My experience bitcoin mining a onemonth experiment

My little Bitcoin investment & mining experience

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I do not count the time I looked at Bitcoin in the past since about So as a consequence I never jump into this techno by the past, more than to understand how it works and learn. Trust me, as a guy who started investing in Internet technologies inyou may my experience bitcoin mining a onemonth experiment follow me on such decision! Starting playing with this was an interesting learning opportunity, so this post will relate this experience and the different things I found in the bitcoin ecosystem.

I do not want to detail what it is as many post are already make this well on internet. Basically crypto-currency is a virtual money you predict the production, limited in quantity over time you can exchange with blockchain transaction. The money is created in a mining operation. The mining operation is the result of validating a group of transactions it happens on regular and predictable basis.

As any money, there is my experience bitcoin mining a onemonth experiment generation of money, then the price is related to the offer and demand balance. It is basically a question of trust.

As the money is created on regular basis my experience bitcoin mining a onemonth experiment a limited amount if you want to buy some you are in competition with all buyers and the price raise. If many want to exchange the currency into another one quickly the price will decrease. Money is totally virtual and stored in an encrypted wallet you can have yourself or you can have in a bank on internet. Crypto-money have its own banking systems.

One of the interesting thing is the control operated at these boundaries. Blockchains are basically anonymous even if fully transparent and shared. You have an identity and anything can be tracked but this identity is just a random series of numbers.

So you can transfer money when you want, to who you want, for free… For this reason some years ago a lot of not fully clean money has come to the crypto-world as a way to escape movement and owning visibility.

Now the states have accepted this money and create a legal context. That way the money movement are mostly fully identified and traceable like any bank exchange.

There are ways to wash money but everything is traceable. These bank are generating benefits on transaction fees. It is the most import thing to take a look at. Cubits have really large fees on Credit Card transactions so it is better to do bank transfer or use some of the alternate solution proposed via third party. Isis globally restricting it usage.

One you have money in the system you can start buying and selling. You have fee on each transaction, the fee is small when the money stays in cubits. The main issue was on a small crash when the platform was totally down and it was impossible to buy or sell anything. Cubits was working well at that moment allowing to play with money movements. These banks are interesting in terms of efficiency and easiness. They are good model for future of online banking: All have multiple factor security systems easy to use.

The mobile and web-platform are simple and focus on the minimal requirements. To exchange different crypto currencies, there are different places specialized. Once done you can transfer currency from you bank account to your Hitbtc account. Once credited you can start placing order on the currency you want. The tool have a very large set of stock-exchange graphs and tools. Hitbtc takes fees on the different exchange to create it profit. The fee is small but the number of transaction is really large.

The last part is about mining. Mining is the action of resolving a mathematic challenge to validate a transaction. The miner validating the transaction is getting a reward. It is like a lottery where you have a winner every 10 minutes. What you need to do to play? That said the reality is a but more complex. As in a lottery you have to buy tickets and only one win. The price of the ticket is the energy you spent for calculating and the investment you made on your hardware. The chance you have my experience bitcoin mining a onemonth experiment win is related on the number of tickets you have compared to the overall tickets distributed on each turn.

The system is by design scalable and basically, more player you have and more tickets there my experience bitcoin mining a onemonth experiment, but compared to a lottery where the distributed money depends on player investments, here the distributed money is fixed whatever player you have. So in the above equation, playing bitcoin mining is not costing me anything.

Do I have a chance to win? For sure yes, everything is random and I can be the one. A ticket is a Hashing try in the crypto-currency mining environment. It depends of the capacity of my system to do a such Hash computation.

My system is a 3 cores XEON professional server class system. So basically in the my experience bitcoin mining a onemonth experiment minutes of each lottery turn I can get 6,, tickets or Hash. But the overall tickets distributed on bitcoin is actually about 9,,, So my chance to be the one is about 6E So to start mining, there are different ways.

