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/commentable: Bitcoin Mining - Day 01, unit 01
Dinarius = digital interest
20 December 2013

Bitcoin Mining - Day 01, unit 01

Bitcoin mining isn’t for everyone. It’s technical nature is a wild preventive. That its origins are relatively unknown can be a turn off. Serious money people and brokers still turn their noses up and everyone is on the fence when they remember the great Tulip craze in Holland. But…

Easy Miner Butterfly Labs Bitcoin mining

What if it turns out to be worthwhile? It’s like the Lottery except you’re guaranteed to earn something in the early stages and not have to buy in later at premium prices. A few hours or days of hard work can earn you a mining machine from Butterfly Labs. In my case, a 5 Giga Hash per second cube. The order was placed SIX months ago and it just came – it arrived after the product had been discontinued! There’s a caveat!

What would it hurt to have this thing chug away overnight? Someone already did the math and calculated that these things use roughly the same power as a strong light bulb. That’s won’t melt any glaciers and I won’t lose too much sleep. When the power bill comes, we’ll have a look at that too. But what about the miner?

Butterfly Labs 5/GHs miner

It’s about five-inches cubed, plugs in to electricity and a USB port. Windows 7 recognized it within 15 seconds and then there was nothing. Butterfly Labs makes mining software available to download. It speaks through Windows to the device and directs information to it. This information goes between hashes from the Eclipse Mining Consortium and the device. It’s all … what’s the word? Like the SETI software people installed to help search through data – it just happens without fanfare.

Since the little box does all the thinking, the Easy Miner software taps the processor for 0 to 29% of its attention. It’s in waves about every two to three seconds. No impact really occurs during other work, streaming movies, downloading files, etc.

According to the stats today, the device will pay for itself in 2 and-a-half months if all goes well. Also, this particular device is performing over 50% faster than advertised. So that might be a rare blessing.

14 hours in, the device has not made a bother of itself, throttled itself down from 60-degrees C to around 53-degrees and continued hashing above 50% it’s target speed of 5 GHs (the smallest offering). Support for the operation of the device is sparse, but so is the unit, so that’s now a non-issue. Since not even a penny or bit of a Bitcoin has come, the worry is that something isn’t configured correctly. No sweat, right?

Today, things will get double-checked, a second device will be added and a new post will alert new would-be miners to any pitfalls that are discovered today. So far, this particular device is a non-issue. Despite all the tension and anticipation, it’s not doing anything more alarming than a Tulip would do.

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