Bitcoin Mining -- Someone Help Please

[Squabba]

So first off, I am COMPLETELY new to this. I watched some tutorials, got a wallet, mining software, workers, etc. I started mining and have been for about 20 minutes, I'm at around 562 mh/s, and about 300 "accepted." Now I know this isn't nearly enough time to get any payout or whatever (still not really sure how that part works) but I was just wondering how it works, like at what amount of "accepted" will I get some amount of Bitcoin? And also, once I have any fraction of coin, how do I use it? And I heard that the "blocks" come in about 50 coins, so how do I get my shares? If someone can just help clarify some basic information about coin mining that would be really cool. And also just any other info about this would be much appreciated. Thanks!

[legopc]

what are you using to mine?? 

[MariusJS]

Join a pool

[RuecanOnRails]

So first off, I am COMPLETELY new to this. I watched some tutorials, got a wallet, mining software, workers, etc. I started mining and have been for about 20 minutes, I'm at around 562 mh/s, and about 300 "accepted." Now I know this isn't nearly enough time to get any payout or whatever (still not really sure how that part works) but I was just wondering how it works, like at what amount of "accepted" will I get some amount of Bitcoin? And also, once I have any fraction of coin, how do I use it? And I heard that the "blocks" come in about 50 coins, so how do I get my shares? If someone can just help clarify some basic information about coin mining that would be really cool. And also just any other info about this would be much appreciated. Thanks!

 

The accepted shares can't be used to calculate earnings. Each pool may offer different payment methods whether it's Pay Per Share, or Pay Per Last N Shares or some other method. The shares are also linked to a Variable difficulty to automatically adjust to keep your stales vs valid shares in the good.

 

You will need to view your account in the pool to see how much you have in earnings. You can however check to see if your hash rate is meeting what others have achieved.

https://en.bitcoin.it/wiki/Mining_hardware_comparison

You can calculate your potential earnings using a calculator.

http://mining.thegenesisblock.com/

 

 

 

I'm assuming you're mining on a GPU, in which case I'd suggest taking a look at Litecoin. You can mine it at a profitability of about 12 times more than mining Bitcoin.

[Cyphex]

Unless you have $6000 to spend on a 1.2TH miner, there's no point in mining Bitcoin. It got waaaay too competitive. You're paying more money on the power than you're getting back. Even if you had $6000 and ordered a miner, you'd get it around February, when difficulty would be A LOT higher and it would become not profitable anymore. Take a look at http://www.coinwarz.com and see which cryptocurrency is currently the most profitable one to mine. As @RuecanOnRails suggested, take a look at Litecoin. It's growing quickly and we expect it to go to around $15 before new year.

 

EDIT: Also, remember to stay away from the big pools! Join a medium sized one instead.