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+--- Thread: How long does it take to mine my first Bitcoins? (/thread-142960.html)
How long does it take to mine my first Bitcoins? - 640 - 04-25-2014 04:19 PM
I've signed up for a Bitcoin account, signed up for a wallet, found a mine and started mining with an app I purchased with my LG Optimus G. Every few seconds it tells me I've, I guess, mined 640 khashes (as in kilobytes, but kilohashes?). The app says it may take a while for the work to be registered by the operator.
So, how long does it take to produce bitcoins in this manner? Is there a rule of thumb for how long it takes different hardware to produduce bitcoins? Am I even thinking of producing bitcoins in the right way? Reading about the method of bitcoins makes me feel like an idiot...
- Matt - 04-25-2014 04:25 PM
At that speed (640 KH/s) it would take you 22,313 years to generate 1 bitcoin. Yes thats over 22 thousand years.
Bitcoin mining with a phone is absolutely pointless. You need thousands of dollars worth of ASIC mining equipment to compete in bitcoin mining these days. Most people using PC's and similar devices to mine have moved on to script based cypto currencies, such as litecoin.
I recommend trying Dogecoin. Its pretty easy to mine at the moment.
Here is a calculator you can use to determine how much bitcoin you will earn for a given hashrate - http://www.coinwarz.com/calculators/bitcoin-mining-calculator/?h=.64&p=7.00&pc=0.10&pf=0.00&d=2621404453.06462000&r=25.00000000&er=666.96000000&hc=0.00
You can also use that same calculator for doge and litecoin by selecting different currencies under "mining calculators"
- ericbelec - 04-25-2014 04:34 PM
Your phone is outputting 6.4kh/s.
You'll get a penny a week if your lucky. Even if you were outputting 640kh/s which you're not
you'd still be getting pennies a day. At that speed you'd be better off with a scrypt coin such as litecoin.