If you want to setup a Bitcoin box, this article will get you moving in the right direction. Introduction Bitcoin mining is a new, kind of “underground” start up, of a system of virtual currency used to buy goods and services over the Internet that is gaining in popularity. Before you turn away thinking you’ve landed on the wrong website, this is still HardOCP, and this does relate to video card performance.
I’m not going to sit here and try to explain the whole economy of Bitcoins to you, quite frankly it is beyond the scope of this article. The reason why this is of interest to us at HardOCP, and our readers, is because of the fact that Bitcoin mining benefits from GPU acceleration in a big way.
For those that know what Bitcoins are, and want the best performance and value, read on. For those that do not know what the heck a Bitcoin is, we can link you to several places where you can read up on it, study it, and watch videos about it. The first resource, believe it or not, is going to be Wikipedia here. Wikipedia does a very good job of detailing what a Bitcoin is and how the economy works. It is important to know the basics of this economy if you are interested in really making something out of Bitcoin mining.
Another very useful site is the We Use Coins website.
Could this be faster?
Here you will find an introduction video about Bitcoins. There is a mining guidewhich gives you an overview of why a GPU is going to benefit you with this.
If you go to YouTube, there are many videos about Bitcoin mining, including some opposing views as to whether Bitcoins are really a good thing. For us today, we are concerned with the hardware aspects of Bitcoin mining, we will leave the debate of Bitcoins as good or bad for us, up to you. Bitcoin mining, in terms of using your computer hardware to create Bitcoin blocks, is analogous with distributed computing programs like Folding Home or Seti Home. On top of that, the type of GPU you have is going to make a world of difference Bitcoin mining.
The key is to make sure your performance of creating Bitcoin blocks exceeds the total system Wattage used, because you will be eating up electricity. As you use your electricity, the cost benefits of Bitcoin mining go down. In order to make money you must be producing more than you are consuming. The only way to properly do this, is to use a GPU that offers the best Bitcoin mining performance, and efficiently.
There are several ways you can mine, including working in a pool, or solo mining. Most people work in a pool, working on blocks. In order to make Bitcoin mining easier, many third party entities have created GUI programs that make setting up mining easier.