Bitcoin Mining – Early Progress

Yesterday was probably my first mostly full day mining. At this stage the results could best be described as ordinary and some quick calculations suggest that mining isn’t going to make me independently wealthy. At the end of the first 12 hour shift the following number of Bitcoins had been earned:

Personal Assets Balance Unconfirmed Future Expected per block
Bitcoins 0.00104493 0.00104493 0.00025486
Namecoins 0.00511331 0.00511331 0.00050973

Throughout most of yesterday the Bitcoin balance hardly moved from 0.00104493.  Last night we had a power outage due to an accident on our street which meant at least two hours of no mining. This mornings results were a little more encouraging.

Personal Assets Balance Unconfirmed Future Expected per block
Bitcoins 0.00274081 0.00025287 0.00299368 0.00025439
Namecoins 0.01252204 0.01252204 0.00050878

What does 0.00274081BTC actually mean? Image

Preev tells me this small amount of Bitcoin is worth almost half an Australian Dollar. The results also tell me that payouts are inconsistent. Nearly everytime I began mining with the bitminter Java Applet there was a message to indicate how much more difficult mining had become. Being part of a pool will increase variability of payments due to the fact that miners are being added and removed on a continual basis, even though over all Bitminter has an average hash rate of 28Th/s.

Below is output from my cgminer screen on the Raspberry Pi. I can see that I am consistently getting 335Mh/s which is expected for the ASIC usb Block Eruptor. Image

Now that I have worked out how to run the cgminer in the background using the nohup command in Rasbian, the next job is to restart cgminer and allow it to do its thing in the background and monitor its progress from the Bitminter site.

Current Hash Rate

Advertisements

About blognobody

Interested in the world around me and the development of knowledge.
This entry was posted in Bitcoin, Raspberry Pi and tagged , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s