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This is my first time bitcoin mining, not sure about it all and I have a few questions.

They might seem noobish, but we all start somewhere and I doubt any of you were experts right when you started so please don't turn this into a joke or make fun of me.

Basically I installed a client, setup the pool with eclipsemc and started mining. I'm not sure if I did anything right but I'll put screenshots.

http://gyazo.com/5d6fe3f85865e26fb97d01f19785998e.png

http://gyazo.com/54d1d05dd0797e04128baa85a78b97b4.png

Not sure why it says out of sync, and when I started mining I did this command:

bfgminer -o stratum+tcp://us1.eclipsemc.com:3333 -O 16WZxNVmrctmHnZHkg7n5Cr2f2h7z1sjTc

And I got my wallet address from the recieve tab in my bitcoin wallet client.

It also says synchronizing with network and says it'll take 130 weeks... thats a long time. Why is it acting like this and is this normal?

Is there any steps I missed and am I doing this wrong?

Also is it better to mine if I run it off an SSD and my computer is pretty good, so I don't think that should hold me back :D

Let me know what you guys think?

Thanks!

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You need to download the entire Blockchain. This is an arduous process as the blockchain I believe at the moment is something like 17-20 GB. Also, you will not get paid right away because a share is found. Usually with pools, you need to set a payout minimum...I've seen it to be as low as .01 so unless you add hashpower, I don't think you will ever get paid. See below. If you are dying to know your balance and the blockchain hasn't finished downloading, use this link here to see what your balance at any given moment in time is:

https://blockchain.info/address/16WZxNVmrctmHnZHkg7n5Cr2f2h7z1sjTc

Yes, we all start somewhere, but you could have likely gotten your answer going to someplace like #bitcoin on webchat.freenode.net. Saves the embarrassment because people expect you to ask newbie questions in a chat and you can get your answers right away...doing it this way makes you seem lazy...REGARDLESS of the hours you may have spent before coming here trying desperately to figure out the answer for yourself. You show apprehension about asking newbie questions which leads me to believe that you do ask a lot of questions before researching for the answer before hand. I am totally assuming that and could be completely incorrect.

Holy crap you're only doing 100 MH? You must be GPU mining with something like a 6800GT or something like that. You aren't making anything from that nowadays:

http://btcinvest.net/en/bitcoin-mining-profit-calculator.php?diff=609482679.88835&dcosts=0&diff_mincrease=30&blpbtc=25&dhsmhs=99&diff_mincreasedecrease=3&btcusd=567.08&dpowcon=30&btcusd_mincrease=1&pcost=0.25&calcweeks=32&dleadtime=0&action=calc

Without factoring in electricity, you can expect to make forever, at the end of mining a total sum of ....wait for it.....: .004 BTC (which could end up being $2000 IF Bitcoin reaches 500,000 USD one day.) If the price stays around 700 dollars then you're looking at a payout of 2.80 USD one day, just enough for a 40 :D

Latency from your HDD isn't an issue, neither is the internet speed. You just need to wait for the whole blockchain to download before you will see mining revenue come in on that address. Also, finding a share doesn't really mean anything - they equate to literally .00000010s of Bitcoin each and it takes literally millions of them to make Bitcoins.

You should probably consider buying a few block erupters instead and mining with those - easier setup and they will likely ROI back in USD as long as the price remains high and you're not trying to start in the middle of next year.

Your graphics card uses a lot of power to mine so you are losing as your electricity costs appear to range between 50-60 dollars a month.

  • I have an AMD Radeon HD 6000 series atm. My titan is in my other PC. But I don't really understand. How do I setup the blockchain and where do I download? – user2839430 Nov 22 '13 at 5:20
  • So how is it possible to make money off of bitcoin mining? Its not? I'm just asking how I can set it up and leave it running to make it successfully mine bitcoins and how I create revenue from them? – user2839430 Nov 22 '13 at 5:27
  • You're doing it aready. The bitcoin client itself is downloading the blockchain. Remember, the blockchain IS HUGE and will take at least a few days or maybe a week or two to download. Your bitcoin client needs the blockchain because that is how it determines if the address has a balance or not. Like I showed you, blockchain.info is a block explorer and it can show you any mining income or transactions since "it" isnt waiting for the blockchain. – Frankenmint Nov 22 '13 at 5:28
  • Read the 2nd to last sentence in my main answer. If you want bitcoin...mining is no longer as effective as simply buying them from a local person or an exchange. No matter what hardware you buy, you will buy more bitcoin than you could earn with the hardware utilized (I could be wrong if bitcoin becomes super mainstream and it uses a ton of transaction fees that end up being more than the block reward itself) People buy what is called "ASICS" Application specific integrated circuitry. In other words a specialized computer just for mining bitcoins. – Frankenmint Nov 22 '13 at 5:31
  • You are literally two years late for mining bitcoin with video cards. 2nd: Mining with Nvidia is a wasted effort those cards are amazing for gaming and movies but awful for floating point calculations which is what bitcoin is doing with your gfx card - same reason cpu sucks. Those are components that are made for a plethora of things to do and a small amount of component area to do repeated mundane stuff. Asics are like the mundane part, repeated a whole bunch to be able to scale up on the mundane process and thus more mining processing power. – Frankenmint Nov 22 '13 at 5:33

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