How long to generate ONE bitcoin????

[NuAngel]

I've had BitCoin installed and running practically 24/7 since July 23rd.  My KHASH/S value is only about 352 - Pentium 4 Dual Core 2.8Ghz w/ 2 GB of RAM.  My Balance of coins has not gone up, even though I've processed 72,110 blocks.

Am I ever going to see a sudden burst of BTC's or will my balance show "one" some time in mid-August??

NuAngel

[1715562136]

1715562136

[1715562136]

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[MoonShadow]

It's kinda random, more like a lottery.  If your computer is the one that finds the solution to a block first, then you will get 50 coins; no more and no less.  This problem is designed to grow more difficult as the total computational power of the network grows, in order to keep the average time between blocks at about 10 minutes.  So 7200 coins are created each day, and given out in 50 coin sets.  It could be weeks before you are the winner, or it could be twice in the next 30 minutes.  No one can predict this, and that is the point.

[NuAngel]

Are there odds that you'll NEVER be the first?     Think I'll be uninstalling.  Evidently my computer isn't fast enough to compete or "earn" money.

Nu

[martin]

Bitcoin isn't about generating coins. It's about trading coins for stuff, so offer some stuff for sale and get some bitcoins that way

[NewLibertyStandard]

Are there odds that you'll NEVER be the first?     Think I'll be uninstalling.  Evidently my computer isn't fast enough to compete or "earn" money.

Nu

Once Bitcoin reaches minimal popularity as it did when it was featured on Slashdot, the focus shifts from generating bitcoins to using bitcoins. You can provide goods and services for bitcoins or you can purchase them. You can also receive goods and services for bitcoins or you can sell them.

[NuAngel]

Given how hard they are to generate, in my opinion (if I worked 24 hours a day for 3 weeks, I'd certainly expect more than 50 cents)...  I'd have to say that 1 BTC is worth about $800.  I'll trade my 5 BTC for a PS3.

Given there's no realistic way to determine the value of something which is randomly generated, I'm giving up on it.

My 5 coins from bit faucet will go to you, martin, just because your address is listed.  They're all yours, knock your socks off.  Don't spend'em all in one place...  or do...  if you can...  good luck.

NuAngel

[jgarzik]

Given how hard they are to generate, in my opinion (if I worked 24 hours a day for 3 weeks, I'd certainly expect more than 50 cents)...  I'd have to say that 1 BTC is worth about $800.  I'll trade my 5 BTC for a PS3.

Given there's no realistic way to determine the value of something which is randomly generated, I'm giving up on it.

The value of bitcoins are determined by the market.  See https://mtgox.com/ and http://www.bitcoinmarket.com/ for current exchange rates, which should give you a concrete idea of value.

[kiba]

Given how hard they are to generate, in my opinion (if I worked 24 hours a day for 3 weeks, I'd certainly expect more than 50 cents)...  I'd have to say that 1 BTC is worth about $800.  I'll trade my 5 BTC for a PS3.

Given there's no realistic way to determine the value of something which is randomly generated, I'm giving up on it.

My 5 coins from bit faucet will go to you, martin, just because your address is listed.  They're all yours, knock your socks off.  Don't spend'em all in one place...  or do...  if you can...  good luck.

NuAngel

Using your computer to generate bitcoins does no useful works, other than creating bitcoins, which is useless by itself. So you missed the entire point of bitcoin, which is to facilitate an economy using...bitcoins.

[martin]

Given how hard they are to generate, in my opinion (if I worked 24 hours a day for 3 weeks, I'd certainly expect more than 50 cents)...  I'd have to say that 1 BTC is worth about $800.  I'll trade my 5 BTC for a PS3.

Given there's no realistic way to determine the value of something which is randomly generated, I'm giving up on it.

My 5 coins from bit faucet will go to you, martin, just because your address is listed.  They're all yours, knock your socks off.  Don't spend'em all in one place...  or do...  if you can...  good luck.

NuAngel

Thanks Nu Angel, very kind of you

There *is* a way to determine the value of something generated like this - it's what people will pay for it. In that respect bitcoin is largely the same as "real" monetary systems.

[FreeMoney]

Given how hard they are to generate, in my opinion (if I worked 24 hours a day for 3 weeks, I'd certainly expect more than 50 cents)...  I'd have to say that 1 BTC is worth about $800.  I'll trade my 5 BTC for a PS3.

Given there's no realistic way to determine the value of something which is randomly generated, I'm giving up on it.

My 5 coins from bit faucet will go to you, martin, just because your address is listed.  They're all yours, knock your socks off.  Don't spend'em all in one place...  or do...  if you can...  good luck.

NuAngel

Using your computer to generate bitcoins does no useful works, other than creating bitcoins, which is useless by itself. So you missed the entire point of bitcoin, which is to facilitate an economy using...bitcoins.

