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what would happen if i put two aa batteries in this circuit?
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You will most likely blow the LED. IIRC, that circuit exhibits a dumb boost behaviour. There was a guy who added an extra transistor and resistor to allow a little throttling back so that the circuit exhibits a regulating behaviour. I built that second circuit and found that it will work quite happily with 2 AA though the schematic shows a 1.5V input.
The circuit has the second resistor inbetween the LED and ground. The base of the second transistor goes inbetween the LED and the second resistor. Collector goes to base of first transistor, Emitter goes to ground. I'll see if I can find the schematic online.
Remember YMMV. This circuit is highly dependant on the type of transistors you use, the type of core, number of turns in the primary and flyback coils, and even the size of core. I was able increase the output power a fair bit by just changing to a larger core. I've found some transistors that should perform better than the generic 2N2222A and I'm going to swap them in as soon as I have the time.