Over lunch at work, we started talking about the possibilities of purchasing a Bitcoin mining machine and using it to not only generate a little bit of money between ourselves, but to learn more about bitcoins, as well as to have a little tech-fun.
We settled on buying a pair of pre-owned AntMiner S1 mining machines from ebay, and as they need an external power supply, we chose a single Corsair 750W unit to drive them both. (More info here: http://antminers.co.uk/shop/antminer-s1-bitcoin-miner/)
Couple of days later, the goodies arrived and that evening, they were configured to get to work, right away.
In terms of 'how' the bitcoin miners work, their processing resources are used as part of a 'pool' of other similar machines to all crunch a load of numbers. Once the set of numbers has been crunched to perfection, the 'reward' for the effort is then shard amongst the machines in that pool. This reward, is the goal, and is paid as a very small percentage of a single bitcoin.
As time goes on, the complexity of the numbers being used in the computation process will gradually become more difficult, and quite possibly to the point that the S1 machines that we've purchased may be useless. But for the time being, they're looking like they're ok.
The overall aim is that, after considerations for electricity have been taken into account, each of the bitcoin mining machines will generate enough bitcoins to make it worthwhile. At present, the value of bitcoins is low in comparison to what it has been, so there's a chance that we'd be mining something that currently isn't worth it, due to the cost of the electricity required to power these hungry machines, but conversely, the value of bitcoins is hoped to rise to the $1000+ value again, in which case, the rewards outweigh the costs.
We shall see..!
At present, we are just over a full day into the process, so things are still very new to all five of us in the team, but we're learning more about bitcoins each day. My hope is to blog about what we're doing, how we're doing it, and the things that we've learned due to the mistakes that we've made!
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