Wait, it's not about getting free stuff? See ya.

N/m, I'm back. Just made some free coin via my good friend Arbitrage.

[skull88]

If you open a bank account, do you expect that the bank puts daily 100€ on your account, just because you have an active account with them?

No, you got to work to fill your bankaccount, the same with bitcoins, if you want them, than trade something for them (goods or services). It's just something like euro's and dollars, a way of paying for things, but instead of paying with creditcard, paper, coins,..., you pay with bitcoins.

That you get some bitcoins for helping the network is a nice little bonus, you could see it as the interest the bank gives you for renting them your money. In bitcoin you don't rent your money but ur cpu.

If you could daily generate a lot of bitcoins, they would btw be worthless, so whats the difference, if you got to generate a month for 50 coins and you can buy something for 50 coins or you generate 50000 in a month and for the same thing you got to pay 50000?

Btw, I got from 24/07 till now generated 50BTC and I got a khash of around 1600.
I've made some graphics for the community and put them here and got in one day 26BTC from donations.
So forget the generation, just do what you are good in and sell it for coins, or give it away freely and maybe you get some donations. (I prefer the last business model but that's up to you offcourse)

[unavailable]

If you open a bank account, do you expect that the bank puts daily 100€ on your account, just because you have an active account with them?

If I open a bank account, I don't expect the bank to expect me to run a piece of software that does… what, again? Why is there the word "Generating" in the mid-status bar? What is it generating and how long does it take?

I am a huge fan of alternative economies, but Bitcoin is either badly designed (UI that creates false expectation; no point in generating - just call it 'wallet'), or another scam, where only the early adopters win.

Anyway, in an honest economy no reward can be expected, because no one can let a good, valuable deed to go unrewarded. Bitcoin is money in disguise, and therefore a step in the same direction as Goldman Sachs and the Fed.

[kiba]

Anyway, in an honest economy no reward can be expected, because no one can let a good, valuable deed to go unrewarded. Bitcoin is money in disguise, and therefore a step in the same direction as Goldman Sachs and the Fed.

Wrong community. We have no problem with money. Fat cat bankers, yes, but not banking and money itself.

[MoonShadow]

I am a huge fan of alternative economies, but Bitcoin is either badly designed (UI that creates false expectation; no point in generating - just call it 'wallet'), or another scam, where only the early adopters win.

Neither.  Generating is hard, and both a means of distributing new currency somewhat fairly, and an incentive to contribute clock cycles to secure the system.  You don't have to generate to use the system, it's voluntary.  Nothing of the sort is expected of you.

Anyway, in an honest economy no reward can be expected, because no one can let a good, valuable deed to go unrewarded. Bitcoin is money in disguise, and therefore a step in the same direction as Goldman Sachs and the Fed.

If that's the way you feel about it, don't use it.  But you are also wrong.

[enoxice]

I don't expect the bank to expect me to run a piece of software that does… what, again? Why is there the word "Generating" in the mid-status bar? What is it generating and how long does it take?

Man, you'd think someone would have taken all of these Frequently Asked Questions and made a single page where they are all answered up front. 

Bitcoin is money in disguise...

No, Bitcoin is a self-described "peer-to-peer digital currency." It's not money in disguise. It's money.

[bober182]

Fuck for a commie these people are stupid I hope they realize they are the early adopters.
One day bitcoins will be worth 1000 dollars each. Then they can cry that they don't have any and they don't wanna work or do things to get some. Till then I hope these idiots don't dry up the faucet and delete their wallet.dat.

[skull88]

If I open a bank account, I don't expect the bank to expect me to run a piece of software

We also don't expect you to run a piece of software: https://www.mybitcoin.com

btw my girlfriend needs to run a program to view her bank account, it is an online only bank account and requires you to install a piece of software to log in. So yes, some banks require you to install a piece of software to view you account or make transactions.

[stakhanov]

One day bitcoins will be worth 1000 dollars each.

Using the bitcoin system will probably be illegal far before we reach this point :-/

[Decksperiment]

Well, my first post, yes, I'm a nooob at this.. but in 2 hours, I have received 0.1 btc.. oh boy.. so this is like, say apparently equal to the electricity consumed for generation? Lets see, an average psu at 450w - receives 1 unit (btc) every 2 years? We pay at least 1000 units a year for leccy.. perhaps I'm missing something here.. Banks rely on people having their money in their accounts, as Bitcoin relies on the cpu pwr of you and I..

My first test of how much I could generate was 1 coin every 2 years..

A weakness in your system means if I wanted to put the time in, I could generate around 1 coin PER DAY.

My 0.1 was generated in less than an hour.