I did that multiple time by the past and it was an operation really quick the first time, then taking a couple of hours the next time. That time this operation has taken 10 full days of downloading and processing before being up-to-date.

The blockchain size on my server is larger than GB. Apparently bitcoind it not mining anymore I have tried different options with no result and by-the-way it is no optimized for mining. So the next step was to use a dedicated program bfgminer.

This miner is supporting different mining hardware, cpu my experience bitcoin mining a onemonth experiment by default unactivated but you can compile for cpu mining. It gets blocks from the local bitcoind server or from a pool we will talk about this later and apparently store the bitcoin you cound earn in a coinbase wallet you can specify. I start it that way:. That way the minner search for the best way to produce as much Hash as possible per second.

You will see that in the screen. That was for some technical details for other players not fully desperate on statistics like I am… So back on more non-tech information. A Xeon CPU is a good machine for general computing but really bad for anything specific as basically any cpu so for this specific mathematic operation it is not efficient. GPU have parallel computing units and built for math computing. You can put multiple together to addition this computation power. So GPU have a great place in mining in the past years.

But actually you still have times more chance than nothing to win. It is not sure you can rely more than on miracle like with CPU. What are the chance to be the winner with a such machine? So is there any-way to get money from mining? You can rely on chance and on miracle or you can share your computing power with other people.

This is basically the way pools are working. Instead of mining alone, you are part of a pool. The pool get rewarded more often and the reward is spread over all the participants based on the computation power provided. So you do not have the 12,5 bitcoins but a share of this based on your share of computing in my experience bitcoin mining a onemonth experiment pool. This is a way to gain less but to get something at end.

Another interesting cryptocurrency is http: Imagine a IoT device, a public temperature sensor, if someone want to read it, you must pay some cents for the data using IOTA. Your email address will not be published. Save my name, email, and website in this browser for the next time I comment.

Notify me of follow-up comments by email. Notify me of new posts by email. This site uses Akismet to reduce spam. Learn how your comment data is processed. Understand crypto-money I do not want to detail what it is as many post are already make this well on internet.

So here we have the different element we are going to detail in the next chapters: So the access to these bank requires a full identification. The identity verification was really complete, with a video chat, my experience bitcoin mining a onemonth experiment looking on my passport … this my experience bitcoin mining a onemonth experiment really pro and it was a surprise to discover how the identity validation service economy has progressed these last years.

You firstly have to transfer found on your account then you can make the operations. My experience bitcoin mining a onemonth experiment identification is more simple with only a passport photo you need to provide. Cypto — Stock exchange To exchange different crypto currencies, there are different places specialized.

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Treasure of the Sierra Madre is one of the all time classic westerns. In the end his greed and madness get the better of him and the audience is left with the wonder, what the hell was that all for? But one character ends up discovering paradise in the arms of serving community and receiving it's hospitality. Today we still keep looking for that treasure, yet that community and opportunity to serve is even closer than before.

I hope to serve some new comers and crypto curious in our community by showing you some ways to mine some treasure. Below are links to entirely free crypto mining sites. I am currently mining all of these at their free levels. I have not purchased anything and have only been mining for about a couple of weeks.

Maybe you already did and now you're looking for what else is out there. Maybe you are just curious. Here is a list of freebies to get you started. You can upgrade them if you like. But they cost nothing to begin. For the past couple of weeks I have checked in on them and it's almost as much fun as watching paint dry. So as much of a hoot as that can be, and because 'experiments' are en vogue in these days ; I will be conducting one of my own.

I Today is March 16 With all but one of these miners, I'm going to set it and forget it. Even the one that is pumping out some coins. I will revisit this post to answer any questions and comments, but I will not be looking at these miners for one month.

Sometime around April 16, I will open up the miners and unwrap these presents like Christmas mornin. I'll count 'em up and share a full report on the rewards to see how our sweet baby miners are doin. The only exception will be eobot. I will log into eobot once a day to upgrade because eobot gives you one whole wopping Doge a day plus one credit towards whatever you set the miner to. I will be setting the miner to upgrade itself. In fact, I will be setting a few of them up to only upgrade themselves.

