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Author Topic: Miner Primer  (Read 1068 times)
atticamo (OP)
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December 10, 2013, 06:43:49 AM
 #1

You may want to consider setting up another gmail account for all of your Bitcoin activity. I find it easier to mange, particularly with sites that have 2-factor sign in.

This site hosts the vast majority of all knowledge regarding Bitcoin and alt-coins
https://bitcointalk.org/index.php
You do not have to register to read the forum, but to post you will have to register, then you are stuck in "newbie hell" (can only post in the Newbie section) until you have 24 hours of activity on
the forum. This site has been hacked before, so that means if I had used the same user name
and password on other pool or exchange sites the hackers can access my BTC.

Bitcoin (BTC) is in a class of cryptocurrencies that use the SHA-256 algorithm. You can use CPU, GPU, and ASIC to mine SHA256 coins.
Litecoin (LTC) is in the class that use the Scrypt (scrypt-jane and variants) algorithm. You can use CPU, GPU to mine Scrypt coins (Scrypt is said to be ASIC resistant)
Primecoin (XPM) is in a class by itself that uses prime number tests. XPM can only be mined using a CPU. There really is no reason one could not use ASIC to mine LTC and XPM - it is just not cost effective to make these devices compared to using readily available consumer products (CPU, GPU)

Since you already have a CPU, i would suggest trying out Primecoin solo mining https://bitcointalk.org/index.php?topic=255782.0 You may have to mine it for a couple of weeks before you find a block of 10 coins, but it is very feasible and at current prices 10 XPM = 0.05 BTC.

You can mine with your CPU and GPU at the same time but for different coins. For GPU mining you will need mining software that uses Nvidia's CUDA sdk. But which Scrypt coin to mine with your GPU?
These sites http://www.coinwarz.com and http://www.coinchoose.com detail what coin is the most profitable (easiest to mine and highest price) at the given moment. However this list changes every 5 minutes or so, and it will take you a couple of days to mine enough to send to and exchange then by the time you trade them in for BTC the altcoin price has dropped. I use https://www.hashco.ws pool that does all of that for you (mine the most profitable altcoin, sells them for BTC) then you are paid in BTC.

If you do mine altcoins directly at a pool you will need a wallet to send them to. I use www.cryptsy.com to send all of my altcoins and exchange them for BTC. Full disclosure I own stock in cryptsy.com and if you register there using this URL it get some cryptsy points; https://www.cryptsy.com/users/register?refid=3010

I bought my stocks at https://cryptostocks.com

If you want to buy BTC with cash or sell BTC for cash at an exchange your current choices are:
https://btc-e.com/ they are based out of Russia. you do not have to prove your real identity. i use this one.

https://campbx.com/ they are out of Atalanta, GA, but you have to email them a picture of your drivers license and utility bill. I have registered but not traded there.

www.mtgox.com they are out of Japan, but you have to email them a picture of your drivers license and utility bill and it is very hard for US citizens to get USD in and out. I have registered but never traded there.

Misc. Links
http://bitcoinwisdom.com/ charts the prices at the exchanges. 
http://bitcoinmagazine.com/ nice reading while watching your miners

I'm sure you will have more questions and I am happy to help.
lindatess
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December 10, 2013, 06:48:33 AM
 #2

Don't forget to manage the heat of your computer, costs of replacing burnt out hardware, and account for expensive electricity costs $0.60 a kilowatt in some places.

atticamo (OP)
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December 10, 2013, 07:02:15 AM
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That is true, I had the hardware sitting around idle so it was an easy stretch for me to start hashing away. I bought nothing new the first few months; then I got hooked.
atticamo (OP)
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December 10, 2013, 07:15:05 AM
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Sorry about that, this should be for Nvidia (Cuda) newcomers.
atticamo (OP)
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December 10, 2013, 08:07:40 AM
 #5

From the CUDA ReadMe


CudaMiner release July 13th 2013 - alpha release
-------------------------------------------------

this is a CUDA accelerated mining application for litecoin only.
The most computationally heavy parts of the scrypt algorithm (the
Salsa 20/8 iterations) are run on the GPU.

You should see a notable speed-up compared to OpenCL based miners.
Some numbers from my testing:

GTX 260:    44  kHash/sec  (OpenCL: 20)
GTX 640:    39  kHash/sec
GTX 460:   101  kHash/sec
GTX 560Ti: 140  kHash/sec
GTX 660Ti: 176  kHash/sec  (OpenCL: 60-70)

NOTE: Compute 1.0 through 1.3 devices seem to run faster on Windows XP
or Linux.

Your nVidia cards will now suck a little less for mi
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