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Author Topic: How do I make money from my Bitcoin Mining? and other questions  (Read 10109 times)
panzerscope
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May 24, 2011, 12:52:44 PM
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Hey guys, I am new to this forum and new to the Bitcoin project in general.

As such I have a few questions for you pro's and would very much appreciate your help. So here we go.

1. I am signed to Deepbit.net and have it all setup and have ''GUIMINER'' Linked to it and so far so good as it is showing my stats etc. My first question is that when I am looking at my Deepbit account it is stating my shares are ''Stale'' and it recommends that I use the latest client for my GPU, I have made sure that I am using the latest client. Is there something I am missing ?  

2. Once I have some Bitcoins in my Deepbit account, how do I eventually turn this into real cash into my paypal account ? Also please be aware I am a UK resident Smiley

I think that is it for now. I really look forward to your help. Cheers !
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Garrett Burgwardt
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May 24, 2011, 12:53:57 PM
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Bitcoin isn't just free money. Focusing simply on making a profit is a bad way to look at this project.
SomeoneWeird
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May 24, 2011, 12:57:07 PM
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Hey guys, I am new to this forum and new to the Bitcoin project in general.

As such I have a few questions for you pro's and would very much appreciate your help. So here we go.

1. I am signed to Deepbit.net and have it all setup and have ''GUIMINER'' Linked to it and so far so good as it is showing my stats etc. My first question is that when I am looking at my Deepbit account it is stating my shares are ''Stale'' and it recommends that I use the latest client for my GPU, I have made sure that I am using the latest client. Is there something I am missing ?  

2. Once I have some Bitcoins in my Deepbit account, how do I eventually turn this into real cash into my paypal account ? Also please be aware I am a UK resident Smiley

I think that is it for now. I really look forward to your help. Cheers !

Try MtGox, and how many bitcoins have you got?
panzerscope
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May 24, 2011, 01:02:10 PM
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Hey guys, I am new to this forum and new to the Bitcoin project in general.

As such I have a few questions for you pro's and would very much appreciate your help. So here we go.

1. I am signed to Deepbit.net and have it all setup and have ''GUIMINER'' Linked to it and so far so good as it is showing my stats etc. My first question is that when I am looking at my Deepbit account it is stating my shares are ''Stale'' and it recommends that I use the latest client for my GPU, I have made sure that I am using the latest client. Is there something I am missing ?  

2. Once I have some Bitcoins in my Deepbit account, how do I eventually turn this into real cash into my paypal account ? Also please be aware I am a UK resident Smiley

I think that is it for now. I really look forward to your help. Cheers !

Try MtGox, and how many bitcoins have you got?


Oh im not looking at Bitcoins as just profit, however the making money side of it is something that confuses me, hence why I am asking Smiley Yeah I am sigend up to MTGox but how can MtGox keep track of the Bitcoins I have ? At the moment I have literally just started mining so none at the moment.

Thanks so far guys.
SomeoneWeird
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May 24, 2011, 01:09:21 PM
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I presume your mining in a pool, so this is how it works


You generate 'shares' > submit shares to pool > pool sends your cut to your bitcoin client > you send your bitcoins to your account at MtGox > checkout to paypal or something
panzerscope
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May 24, 2011, 01:21:10 PM
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I presume your mining in a pool, so this is how it works


You generate 'shares' > submit shares to pool > pool sends your cut to your bitcoin client > you send your bitcoins to your account at MtGox > checkout to paypal or something


Right ok, I see where you are coming from but MtGox does not support Paypal I do not think, not a massive issue but Paypal would be preffered. Also how do you send funds to MtGox via your bitcoin client as MtGox has no record of my Bitcoin address etc etc ?
davout
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May 24, 2011, 01:22:36 PM
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how do I eventually turn this into real cash into my paypal account
bitcoin is real cash, paypal is promise of debt money if you're nice

panzerscope
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May 24, 2011, 01:32:02 PM
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how do I eventually turn this into real cash into my paypal account
bitcoin is real cash, paypal is promise of debt money if you're nice


Ok, well I have found Britcoin to use to make payments rather than Mtgox and with that I can avoid Paypal altogether. I now just needs to figure out how to make my shares, non stale.
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May 24, 2011, 01:33:56 PM
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Ok, well I have found Britcoin to use to make payments rather than Mtgox and with that I can avoid Paypal altogether. I now just needs to figure out how to make my shares, non stale.
Try downclocking a bit

SomeoneWeird
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May 24, 2011, 02:53:02 PM
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how do I eventually turn this into real cash into my paypal account
bitcoin is real cash, paypal is promise of debt money if you're nice


Ok, well I have found Britcoin to use to make payments rather than Mtgox and with that I can avoid Paypal altogether. I now just needs to figure out how to make my shares, non stale.

Make sure your system clock is correct aswell.
panzerscope
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May 24, 2011, 03:55:58 PM
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Ok, well I have found Britcoin to use to make payments rather than Mtgox and with that I can avoid Paypal altogether. I now just needs to figure out how to make my shares, non stale.
Try downclocking a bit


Not Overclocked Smiley and my system clock is correct. Must be something else but I am not sure what though.
panzerscope
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May 24, 2011, 07:12:39 PM
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Just to add to my last post, I have made my first Bitcoin transaction to my wallet as a tester, it went through but its stating it is not confirmed with the message of ''0/uncomfirmed'' What else do I need to do to confirm it ?

Thanks.
rebuilder
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May 24, 2011, 08:41:04 PM
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Getting confirmations takes some time. On average, you should see one confirmation appear every 10 minutes or so. There's more to it, sometimes the network is busy with a large volume of transactions and for this reason you may want to pay a small transaction fee when sending Bitcoin, as the miners will prioritize such transactions. I'm not sure we've seen such volumes yet, though.

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panzerscope
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May 25, 2011, 12:52:31 PM
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Getting confirmations takes some time. On average, you should see one confirmation appear every 10 minutes or so. There's more to it, sometimes the network is busy with a large volume of transactions and for this reason you may want to pay a small transaction fee when sending Bitcoin, as the miners will prioritize such transactions. I'm not sure we've seen such volumes yet, though.


Thanks, It has all been confirmed now after waiting a little bit, I was just not sure if I had to do anything. My shares unfortunately still show as Stale..why I do not know.
SomeoneWeird
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May 25, 2011, 12:54:38 PM
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Getting confirmations takes some time. On average, you should see one confirmation appear every 10 minutes or so. There's more to it, sometimes the network is busy with a large volume of transactions and for this reason you may want to pay a small transaction fee when sending Bitcoin, as the miners will prioritize such transactions. I'm not sure we've seen such volumes yet, though.


Thanks, It has all been confirmed now after waiting a little bit, I was just not sure if I had to do anything. My shares unfortunately still show as Stale..why I do not know.

Try switching to a different pool temporarily.
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