Disclosure fee: 50.00 BTC - is that 2 expensive?

I have read a few post's regarding how btc may be worth 1000 dollars one day..

Haha..

For me it looks like this.. The US has a brain that has yet to catch up with the fact it's already dead, as the rest of the world buy's Gold or Silver.. Forgive me here, I'm not flaming the US, but their time is over, and the bigger they are, the harder they fall.. and if BITCOIN has NO isp prepared to accept bitcoin as paymnet for access, then when the monetary system fails in the next year or 2 (max), then so will bitcoin, for with no cash, isp's cut connections, and I cant see them accepting nothing for the very connection all these new digi-millionaires require.. they will want the cash, or the gold.

These my first thought's, but I am alway's open to change, as much as this editor needs one.. the window wont let me see whats being typed now, so I'll ask my questions in another post, in the hope of seeing what I'm writing.. IE8 bug, or 2 simple machine, who knows..

 

[BitLex]

Lets see, an average psu at 450w - receives 1 unit (btc) every 2 years?

what's an average PSU?
with 450W you can easily power a HD5970, or 2 HD5850, which will not receive 1 unit (btc) every 2 years, but receive ~50 units a day, quite a difference, isnt it?

and besides the fact, that generating bitcoin-blocks on CPUs isn't profitable at all,
if you need 450W to power a CPU, something is very wrong on your setup.

[Decksperiment]

Um, just surmising that the average pc comes supplied with a 450w psu, not only to supply the psu, but the whole computer.. and yes, my pc is a boiler running a recording studio..
 
wake up to why I'm reading in these threads that new idea's are sought.. How much per month does your isp bill you, and on top of that, isn't there data caps?

And to top it off, the more users that back this, the more devalued the BTC becomes? some hope when the reality bites..

A bloody good idea is getting the ISP's behind this..

If bit's not for generating free money.. or at least doesn't come up with at least a reasonable offer of some interest,  why would people be INTEREST-ED in running a cpu intensive program that uses more power than everything else, and only pays out if your in a pool, that has clearly shown does NOT always forward payments, at least from what I've read here so far..

Maybe Macdonalds will fill our bellies while we pay the bills to generate what?

[Ricochet]

If bit's not for generating free money.. or at least doesn't come up with at least a reasonable offer of some interest,  why would people be INTEREST-ED in running a cpu intensive program that uses more power than everything else, and only pays out if your in a pool, that has clearly shown does NOT always forward payments, at least from what I've read here so far..

It's just a currency, man.  Like putting funds into a Paypal account.  You certainly don't have to run the generator if you don't want to donate the CPU time to it - just use the client to make transactions.

The primary purpose of Bitcoins isn't to MAKE money; it IS money, just in a different form.  The whole generation thing is only to distribute the initial population of coins.  Personally I'm of the opinion that if I had learned about it earlier, I could have made some decent money with the coins that are now worth more than they did months/years ago, but generation is too difficult now for that to be economically feasible for my single-computer setup.  Oh well, kinda sucks, but it's not the end of the world and I can still use the currency just fine.

[Decksperiment]

Yeah, I'm pretty interested in Bitcoin myself, though I'm still sceptical about the bit where the monetary system in the real world is indeed finished, and this may be the new currency. Like many people, I simply dont understand it yet, and while it may not be the end of the world, the way things are going in korea may just wipe all electronics completely, what with the North threatening Nuclear attacks.. I'm an electronics engineer who knows what emp pulses do, and I've seen what happens to computers when zapped by them.. Oh boy.. services... I have yet to find a good page where the services offered translate into real world luxuries, like food.. on a local basis.. something my gold has taken much better care of than something that doesn't exist in real world terms. I'm not a gold digger, but keep some around for emergencies, My bad credit rating with the banks is due simply to the fact I never wanted a credit card, so never took one, yet I have to pay for everyone who wouldn't give a damn if I was skint.. ouch..

My btc is now 0.19, and I've only been at this since 8pm uk time, and only generating coin's. I'm using a 2 core E3500.. I use 2gig memory, and have 6x 1tb sata eating up the 750w psu, on a business class 20/756 connection, yet my browser is so slow it's becoming inoperable. Then there's the data cap's being enforced by isp's - this will greatly affect even BTC users, at least the 'noobs' - Like me.. I guess all I'm saying, is if you have no cash left after paying the bills, then, BTC is not a good currency, demanding far more than the papaer I currently use to recod my music.. it's like, I can make £25 and hour recording people, or I can run a program.. paper does not prevent me using my tools, but the p2p side of BTC does..

Finally a suggestion to this forums admins, perhaps a suggestion's page, with the current exchange rate of bux to btc in a text scroller?

