Bitcoin Mining Basics

[StanAndreasParticipant 160]

I started a series of blog posts about bitcoin mining. The first three are up. Here’s a link to the middle one (including links to the other two).

Safety rules: All guns are loaded. All knives are sharp. All stoves are hot. All women are like that.

[Anonymous 43]

ugh, bitcoin.

[KevinStylesParticipant 2580]

Bitcoin mining in a nutshell : Don’t. lol.

The excitement’s over, 2018’s been rampant with clamp downs on the it from governments and financial institutions. Unless big retailers suddenly announce support for Bitcoin, I think the excitement’s over with it and now that it can be traced it’s also not a viable currency for hunderhanded stuff either so not even the criminal elements want it. They’ve moved on to Monero or other higher secured cryptos.

[Joey AlfioParticipant]

If you like to gamble your money away by all means go into cryptocurrencies.

Δεν υπάρχει τίποτε αδύνατο γι’ αυτόν που θα προσπαθήσει. - Μέγας Αλέξανδρος

[CarnageParticipant 22113]

No more, I ain’t falling for bitcoin s~~~ again.

I put a bit in, DIDNT got anything, bitcoin is as real asset as a nawalt.

F~~~ THAT S~~~.

To those following me, be careful, I just farted. Men those beans are killers.

[coolthingy450Participant 1223]

Mmmmmm increasing computer parts in general, and when bitcoin finally crashes all of those gpus that are likely revived from a toaster only to crap out in a months times seems like a good thing for folks that are building their desktops.

Because of this crap trend the only way I can think of to save some money is to buy a premade desktop with midrange specs that’s on sale.

Actions have consequences and consequences have prices. Cause and effect at work.

[IGMOW (I Go My Own Way)Participant 2572]

KevinStyles wrote:

Bitcoin mining in a nutshell : Don’t. lol.

The excitement’s over, 2018’s been rampant with clamp downs on the it from governments and financial institutions. Unless big retailers suddenly announce support for Bitcoin, I think the excitement’s over with it and now that it can be traced it’s also not a viable currency for hunderhanded stuff either so not even the criminal elements want it. They’ve moved on to Monero or other higher secured cryptos.

They are watching the technology, and seeing how it works, so they can use it to do things on their end. If they can charge the same transaction fees, but do them for like next to no costs, they will do this. The technology will be used to secure things and make it more easy to audit. Open books build trust. Being able to make systems distributed, and not hackable, is a plus also. Being able to wave minimum payments is a plus. Also, if the investment banks can create hedge funds around cryptos, they will. They are trying to get on this now. Just the money is tied up.

As for mining bitcoin… well, unless you happen to have computing power of a dozen super computers, and the ability to pick up dirt cheap energy, it isn’t worth it. No one here is going to mine bitcoin, or other cryptocurrencies like bitcoin. It is designed to cost a ton to do, in order to deter people mucking up its blockchain.

I could go into more on this not mining, but then I would start offering information people pay money for. So, take what I said for what it is worth.

Bitcoin, and Ethereum, are entry currencies into the realm of other Cryptocurrencies when they go ICO.

"I am my own thang. Any questions?" - Davis S Pumpkins.

[Joey AlfioParticipant]

France & Germany call for global bitcoin clampdown

Δεν υπάρχει τίποτε αδύνατο γι’ αυτόν που θα προσπαθήσει. - Μέγας Αλέξανδρος

[SimulacraParticipant 78]

Mining or investing, you need to go in with your eyes open.

At the moment things are in a slump, but from what I have seen the ups and downs are similar to a woman’s daily temperament. All over the place.

You CAN mine cyrpto and make money. I used to think when I was a newbie that ASIC miners (BTC etc) were the way to go…nononono. Unless you have the first batch of super miners, or have free electricity or both…DON’T BOTHER.

GPU and even CPU mining is the best option. There is also hard drive mining, but I am not too up on that yet.

What you need to understand is that the minor lesser known currencies are how people like me make money. ETH is ok but I’ve not had any luck with it yet due to software algorithm I am using I think but there are others I DO make money on even after power costs. The money I am making is all based on BTC and ETH value’s as I trade up to them when getting paid for my mining. I still make money even during this slump. If values collapse I will switch to other coins or stop mining and buy coins instead with money and wait for prices to go up.

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