Learning About Bitcoin-Part 2

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Author : Martedì Giugno

Go to the "Transactions" tab up at the top. In the list, it should have a single transaction of 0.00001 bitcoins (approx...This value goes up and down). You now have gained a small amount of bitcoins. The general conversion of bitcoins to USD is times 10, meaning that one bitcoins is ten US dollars (easy for mental math; this number varies greatly over time). Congrats! You just made one tenth of a cent! This is a valid way to gain money. However, you can only get coins sent once every hour, so it is very slow. You won't make any money fast with this method. Step 4: Understanding the Types of Mining. Now that we understand what bitcoins are, have a wallet set up to store them, and have made a small amount of bitcoins to test our wallet, we're set to start making some real amounts of bitcoins. The way we do this is by mining for them. Mining, as stated before, is a way of verifying bitcoin transactions made by other people in return for new bitcoins (given right to your wallet). There are two main types of mining: solo and pool. Solo mining is done on your own. With the hardware of an everyday person, it would take years to get earn actual bitcoins. But once you succeed, you get 50 bitcoins (worth about 500 US dollars). This takes too long, so in this Instructable, we are not going to cover this method. The method we are going to use is called pool mining. It involves signing up for an account with any one of many different companies.

Using their own software and hardware, they group together the mining efforts of lots of people's computers. Every person gets a small number of bitcoins (quite often decimals of a bitcoin). As a person with a modest computer, this is the only way to go. Step 5: Setting Up a Mining Account. After trying a few different mining pools, the one that I really liked was BitMinter. It is, by far, the easiest to use. It comes with its own software, making things so much easier. Below are the few parts that involve the creation and setup of your account. 1) Open up a web browser and navigate to the BitMinter log in (https://bitminter.com/login). 2) Choose your account you'd like to link with BitMinter. Log in with this account. BitMinter uses a log in service called OpenID, which is a futuristic way of logging in with an already-existing account to eliminate the need to remember yet another password. 3) Set the main settings as according to the picture: Set your email address. Set your auto cash out threshold to a reasonable amount. Mine is set to 1 BTC (approx. $10). This means that when I mine 1 BTC, I will receive it into my bitcoin wallet, just like the test, but with a higher number of bitcoins. Set your "Pay to address" to the address that we used in the Step 3 to test the wallet. This is the address that all of your bitcoins are sent to, in case you haven't figured that out yet.

Step 6: Setting Up the Workers. Each computer needs its own worker to connect to on the BitMinter server. The software (in the next step) on each computer will each be set up to a different worker so that the BitMinter server doesn't have trouble transmitting and receiving mining work. While still logged into the BitMinter website, hover over "My Account" at the top of the page. Then click on "Workers".Near the bottom of the page, there are two fields under the "Name" and "Password" headers. Give your new worker a name like "Laptop", or "New Dell". Create a short password. Remember the password for the worker. Then click "Add". Click "Home" in the navigation bar at the top of the page. Step 7: Install Java. Most people already have Java installed, but if you don't, follow this step. 1) Go to www.java.com/download. 2) Click "Free Java Download". 3) Click "Agree and Start Free Download". 4) Depending on your operating system, a different version of the file will download. 5) Follow the onscreen instructions to continue installing the software. 6) Click finish and be done installing. Continue on to the next step to set up a miner. Step 8: Set Up a Miner. Go back to the BitMinter homepage at bitminter.com/. Click on the "Engine Start" button. This will download a Java Web Starter, which will download the actual program and install it. Use this file to start the program in the future.

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