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  1. #1
    DF Super Moderator MrTeajunkie's Avatar
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    Advice Using pi for Bitcoin mining 2 questions

    1) What the fook is Bitcoin mining???

    2) is it illegal? And if not is it worth spending the cash on the extra bits to do it?
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  2. #2
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    evilsatan's Avatar
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    Default Re: Using pi for Bitcoin mining 2 questions

    Bitcoin is a digital currency that is 'mined' by solving complex equations. It's totally legal as this is how bitcoins are created, and they are finate. The equation requires a lot of processing power, a pi won't be up to it, people use high end graphics cards to help mine them but I hear it's quite hard to make money from it after you have spent out on the kit and power it.

    i can't remember who did it but someone who built software for gamers wrote code which used the GPUs in the client machines to mine bitcoins, like a crowd sourced mining/botnet. They were found out and had mined a lot of coins at the expense of some cards dying, people were pissed off.


  3. #3
    DF Super Moderator MrTeajunkie's Avatar
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    Default Re: Using pi for Bitcoin mining 2 questions

    Ah right I see.
    i thought it may have been an illegal way of taking pieces of data and claiming it as your own type of thing.
    there are videos about of pi2 users running these banks of usb things and making money from it.

    When I looked on eBay there are sellers selling 24 or 48 hour slots of usage for around £5.
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    DF PlaYa Rhinoz's Avatar
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    Default Re: Using pi for Bitcoin mining 2 questions

    My advice would be to watch 'The Rise and Rise of Bitcoin' documentary first.

  5. #5
    DF Jedi plug1's Avatar
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    Default Re: Using pi for Bitcoin mining 2 questions

    You need to a dedicated miner about100 off them , that boats sailed long ago .

  6. #6
    DF PwNagE WRATH OF BOD's Avatar
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    Default Re: Using pi for Bitcoin mining 2 questions

    check this video out, bit mining as not cheap to set up to make it worth while
    [Only registered and activated users can see links. ]

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    Ganty (3rd March 2015) 


  7. #7
    DF Super Moderator
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    Default Re: Using pi for Bitcoin mining 2 questions

    Looks interesting, haven't checked out what the USB devices do:


    They are called Block Erupters, on Amazon there is a review claiming you could make £1/month profit, not sure how many they used though.


  8. #8
    DF Super Moderator MrTeajunkie's Avatar
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    Default Re: Using pi for Bitcoin mining 2 questions

    That's the video I saw

    if it's only £1 pm then costs outweigh the gain and not worth doing then.
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  9. #9
    DF Jedi blacksheep's Avatar
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    Default Re: Using pi for Bitcoin mining 2 questions

    People are paying thousands for asic rigs dedidicated to this. By the time your rasperry pi has done one hash they'll have done billions.

    Thanks to blacksheep

    MrTeajunkie (4th March 2015) 


  10. #10
    DF Jedi TotallyRandom's Avatar
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    Default Re: Using pi for Bitcoin mining 2 questions

    When mining do the computers need to be connected to the Internet or can I download offline data then upload it once complete using a pen drive.

  11. #11
    DF VIP Member EvilBoB's Avatar
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    Default Re: Using pi for Bitcoin mining 2 questions

    To mine you will need two things : A computer (Raspberry Pi will do), and the mining hardware (Graphics cards/CPUs are no longer a profitable source due to increased difficulty).

    I have a few USB sticks that I used a while ago - again these are not really profitable anymore. I have one Antminer U1 (Running at 2.1 gh/s) and 3 Block Erupters (330 mh/s) - that's gigahash and megahash btw.

    Using this setup you would be looking at around 0.00098366 BTC a month (Approximately 27 cents!) If you are using a PC it will cost more than that in electric.
    Source : [Only registered and activated users can see links. ]

    Now... Bear in mind the value of BTC can go up or down. It's currently around $273 per bitcoin but if that was to rocket back to around the $1000 mark that means you would make about a dollar a day. Still not paricularly good is it?

    If you are interesting in this I would suggest getting some cheap hardware (£50 or so) and mining for what they call alt-coins. These are other cryto currencies. If you get in early enough when the difficulty is still low you can make a lot of these and trade them through Cryptsy when their value increases. Of course sometimes these coins end up worth nothing so it's a good idea to monitor the markets and the bitcoin forums for what people are interested in.

    Another way to get BTC (The only really way for us muggles) is to work as part of a pool such as mining.bitcoin.cz or multipool.us This way blocks are found quicker and you will get a share of the work done. I have found this to be the best option unless you have a few spare grand to get some of the latest hardware.

    Even with the latest, fastest mining hardware out there you may still never find a BTC block now due to the difficulty. Around two years ago you could make half a bitcoin a day on a CPU but now.... you just would never get anything worthwhile that way.
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    MrTeajunkie (4th March 2015) 


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