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/commentable: Bitcoin Mining - second day, two units
Dinarius = digital interest
22 December 2013

Bitcoin Mining - second day, two units

So new to bitcoin mining that all I can do is state observations. I do want to give a shoutout to an author. George Ettinger writes, “The Island of Stone Bitcoins” that appears in issue 15 of Bitcoin Magazine. Sympathetic with the miner trying to explain to people what Bitcoins are, George commends them, first off, then suggests that we all consider the system from another angle. Consider it all from the public ledger angle.

It’s easier to imagine a community supporting someone’s ownership of something. The Bitcoin ledger is confirmed numerous times and it’s utterly public. George has a great historical reference tying Bitcoins to something quite tangible but equally alien to our own idea of coins.

cgminer BTC projections

The CGMiner from Butterfly Labs won’t enable new settings mid-mining at the moment. If you’ve entered your wallet, Started Mining, and then change something, changes won’t take effect until the next time you Start Mining. I mentioned my miner cranking over 50% what it was intended to do – I was wrong. There was mention I missed that late orders of the 5 will be bumped up to 7 GHS. So both are still ahead of their marks, but only by a touch.

Not everyone likes CGminer

Two days in, I find that not everyone likes CGMiner. I’m still dealing with the Kaspersky alert. Other alerts I like better is that the system (my wallet), chats me up via text message with hot little messages…

415 255 5662

I can sleep, go to concerts, cook or most anything else and bitcoins trickle in. Historically, small rigs like this brought in 1.1BTC and .5 BTC when those amounts were equal to about $12 and $6 bucks and less. So that I’m getting amounts like .002 don’t break my heart. Amounts like this could still have names. Candidates from the WIKI:

1 BTC = 1 bitcoin
0.01 BTC = 1 cBTC = 1 centibitcoin (also referred to as bitcent)
0.001 BTC = 1 mBTC = 1 millibitcoin (also referred to as mbit (pronounced em-bit) or millibit
0.000 001 BTC = 1 ╬╝BTC = 1 microbitcoin (also referred to as ubit (pronounced yu-bit) or microbit)
0.000 000 01 BTC = 1 satoshi (pronounced sa-toh-shee)

Regardless, if the value holds up and the software is estimating things correctly, I’ll have earned the value of the little 7GHs blocks within about three months or so. (Definitely NOT a get rich quick scheme!)

Favorite's the ARTICLE, not the SITE.