Wednesday, 13 February 2013

Bitcoin mining: An expedition

I first heard of Bitcoins about a year ago but didn't think much of it at the time.
Recently I read an article on the BBC News that more and more places are accepting Bitcoins.

It seems to be a thing of the future, so naturally, I gave it a spin.

This will be a very basic walkthrough of my proceedings, I'll write up more information in a later post.

The miner I decided to use was guiminer, a simple but effective multi-mining tool with a graphical user interface.
There are many other mining programs out there for you to choose from.



After registering with a pool and getting a wallet I started it up:



Not too bad, considering I hadn't optimised it completely yet

After going through numerous forum threads and guides I found some flags that helped. A bit.



 I've left it running for just under 15 hours now, this is how much I've made so far.



As you can see, not really that profitable at the moment.

EDIT: I'm changing to another pool that has less fees.

6 comments:

  1. Thanks for sharing this man. Bitcoin mining is something that's completely and utterly foreign to me so this advice is handy enough.

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    Replies
    1. Cool, thanks.

      I intend to venture deeper into bitcoin mining, will post more later.

      Delete
  2. "The main reason why this is done is to keep inflation under control. One of the major faults of traditional, "fiat", currencies controlled by central banks is that the banks can print as much of the currency as they want, and if they print too much, the laws of supply and demand ensure that the value of the currency starts dropping quickly. Sincerely

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    ReplyDelete
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