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Author Topic: Newbie here... any advice?  (Read 765 times)
GamewizX
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July 26, 2011, 06:29:23 PM
 #1

Hello... I was just recently introduced to this concept of BTC by someone I met randomly at San Diego Comic-Con this past weekend. Naturally, my curiosity was peaked because the thought of using my computer to just generate money sounded almost too good to be true. I've always wanted to upgrade my computer and if this gives me the chance to do so without having to spend my hard-earned money, well then sign me up!


I've been browsing through the FAQs and all the various sites and stuff and feel like I've gotten a very basic concept of how this all works... So instead of asking, "what do I do?!?", perhaps if I explain what I'd like to achieve and how best to achieve it, someone can direct me to the best solution.

If you feel like my questions are a bother, please feel free to disregard my post and I apologize for any inconvenience.


To start, my ultimate goal is really just go eventually afford these items here:

https://bitporium.com/index.php?main_page=product_info&cPath=2_3&products_id=50

https://www.btczone.com/Search.aspx?search=Intel%20Core%202%20Quad&page=1
(Second from the top, or the top one if it won't take too long to acquire that many bitcoins)

So, essentially, I am wanting to make around 27.46 (minimum) bitcoins to start. Currently my hardware setup is an Intel Dual Core 2 2.4GHZ, ATI Radeon HD 5650 (if you need more info I can provide). Is my hardware even good enough to generate money? Or would initial investment into my computer be needed to actually make a profit?

If I was to stick with this setup, how long would it take to generate those coins? Could I generate it by say, September? And the biggest question I have is this... where in the world do I go to actually join a mining pool and what mining pool do I join to get started?


I would really appreciate any and all help in this matter, and if I sound completely noob-ish I apologize. I'm just trying to figure this thing out!
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PLaci1982
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July 26, 2011, 07:26:14 PM
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Intel Dual Core 2 2.4GHZ, ATI Radeon HD 5650
Forget CPU mining with that CPU (1-3MHash/s MAX), it's not woth it.
The GPU can generate at the current difficulty ~0.03-0.10 BTC / day...

Hardware Expert / WinXP, Win7 Expert

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GamewizX
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July 26, 2011, 07:35:29 PM
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Intel Dual Core 2 2.4GHZ, ATI Radeon HD 5650
Forget CPU mining with that CPU (1-3MHash/s MAX), it's not woth it.
The GPU can generate at the current difficulty ~0.03-0.10 BTC / day...

Huh... so in theory I can generate enough to upgrade my computer within a month just for having someone suck some power from my GPU? Well frick me, what am I waiting for?!

What mining pool is recommended? I have no idea what would be good for me. I've been trying to figure that out but I'm getting very lost.
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July 26, 2011, 07:39:41 PM
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According to https://en.bitcoin.it/wiki/Mining_hardware_comparison you can get ~61.2 MHash/s with the 5650 card.
Doesn't sound great.

Have a search for some mining calculators.
http://www.alloscomp.com/bitcoin/calculator.php
With current difficulty, 61 MHash/s and $14/BTC the above gave me a value of 0.25 BTC per week. Difficulty will also increase again in a few days by the way. So may not even be worth the electricity cost.


lowlevel
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July 26, 2011, 07:42:52 PM
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Intel Dual Core 2 2.4GHZ, ATI Radeon HD 5650
Forget CPU mining with that CPU (1-3MHash/s MAX), it's not woth it.
The GPU can generate at the current difficulty ~0.03-0.10 BTC / day...

Huh... so in theory I can generate enough to upgrade my computer within a month just for having someone suck some power from my GPU? Well frick me, what am I waiting for?!

What mining pool is recommended? I have no idea what would be good for me. I've been trying to figure that out but I'm getting very lost.

I'm not sure how you figure that...  0.10/day = 3 bitcoins a month at best.
About $39 at today's prices... then perhaps $19 of that would go to the power company.

Would you rather talk Altcoins? - https://cryptocointalk.com/
GamewizX
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July 26, 2011, 07:54:33 PM
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Intel Dual Core 2 2.4GHZ, ATI Radeon HD 5650
Forget CPU mining with that CPU (1-3MHash/s MAX), it's not woth it.
The GPU can generate at the current difficulty ~0.03-0.10 BTC / day...

Huh... so in theory I can generate enough to upgrade my computer within a month just for having someone suck some power from my GPU? Well frick me, what am I waiting for?!

What mining pool is recommended? I have no idea what would be good for me. I've been trying to figure that out but I'm getting very lost.

I'm not sure how you figure that...  0.10/day = 3 bitcoins a month at best.
About $39 at today's prices... then perhaps $19 of that would go to the power company.

Ah, yes, not sure how I even got that number... Must've typed up something wrong, lol. (Edit: I typed .7 instead of .07 into the calculator... that explains it)

So, really this may not be worth it for me. So even though my computer is usually on all day anyways, the mining consumes more electricity and therefore makes my electricity bill go up in price? And if that takes out some of the profit, and with difficulty increasing... really to upgrade my computer could take 8-12 months at best?
GamewizX
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July 26, 2011, 08:07:36 PM
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And would difficulty ever decrease? Or is it a constant increase in difficulty which means you'd continue to make less and less as time went by unless you invested more hardware into it?
GamewizX
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July 26, 2011, 08:49:21 PM
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And would difficulty ever decrease? Or is it a constant increase in difficulty which means you'd continue to make less and less as time went by unless you invested more hardware into it?

One and only bump to see if anyone can perhaps answer this for me. But from what I'm gathering, unless I invest into better hardware (which is really the only reason why I'd be doing this in the first place), this may not be a viable endeavor for me.
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July 26, 2011, 09:12:19 PM
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Difficulty is adjusted evey 2016 blocks. It can go down if it takes longer than expected to find 2016 blocks (i.e. 14 days, 6 blocks per hour for 14 days = 2016). 2016 blocks in less than 14 days, difficulty is adjusted up, longer than 14 days and difficulty will go down.

https://en.bitcoin.it/wiki/Difficulty

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July 26, 2011, 10:36:51 PM
 #10

More people mining, its goes up

Less people mining, its goes down.

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July 26, 2011, 11:02:46 PM
 #11

I'd reccomend you to buy the parts, arm the machine, then use said machine with the (i guess) better gpu to mine, so that it pays itself.

COURAGE WILL NEVER DIE!

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