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Author Topic: total newb here, would appreciate some help greatly  (Read 1092 times)
PaulWog
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May 04, 2011, 08:06:25 AM
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Hi, I'm a total newb to this and would really appreciate some help.

I visited the bitcoin.org website and downloaded the bitcoin client. I have it running and it is generating blocks. However I don't know what to do from here.

My CPU (i7 2600k @ 4.5GHz) is hardly being utilized... watching it, it's almost idle. My GPU as well is not being utilized.

I am wondering how I can get my CPU to be going full-throttle to generate bitcoins, and where I should be visiting to utilize my GPU? I am also confused, do I just need to keep track of my receiving address and that's it? Do I have no password to my bitcoins?

I know, I'm a total newb. Answers to my questions would be great. I've been reading for the past hour+ and just haven't figured it out yet. Thanks.
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eMansipater
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May 04, 2011, 08:10:43 AM
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Hi Paul!  Don't worry, there are people here to help Smiley .  It sounds like the first thing you need to know is that you don't have to understand anything about "mining", or "generating bitcoins" to use BitCoin.  Mining is a pretty specialised task that may not be worthwhile for everyone.  Why don't you start by telling us what you've heard about BitCoin, where/who you heard it from, and what you want to use it for?

Most likely, if you just installed the BitCoin client it is downloading the blockchain, so that it can verify and send/receive transactions.  Regarding the way you keep control of your bitcoins, there are some cryptographic keys now stored in a file called "wallet.dat".  These are the keys for your receiving address(es), and allow you to spend the bitcoins that have been sent to them.

To send and receive bitcoins, you'll need to get some first.  Many people start by visiting the Bitcoin Faucet, where you can get .02 bitcoins for free.  If you want more, you'll have to do what anyone does for money--work, sell something, or exchange something else of value.

If you found my post helpful, feel free to send a small tip to 1QGukeKbBQbXHtV6LgkQa977LJ3YHXXW8B
Visit the BitCoin Q&A Site to ask questions or share knowledge.
0.009 BTC too confusing?  Use mBTC instead!  Details at www.em-bit.org or visit the project thread to help make Bitcoin prices more human-friendly.
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May 04, 2011, 08:18:25 AM
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Hi Paul!  Don't worry, there are people here to help Smiley .  It sounds like the first thing you need to know is that you don't have to understand anything about "mining", or "generating bitcoins" to use BitCoin.  Mining is a pretty specialised task that may not be worthwhile for everyone.  Why don't you start by telling us what you've heard about BitCoin and what you want to use it for?

What I've heard about bitcoin is that you can run it to earn bitcoins, and that these bitcoins have a value attached to them. I thought it was interesting enough and wanted to give it a try.

I assumed the term "mining" referred to the generation of bitcoins on any given computer.

So what I want to know is how I can ideally take advantage of my system to generate bitcoins. I guess I also would want to know if there's a difference between the term "mining" and the idea of generating bitcoins. I would like to know how to utilize my CPU to its fullest potential, or if it's best to only utilize my GPU. I am currently using a Radeon 5770 (switched out my 6970 last month since I wasn't really using it).
eMansipater
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May 04, 2011, 08:34:19 AM
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Hi Paul!  Don't worry, there are people here to help Smiley .  It sounds like the first thing you need to know is that you don't have to understand anything about "mining", or "generating bitcoins" to use BitCoin.  Mining is a pretty specialised task that may not be worthwhile for everyone.  Why don't you start by telling us what you've heard about BitCoin and what you want to use it for?

What I've heard about bitcoin is that you can run it to earn bitcoins, and that these bitcoins have a value attached to them. I thought it was interesting enough and wanted to give it a try.

I assumed the term "mining" referred to the generation of bitcoins on any given computer.

