Bitcoin Forum

I have two not so great laptops, would i even make a coin off a month of mining?

You'd just burn electricity and your laptops out.

You could try Litecoin, but Bitcoin is definitely out.

ya figured, thanks

How exactly does the mining work? Is there a way to generate them faster than with a laptop. I guess the question is what would you need in order to mine coins, and if you can't mine anymore of them, is there any way to work for them through current owners of them or can they only be purchased? I'm still pretty new to this forum and I'm still waiting for my wallet to finish downloading.
 Also on a side note is there like a key chart for some of the words and phrases used. I'm trying to read other topics in the forum to better understand the system and how it works, but some of my understanding is mutled  ??? due to a small language barrier so to speak.

Today, Bytecoin will be released. You arrived just in time!

Maria 2.0

There should be a thread about terminology on this board, look at the very top.

As for mining, your computer is essentially trying to find a needle in a haystack.  Every time it finds that needle, it mints a set amount of coins, and awards the miners transaction fees.  Normally, miners work together in "pools" which they all contribute a certain amount of hashing power (denoted by how fast your computer can solve the computations required to make the coins) to attempt to find the needle.  When a mining pool does find one, it splits the proceeds between the miners depending on how much power they contribute to the pool.  Specifically, you'll want to invest in ASIC technology.  Before, you could get a few high-end graphics cards and put them to work mining coins, but ASICs are going to make them obsolete soon, so don't waste the cash.  The more hashing power other miners have, the less you make.  From another point of view, the whole point of mining is to process transactions made by users.  You're compensated for doing this by transaction fees and minting.  Once minting is all over (long after we're dead) miners will be paid solely in transaction fees.

The reason I recommend Litecoin is because you can still mine it well with CPU and GPU.  It uses a different hashing method that ASIC technology is incompatible with.  You can find other threads in the mining section that'll send you in the right direction if you're interested in more (because I only know so much :P)

I bought 5x 7970's and currently doing 3000 Mhash/s.

Paid $2000 for equipment and earning $643.81 a month in bitcoins.

At 0.22c kw/h for electricity and using 1.35 kw/h that's costing me $211 a month.

Do the figures I think its still profitable so long as the price still increases to cover the increase in difficulty.

At the time I started mining there was no sign that a massive increase was on the horizon, and there were far less miners. Its only recently that the interest in bitcoins has soared and bumped the price up.

Also keep into mind you have a 3.95% international transfer fee and a 0.6% trading fee on Mt Gox. Also with the spike in interest in bitcoin's the verification queue is quite long.

Check out electrum, you don't have to download the blockchain.(google it)
As for being unable to "mine the coins",, it's still possible,, just impracticable with the stated hardware. Go big or go home. :)

You cannot mine with laptops unless you use FPGA or ASIC.

Buy a cheap Core 2 Duo desktop $90

and stick an Ati 5830 in it $90

then you should have 260-300MH/s

Not ltc either unless you have a good gaming gpu which you can make use of. Really you can't mine anything now unless you invest in equipment, Cpu mining is completely dead.