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Author Topic: Wallet Backup - How while mining?  (Read 1461 times)
HiSoC8Y
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August 10, 2014, 08:48:29 PM
 #1

Hi

I'm a newbie, will be starting mining soon.  Until then, questions popup.  Now, i have the following questions:

1.) Let's say i join a mining group, provide my wallet address, and set the cashout threshold to 1 BTC.  My rigs are working, and i reach 1 BTC, and I find that BTC in my wallet.  I decide to backup my wallet, so from the computer where the wallet is, i will take a copy of wallet.dat and put it safely on a USB and store it offline.

Now, while my rig is still running, can i update my wallet ID so all new BTCs go to it?

2.) If i take a copy of the wallet.dat and store it as explained above, and I run my wallet software again, what happens? does this make my backup obselete?

I would also appreciate if you show me a reference to good topics of backups and advanced backups.

thanks,
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aronnov
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August 10, 2014, 11:33:58 PM
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Hi

I'm a newbie, will be starting mining soon.  Until then, questions popup.  Now, i have the following questions:

1.) Let's say i join a mining group, provide my wallet address, and set the cashout threshold to 1 BTC.  My rigs are working, and i reach 1 BTC, and I find that BTC in my wallet.  I decide to backup my wallet, so from the computer where the wallet is, i will take a copy of wallet.dat and put it safely on a USB and store it offline.

Now, while my rig is still running, can i update my wallet ID so all new BTCs go to it?

2.) If i take a copy of the wallet.dat and store it as explained above, and I run my wallet software again, what happens? does this make my backup obselete?

I would also appreciate if you show me a reference to good topics of backups and advanced backups.

thanks,

you just need your wallet addres to back up your wallet, i.e : blockchain.org
you just remembered your password, email and your email password
thanks ...
Pony789
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August 11, 2014, 02:30:14 AM
 #3

you just need your wallet addres to back up your wallet, i.e : blockchain.org
you just remembered your password, email and your email password
thanks ...

First, the site is blockchain.info.
Also, for making a back up, you need the private keys instead of the addresses.
Lastly, I don't think OP is using bc.i wallet.

Relnarien
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August 11, 2014, 03:43:26 AM
 #4

1.) Let's say i join a mining group, provide my wallet address, and set the cashout threshold to 1 BTC.  My rigs are working, and i reach 1 BTC, and I find that BTC in my wallet.  I decide to backup my wallet, so from the computer where the wallet is, i will take a copy of wallet.dat and put it safely on a USB and store it offline.

Now, while my rig is still running, can i update my wallet ID so all new BTCs go to it?

That depends on the mining pool. Generally though, Bitcoin mining pools allow the miner to change their withdrawal addresses at will. If the withdrawal process is scheduled and automated, then just change your listed address before the next scheduled withdrawal.

We can provide you with a more accurate response if you provide us with the name of your mining pool.


2.) If i take a copy of the wallet.dat and store it as explained above, and I run my wallet software again, what happens? does this make my backup obselete?

I would also appreciate if you show me a reference to good topics of backups and advanced backups.

It's a backup. It will contain outdated information as opposed to your current data file, but it will never be obsolete. It will still contain some of your private keys, and it will certainly be useful if it's your latest backup.

As for the topic of advanced backups, all I can say is that a backup is a backup. It's a file. As long as it's a usable (as tested) copy and you have kept it private and secure, then it's a decent backup.

I don't recommend using a backup copy of a Blockchain.info wallet as a cold storage solution though. If you're going to keep a cold storage address in a USB drive, then get one that no other entity has ever had access to.
aronnov
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August 11, 2014, 05:24:03 AM
 #5

if you blockchain.info you will get BTC address that you will use to get BTC
also you will get back up if you forget the password
just input your activation email and then you will get the new password
thanks ...
ranochigo
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August 11, 2014, 09:13:58 AM
 #6

Hi

I'm a newbie, will be starting mining soon.  Until then, questions popup.  Now, i have the following questions:

1.) Let's say i join a mining group, provide my wallet address, and set the cashout threshold to 1 BTC.  My rigs are working, and i reach 1 BTC, and I find that BTC in my wallet.  I decide to backup my wallet, so from the computer where the wallet is, i will take a copy of wallet.dat and put it safely on a USB and store it offline.