They all have different power settings. I barely understand it myself. All I know is I am not going to be spending anything on these miners and we are all gonna see what we get if we just leave them alone for a month. YOU are welcome to join me on this experiment! Please feel free to click on any of my links below and mine whatever you like. I hope it helps. Whether you upgrade them or not, I would be happy to hear how it goes for you. So whether you are new to crypto and curious or are someone looking for some actual value to trade or use, I hope I helped is all.

Kindly share here and all over the internets if you think you know someone else looking for this information. Again, I just hope it helps. I hope you found this interesting. I hope you all have a wealthy and healthy month ahead.

I wish you all well with your hopes, dreams, and passions. I thank you for the upvotes and gratuity in steem at jacobts or btc at coinbase. Looking forward to getting started with mining and I feel sure this will really help me. I bought a few dollars of eobot mining that generates about 1. I used some crypto I'd got from faucets. The eobot faucet will pay you a little each day.

I assume there was a glitch. None of my other referrals has any significant mining. Yes, all these miners accept payment, but also get you started for free. So, checking it out and we'll see. I'll try some of these, using your links. I've started a couple that don't need any registration. Bitminer and Startminer appear to be basically identical. I hadn't thought to use Eobot to mine GHS as you are doing.

I'll let that run for a while to boost my rate. Feel free to let me know how they go for you. Followed you and look forward to your posts.

I have not tried to take any payments from anyone except faucets. I am compiling a 'Short List' of Faucets to share soon. But all the miners seem to require a yuge amount before payout.

If one had invested in Metizer to level 5 then I could see how it might create a large enough return on investment. Do you follw Ryan Hustle B on youtube? His plan seemed to power up his Metizer to level 5, and now receives a regular payout that he withdraws immediately. I corresponded with someone in customer service and there was obviously a language barrier. There is one more called Brainburst or something but it is more of a game and resembles those "farms" that somehow convert imaginary corn fields into BTC.

Have you ever received a payout from Metizer? That said, Bitminer https: I could be wrong, I could have set it up months ago, but bitminer appears to mine the most for free. And In Mine's doge creation looked about the same if not more so than Metizer. I have since set In Mine to only mine more power. Have you tried either of them. If these mines are still around in 30 days, then I am looking forward to seeing either what kind of mining power awaits, or if there is anything available to withdrawal.

Even if I can withdraw, I might reinvest in the mining power. I will put together that short list of faucets soon and I expect most people with crypto experience will recognize them. I have followed your work and I have a question: Do you have any "Go To" suggestions for the crypto search out there. Specifically have you had any experience with those sites that say they will promise you consistent returns with a deposit? Do you primarily trade? It is my goal to earn enough from mining and faucets to begin trading.

I'm also a fan of fyrstikken and look forward to trading legacies and forex on 1Broker as well as cryptos on Poloniex and perhaps Bitfinex. The challenge now is not to be pulled in too many directions and not to get my expectations up, but stay humbly consistent. Thank you kingcrown for stopping by to comment on your post.

I am a fan. And any simple words of advice are appreciated on this early journey to financial dignity are appreciated. So, one miner I did not mention was Minegate. Have you ever Minegate? Signed up for your mailing list. I was thinking to get involved with a few mentioned above ; I'm already with Eobot.

So with MineGate , do they give me free btc whenever I log-in 0r is this done automatically with or without logging in? Just signed up with your link ;. They are all automatic. You do not need to be logged in. Minegate will also email you it's progress. It's slow, just set them all up and then check back in a month. This one is the fastest I've seen so far. But still gotta wait. If you want more crypto and have a little hard drive go to burstnation. Thank you for your vote and especially for the comment!

Stay in touch, see you round the steem, and wishing you all the best as well! Authors get paid when people like you upvote their post. Nice info, thank you! Thanks for checking it out.

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