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Author Topic: new noob miner here  (Read 1258 times)
dreamamine
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July 20, 2011, 11:56:25 AM
 #1

Hi all i am new to bitcoins and mining,

i have setup a Guiminer and it says that i am running at 63 -67 Mhash/s
it says difficulty 1 hashs 36 i been running it for about 20 mins?

how long would it take for me to get ANY amount of coins mined? roughly#

(btw i have a radeon 4800 graphics card)

Thanks muchly Tom
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gellimac
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July 20, 2011, 12:02:56 PM
 #2

Hi,

In which pool are you mining?
Dimsum
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July 20, 2011, 12:06:56 PM
 #3

at that mhash rate it will take you nearly a month to get 1 bitcoin.
carbonc
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July 20, 2011, 12:08:46 PM
 #4

I agree, it depends.
If your on deepbit.net, you can withdraw your coin fractions pretty quickly if you reach more than .001 coin(s).
Anywhere else (BTCGuild, Slush, MtRed), you have to wait for 120 confirmations which take about a day or so for the network to process.
carbonc
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July 20, 2011, 12:09:47 PM
 #5

He doesn't have to wait until he reaches 1 whole bitcoin to withdraw and sell.

You can sell fractions of bitcoin on Mt Gox or Tradehill.
Just make sure you cover all of your costs.

Mt Gox charges 0.65 % per trade (tradehill is cheaper)
Dwolla charges $0.25 to withdraw to your bank account.
carbonc
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July 20, 2011, 12:15:26 PM
 #6

At current prices/difficulty, you could mine for a week and get about $4.00

All bets are off when difficulty goes up and prices drop/rise.
swordv2
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July 20, 2011, 12:16:07 PM
 #7

if you are solo mining, it will take long time.

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dreamamine
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July 20, 2011, 12:16:30 PM
 #8

yeh i got it running solo at the minute, just to see how it all runs etc, now at 60 hashes? whatever that means

i have made an worker on deepbit as well, it did say that i had 9 shares accepted but i dont know what this means anyone care to explain this to me?

gellimac
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July 20, 2011, 12:18:58 PM
 #9

Quote
A block is built (and 50BTC awarded) when someone produces a hash of the block+nonce that's numerically below the current difficulty level.  "Shares" are hashes that are numerically below a much lesser difficulty level; the pool can easily verify that your "share" hash is valid for the block (though otherwise useless); this proves that you've been working on that pool's block.  (Note: the pool's block-in-progress includes the transaction that pays the pool, so someone can't take their "winning" hash and steal the 50BTC from the pool unfairly.)
carbonc
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July 20, 2011, 12:21:13 PM
 #10

At your slower speeds, I would get off deepbit and join BTCGuild.

You can withdraw your coins down to the last decimal place.
You can't do that on deepbit.
dreamamine
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July 20, 2011, 12:41:20 PM
 #11

ok so i have been mining for about 2 hours, and i have so far gained around 40 shares which is worth about 0.001250808586597 btc or aproximately 0.27 dollars, lol not bad for sitting around clicking a few buttons
apis
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July 20, 2011, 12:50:39 PM
 #12

how long would it take for me to get ANY amount of coins mined? roughly#
Heres a web based mining calculator:
http://bitcoinx.com/profit/index.php
At 65 MHash/s and current difficulty you should get 0.04 BTC/day minus pool fees etc. (a few percent less).
cepler
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July 20, 2011, 12:51:58 PM
 #13

I agree, it depends.
If your on deepbit.net, you can withdraw your coin fractions pretty quickly if you reach more than .001 coin(s).
Anywhere else (BTCGuild, Slush, MtRed), you have to wait for 120 confirmations which take about a day or so for the network to process.


FYI: If you change your donation to 2.5% on BTC Guild you can withdraw once you hit 0.01+, and unlike some other pools it'll let you send the whole thing down to the full 8 decimals vs. just to 2 decimals...
Xephan
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July 20, 2011, 01:32:54 PM
 #14

ok so i have been mining for about 2 hours, and i have so far gained around 40 shares which is worth about 0.001250808586597 btc or aproximately 0.27 dollars, lol not bad for sitting around clicking a few buttons

At such low hash rates, you should be better off joining another pool like BTC Guild and donating 2.5% of any earnings so you can withdraw even very low amounts if necessary.

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Dimsum
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July 21, 2011, 02:15:05 AM
 #15

if you are solo mining, it will take long time.

solo mining on 65 Mhashs? LMAO!!!! You need to spend a bit more time in the wiki young man!
Xephan
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July 21, 2011, 05:08:37 AM
 #16

if you are solo mining, it will take long time.

solo mining on 65 Mhashs? LMAO!!!! You need to spend a bit more time in the wiki young man!

Well, he didn't say he was solo mining Wink

Based on what's said so far (original poster mentioned shares so sounds like mining pool), I don't think anybody's soloing here Cheesy

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wallet.dat
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July 21, 2011, 05:50:18 AM
 #17

At your slower speeds, I would get off deepbit and join BTCGuild.

You can withdraw your coins down to the last decimal place.
You can't do that on deepbit.


Yes you can.  You just have to manually specify the full decimal amount at the payout screen.

"MOOOOOOOM! THE MEATLOAF!!! F**K!"
dreamamine
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July 21, 2011, 09:12:14 AM
 #18

good morning all, thanks for the info and comments, much appreciated Smiley

ok so i have left pc on all night and have mined a godly 0.03 bitcoin!!! im on deepbit pool but i cannot get any kind of payment

any ideas how this works?

it says:- 0.03316595 BTC
Balance is updated once per hour

Instant payout button is shown when your balance is at least 0.01 BTC and you received less than 3 payments in last 24 hours.
Payments
 
-then the rest is blank-

WTF? how do i get my coinz !
Xephan
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July 21, 2011, 10:06:24 AM
 #19

good morning all, thanks for the info and comments, much appreciated Smiley

ok so i have left pc on all night and have mined a godly 0.03 bitcoin!!! im on deepbit pool but i cannot get any kind of payment

any ideas how this works?

it says:- 0.03316595 BTC
Balance is updated once per hour

Instant payout button is shown when your balance is at least 0.01 BTC and you received less than 3 payments in last 24 hours.
Payments
 
-then the rest is blank-

WTF? how do i get my coinz !

No idea since I don't use deepbit out of a desire to balance out the pools for bitcoin's long term good.

But you've already clocked in more than 4 hours. You just need to say thanks to my post, then I'll give you access to go post in deepbit's thread to ask for help Wink

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dreamamine
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July 21, 2011, 11:15:17 AM
 #20

Thanks
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