Now, while my rig is still running, can i update my wallet ID so all new BTCs go to it?

2.) If i take a copy of the wallet.dat and store it as explained above, and I run my wallet software again, what happens? does this make my backup obselete?

I would also appreciate if you show me a reference to good topics of backups and advanced backups.

thanks,
1) Yes, Bitcoin is stored on a public ledger, called Blockchain. Your transaction is basically added to the ledger so everyone knows you own that one BTC. When you have finished Synchronization, your balance will be available and you would be able to spend it with the private key.
2) No, your wallet.dat contains your private key which will never change. Your wallet software basically reads your address and the private key and find those transaction involving your address and display them. If you want to spend them, you fill everything up and press sent and the wallet will sign a transaction using your private key and relay it to the network.














 

 

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Muhammed Zakir
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August 11, 2014, 09:52:17 AM
 #7

Your back up is good.
It will not be obsolete unless it is affected by virus or other such things.
You can change the mining address while the rig is on but before the  scheduled withdrawal time.
If you are mining in a p2pool node and if you mined some, then change the address after you got the initial amount.

if you blockchain.info you will get BTC address that you will use to get BTC
also you will get back up if you forget the password
just input your activation email and then you will get the new password
thanks ...

Can I ask you what you are pointing? You already told similar thing in another post. From his post you can understand he isn't using a web wallet. So try to avoid such posts. Beware of Mod, my friend! Smiley

Kindly,
       MZ

Kipsy89
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August 11, 2014, 10:51:23 AM
 #8

Hi

I'm a newbie, will be starting mining soon.  Until then, questions popup.  Now, i have the following questions:

1.) Let's say i join a mining group, provide my wallet address, and set the cashout threshold to 1 BTC.  My rigs are working, and i reach 1 BTC, and I find that BTC in my wallet.  I decide to backup my wallet, so from the computer where the wallet is, i will take a copy of wallet.dat and put it safely on a USB and store it offline.

Now, while my rig is still running, can i update my wallet ID so all new BTCs go to it?

2.) If i take a copy of the wallet.dat and store it as explained above, and I run my wallet software again, what happens? does this make my backup obselete?

I would also appreciate if you show me a reference to good topics of backups and advanced backups.

thanks,

What do you mean by 'wallet ID'? The wallet.dat only contains the keys needed to access your BTC (transfer them). They don't change when there are new BTC transferred to that address. You only need to make sure to have a copy of those keys! Make sure to re-backup the wallet.dat if you generate a new receiving address (as it may not be included in your previous backuped wallet.dat)!

HarmonLi
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August 11, 2014, 11:49:37 AM
 #9

Hi

I'm a newbie, will be starting mining soon.  Until then, questions popup.  Now, i have the following questions:

1.) Let's say i join a mining group, provide my wallet address, and set the cashout threshold to 1 BTC.  My rigs are working, and i reach 1 BTC, and I find that BTC in my wallet.  I decide to backup my wallet, so from the computer where the wallet is, i will take a copy of wallet.dat and put it safely on a USB and store it offline.

Now, while my rig is still running, can i update my wallet ID so all new BTCs go to it?

2.) If i take a copy of the wallet.dat and store it as explained above, and I run my wallet software again, what happens? does this make my backup obselete?

I would also appreciate if you show me a reference to good topics of backups and advanced backups.

thanks,

What do you mean by 'wallet ID'? The wallet.dat only contains the keys needed to access your BTC (transfer them). They don't change when there are new BTC transferred to that address. You only need to make sure to have a copy of those keys! Make sure to re-backup the wallet.dat if you generate a new receiving address (as it may not be included in your previous backuped wallet.dat)!

Yeah exactly. The amount of Bitcoin you have isn't stored in your wallet.dat. It just exists on the blockchain. The wallet.dat has your private keys that may tell the Bitcoin on the blockchain where they should be transferred to. You need to keep that key safe. And NEVER give it to anyone, once it is compromised, people can spend all the BTC that will ever be in that address!

DjPxH
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August 11, 2014, 12:06:30 PM
 #10

Just back up your wallet.dat. Or wherever your private keys are stored! It doesn't matter whether you receive new coins after you backed your wallet up, because the only thing that matters are the private keys to your addresses where the coins end up in! Keep those safe at all times!

