Generate bitcoins - use your CPU to make money

Basically you run a program which does a bunch of calculations, and once it's done enough calculations you get 50 bitcoins. You can then sell your bitcoins if you want.

This has been all over the news lately, making the bitcoin price skyrocket. It was trading at 30 US dollars for 1 bitcoin, but then the market crashed and it's $12 for 1 bitcoin right now.

good place to find more info is https://mtgox.com, I think it's the biggest bitcoin trading site.

 

Yes, it's called bitcoin mining, but you sure need to run the program for a long time to get the payment, then good luck exchanging them for real money...

 

And what would that program be ? I got enough CPU cores to runt most calculations lol . OFC I don't believe this is real .

 

CPU doesn't matter in this case, you need some sick GPUs to max out and milk in the cash.
My friend spent over $3400 building a rig just to mine bitcoin and he made $12,890 selling it then within 3 weeks.
But know since everybody is starting to know the market is crashing.

 

It is real, but I still don't understand the concept.

Useful information:

http://www.weusecoins.com/mining-guide.php
http://en.wikipedia.org/wiki/Bitcoin

 

It's been released 2 years ago , i doubt that there is much left .

 

I don't know if this is some sort of a scam, but I know of one scamming case. They ask you to separate two different types of small plastic balls and after you separate them they pay you X amount of $. But you have to pay for the small plastic balls in advance and then they will pay your for your work and give you the same amount of small plastic balls for separating. They were paying everyone, and the number of the home based business people grew and grew. My friend's son heard about this and signed up too. He also paid for two box of plastic balls and went home to separate them. At one point my friend's son got the idea to put the plastic balls in water to wash them probably and to his surprise one of the colored type balls sunk the other ones didn't. So he went back to get his pay and told the "office manager what he did." The next day the office was closed and the owners were nowhere to be found.

Stick to common sense. Check all details and google the "new business idea".

 

hightechforum.org/bitcoins-a-crypto-geek-ponzi-scheme/

minichan.org/topic/6742

 

Well , every site has a scam report posted online by a bunch of jelous people.
All I know for a fact that my friend actually earned from it, I am not an affiliate or anything but this thing works.

 

What is the idea of using so many computers, and who is paying for the "calculation" work, and what actually is the computer solving? Somebody has to benefit from that work. I would like know more aobut it. Thanks.

 

Will it damage my CPU?

Need to connect to internet?

 

If you are going to use your desktop, you will be wasting your time.

You won't make more than $10 even if you run your PC for a year.

See the links that I have given in post #5.

 

It will put more load on your PC, and slow it down, provided it is an "honest" program. If spyware is being installed then who knows ...

 

Also if anyone of you is confused and doesn't know how to get started you can check this blog out which helped me quite a bit
http://miningbitcoin.blogspot.com/

 

I did look up wikipedia about bitcoins, most major retailers don't except this as a payment option. Therefore no point in doing this stuff.

 

If something can be sold for cash, its acceptance/non-acceptance by retailers is irrelevant.

e.g. If you have silver coins, you can't use them to shop, but still the coins have value as they can be sold for cash.

As of now, bitcoins have a cash market and so people are trying to collect more.

Disclaimer: I still don't understand the model and I don't think I will be wasting my time trying to earn bitcoins.

 

The entire system is de-centralized. The idea is to provide security through computations. Basically as long as most computational power isn't controlled by a single entity then all transactions are secure and money can't be double spent.

The computations are basically random numbers -- all the miners are open source so you can see for yourself how the system works. But finding the best value for the random computation gives you 50 bitcoins.

It seems like a pyramid scheme to some because the early adopters are guaranteed profit. That's obvious, they took the first risk with their investments. Same with investing in Google, Microsoft, or any other venture. Let me tell you, if you would've bought $10,000 worth of bitcoins a few months ago when they were worth 1 cent each, you'd have 100,000 bitcoins. Worth 20 million dollars right now.

Hell, the market crashed to $10 a couple days ago before it rebounded back to $20 yesterday, a good time to invest would've been this last weekend.

cashing in
Right now is the time to cash in on bit-coins. It's not profitable for you unless you have a powerful computer... or run a website that gets 200+ visitors a day. You can get all your visitors to generate bitcoins for you, by linking a flash bitcoin generator on each of your pages. (PM me)

As I post this a bitcoin is worth $20.52 USD,if you have a lot visitors you could be generating more computations than the best $2,000+ "mining rigs" that exist.

 

I did some rough calculations to find how many bitcoins DP would generate in a day.

It takes around 2 hours to generate 0.00008549 BTC. (BTC is abbreviation for bitcoin).

That is 120 minutes on an average desktop to get 0.00008549 BTC.

Next, I used data for this post.

DP got 2,714,663 users in 34 days from search engines.

I will assume that this is the total number of users that DP gets in 34 days.

For many users the javascript used to generate bitcoins won't work and so I am not counting the traffic that DP gets directly or from other sources.

Average daily users that DP gets per day = 79843.

Average time spent on site = 2 minutes and 36 seconds (rounding off to 2.5 minutes).

Thus daily usage of DP = 199608 minutes.

120 minutes for 0.00008549 BTC, then 199608 minutes will generate 0.142 BTC every day.

Am I right?

 

it's not clear where you got the 2 hour figure for 0.00008549 BTC, so I'll calculate using only cited numbers.

Alright let's take an average processor, Core 2 Duo T7250 - 2 GHZ
Looking up the hash rate for the CPU from here: https://en.bitcoin.it/wiki/Mining_hardware_comparison
It gets a total of 4.5 Mhash/s

using http://www.alloscomp.com/bitcoin/calculator.php
current difficulty: 567358.224571
hash rate: 4.5
exchange rate: 19.75

total
-----
coins per day: 0.01
dollars per day $0.16

now let's take an average of online users at any given time. to keep things simple I'll use the amount I see right now, 1,778 users, (check forum index) since it's midnight in the USA, it's not really peak time so it shouldn't be skewed high.

let's multiply the dollars per CPU to keep things even more basic
(dollars per day) * (users online at all times) = (profit per day)
$0.16 * 1778 = $284.48


so if your site has 1,778 people active at all time, using only CPU mining they're capable of earning you
$284.48 every day
$1,991 per week
$7,965 per month


This only applies at the current difficulty and exchange rate of $19.75 to 1 bitcoin.

 

From bitcoinplus.com:

http://www.bitcoinplus.com/generate