Note: This topic's main subject is Bitcoin mining. Not so much as selling or buying Bitcoins or where to spend them.
The sole purpose of this thread is to help users start mining
It seems though many people on this forum are starting to get interest in Bitcoins. To help other people along, I made some tips to getting started and how to roll in some virtual dough.
FAQ"What is Bitcoin?"Bitcoin is a form of digital currency developed by
Satoshy Nakamoto in 2009.
"What can I do with Bitcoins?"You are able to purchase virtual/real items as you would with real money. The only difference here is that the money doesn't go through a bank or "higher-class" money management system.
So you can purchase all your drugs n' guns n' stuff"What is Bitcoin Mining?"Bitcoin Mining is where your computer is set to solve complex algorithms known as "
Block hashing algorithms" to solve
Blocks.
Basically, it's
free money. I don't need to explain much for you to get the idea.
"Free money? Isn't that illegal? Isn't this entire "Bitcoin" scheme illegal?"No. Bitcoin is a virtual currency, you can use almost anything as a currency as long as the person your trading it with accepts it. Remember back in elementary school where you sold your lunch for some trading card? Yeah, that wasn't illegal, was it?
If you're interested, there is an entire page related to anything you might think is illegal or cause legal issues. For you paranoid people."How to I mine my GPU?"By downloading a miner that supports GPU mining.
"So, does the program run on the GPU?"The program doesn't "run" on the GPU. It uses the CPU like every single program out there. However it is able to send instructions to the GPU through OpenCL and have it process it. Games, including 2D or 3D, work the exact same way (Except through OpenGL or DirectX, which their purpose is to handle graphics, not so much custom algorithms)
"So, a GPU is a Graphics Card?"Actually, a GPU is a part of the graphics card that does that actual processing.
The graphics card itself is pretty much a large data bus that connects other parts of the graphics card onto it (Memory, D-Sub and/or DVI display support, GPU, etc.).
"Will I get DDoS'd when I mine?"Other way around. When you take part in Pool mining, you mine and send the finished piece of work including proof-of-work to the server. Occasionally the server is unable to handle all the work sent by all the miners and is temporarily down.
"What's the risk?"The only risk out there in mining is making sure you're getting more out of it than you're putting in. And just like real money, you need to secure your Bitcoins too.
Getting StartedWallets (Optional)Before you start mining, you might want to get yourself a
Bitcoin Wallet. It'll be able to store Bitcoins you have recieved or mined.
However this is completely optional.You can nab yourself a offline wallet
here. It'll take some time to synchronize. So be patient.
Other wallet softwareOther links you should check out for your walletDeterministic WalletsEWallets/Browser-based WalletsSecuring your WalletDesktops vs. Laptops & NetbooksDesktops should be used for mining. Hands down. Laptops and Netbooks are prone to overheating due to their bad cooling systems. They should never be used for mining unless you want a melted GPU and a damaged motherboard.
MiningOkay, so before you want to dig your filthy hands into virtual money, you want to consider how much power you'll be consuming and how much you'll get in return. If you're not the one paying the bills or you don't care; Take no consideration. Continue. If you DO pay the bills or you DO care; proceed anyway. You won't know the math until you start mining.
So, how the hell do we start mining? You'll need what is called a
Bitcoin Miner. It will "mine" your hardware to start making Bitcoins.
My prefered miner is
BitMinter. However there are many more miners out there (be careful of malicious miners out there, they do exist).
Here is a list of known, trusted Bitcoin miners you can try out for yourself:
CPU Mining VS. GPU MiningI'll put this short. Your GPU is a million times (I'm not even exaggerating here) faster than your CPU is at mining. On top of that, your CPU consumes more power trying to process information than your GPU does, making it a inefficient and slow device to mine with. The only time you should use your CPU is when you're forced to because your GPU can't mine,
if that is the case; don't bother mining (Most integrated cards are unable to mine, especially outdated ones)
Pool Mining VS. Single/Solo MiningPool Mining ProsPool Mining Cons- Vulnerable to Distributed Denial of Service (DDoS) attacks from many miners
- Charges fees for perks
- Can be malicious and be used in Distributed Denial of Service (DDoS) attacks
Solo Mining ProsSolo Mining ConsWhile it may appear Pool mining has a lot of cons, you're better off going with Pool mining. Solo mining is for more... large mining systems.
Good Mining HardwareI know I have already said this, but a good GPU (Or "Graphics Card" if you want to put it that way) should be the only device your using for mining. So either you read this far because you got one or are soon to get one.
Don't have one? There
is an entire list of hardware that shows how fast they mine. (hint hint: look for the ones with high rates and good efficiency)
You can even look for your card/processor and see how well it performs. If it is not there; It has probably not been tested.
Mining Rigs (Optional)If you're the type of person who wants to make money, but still has rolls of money laying around: You're in luck.
Mining rigs are custom built computers specifically designed for mining Bitcoins.
There is even a
list of hardware you can get to make your own rig.
Helpful LinksThese are links I've been frequently using for Bitcoin related stuff
Official Bitcoin Wiki - https://en.bitcoin.it/wiki/Main_PageBitcoin to [Your currency here] Converter - http://preev.com (Constantly updates)
Bitcoin Mining Calculator - http://www.alloscomp.com/bitcoin/calculator (This is a really helpful tool. You can enter in your hash rate and see how much you'll make in time)
Bitcoin Profit Calculator - http://www.bitcoinx.com/profit/ (Use this to see if you're making a profit from the amount of BTC you're making and from your power consumption)
Some Videos"What is Bitcoin" by weusecoins"Are Bitcoins and Unusual Hats the Future of Currency?" by pbsideachannel (This explains virtual currencies)
Happy mining!
