requirements for beginner mining setup

[LittleBitChange]

Hallo dear friends of the bitcoin currency system

I followed the increasing hype around BTCs for quite a while now. Finally I decided not to only invest into BTCs but to mine them as well. I've come to the conclusion if I have bitcoins I also should make efforts to stabelize the system and to add to the systems security as much as I can afford.

For this purpose I wrote a requirements document and I hope to find a setup which will match the requirements. Here is the point you people of this forum could help me ^^ please read the requirements and please make one or more suggestions on the document as well as on hardware and software for bitcoin mining.

If I decide to use any of your suggestions I will donate 30% of the mined BTCs to the advisor <(^_^ )> for 3 months.

!== Requirements document for my personal bitcoin mining project ==!
goals of mining in this particular case:
#0# mine bitcoins
#1# getting to know the bitcoin system as a software developer
#2# the equipment must be affordable for me
#3# the equipment must be easy to be transported together with my laptop equipment
#4# the mining process should add to the security of the bitcoin currency system
   annotation: as I am informed this is achieved by any form of bitcoin mining at present day. Even if one mines with a regular CPU of any given computer. This is why there is no specific requirement to implement this goal.

bitcoin miner hardware and software requirements
#0a# with the installed equipment, including hardware and software, the bitcoin mining process must be automated
#1a# all software components must be open source
#1b# all software components must have a documentation for developers
#1d# all hardware components must have a documentation for software developers
   annotation: the hardware components do not need to have its circuit layout revealed.
#2a# the cost price for the bitcoin mining hardware must not be more than 80€
#2b# the bitcoin mining hardware must not consume more than 15Watt
#3a# if the bitcoin hardware requires a secondary computing unit:  the bitcoin mining hardware must be working with a standard USB2.0-Port on a MacBook Pro (13-inch, Mid 2009)
   annotation: this implies for mining hardware which require a secondary computing unit that the hardware must not require an active power supply in any form. This requirement is not applied on standalone bitcoin mining hardware, as the requirement states that it is only applied to bitcoin mining hardware which require a secondary computing unit.
#3c# if the bitcoin hardware requires a secondary computing unit: it may be connected to the secondary computing unit via a USB2.0-wire
#3b# the bitcoin hardware must be contained inside a single case which does not exceed the measurements 30cm, 20cm, 7cm
#4a# the equipment setup needs not to redeem itself
   annotation: this does not exclude equipment which does redeem itself at any given time

legend:
#N# - identifier for a specific goal. N is a string of decimal digits 0-9.
#Nw# - identifier for a specific requirement. The goal which is associated with the given requirement can be derived by the prefix N. N equals the identifier of the associated goal. w is a string of alphabetic characters a-z.
!== end ==!

The identifiers should be used to refer to any given statement for context clarification.

Thankyou for reading and best regards
LittleBitChange

UPDATE: "StickMiners - overview of low-power 'usb stick' type mining hardware" (https://bitcointalk.org/index.php?topic=464496.0) this helped me a lot <(^_^ )>

EDIT:
deleted -1c- for -1d-
 #1c# all hardware components must have a documentation for developers
changed annotation of -3a- for clarification purpose

[1713986358]

1713986358

[1713986358]

1713986358

[1713986358]

1713986358

[1713986358]

1713986358

[jonnybravo0311]

Based on your requirements you've limited yourself to USB miners, since you stated there can be no external power source dedicated to the miner.  Further, since you're reliant upon no external active power supply, your miner must be powered completely by the USB port.  This means you're limited to 2.5V and 1.8A at maximum power.  Unfortunately, your MBP will only push 500mA at 5V, further limiting you to a total power output of 2.5W.

Good luck finding a USB miner that will not only satisfy these power requirements, but also be open source hardware and software.  Even if you do find such a device, (I'm thinking the Antminer U2 would at least satisfy some of your needs, but I suggest you check out https://bitcointalk.org/index.php?topic=464496.0) you're going to make next to nothing running such a miner.  Right now, a U2 clocked to run 1.8GH/s will earn you 0.0001282BTC a week.

