Running Bitcoin / crypto-currency based ports

PacketMan

PacketMan

So, just to confirm; if I want to run a Bitcoin full node with GUI I install net-p2p/bitcoin, but if I do not want GUI I install net-p2p/bitcoin-daemon? Correct? Do I need, or should I use net-p2p/bitcoin-utils if I run only the daemon port?

If I wanted to do the actual bitcoin mining I would install net-p2p/cpuminer, is that right? (Spare me the lecture on special hardware, electricity costs, heat, etc, I got it. :))

Back to the full node part. I'm still reading and learning, but from a 'supporting by providing cpu processing' point of view, anything I should really be aware of? Anything I can really burn my fingers on? Not planning to dump a boat load of money into the wallet, but did want to hear from anyone who knows of bad experiences by running full node process.

As always, thanks in advance.
 
I should have also said I am using a headless server. So it looks like net-p2p/bitcoin it kinda pointless for me. I installed just the daemon port and might give this a whirl over the next few days. Lots of reading to do. I did notice there are config options for the TOR network which I stay away from; will likely configure that stuff "off".
 
Mining is VERY profitable, so don't let anyone dissuade you from doing it. However, if done improperly it can cost you a ton of money rather than make you a ton of money without you even really noticing until it's a bit too late to recoup your funds. I have a friend that is making about $10k a month sitting on his butt while a cluster of computers does all his work, and I talk to him about it all the time as I am the one who set up his local network and did his electrical wiring.

#1 Don't bother with CPU mining. The amount of money you will spend on electricity will BARELY cover your profits. And, in some parts of the world/country you will lose a great deal. We are in TN, USA so the electricity is fairly cheap.

#2 ASIC bit mining sounds great, but has to be done after the price of Bitcoin crashes. ASIC chips are only profitable for about 6 months, then they die. So long as the price of BC is going up, that's fine. But, BC WILL crash. And probably after the first of the year. And if you haven't gotten your ROI (Return on Investment) back before it crashes you will be stuck with these things that will stop working very soon. And beside that, BC is the only thing that can be mined with ASIC chips. It's best to use GPU's, so when BC crashes you can also mine LiteCoin, Zcash, or some others that will make a HUGE leap in profitability when it happens.

#3 GPU mining is the way to go. And even then, the name of the game is EFFICIENCY. 240v power supplies are the way to go. And right now, the best bang for the buck are the 1070's.

#4 Your GPUs are mining gear. Work them... Work them hard! You want to get your ROI as fast as possible. Once you've done that, keep pushing them to the limits. When they die, and they will die, RMA them and push them some more. Just keep in mind the 3 year Guarantee you get when you buy them, and the fact that you might want to sell them at some point. Keep them clean and serviceable.

#5 Part of your efficiency plan should involve reclaiming your energy costs by placing them in your basement to heat your house during the cold month, and exiting that heat during the worm months so your cooling costs don't cripple you.

PS: I'll say again, don't bother with CPU mining.

Have any other questions, just ask...
 
I'm not interested in the money part. My financial plan is working pretty darn good. Not looking to be rich; just happy.

Learning about bitcoin will bring me joy. Learning about FreeBSD, and spending some of my money on sport fishing makes me happy.
 
Great! Another person in the world not ruled solely by greed!

PacketMan said:
So, just to confirm; if I want to run a Bitcoin full node with GUI I install net-p2p/bitcoin, but if I do not want GUI I install net-p2p/bitcoin-daemon? Correct? Do I need, or should I use net-p2p/bitcoin-utils if I run only the daemon port?
Click to expand...

From what I can tell, you are absolutely right on all counts. I did a headless net-p2p/bitcoin-daemon install about 3 years ago, so it's all a bit foggy for me. But, that sounds right to me.
 
But even if you manage to get enough bitcoins I always wonder: where does one cash them in? :D

I can't help think that this is also equivalent of running the stock market. It's pretty cool and all, but you're very limited in your actions because every transaction you make will involve transaction costs, which dig in on your profits. Can't help think that bitcoin is about the same thing, especially considering that most participants are perfectly willing to sell you bitcoins for real currency, but not so much the other way around :)
 
Correct me if I am wrong, but I understand I can run the daemon port on a headless server, and use bitcoin-qt gui on Ubuntu to talk it via RPC. Does that sound right? I want to get a gui going, because a bitcoin full node includes its own wallet, and is the only true way your wallet can be secure, according to the fundamentalists. Think I will try this over the weekend and next between the various Christmas activities.
 
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