CGMiner — when will I start earning Bitcoins?

-1

I downloaded cgminer, created an account on btcguild.com and followed to procedure it told me to. I have now started cgminer and it keeps updating itself as stratum from pool 0 detected new block.

I was expecting that at this stage my bitcoin wallet would start showing the bitcoins I have started earning. I know that may be a stupid thing to expect but the problem is I haven't been able to find out what more to do? My searches on google lead to things that I have either already done or to things that are too technical. So what is the fuss and how do I finally earn my first bitcoin?

detraveller

Posted 2014-01-05T18:12:50.360

Reputation: 101

What hardware are you mining with? You don't want to receive a lot of small payouts because if you do, it will be impractical to spend them. (The cost to "gather" them will equal or exceed their value.) – David Schwartz – 2014-01-11T07:53:52.423

Answers

1

Depending on the hardware you are using it could be quite a long time before you see a Bitcoin, since they are valued at around 1,000 USD. You would see quicker results by mining Litecoin [LTC] or even Feathercoin [FTC]. Those are known as 'Scrypt' coins because they are mined in a different way from Bitcoin, in an attempt to allow 'latecomers' [with small budgets] to join the 'Goldrush'.

Note: The 'detected new block' messages refer to the whole Pool and you only get a small share, it takes thousands of shares to build a single LTC or FTC.

How are you mining? Unless you have an ASIC rig you will almost never get any coins, the 'big boys' have Bitcoin totally under their control. LTC and FTC can be mined using your CPU but to see real results you need to use a fast GPU [a high power Graphic Card]. Really serious miners, who can afford it, use multiple GPU's in a special rig.

Good luck, keep reading and you will get there. Drop more questions here if you like and I or some other enthusiast will eventually help you learn the ropes.

Cheers, AJ

PS - personally I am now retired and making more from LTC than when I worked :}

AJ_1952

Posted 2014-01-05T18:12:50.360

Reputation: 42

This is not an answer on OPs question. – Steven Roose – 2014-01-06T11:41:41.877

But this is more than what I was looking for and actually answers my query as well. – detraveller – 2014-01-19T21:58:33.340

Asked: 2014-01-05T18:12:50.360

Viewed: 1 772 times

Active: 2016-04-25T21:01:51.623