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I don't know what I'm doing, but I'm doing it! (Brand new to bitcoin mining!)

Hello fellow miners! I recently compiled cgminer on my Xubuntu machine, and am GPU mining with a GTX 260 at approximately 50 Mhashes/s.
Awesome!
But, I don't really know what this means! I'm using a public p2pool with a 0.5% fee, and I have a wallet set up with an address at blockchain. I have a few beginner questions!
  1. At 50 Mhashes per second, how long until I see even 0.01 bitcoins? I'm not looking to get rich, just to have a little fun and see that number go up!
  2. When do the transactions into my wallet occur? Daily? Do I have to finish an entire "chunk", like [email protected]?
  3. Is there any indication in the cgminer display pane for how many transactions (blocks?) I'm completing, and how that translates into bitcoins?
  4. The bitcoins that I earn from mining - who is paying me? The guy hosting the server? Or the people transferring funds, paying transaction fees?
Sorry for the obvious questions, I couldn't find an FAQ here and other resources I've looked for are a little over my head!
submitted by SpazzyMcHoolihan to BitcoinMining [link] [comments]

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