[Snipe85]

Even if you somehow were persuaded to use an external power source the following points greatly limit the choice.
#3# the equipment must be easy to be transported together with my laptop equipment
#3b# the bitcoin hardware must be contained inside a single case which does not exceed the measurements 30cm, 20cm, 7cm

Even miners that are considered small like Bitmain S3 and S5 won't fit.
Check out this little miner: https://www.bitmaintech.com/productDetail.htm?pid=00020150109104550452NTD3NdYY0669

[BitBlitz]

Good luck finding a USB miner that will not only satisfy these power requirements, but also be open source hardware and software.  Even if you do find such a device, (I'm thinking the Antminer U2 would at least satisfy some of your needs, but I suggest you check out https://bitcointalk.org/index.php?topic=464496.0) you're going to make next to nothing running such a miner.  Right now, a U2 clocked to run 1.8GH/s will earn you 0.0001282BTC a week.

You really don't meet requirement #4 until you solve a block.  With that U2 miner, and today's difficulty, you're looking at ~4 thousand years until you contribute to the security of the blockchain by solving a block.

Mine for fun, if you wish.  However, If you want to contribute to the security of the network-- run a full node.

[man114]

You're pretty much limited to a USB miner. You'll earn virtually nothing. If for some reason you do decide to do it you might as well join a pool like Triplemining where you'd have a chance at a random lottery jackpot then you'd at least stand to win something.

[jonnybravo0311]

Good luck finding a USB miner that will not only satisfy these power requirements, but also be open source hardware and software.  Even if you do find such a device, (I'm thinking the Antminer U2 would at least satisfy some of your needs, but I suggest you check out https://bitcointalk.org/index.php?topic=464496.0) you're going to make next to nothing running such a miner.  Right now, a U2 clocked to run 1.8GH/s will earn you 0.0001282BTC a week.

You really don't meet requirement #4 until you solve a block.  With that U2 miner, and today's difficulty, you're looking at ~4 thousand years until you contribute to the security of the blockchain by solving a block.

Mine for fun, if you wish.  However, If you want to contribute to the security of the network-- run a full node.

Not necessarily true...

Your argument would imply that the only miners out there that are contributing are those who actually provide a valid block solution.  If that's the criteria for contribution of a miner, then even though I've been mining for over a year, my single contribution was April 26, 2014 and block 297777.  Of course, I run my own full client since I run my own p2pool node, so I fit into your definition of contributing that way.

My counterpoint would be that every miner who is actively connected either to a pool or running solo is contributing.  Without miners trying to solve that elusive hash, the entire system would die out.

[BitBlitz]

Your argument would imply that the only miners out there that are contributing are those who actually provide a valid block solution.  

Slight difference.  I'd say "all miners are trying to secure the network".  Until a block is solved, though, you're not securing the network.

Anyways... My point was that a laptop running a full node contributes much more to the network than running a usb miner.

[LittleBitChange]

[...] check out https://bitcointalk.org/index.php?topic=464496.0 [...]

This Link is super helpful!

Thankyou very much for the detailed information. I will add you to the supporter list and you will get an equal part compared to other supporters of the 30% of the yield in 3 months. If you are interested send me a PM with one of your BTC adresses.

Based on your requirements you've limited yourself to USB miners, since you stated there can be no external power source dedicated to the miner. [...]

You also found a flaw in the requirements document. Great ^^ I will edit it now. For standalone miners one external power source should be alowed.

[timk225]

An old Pentium 4 desktop is all you need to start mining.

[jonnybravo0311]

Your argument would imply that the only miners out there that are contributing are those who actually provide a valid block solution.  

Slight difference.  I'd say "all miners are trying to secure the network".  Until a block is solved, though, you're not securing the network.

Anyways... My point was that a laptop running a full node contributes much more to the network than running a usb miner.

Fair enough distinction .

[...] check out https://bitcointalk.org/index.php?topic=464496.0 [...]

This Link is super helpful!

Thankyou very much for the detailed information. I will add you to the supporter list and you will get an equal part compared to other supporters of the 30% of the yield in 3 months. If you are interested send me a PM with one of your BTC adresses.

Based on your requirements you've limited yourself to USB miners, since you stated there can be no external power source dedicated to the miner. [...]

You also found a flaw in the requirements document. Great ^^ I will edit it now. For standalone miners one external power source should be alowed.

Glad I could help.  Looking at your edited requirements list, you're still limited to USB miners as your total power draw can be no more than 15W.

