BFGMiner, what will be displayed when solo mining ...

The Concept of Bitcoin

The Concept of Bitcoin
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What is Bitcoin?
Bitcoin is an experimental system of transfer and verification of property based on a network of peer to peer without any central authority.
The initial application and the main innovation of the Bitcoin network is a system of digital currency decentralized unit of account is bitcoin.
Bitcoin works with software and a protocol that allows participants to issue bitcoins and manage transactions in a collective and automatic way. As a free Protocol (open source), it also allows interoperability of software and services that use it. As a currency bitcoin is both a medium of payment and a store of value.
Bitcoin is designed to self-regulate. The limited inflation of the Bitcoin system is distributed homogeneously by computing the network power, and will be limited to 21 million divisible units up to the eighth decimal place. The functioning of the Exchange is secured by a general organization that everyone can examine, because everything is public: the basic protocols, cryptographic algorithms, programs making them operational, the data of accounts and discussions of the developers.
The possession of bitcoins is materialized by a sequence of numbers and letters that make up a virtual key allowing the expenditure of bitcoins associated with him on the registry. A person may hold several key compiled in a 'Bitcoin Wallet ', 'Keychain' web, software or hardware which allows access to the network in order to make transactions. Key to check the balance in bitcoins and public keys to receive payments. It contains also (often encrypted way) the private key associated with the public key. These private keys must remain secret, because their owner can spend bitcoins associated with them on the register. All support (keyrings) agrees to maintain the sequence of symbols constituting your keychain: paper, USB, memory stick, etc. With appropriate software, you can manage your assets on your computer or your phone.
Bitcoin on an account, to either a holder of bitcoins in has given you, for example in Exchange for property, either go through an Exchange platform that converts conventional currencies in bitcoins, is earned by participating in the operations of collective control of the currency.
The sources of Bitcoin codes have been released under an open source license MIT which allows to use, copy, modify, merge, publish, distribute, sublicense, and/or sell copies of the software, subject to insert a copyright notice into all copies.
Bitcoin creator, Satoshi Nakamoto
What is the Mining of bitcoin?
Technical details :
During mining, your computer performs cryptographic hashes (two successive SHA256) on what is called a header block. For each new hash, mining software uses a different random number that called Nuncio. According to the content of the block and the nonce value typically used to express the current target. This number is called the difficulty of mining. The difficulty of mining is calculated by comparing how much it is difficult to generate a block compared to the first created block. This means that a difficulty of 70000 is 70000 times more effort that it took to Satoshi Nakamoto to generate the first block. Where mining was much slower and poorly optimized.
The difficulty changes each 2016 blocks. The network tries to assign the difficulty in such a way that global computing power takes exactly 14 days to generate 2016 blocks. That's why the difficulty increases along with the power of the network.
Material :
In the beginning, mining with a processor (CPU) was the only way to undermine bitcoins. (GPU) graphics cards have possibly replaced the CPU due to their nature, which allowed an increase between 50 x to 100 x in computing power by using less electricity by megahash compared to a CPU.
Although any modern GPU can be used to make the mining, the brand AMD GPU architecture has proved to be far superior to nVidia to undermine bitcoins and the ATI Radeon HD 5870 card was the most economical for a time.
For a more complete list of graphics cards and their performance, see Wiki Bitcoin: comparison of mining equipment
In the same way that transition CPU to GPU, the world of mining has evolved into the use of the Field Programmable Gate Arrays (FPGA) as a mining platform. Although FPGAs did not offer an increase of 50 x to 100 x speed of calculation as the transition from CPU to GPU, they offered a better energy efficiency.
A typical HD/s 600 graphics card consumes about 400w of power, while a typical FPGA device can offer a rate of hash of 826 MH/s to 80w of power consumption, a gain of 5 x more calculations for the same energy power. Since energy efficiency is a key factor in the profitability of mining, it was an important step for the GPU to FPGA migration for many people.
The world of the mining of bitcoin is now migrating to the Application Specific Integrated Circuit (ASIC). An ASIC is a chip designed specifically to accomplish a single task. Unlike FPGAs, an ASIC is unable to be reprogrammed for other tasks. An ASIC designed to undermine bitcoins cannot and will not do anything else than to undermine bitcoins.
The stiffness of an ASIC allows us to offer an increase of 100 x computing power while reducing power consumption compared to all other technologies. For example, a classic device to offer 60 GH/s (1 hashes equals 1000 Megahash. 1GH/s = 1000 Mh/s) while consuming 60w of electricity. Compared to the GPU, it is an increase in computing power of 100 x and a reduction of power consumption by a factor of 7.
Unlike the generations of technologies that have preceded the ASIC, ASIC is the "end of the line" when we talk about important technology change. The CPUs have been replaced by the GPUs, themselves replaced by FPGAs that were replaced by ASICs.
There is nothing that can replace the ASICs now or in the immediate future. There will be technological refinements in ASIC products, and improvements in energy efficiency, but nothing that may match increased from 50 x to 100 x the computing power or a 7 x reduction in power consumption compared with the previous technology.
Which means that the energy efficiency of an ASIC device is the only important factor of all product ASIC, since the estimated lifetime of an ASIC device is superior to the entire history of the mining of bitcoin. It is conceivable that a purchased ASIC device today is still in operation in two years if the unit still offers a profitable enough economic to keep power consumption. The profitability of mining is also determined by the value of bitcoin but in all cases, more a device has a good energy efficiency, it is profitable.
Software :
There are two ways to make mining: by yourself or as part of a team (a pool). If you are mining for yourself, you must install the Bitcoin software and configure it to JSON-RPC (see: run Bitcoin). The other option is to join a pool. There are multiple available pools. With a pool, the profit generated by any block generated by a member of the team is split between all members of the team. The advantage of joining a team is to increase the frequency and stability of earnings (this is called reduce the variance) but gains will be lower. In the end, you will earn the same amount with the two approaches. Undermine solo allows you to receive earnings huge but very infrequent, while miner with a pool can offer you small stable and steady gains.
Once you have your software configured or that you have joined a pool, the next step is to configure the mining software. The software the most populare for ASIC/FPGA/GPU currently is CGminer or a derivative designed specifically for FPGAS and ASICs, BFGMiner.
If you want a quick overview of mining without install any software, try Bitcoin Plus, a Bitcoin minor running in your browser with your CPU. It is not profitable to make serious mining, but it is a good demonstration of the principle of the mining team.
submitted by Josephbitcoin to u/Josephbitcoin [link] [comments]