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melisande
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August 11, 2014, 04:37:02 PM
 #11

You have a very nice back up,but make it real with your wallet
minerpumpkin
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August 11, 2014, 04:43:05 PM
 #12

Just make sure you backup your wallet.dat!!! It doesn't matter if new transactions go into your addresses after the backup. The backup only contains the keys needed to spend the bitcoins in your addresses!

I should have gotten into Bitcoin back in 1992...
Wilhelm
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August 11, 2014, 05:15:50 PM
 #13

Look up the "dumpprivkey" command or google it.
That will dump your private key, it's a string like "5H......some characters............."

THIS IS YOUR PRIVATE KEY GUARD IT WITH YOUR LIFE!!!!! DO NOT POST THAT STRING!!!!! THIS IS ALL YOU NEED TO SPEND THE COINS!!!

You can import this private key in all wallets online/offline/apps/etc.
It is safer to store your private key than your wallet.dat since it doesn't depend on software to interpret.
I store both the key and the wallet.dat

Importing in the bitcoin client can be done with the command "importprivkey". You will need to force a blockchain rescan and an import can take hours to process.

!!! Test it to get comfortable with it !!!
My advice is to try making a wallet send 0.0001 BTC to it or something. Dump your private key. Save your wallet.dat.
Install bitcoin client on different system. Import private key. Rescan the blockchain. When you see your balance send the coin back to your original wallet.
You will have faith in what you are doing.


Hope this helps you......

Bitcoin is like a box of chocolates. You never know what you're gonna get !!
kittycatbtc
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August 11, 2014, 09:30:01 PM
 #14

I would stop mining but thats just me coz im paranoid.
HiSoC8Y
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August 11, 2014, 10:53:25 PM
 #15

thanks all for the explanation. 
cutesakura
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August 11, 2014, 11:52:09 PM
 #16

i have make wallet in blockchain.org, there a facility to back up your wallet
also you can make more than one BTC address in blockchain.org
i've never get a large number of BTC, hopefullu i can reach it ...
Muhammed Zakir
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August 13, 2014, 03:29:30 AM
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i have make wallet in blockchain.org, there a facility to back up your wallet
also you can make more than one BTC address in blockchain.org
i've never get a large number of BTC, hopefullu i can reach it ...

Blockchain.org? Is it Blockchain.info? If it is please change. Smiley In all wallet except 1 web wallet(don't know if there is any other), you can generate many addresses.

Kindly,
       MZ

cutesakura
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August 13, 2014, 07:21:47 AM
 #18

Just make sure you backup your wallet.dat!!! It doesn't matter if new transactions go into your addresses after the backup. The backup only contains the keys needed to spend the bitcoins in your addresses!

how to make backup wallet.dat ? which one do you use, blockchain.info or the others ...
please explain to me ...
Muhammed Zakir
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August 19, 2014, 02:58:07 PM
 #19

Just make sure you backup your wallet.dat!!! It doesn't matter if new transactions go into your addresses after the backup. The backup only contains the keys needed to spend the bitcoins in your addresses!

how to make backup wallet.dat ? which one do you use, blockchain.info or the others ...
please explain to me ...


You can copy wallet.dat to a removable disk or any other place from AppData/Roaming/Bitcoin or ~/.bitcoin . If you are using blockchain.info  wallet or other online wallet, you just want to get the private key. You can get it using dumpprivkey yourbtcaddress . If your wallet is locked, then unlock it before dumping private key, otherwise, you will get an error message. When you get the private key, you can import it in Blockchain.info wallet or other wallets.

I use blockchain.info wallet. It is better than coinbase and all, IMO.
Kindly,
      MZ

Mobius7
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August 19, 2014, 07:38:25 PM
 #20

Just make sure you backup your wallet.dat!!! It doesn't matter if new transactions go into your addresses after the backup. The backup only contains the keys needed to spend the bitcoins in your addresses!

how to make backup wallet.dat ? which one do you use, blockchain.info or the others ...
please explain to me ...

Just encrypt the file and store it in your USB.
Since you are using blockchain.info wallet, don't forget to make a new backup after creating a new address in your wallet.

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