In regards to payment for my contributions, I respectfully decline accepting.  If anything, I would ask that you donate any proceeds you were going to send to me to some worthwhile charity.

[LittleBitChange]

If anything, I would ask that you donate any proceeds you were going to send to me to some worthwhile charity.

Thankyou, I will have a look into worthwhile charity organisations.

[Scamalert]

Hallo dear friends of the bitcoin currency system

I followed the increasing hype around BTCs for quite a while now. Finally I decided not to only invest into BTCs but to mine them as well. I've come to the conclusion if I have bitcoins I also should make efforts to stabelize the system and to add to the systems security as much as I can afford.

For this purpose I wrote a requirements document and I hope to find a setup which will match the requirements. Here is the point you people of this forum could help me ^^ please read the requirements and please make one or more suggestions on the document as well as on hardware and software for bitcoin mining.

If I decide to use any of your suggestions I will donate 30% of the mined BTCs to the advisor <(^_^ )> for 3 months.

!== Requirements document for my personal bitcoin mining project ==!
goals of mining in this particular case:
#0# mine bitcoins
#1# getting to know the bitcoin system as a software developer
#2# the equipment must be affordable for me
#3# the equipment must be easy to be transported together with my laptop equipment
#4# the mining process should add to the security of the bitcoin currency system
   annotation: as I am informed this is achieved by any form of bitcoin mining at present day. Even if one mines with a regular CPU of any given computer. This is why there is no specific requirement to implement this goal.

bitcoin miner hardware and software requirements
#0a# with the installed equipment, including hardware and software, the bitcoin mining process must be automated
#1a# all software components must be open source
#1b# all software components must have a documentation for developers
#1d# all hardware components must have a documentation for software developers
   annotation: the hardware components do not need to have its circuit layout revealed.
#2a# the cost price for the bitcoin mining hardware must not be more than 80€
#2b# the bitcoin mining hardware must not consume more than 15Watt
#3a# if the bitcoin hardware requires a secondary computing unit:  the bitcoin mining hardware must be working with a standard USB2.0-Port on a MacBook Pro (13-inch, Mid 2009)
   annotation: this implies for mining hardware which require a secondary computing unit that the hardware must not require an active power supply in any form. This requirement is not applied on standalone bitcoin mining hardware, as the requirement states that it is only applied to bitcoin mining hardware which require a secondary computing unit.
#3c# if the bitcoin hardware requires a secondary computing unit: it may be connected to the secondary computing unit via a USB2.0-wire
#3b# the bitcoin hardware must be contained inside a single case which does not exceed the measurements 30cm, 20cm, 7cm
#4a# the equipment setup needs not to redeem itself
   annotation: this does not exclude equipment which does redeem itself at any given time

legend:
#N# - identifier for a specific goal. N is a string of decimal digits 0-9.
#Nw# - identifier for a specific requirement. The goal which is associated with the given requirement can be derived by the prefix N. N equals the identifier of the associated goal. w is a string of alphabetic characters a-z.
!== end ==!

The identifiers should be used to refer to any given statement for context clarification.

Thankyou for reading and best regards
LittleBitChange

UPDATE: "StickMiners - overview of low-power 'usb stick' type mining hardware" (https://bitcointalk.org/index.php?topic=464496.0) this helped me a lot <(^_^ )>

EDIT:
deleted -1c- for -1d-
 #1c# all hardware components must have a documentation for developers
changed annotation of -3a- for clarification purpose

Can I ask you something? Are you mining for the fun and learning experience or are you trying to make a profit?

I can see you have approached the problem nicely with a requirement specification, this indicate that you are somewhat educated. So I suspect you are getting in to mining for fun and to explore the technical aspect. This is good, I completely approve. The best way to learn of bitcoin is to mine.

BUT
If you are mining to get a profit, then is your "business" plan completely out there in the field of hemp. It is not going to happen, you cannot mine with a profit with these requirements (as already pointed out). Also prepare your self for taking some calculated risk if you want to get anywhere close to profit.

GOOD LUCK WITH THE PROJECT

[timk225]

If anything, I would ask that you donate any proceeds you were going to send to me to some worthwhile charity.

Thankyou, I will have a look into worthwhile charity organisations.

For a good charity to donate to, I highly recommend the Tim Personal Financial Well-Being Foundation.