PSA: bfgminer doesn't work with bitcoin classic via GBT

Bfgminer doesn't work "out of the box" with bitcoin classic nodes via GBT. Before you get your pitchforks, its not like Luke-jr snuck some code in recently to cause an incompatibility. He is, however, unwilling to make it work as he doesn't "support altcoins" (even though bfgminer has had support for scrypt ASICs for quite some time). Still waiting for a reply from Luke-jr on whether he will merge support for bitcoin classic if someone else maintains that piece of code. Hopefully he will, as I think it would look bad on classic to have separate mining software. At that point it looks more like an altcoin. I won't speculate as to whether or not this is something Luke-jr would like to achieve.
I'm no developer, but from what I can tell its a problem with block version checks in bfgminer or libblkmaker. Shouldn't be too hard to change.
I also think this ought to get some visibility from people who can actually change the code without breaking it. If any large miner is running miners with bfgminer (or potentially anything based on libblkmaker) and it just immediately doesn't work with bitcoin classic, I doubt they're going to bother to figure this all out themselves. They'll just switch back to Core.
Note that cgminer works fine, (but is unfortunately not stable on my setup). And I was honestly not trolling Luke-jr on this issue. I really would like to be solo mining on a bitcoin classic node.
submitted by Whiteboyfntastic1 to Bitcoin_Classic [link] [comments]

Setting up solo mining just targeting USB erupters? PC/Mac?

