. Series best to use -v -w128

Is that correct? So should i put this in the flags: -v -f75 -w 128  or -v -f75 -w128 there is a space difference.

Does this look right?
Also it's saying 0.00170338 BTC
Balance is updated once per hour

If you ran this for 6 hours a day for 30 days, what balance could you make?

http://img717.imageshack.us/img717/8705/unledrj.jpg

-w 128 :)

The setup looks good, look at the bottom of the right column @ Deepbit, you can see there your average daily gain of BTC :)

Exactly the reason why you must make sure you're mining in a pool with the best benefits. Anything over 1% fee is too much IMO. Most pools don't have any jackpots. When you're only mining around 200 M/hs, every .001 really counts. Considering joining triplemining if you get tired of your current pool.

Fantastic, i appreciate your help. By the way how does the pay out service go about when i get a certain amount clocked up?
So do you think i'm best off just sticking to deepbit server?

It'll automatically send payments to your e-wallet once it's reaches the amount you've entered. I usually do .5 BTC payouts

tman540 then what do i do with this e-wallet? do request it be sent to your paypal or something?

The bitcoin client is your e-wallet. Once you've received your payment, you are free to do w/e you wish with the coin. Most people sell it on a trading website.

Ohhright, what do you do? can i not send it into my paypal?

You can't directly send the BTC to your paypal, but you can sell the BTC and have them transfer USD to your paypal.

Ahhh right ok, where is the best place to sell the BTC?

You can exchange Bitcoin at multiple websites, like https://mtgox.com/ (https://mtgox.com/).

thanx, does the BTC have the same value no matter where you selling it?

The value of a BTC is exactly whatever someone is willing to pay.

At 1st I tried BTC Guild, but someone did a huge DDoS attack on them, so I use Deepbit atm.

You can set automatic payout @ "Minimum value for automatic payment:", and you can request payout clicking on the link of "payment".
Deepbit do pay up to 2 digits, from 0.125456 you get a payout of 0.12, the 0.005456 remains at your account.
BTC Guild do have full precision payouts.

Bitcoin does not have a fix exchange rate, once it was below 1 USD, once it was above 30 USD, in the last 48 hours it did run between 13.740 and 14.720 USD...

If you go to www.deepbit.net/stats (http://www.deepbit.net/stats) there is a "reward estimation" calculator in the right-hand column.  Enter your mhash rate there and it will indicate how many btc/day you can expect to generate.  It also lists the the current price/btc for the two most popular exchanges Tradehill and Mtgox.  I don't think either of those sites will pay directly to paypal.  I use Dwolla.com as the link between the exchange where I sell my BTC and my bank account.

To break it down...

Guiminer or whatever mining app you've got installed gets work from the pool and returns results to the pool.
The pool takes your results and solves blocks/earns bitcoins.
The pool calculate each miners reward based on various methods (per share, proportional, lottery, whatever - it varies by pool).
The pool then send the BTC you've earned to your wallet/bitcoin client.

Congratulations, at this point you've turned electricity into heat and bitcoins.

You can spend your bitcoins online through the retailers that take them, give them to helpful folks you meet on these forums, that kind of thing.  But, it sounds like you want to turn them into US Dollars.  So, you have sell your bitcoins.

Go to an exchange and setup an account.  They will have a variety of ways to get USD in and out of your account as well as a way to get bitcoins in and out of your account.  Once you're exchange account is setup you will send your btc to it using your bitcoin client.  Once your BTC's are in your exchange account you can sell them on the exchange.  (FYI, an exchange will usually give you a private address to send bitcoins to your account.  There's nothing that says you can't point your pool rewards at your exchange account, saving yourself the step of receiving and then sending the btc from the pool to the exchange).

Once you sell the bitcoins on the exchange you will have a USD balance from the sale.

Different exchanges use different methods to transport their USD as I mentioned above.  I use Dwolla with mtgox or tradehill.  Setup a dwolla account and associate it with your bank account or a credit card.  From the exchange site send the USD from the exchange to your dwolla account.

Use your dwolla account to send the USD from your dwolla account to your bank account or credit card.

I know, it seems like a shell game, lots of moving parts and shuffling.  Lots of different methods and payouts.  Lots of hoop jumping and fine print to read.  I found it very rewarding the first time I made 1.0BTC, sold it and actually turned it into USD.  Once the accounts are setup it's pretty straight forward.  Lots of people have lots of opinions about which pools, exchanges, payment handlers are superior, more efficient or just plain bad.  Like the windows vs mac vs linux debate you will find a million different opinions so there is no cut and dry "how to turn btc into usd" guide.  Do a little research, pick the service providers YOU think are the best and good luck!

Paypal? That's not easy, but not impossible! (Mt. Gox can send your USD to your bank account.)

For that you need one another exchange site: https://www.virwox.com/ (https://www.virwox.com/)
That site can exchange your Bitcoin (BTC) into Linden Dollar (SLL, the money of Second Life), then the SLL to USD, and the site has Paypal as redeem option for USD...

thanx everyone, id prefer it to be either sent into my bank account or paypal. Most likely paypal. What methods are to be taken for me to do this from when i get enough BTC to sell?

Lol, I just told you...


1st: Deposit
At Mt. Gox or Virwox you can deposit 1.00 BTC (or more, but allways xx.00 I think).

2nd: Exchange BTC
At Mt. Gox you can exchange BTC directly to USD, at Virwox you have to exchange it 1st to SLL, then the SLL to USD or EUR.
SLL's exchange rate does fluctuates like BTC.

3rd: Withdraw
At Mt. Gox you can withdraw directly to your bank account.
At Virwox you can also withdraw to Paypal.

Here are the fees for the method I'm using...

Pool - Deepbit takes a 3% of the BTC's I generate (proportional).  Other pools charge more or less depending on their method.  So let's say I generate 1BTC using Deepbit.  My reward would be .97 BTC.

Exchange - Tradehill takes a .54% commission when I sell BTC there.  Again, other exchanges offer different commission structures.  If you sign up for tradehill with my referral code I would make 10% of the commissions you pay - TH-R111282.  If I sell my .97 BTC there @$14/BTC I would get $13.58 less their $.073332 commission leaving $13.50668.

Transport - Dwolla takes a $.25 transaction fee when I receive $ from an exchange and another $.25 when I send those funds to my bank account.  Again there are other transport mechanisms available that offer different values and services.  I can't transfer partial cents using dwolla so I'd send my $13.50 to my dwolla account - they take their first transaction fee leaving me $13.25 in my Dwolla account.  I then transfer from my Dwolla to my bank for another $.25 fee meaning the final deposit in my account is $13.00.  Of course if I sold my BTC in 10 packs that same $.25 transaction fee would remain the same so I wouldn't pay quite so much per BTC.

Again, this is just the way I choose to do it.  Whether it's the pool, exchange, transport or whatever other service someone will believe they have a superior solution and it's entirely possible they are right.  This is just the way I've chosen to do it.  I also mine with the eligius pool and have sold on mtgox exchange.  Again, many paths to the same destination, choose the one you're most comfortable with.


 

Thanx PLaci1982, now i know what to do.

exactly why I was suggesting triplemining.com

I just checked Virwox:

Is deepbit still the best to go with or BTC Guild?

Eh? When deepbit was "the best"?

well which is best to go with?