– 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) ♫ Epic Review Guys ♫ 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 01 or 001 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 004 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 16 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 0001 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 0001 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

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