I am having trouble trying to get solo mining started on either my PC or Mac. I have a PC set up that is using three 7950s that are mining Litecoins. I'd like to have my 2 USB erupters solo mining Bitcoins for fun on the same system. I have the drivers installed for the USB miners and my system recognizes them.
I am starting Bitcoin-QT as -server
My bitcoin.conf looks like this: listen=1 server=1 rpcuser=user rpcpassword=pass
I set up a BFG .bat like this: bfgminer.exe -o 127.0.0.1:8332 -O -u user -p pass
When I launch that, BFG just crashes. I have also tried it with CGminer and that crashes also. I'd like to keep CGminer on the cards Litecoin mining and use BFG for the USB miners.
How do I get BFG to work just with the USBs? Also, do I need to input a Bitcoin address somewhere so if I did solve something I get the payout?
Sometimes, I do more work on my Mac and am also trying to set up the USBs to mine on a Mac using Diablo miner. Will that work the same way as the PC setup once we get it figured out?
Thanks for any help.
submitted by PoisonCoyote to BitcoinMining [link] [comments]

Pool 0 slow/down or URL credentials invalid

Hey redditors,
Just recently got into mining, started with bitcoins but my rig is a little too slow to keep up with all the ASICs so I have moved to mining altcoins. My most recent venture has been with middlecoin and it WAS working great, but after about 20+ hours of mining I awoke this afternoon to find that my Kh/s had been steadily dropping all night and around 20 minutes before I walked up to my computer bfgminer said middlecoin.com:3333 is not responding. Now I am trying to re-establish a connection but all I get is the error in the title. I have tried running cgminer with the same .bat and I still get the same error. I have taken down my firewall and still cannot get it to work. I am also solo mining feathercoins with my cpu, I dont know if that may cause some issues but even with feathercoin-qt not on it still wont connect to the servers.
Any help is greatly appreciated, thanks!
submitted by ehalvers to BitcoinMining [link] [comments]

How To Mine Bitcoins Using BFGMiner - YouTube tutorial: Bitcoin mining with CGMiner - YouTube tutorial Bitcoin mining with CGMiner Mining Bitcoin with BFGMiner and a ASICMiner USB Block ... Beginner's guide to solo bitcoin and litecoin mining ...

Solo mining is just like winning a lottery and there is no magic number that’ll guarantee results. You could either mine a block or you could never solve a block even after mining for a long time. However technically there is a chance of mining a block if you maintain proper communication with the network and keep submitting shares constantly. We can’t tell how long as It all depends on ... Also, if you do go further in to mining and use application specific integrated circuits and/or other mining power for solo generation, you are going to want to set up a private stratum or getblocktemplate server. (or use GBT on bitcoind). Source: Me, I'm a pool op. EDIT 1: your version of BFGMiner is a bit old. Maybe get a newer version too ... Complex mining programs for Bitcoin mining include CGMiner, Phoenix, DiabloMiner, Ufasoft Miner, BFGMiner. Working with them requires knowledge of MS-DOS commands. For beginners, it is better to use software with a simple graphic design and minimal additional options. They require less setup time and immediately focus on mining of cryptocurrency. In this case, you can use the next programs ... Download and install the ASIC Bitcoin Miner software like CGMiner, BFGMiner, and many other choices [4]. For a solo miner, the mining software connects you to the blockchain (Bitcoin Core). The main job of the Bitcoin Miner software is to deliver the mining hardware’s work to the rest of the Bitcoin network. Finally, launch Bitcoin Miner software with localhost (127.0.0.1), the rpcport (Y ... Run BFGminer on the same computer as Bitcoin Core with the following configuation, it won't need any further settings altered or configured (it gets the RPC password automatically on launch). bfgminer --stratum-port=3333. BFGminer will launch, and retrieve the information needed for solo mining.

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How To Mine Bitcoins Using BFGMiner - YouTube

This video features a screen grab of BFGMiner solo mining Bitcoin using a single ASICMiner Block Erupter also known as Sapphire Block Erupter Bitcoin USB Min... Newbie guide for those who want to try solo bitcoin and litecoin mining, using bfgminer and cgminer. The config files shown in the video are available in the... http://btcguild.com/index.php?page=support§ion=blockerupter In this video I show you how to start mining Bitcoins with CGMiner and an account at your favorite miningpool. Get CGMiner at: https://bitcointalk.org/index.... Slushs pool mining tutorial - cgminer worker setup - Duration: ... How To Mine Bitcoins Using BFGMiner - Duration: 9:42. How To Bitcoin 30,616 views. 9:42 🍓 Best Bitcoin Mining Software That ...

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