– Hi, it's Parris from Epic Review Guys. My brother and I are trying
our hand at bitcoin mining. This is the second video in the series. Our bitcoin miner has arrived. We're gonna set it up and
put it to work right now. (acoustic guitar music) โซ Epic Review Guys โซ Now, the original miner we were going to get was sold out by the
time we tried to get it. We decided after some more
research to go with this. This is the Bitmain AntMiner. This sells for 69 dollars. We bought it, actually, on Amazon.
I'll put a link down below if
you'd like to check it out. This mines at a speed of 1.6 gigahash, which is slower than a lot
of the devices out there, but it's faster than CPUs and video cards, GPUs that are used for mining. So, supposedly according to
the calculators I looked at, this will pay for itself
maybe in five or six months.
That's, of course, with a computer on all the time because as you can see, it's dependent upon being plugged into a USB port of your computer and running some software on the computer, though all of the work gets done in these little chips right here. Now, in addition to the
bitcoin mining hardware, you need to make several decisions and set some things up
before you can get going. First of all, you need a bitcoin wallet. This is where your bitcoins and portions of bitcoins go once you've mined them and it's where they're stored.
I went with a company called Coinbase. They offer different services
including transferring your bitcoins in and out
of actual US dollar cash. Then you'll wanna decide on a mining pool. Now, you can go and mine on your own, but it's a matter of years and years before your little device would have any reasonable chance of getting a block on its own and being able
to earn a set of bitcoins. What the mining pools do is you basically throw your bitcoin mining processing power in with a bunch of other people and that gives you much more
frequent awarding of bitcoins, but the bitcoins that come
in have to be split up amongst all the people
who are doing the mining. So it means you actually get a chance to get 0.1 or 0.01 of
bitcoin coming in regularly as opposed to letting this
thing run for years and years, and then finally you get
your big payout in bitcoins.
For the mining pool, I
decided to go with Eligius. It's the third largest bitcoin pool. I found that Eligius has zero fees and you don't have to register and become part of that
whole organization. You can, in a very minimalist way, have your device do the mining
in their pool and then when your earnings have reached,
I think it's currently at 0.04 of a bitcoin,
you'll receive a payout. So you're lookin' at
every 30 or 40 dollars worth of earnings, they
will transfer the money from their end into your bitcoin wallet. And if your head's not spinning yet, in order to use this device you have to download software onto your computer.
So if you wanna see in
more depth about setting up the wallet, about setting
and joining the mining pool, about configuring the software
so your device will run, I'll put up some of those videos on our Epic Reviews Tech
channel and I'll link to them over here when I have those up, but let's see how to
get this up and running. I've downloaded and unzipped
the driver for the AntMiner. (click) (click) (click) Plug in the AntMiner into any USB port.
You don't wanna touch the circuits on the back once it's got power, so hold it on the side
with the metal case. Okay, it's now found and set up, but we've gotta switch the driver. Miner, tell it to replace the driver. That's done. The device is now ready
to work with the system. Now we need to set up the mining software. So this is the cgminer
once you start it up. Now, you need to enter
information for it to work. You need to set the frequency in case you wanna overclock your device. You need to put in the
address of the mining pool so it will go there and
get some work to work on. You also need to put in your username or however you have things set up so you can be credited
with the work that's done. Here for cgminer, it's mostly spelled out for you what you have to
put in as your address which will be your bitcoin address.
So here we are up and running,
finally mining at full speed. And it only took a few hours since I started trying to configure the software. You have to basically
write a file, a batch file that contains the variables
you need for how you want the program to run
with all your information. And I do know up here we have a 1.62 Gh/s so I believe I'm
mining right on speed since this device is rated
for 1.6 gigahash per second. It looks like I'm right at that speed. Now, the little device
plugged in right here is incredibly hot just
running at standard speed. I touched it for less than half a second and it already started burning my fingers. And we've got here blocks
that my little device is working on, and then
it's sending the data back over to the server, having the work done, and generally it seems every few hours this particular mining pool wins the bitcoin lottery and
gets the 25 bitcoins and then distributes that value amongst all the members of the mining pool based on how much work your unit's done.
So that should be interesting to see once that finally happens. This is my stats page for
the Eligius mining pool. You can see up here at the top under my estimated total I'm about to turn over to point zero
zero one bitcoins earned, which is 0.001 of a bitcoin,
so less than a dollar. Over here it tells you
that at current rate that I'm mining and the
difficulty of mining and so forth, I should get my first
payout in two months, two weeks, 20 hours, and 35 minutes. And down under estimated earnings, again everything else being the same, I will earn approximately 1/2 of 0.001 of a bitcoin per day, so maybe
about 40 cents worth a day. The next video I put up on the topic on this channel will be
when we get the transfer from the mining pool
into our Coinbase wallet. When I can actually see it on the app on the phone and it says we've got point zero zero something
bitcoins I will do another video, show you that, show you what it looks like to actually have some
bitcoins that you earned by the sweat of your computer's brow.
โซ Shopping is easy when
you know what to buy โซ At Epic Review Guys we give stuff a try โซ What does the fox buy, nobody knows โซ But before he goes shopping โซ He watches our videos โซ.
