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Author Topic: Still no coins after 68 hours and approx. 1,000 approved hashes?  (Read 1827 times)
infinitevs
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May 15, 2011, 02:06:59 PM
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I started mining using GUI miner on Thrusday afternoon. It said it was working fine. It had 24.5 Mhashes a second. I went out over the weekend and have just come back on Sunday night and still have no coins. What am I doing wrong?

Cheers, Sean

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Each block is stacked on top of the previous one. Adding another block to the top makes all lower blocks more difficult to remove: there is more "weight" above each block. A transaction in a block 6 blocks deep (6 confirmations) will be very difficult to remove.
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mewantsbitcoins
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May 15, 2011, 02:09:43 PM
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if you went solo it will take you approximately 313 days to get your first 50 BTC
http://www.alloscomp.com/bitcoin/calculator.php
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May 15, 2011, 02:10:51 PM
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I started mining using GUI miner on Thrusday afternoon. It said it was working fine. It had 24.5 Mhashes a second. I went out over the weekend and have just come back on Sunday night and still have no coins. What am I doing wrong?

Cheers, Sean

nothing, but it takes appox. 319 days to mine a block at that rate

source: http://www.alloscomp.com/bitcoin/calculator.php

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May 15, 2011, 06:47:00 PM
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if you want to get anywhere with that amount of hashing power, you need to join a pool.

popular ones are slush's pool, deepbit, btcmine, and eligius.

infinitevs
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May 15, 2011, 10:58:13 PM
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Okay so I am a bit confused here, somewhere it said 20 Approved hashes = 50 Bitcoins,  how do approved hashes @ difficulty of 1 (in solo mode) relate to bitcoins?

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May 15, 2011, 11:10:40 PM
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Okay so I am a bit confused here, somewhere it said 20 Approved hashes = 50 Bitcoins,  how do approved hashes @ difficulty of 1 (in solo mode) relate to bitcoins?

1. no idea where you found that.  only thing i can think of that resembles that is the 120 block maturation (you don't receive the reward for a block until 120 blocks have been added to it past your block) for block rewards.

2. they don't.  difficulty 1 hashes don't have any real relationship to a solo mining payout.  only pooled mining really makes use of that.

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May 15, 2011, 11:47:25 PM
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Okay so I am a bit confused here, somewhere it said 20 Approved hashes = 50 Bitcoins,  how do approved hashes @ difficulty of 1 (in solo mode) relate to bitcoins?

The current difficulty is 157426. This means that on average you'll need to find that many difficulty 1 hashes in order to hit one that generates a block. Note the "on average" part though, it could be 1 hash or a million, but the average in the long run will be around 157K. Unfortunately though, the "long run" isn't very long, the difficulty is going up by about 40% in a few days. Smiley

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May 16, 2011, 12:11:31 AM
 #8

Infinitevs, at the speed you're dealing with it may be marginally profitable for you to mine (I haven't done the computation), but it's probably not worth putting in a lot of effort. Join a pay-per-share pool like Deepbit or the variance will make you crazy.

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