ByteSized Boxes/Mining

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Contents

The pool has closed down

This page only lives for history purposes :)'


Big Bad Disclaimer

If you don't watch your temperatures / fan speed and overall performance you can seriously damage your GPU and perhaps other systems. We are in no way, shape or form responsible for any damage that might become you because of the mining you might do. Don't come crying if you burn your house down!

Introduction

I already made it clear that we at Bytesized are firm believers in Bitcoin. We understand however that you as a user might be less interested in the whole Bitcoin phenomena but you might be interested in turning your unused GPU cycles into Bytesized credits. We build a layer on top of traditional Bitcoin mining that enables you to earn Bytecards in exchange for your processing power.

How does it work

Simple explanation

Basically we are a team of people stuck in a giant barn looking for a needle in a giant haystack. Each GPU that is added to the pool can be viewed as one more person looking for that needle. The GPU speed decides how many straws you can look under each second (Mhash/s). The faster your GPU the more straws you can checkout. Each straw of hay you look under gets recorded so we know how much you contributed to the current search (round), this is called a share. The problem is we are not alone! In the barn there are lot of other people also looking for that needle. The catch is that only the team that finds the needle first gets paid. If we are lucky enough and we find the needle first we will divide the reward based on the amount of shares you contributed to this search.

Technical explanation

If you want the more nitty gritty details of what goes on behind the scenes you can read this article.

What do I need to join

You will need a ATI card (At least a 4650) although some Nvidia cards can be used as well (GTX275 and higher). You can find the overall performance you can expect on this page.

How much can I earn

Every needle (block in bitcoin terms) we find is worth 256 Bytesized (or BySH) cash. Each bundle of cash has a certain worth depending on the current bitcoin exchange rates. At the time of writing this is about 0.74 cents. 256 * 0.74 cent is a total of 190 euro per block. If we find a block the 190 euro will be divided among the people who contributed work on finding it. The more work you did on it, the bigger your share will be. Once the first few blocks have been found (and you helped finding them) you will be able to exchange your earned bytesized-coins into Bytecards you can redeem or give away.

The target and deadline

In order to have even a remote chance of finding a round's needle we need to have at least a certain amount of GPU speed. With a pool of 5000 Mhash/s we should be able to find around 400 euro worth of blocks each month. If we can't however make this number the chances of finding a needle are too small and it's not worth it. That's why the pool will be shutdown if we don't make the 5000 Mhash/s mark on the 12th of June 2012.

Since a reward is not a given unless we find some blocks I've decided to hand out some rewards for participating. The person with the most shares on the deadline will get a 75 EUR Bytecard. I will also give out three 25 EUR Bytecards to random members who contributed at least 25000 shares to the pool.

Why would I want to do this

  • You have a chance of ending up with a free / discounted box each month
  • You could learn something new
  • You help the most popular p2p currency get bigger without even knowing anything about it

Caveats

  • Mining might not be cost efficient depending on the amount you pay for electricity. Make sure you know about the costs before you join the pool.
  • Make sure your fans are working. Mining can be quite a strain on your GPU make sure your rig is cool enough and that all fans are in working order.
  • The critical mass we need to start finding some blocks is guesstimated around 50 members, if we are mining for long periods with less people we drastically decrease our chances of finding a block.

How to join

Joining is easier then you would think. We will assume you are using Windows. You Linux geeks probably know how to get this rolling!

Step 1. Download CGMiner (ATI only) for Windows or Ubuntu 11.10 64 or from source

Step 1a. If you are using an Nvidia card try using GUIMiner

Step 2. Extract the files to a easy to remember folder such as cgminer.

Step 3. Open a command prompt window. (Start->run->cmd)

Step 4. Navigate to the cgminer folder you created earlier.

Step 5. Open this page in a browser and create a worker

Step 6. Go back to the command prompt and issue: cgminer.exe --user=workernameyoujustcreated --pass=passwordyoujustcreated --url=pool.bytesized-hosting.com:8341

Step 6a. If you are using a different miner just match the right details. User and password should be clear enough the hostname is pool.bytesized-hosting.com and the port 8341. If unsure what your username and password are just check mining page.

Step 7. If all went well you should now be mining! If not, go find me (Animazing) on irc to bitch about it :)

Step 8. You can view all kinds of stats on your performance and the project here

Frequently asked Questions

Q. Can I also mine real bitcoins on your pool?

A. Nope! If you want real bitcoins there are a lot of great pools out there already.

Q. The amount of Mhash/s the website reports differs from the amount my application gives me.

A. The website doesn't have access to your hardware and can only guestimate the amount of Mhash/s you are working at based on the shares you contribute to the pool. The amount your mining application gives you is always the right amount.

Q. What's in this for you!?

A. At this moment nothing. If we can pull of the deadline however I will probably take 5% fee on each needle found to pay for the pooling hardware and the time maintaining it.

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