So what I want to know is how I can ideally take advantage of my system to generate bitcoins. I guess I also would want to know if there's a difference between the term "mining" and the idea of generating bitcoins. I would like to know how to utilize my CPU to its fullest potential, or if it's best to only utilize my GPU. I am currently using a Radeon 5770 (switched out my 6970 last month since I wasn't really using it).
"Generating bitcoins" is a confusing idea that has unfortunately been compounded through otherwise trustworthy sources like the weusecoins.com video.  A better way to understand the process that most of us call "mining" is that miners process and verify transactions for the BitCoin network, and are in turn rewarded with bitcoins in a highly competitive market.  There's a limited number being competed for, so it's not like you can just generate them at will--your computer has to work for them.

Because CPU's long ago ceased to be effective at the kind of work needed, most people are using their GPU's to mine.  A 5770 will be capable of reasonable mining activity, provided your electricity and time are either cheap or free.  In order to mine with your GPU you will need a specialised program called a "bitcoin miner", which you can find several examples of in the mining subforum--they are definitely classified as "some assembly required".  As well, mining "solo" is an inherently random process that would have you waiting a month on average between successfully mined blocks and with no way to predict when you will get them.  Because of this most people are using "mining pools" to reduce the variance of their earnings.

But before you get into all of that, why don't you take a little time to learn how BitCoin works?  Start by describing what you know so far, and we'll go from there!  Where did you hear about BitCoin by the way?

If you found my post helpful, feel free to send a small tip to 1QGukeKbBQbXHtV6LgkQa977LJ3YHXXW8B
Visit the BitCoin Q&A Site to ask questions or share knowledge.
0.009 BTC too confusing?  Use mBTC instead!  Details at www.em-bit.org or visit the project thread to help make Bitcoin prices more human-friendly.
Cryptoman
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May 04, 2011, 03:51:51 PM
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Excellent post, eMansipater!  I sent you another tip.

"A small body of determined spirits fired by an unquenchable faith in their mission can alter the course of history." --Gandhi
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May 04, 2011, 05:38:48 PM
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Excellent post, eMansipater!  I sent you another tip.
Thanks Cryptoman!

If you found my post helpful, feel free to send a small tip to 1QGukeKbBQbXHtV6LgkQa977LJ3YHXXW8B
Visit the BitCoin Q&A Site to ask questions or share knowledge.
0.009 BTC too confusing?  Use mBTC instead!  Details at www.em-bit.org or visit the project thread to help make Bitcoin prices more human-friendly.
Meni Rosenfeld
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May 04, 2011, 07:14:21 PM
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You don't need to mine to use Bitcoin, but a 5770 is good enough for you to at least try it.
1. Sign up to a mining pool like mining.bitcoin.cz.
2. Install AMD APP (formerly ATI stream SDK).
3. Download and run Kiv's GUI miner.
Search the forums or ask if you encounter any difficulty with the above.
Don't try to mine with your CPU, and don't activate the "Generate coins" option in the client.

there are some encryption keys now stored in a file called "wallet.dat".
You should call them "cryptographic keys". It rings just as well, and it doesn't create the false impression that there's anything encrypted in the Bitcoin protocol ("Cryptography" is more general and includes digital signatures).

1EofoZNBhWQ3kxfKnvWkhtMns4AivZArhr   |   Who am I?   |   bitcoin-otc WoT
Bitcoil - Exchange bitcoins for ILS (thread)   |   Israel Bitcoin community homepage (thread)
Analysis of Bitcoin Pooled Mining Reward Systems (thread, summary)  |   PureMining - Infinite-term, deterministic mining bond
eMansipater
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May 04, 2011, 07:25:29 PM
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there are some encryption keys now stored in a file called "wallet.dat".
You should call them "cryptographic keys". It rings just as well, and it doesn't create the false impression that there's anything encrypted in the Bitcoin protocol ("Cryptography" is more general and includes digital signatures).
Good point--fixed.

If you found my post helpful, feel free to send a small tip to 1QGukeKbBQbXHtV6LgkQa977LJ3YHXXW8B
Visit the BitCoin Q&A Site to ask questions or share knowledge.
0.009 BTC too confusing?  Use mBTC instead!  Details at www.em-bit.org or visit the project thread to help make Bitcoin prices more human-friendly.
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