BitCoin

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amir385276
Posts: 27
Joined: 2019/08/09 20:54:52

BitCoin

Post by amir385276 » 2019/12/29 12:37:10

Hi anybody

Can i use bitcoin on my VPS (CentOS 7.7.1908), and how to download and use it to earn a little bit money
my VPS is Intel® Core\u2122 i7 CPU 920 @ 2.67GHz × 4
and 3.7GB Mem

I search Google but there is nothing complete Help and learning to use this
Bitcoin site have a some issue for beginners
Thanks

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KernelOops
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Re: BitCoin

Post by KernelOops » 2019/12/29 14:10:26

a VPS like that is too slow to mine bitcoin, you need specialised hardware.

you probably need to go to a bitcoin-specific forum and ask for more details.
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amir385276
Posts: 27
Joined: 2019/08/09 20:54:52

Re: BitCoin

Post by amir385276 » 2019/12/29 14:11:35

Hi KernelOops

Yes the VPS is too slow

Thanks a lot

desertcat
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Re: BitCoin

Post by desertcat » 2019/12/29 21:03:07

Everybody thinks they will be get rich "mining" for bit coins. Unless you own a supercomputer, dedicated solely to this purpose, the chance that you will "mine" any bitcoins is astronomically small. You will spend more on electricity than you will should you be lucky enough to find even one bitcoin. On a single computer the probability rapidly approaches ZERO chances. I'd rather take my chances on winning the lottery, than trying to "mine" a bit coin. At least with the lottery the odds are better there is a chance you might win back at least a small prize even if it is not the the grand prize.

BTW. HAPPY NEW YEAR!!!

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KernelOops
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Re: BitCoin

Post by KernelOops » 2019/12/30 12:56:13

You clearly have no idea what you are talking about, because what you describe is not how bitcoin mining works.

Bitcoin mining is not a thing of chance like a lottery. Its a mathematical calculation that is given to you (and to others) to solve, validating transactions and adding them to the public ledger, which results in new bitcoins being generated, thus "mining" term. If you solve it fast enough, you are given a small amount of the bitcoin denomination as a reward.

desertcat wrote:
2019/12/29 21:03:07
Everybody thinks they will be get rich "mining" for bit coins. Unless you own a supercomputer, dedicated solely to this purpose, the chance that you will "mine" any bitcoins is astronomically small. You will spend more on electricity than you will should you be lucky enough to find even one bitcoin. On a single computer the probability rapidly approaches ZERO chances. I'd rather take my chances on winning the lottery, than trying to "mine" a bit coin. At least with the lottery the odds are better there is a chance you might win back at least a small prize even if it is not the the grand prize.

BTW. HAPPY NEW YEAR!!!
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Errosion
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Re: BitCoin

Post by Errosion » 2019/12/30 20:39:20

Ohhhhhh, long gone are the days where you could easily mine a few btc with your home PC and it would be worthwhile.

But then again, that was also when btc were ranging $4-10 USD each.

Self-regulating systems tend to do that.

bonedome
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Re: BitCoin

Post by bonedome » 2019/12/31 16:34:56

You can always join a bitcoin mining pool, as far as I can tell you become part of a sort of mining botnet and get a reward based on your PCs contribution to solving the calculation, the most efficient miners use GPU power though so I'm not even sure if gnu/linux is the best way to go. (I'd like to be corrected)
The pirate bay (and others) have experimented with crypto miners instead of ads on their web pages, not a popular move but with the amount of ad blockers about the way the "free" internet is funded might need a tweak.
After a bit of research I decided that despite the total lack of actual work involved and joining one of those pools might see you a few pennies richer (a kind of money for nothing) I'm not happy with the sheer quantity of electricity generation required to produce 1 crypto coin. I love the blockchain/decentralised banking idea but not so much the mining.

desertcat
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Re: BitCoin

Post by desertcat » 2020/01/04 02:45:11

KernelOops wrote:
2019/12/30 12:56:13
You clearly have no idea what you are talking about, because what you describe is not how bitcoin mining works.

Bitcoin mining is not a thing of chance like a lottery. Its a mathematical calculation that is given to you (and to others) to solve, validating transactions and adding them to the public ledger, which results in new bitcoins being generated, thus "mining" term. If you solve it fast enough, you are given a small amount of the bitcoin denomination as a reward.

[snip]
Sure it is a "mathematical calculation" as you state. You have to have a very FAST computer frequently with a lot of nodes. A SINGLE computer (PC) trying to resolve thousands and thousands of transactions verses say a supercomputer or a network of computers working together to validating transactions becomes a STATISTICAL PROBLEM. Yes your lone computer vs a supercomputer or a network of computers MIGHT through pure chance resolve the problem before either the supercomputer or the network of computers all working together may resolve the problem, but the statistical odds of that happening rapidly approach ZERO -- a statistical term. You are just as likely to win a lottery than you will to resolve the transaction that releases the bitcoin. Remember there are only X number of bit-coins "minted" . If you get in on the ground floor the probability that you will resolve the problem and "mine" a bitcoin is vastly better than if you jump in late in the game when virtually all the bit coins have been mined, thus the odds go vastly down, and will require vastly more computing power to find the remaining bit coins.

So how to SOLVE the problem? The ANSWER: Join a "Bit Coin Mining Network" -- sort of like the SETI network that is searching for intelligent life in the Universe -- the more computers in the network, the better the odds that you will find one of the shrinking number of bitcoins, the problem is that any number of bitcoins that are mined the value of the coin must then be divided equally among ALL the computers in the network. Thus my analogy with the lottery: If you think you are going to get rich mining for bitcoins you are NOT -- you will have better odds of getting rich playing the lottery than you have of getting rich mining for bit coins.

bonedome
Posts: 112
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Re: BitCoin

Post by bonedome » 2020/01/05 16:57:07

From the cryptocurrency wiki https://en.wikipedia.org/wiki/Cryptocurrency
Mining

In cryptocurrency networks, mining is a validation of transactions. For this effort, successful miners obtain new cryptocurrency as a reward. The reward decreases transaction fees by creating a complementary incentive to contribute to the processing power of the network. The rate of generating hashes, which validate any transaction, has been increased by the use of specialized machines such as FPGAs and ASICs running complex hashing algorithms like SHA-256 and Scrypt.[citation needed] This arms race for cheaper-yet-efficient machines has been on since the day the first cryptocurrency, bitcoin, was introduced in 2009.[citation needed] With more people venturing into the world of virtual currency, generating hashes for this validation has become far more complex over the years, with miners having to invest large sums of money on employing multiple high performance ASICs. Thus the value of the currency obtained for finding a hash often does not justify the amount of money spent on setting up the machines, the cooling facilities to overcome the enormous amount of heat they produce, and the electricity required to run them.[30]

Some miners pool resources, sharing their processing power over a network to split the reward equally, according to the amount of work they contributed to the probability of finding a block. A "share" is awarded to members of the mining pool who present a valid partial proof-of-work.
Unless you've got a windmill, waterwheel or anti matter warp drive you're going to struggle to offset the increased electricity bill with your reward, not to mention the possible premature death of your cpu/gpu.

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KernelOops
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Re: BitCoin

Post by KernelOops » 2020/01/06 16:52:28

I've seen these replies before, its just a spam method to push various crypto related things, I think it should be locked and archived, as its irrelevant to CentOS.
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