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Author Topic: Question about mining?  (Read 593 times)
AncientX
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May 01, 2012, 08:51:32 AM
 #1

I've watched quite a few videos, and read several in depth tutorials....but i guess im just not getting it....

How does mining earn you BTC?...

I know its a silly question that i should know the answer to with all the research ive been doing on the topic the past week or so....but if someone could be
kind enough to just lay it out for me in simple english, i'd really appreciate it lol.

Feel Like buying me a energy drink? go ahead and donate Cheesy
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tarrant_01
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May 01, 2012, 09:14:50 AM
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You just point the mining software at a pool or you can try your luck to solo mine.  When a block gets solved, you get BTC based on  the amount of shares you've submitted to the pool.  The amount you get is either proportional ( shares submitted / total shares * block reward - fees) or pay-per-share. The price per share submitted is determined by the pool. If you solo mine, you get the whole reward from the block.

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AncientX
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May 01, 2012, 09:24:20 AM
 #3

And say im solo running a " Decent " mining rig

How long does it take for a block to be solved, and how much would i profit from ? ( i know time varies for every rig, but just give me an estimate )

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tarrant_01
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May 01, 2012, 09:33:29 AM
 #4

It could take anywhere from 5 minutes(best luck at any hash rate) to 3 months(worst luck...might be longer) to solve a block solo.

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AncientX
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May 01, 2012, 09:49:11 AM
 #5

Very very cool.
=D all i need now is to sell some of my coins and purchase the right equipment to make a mining rig.

i dont pay for electricity, so its gonna be nice to make money for doing nothing.

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johnsjt
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May 01, 2012, 12:35:14 PM
 #6

Good luck. I have a mining rig setup at a friends house who doesn't pay for electricity either. Reply back when you start solving and let us know Smiley
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