Bitcoin Forum

Brand new to this (< 3 days) so please be kind. I have a Coinbase wallet established and am using the Microsoft Bitcoin Miner for solo mining. This is just an interest level venture at this point that could grow if I see things working correctly, The problem I have is when I enter the 26 character code for the wallet into the mining app's receive window an begin mining, I don't see the BTC values changing from 0 in the wallet. I am up to around 1000 Sitoshi's now and still no change in the wallet from 0. What am I missing here?

Thanks for any help!

Did you cut and paste the wallet address?

1st DO NOT MINE. It's wasting energy (you'll pay more for electricity than you'll earn) ...  you have to use specific hardware called ASIC (search for Antminer S9 or Avalon 741 .... pretty expensive toy)
2nd there is usually minimal payout limit. 1000 satoshi is not enough to cover the transaction fees   (to successfuly transfer BTC you need to pay at least 20000 satoshi  ... now you see why it's not worth trying )

I think I figured it out.  Let me know if this makes sense.

at 1000 sitoshi, the btc value would be 0.00001 (or there about)

the decimal places on the coinbase wallet only reflect to 0.0000 therefor there isn't enough mined as of yet to reflect in the wallet

sound right?

as for not being worth it......you don't know me very well....
if this works out and I see anything go into that wallet over the course of a month.....I will be INVESTING in between 10 and 20 full throttle mining rigs.  I will be in it for the long haul in multiple alt coins.

I see you don't get it.
What you have mined so far (those 1000 sat.) is not yet in your coinbase wallet ... it's just balance at the pool/miner side  ... (i'm not familiar with microsoft miner but I'm pretty sure this is how it works).
This balance needs to be transfered to your coinbase ... and this transfer will cost you min. 20 000 satoshi.

As of mining rigs ...do not mine BTC with them, you have to mine altcoins (ETH, ZEC, MONA ....  check https://whattomine.com for profitability) or you can use e.g nicehash (which will automatically convert mined altcoins to BTC).

Thanks for your help, I REALLY do appreciate your input.  I can tell you've been around this block (no pun intended) and I value your knowledge.

If I'm reading you right, even though the mining app is associated to the receive code that was generated by the wallet, the mined values, whatever they may be, do not flow to the wallet real time?  They have to be manually, transferred at a cost, in some quantity?

Is that true for all wallets?

Are those costs standard across the board?


 

There's two things wrong here: First, I doubt Microsoft has ever created a Bitcoin Miner, so I'm pretty sure it's fake software you're running. Second, with solo mining you either find a block (and earn just under $200,000), or you get nothing. Solo mining won't earn you 1000 Satoshi.


What you should do, is remove that software, make sure your computer is absolutely clean, and forget about Bitcoin mining. You're 8 years too late for that, it's a specialist job now.

Microsoft has a bitcoin miner on their Windows store, but it's not made by Microsoft.

https://www.microsoft.com/en-ca/store/p/bitcoin-miner/9wzdncrdhxb6

I don't understand a fake miner?

This is what I downloaded and am using

https://www.microsoft.com/en-us/store/p/bitcoin-miner/9wzdncrdhxb6

This won't work as an evaluator to see if I want to get into this stuff for real?

You're welcome

Yes. The receive code is you public addres (you can check balance using any blockchain explorer to see there are no funds yet ... e.g. https://blockchain.info ).
Funds are sent to this address once you reach given threshold ( this is how all the pools works ).
You would have to do real 'solo mining' to receive coins directly to your wallet ... but for such thing you would need multiple Antminers S9s (to have at least some chance to successfully mine a block)

Yes, this is same for all.



Yes, every single transaction requires proper fee to be processed (otherwise it will 'stuck' and funds will return to sending address after some time)


I already specified the main problem. You need to have ASIC to be able to mine BTC and I don't think the above is good miner at all. I have strong feeling the name 'microsoft miner' is just attempt to get some trustiness using well known brand ( big red flag ) ... I'm pretty sure after months of mining  (when you finaly reach the payout limit) they will not send you anything.

To sum up:
Wanna mine BTC? Purchase ASIC, learn what pools are and how to setup miner.
Wanna mine Altcoins? Purchase some good GPU (some of those listed at whattomine.com )

Dont try mining right know is so expensive that you wont receive a penny

BitFort....Thanks so much for your time!  My mission is much clearer now.  Nice to know there are folks like you willing to help.

Stay away from mining. Nowadays it is more for large mining farms in China.
Just buy some Bitcoin, Litecoin, Monero or other coin in the top 20 of CoinMarketCap (https://coinmarketcap.com).

Hold your investment for a few months / years and cash out a bit when you want to.

Sometimes when nothing results from our actions, it makes us stop doing it. Very many users can not stand it and end their adventure with Bitocin. Keep doing what you are doing, try and be patient and you will soon be satisfied.

Yea Thinkpad99.  No way am I going to give up on this, I haven't even started yet.

While having everyone try to talk me out of mining because it's too much work, and takes too long, is somewhat annoying, I realize that they are just trying to help, and it is appreciated.  I like a challenge.

I'm now starting to think about the speculation aspect of cryptocurrency.  For instance, with 21M bitcoin available to posses in the world, and roughly 14.5M already possessed, what is the 1 year future for that coin, and, what will be the next major jumper coin(s).

It really is an interesting venture and I am on the edge of investing in mining on a large scale.  I think that's what people that I talk with online really don't understand, maybe because they are not in it as big as I may go. (10-20 asic rigs along with up to 80 alt mining gpu rigs)

Anyway, thanks to all that have helped so far.  I have much more research to do before I jump but things are looking better each day.

Yea, if you have a capital you can afford to invest (risk) then go for it. Just keep in mind the profits are not guaranteed so do no go all in.
Every new miner is warmly welcomed as this contributes to the decentralization. The only problem is the ASICs are quite expensive toys so not everybody can afford it.