[Ricochet]

Quick suggestion:  open up Task Manager, go to the Processes tab, right-click whatever program is doing your mining, and give it low priority.  It'll get nearly as much mining done at a time, but will yield control to your web browser when you're loading a page.

[Decksperiment]

Thanks for your tip ricochet, that certainly helps with surfing.. but I was more thinking if I was to use this long time, I would be unable to record even with btc on low priority due to disk reads/writes, either would have to go..

After finding 1 loophole, I have generated 0.29 over my time here, (5 hours) - but to be honest, since I have to do this manually, simply isn't worth it in relation to running costs for me, though I will continue to look into this..

I'm still confused over these 'confirmations' ? Ok, so I got paid, it shows in my balance, why continue to confirm? Have i actually been paid or not? I reckon I'll give this a week of collecting coin before I figure out the good guy's from the bad.. I see people pool the resources and split the profit, and may yet pool my resources, but so far, sign up usually means handing out bank details, something I simply wont do online, but hey, if the monetary system is gonna crash, why would I need a bank accnt? My only online accnt for buying was a paypal I created in '98, and stopped using in 2000 due to dubious practices, so all I would be able to do is buy online? I want a porche, just for a day, let me drive yours, and I'll give you 1 BTC..

[Kolokoy]

It depends, there are lots of ways how to get Bitcoin although the value is very high.
Mining - needs good hardware and fast internet to collect Bitcoin.
Trading or exchange - needs good skill to buy and sell tokens or coins.
Bounty campaigns - this you will get bounty or share after certain time or period.
Payment for services you provide (if you prefer Bitcoin as your salary)
And other kinds of Bitcoin generating or rewards.

[Snyderfx]

Actually its depend on market ,and btc is hardcore system ,my opinion is that btc generated automatically for mining programmes.

[MoonShadow]

Actually its depend on market ,and btc is hardcore system ,my opinion is that btc generated automatically for mining programmes.

Is this a translation error?  Your opinion is irrelevant.

[LogitechMouse]

This post has been posted 7 years ago and at that span of time, earning bitcoin has been harder. There are many ways it depends on you if what will you use. Maybe joining bounty campaigns, doing online jobs for BTC, gambling, trading etc.

[Cofee.BLUE]

To generate a bitcoin will take a very long time, because in Philippines bitcoin has totally averaged 300thousand pesos and thats very big in US Dollars, so it will take a year if you will be a easy go lucky bitcoiner, thats not an easy work.

[whitemacna]

Bitcoin isn't about generating coins. It's about trading coins for stuff, so offer some stuff for sale and get some bitcoins that way Once Bitcoin reaches minimal popularity as it did when it was featured on Slashdot, the focus shifts from generating bitcoins to using bitcoins. You can provide goods and services for bitcoins or you can purchase them. You can also receive goods and services for bitcoins or you can sell them.

[Yakamoto]

I've had BitCoin installed and running practically 24/7 since July 23rd.  My KHASH/S value is only about 352 - Pentium 4 Dual Core 2.8Ghz w/ 2 GB of RAM.  My Balance of coins has not gone up, even though I've processed 72,110 blocks.

Am I ever going to see a sudden burst of BTC's or will my balance show "one" some time in mid-August??

NuAngel

With that you're probably never going to see your account balance hit "One" ever. You simply have too small of a hash rate for it to be of value for the network and the ASICs will be beating you in ever single aspect when it comes to mining. You have to get on their level to try and get that one Bitcoin, and it will never be a "burst" of Bitcoin unless you find a block.

In short, you have too little mining power and too little of a chance to make the chances of earning anything significant from your work.

You'll maybe earn a few hundred satoshi with that by mid august.

[devarajdp]

You better get a Mining hardware to make your time worth since you will eventually end up paying your internet and electricity bills. Even if you are in solo or pool mining, for the current difficulty (2.4122720023e+11), you will need at least 12Ph/s to gather a full bitcoin block (12.5 bitcoins) in 24 hours.

[Vaskiy]

It all depends upon the users self interest to make an earning through bitcoin as well the mentality one has got in taking risks. With gambling lucky people get one bitcoin even in a single day. The same is possible through trading based on the users knowledge on trading as well the asset he has in the portfolio.

[bitcoinerjawa]

I've had BitCoin installed and running practically 24/7 since July 23rd.  My KHASH/S value is only about 352 - Pentium 4 Dual Core 2.8Ghz w/ 2 GB of RAM.  My Balance of coins has not gone up, even though I've processed 72,110 blocks.

Am I ever going to see a sudden burst of BTC's or will my balance show "one" some time in mid-August??

NuAngel

actually this is very briefly if we have a mining tool like Asic S9 and need about 100 pieces then we will get 1 Bitcoin only with a matter of hours only.but if you follow what you have then it takes a very long time to get 1 bitcoin.