Bitcoin Mining

According to the site there is no pools nor software available yet but I can buy a $4,000 card to mine.  Wtf?
I know this is all clearly false so it would be nice if the site gave me info on how to mine.

Also, at a 12 million bitcoin circulation with a max of 21 million by 2140, I'm guessing that 1 bitcoin takes a long time to get.  Like several years working in a pool.

Quote from: Lorddave on November 30, 2013, 07:23:08 AM

According to the site there is no pools nor software available yet but I can buy a $4,000 card to mine.  Wtf?
I know this is all clearly false so it would be nice if the site gave me info on how to mine.

That's Butterfly Labs, a bunch of scamming assholes. They put ads everywhere in an attempt to get money from people who, for some reason, don't take the time to investigate what they're actually buying.

Quote from: Lorddave on November 30, 2013, 07:23:08 AM

Also, at a 12 million bitcoin circulation with a max of 21 million by 2140, I'm guessing that 1 bitcoin takes a long time to get.  Like several years working in a pool.

Like I said, it depends on what you're using. There are 25 Bitcoins released in blocks every 10 minutes. Please read the site I gave you, Bitcoin really takes a lot of reading to understand. It's the first of it's kind and as such if you try to apply what you already know, you're going to end up like Thork, who apparently already knows everything about Bitcoin even though he can't even tell me what a Bitcoin is.

So its 25/block not per 10min. And a limit of 3,600/ day.  Makes more sense.

Quote from: Lorddave on November 30, 2013, 07:57:28 AM

So its 25/block not per 10min. And a limit of 3,600/ day.  Makes more sense.

It is on average per 10 minutes, for god sakes I asked you not to be like Thork. This is the last time I'm going to ask you to read about Bitcoin or at least ask questions. The block reward halves every # of blocks (I honestly forgot how many). Soon the block reward will be 12.5 bitcoins.

There are 25 Bitcoins released in blocks every 10 minutes.

The Bitcoin system offers a reward to volunteer users, known as “miners”, who bundle up new transactions into blocks and add them on to the end of the chain. The reward is currently 25 Bitcoins (about $15,000 at this writing). Miners pull active transactions waiting to be recorded from the peer-to-peer network and perform the complex calculations to create the new block, building on the cryptographic foundation of the previous block. Comparison of the results produced by different miners provides independent verification. About every 10 minutes, one lucky miner who has generated the next block is granted the 25-Bitcoin reward, and the new block is appended to the chain. The process then starts again.

The Bitcoin system is designed to cope with the fact that improvements in computer hardware make it cheaper and faster to perform the mathematical operations, known as hashes, involved in mining. Every 2,016 blocks, or roughly every two weeks, the system calculates how long it would take for blocks to be created at precisely 10-minute intervals, and resets a difficulty factor in the calculation accordingly. As equipment gets faster, in short, mining gets harder.

How fast do you mine Bitcoins, Rushy?

How fast did you mine Bitcoins, Rushy?

Quote from: Supertails on November 30, 2013, 01:36:18 PM

How fast did you mine Bitcoins, Rushy?

~0.1 a day.

For solo mining with a single GTX 680, which will produce 120 Mhashes/s, you would expect to find one block approximately every 98 years.

Are you saying you mine a $1200 bitcoin every 10 days or so?

Quote from: Supertails on November 30, 2013, 01:36:18 PM

How fast did you mine Bitcoins, Rushy?

~0.1 a day.

Damn. I'm guessing they weren't worth as much at the time, though, were they?

hipster currency

I'm going for more of a mildly rich.

I used to have a few bitcoins back when they went for single-digit amounts of USD/BTC. I sold them at a small profit. You cannot imagine how butthurt I am.

Quote from: PizzaPlanet on November 30, 2013, 05:10:32 PM

I used to have a few bitcoins back when they went for single-digit amounts of USD/BTC. I sold them at a small profit. You cannot imagine how butthurt I am.

Hindsight is 20/20 and you made at least some money on it, so regardless it's not like you lost money. One guy in Wales found out the hard drive he threw away months ago is now worth $7.5 million and tried (he may still be...)  searching through a landfill. So, shit could be worse.