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Gigi

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What is Bitcoin?

I remember the first time I researched BTC mining on a PC was a year back and already it was a saturated and competitive market to enter (I missed the mining bus as they call it). One thing for sure, was that I didn't have the tech savvy to build something mining-worthy, and not just an elaborate room heater. Electricity isn't exactly cheap where I live either, due to excessive taxation.

Cloud mining certainly seems to have some perks, you meddle with less hardware, you get less senseless heat from the computer and there's a lower electricity usage.

But it's not all flowers and sunshine, most cryptocurrency mining sites are complete ponzi schemes (they pay the earlier investors with money from the newer ones).

Legit sites also have a thing called maintenance and electricity fees ("MEF"), which adds up as expense on your otherwise flawless plan of gaining profit in the span of 6 months. Another thing is that mining difficulty increases as more cryptocurrency is mined and there's a huge variation in the balance of cryptocurrency making frequent re-calculations of your "plan" necessary to avoid going into negative profit.

Has anyone successfully seen any profit from Cloud mining? Even small sum stories, I'd like to hear the experience.
 
Maybe this is not the right time to make mining. Values of coins are getting lower and finding blocks increases difficulties. Im not sure of it, I just read it somewhere.
 
I could lay my hand on some cheap computers, so I thought it might be good Idea to gather the power of some six or ten computer to mine Bitcoin, like you would mount several hard drives on raid mode so they can be counted as one.
I'll do my research, I just thought this may already exist?
 
I could lay my hand on some cheap computers, so I thought it might be good Idea to gather the power of some six or ten computer to mine Bitcoin, like you would mount several hard drives on raid mode so they can be counted as one.
I'll do my research, I just thought this may already exist?
Brother can you please explain, how to mine bitcoins, I have heard this term a lot but still don't know how it works and how can we do well if we have good laptop or computer.
 
I could lay my hand on some cheap computers, so I thought it might be good Idea to gather the power of some six or ten computer to mine Bitcoin, like you would mount several hard drives on raid mode so they can be counted as one.
I'll do my research, I just thought this may already exist?
Do not try to mine Bitcoin with cheap computers, because in such case bitcoin mining is not profitable. There are special miners like Antminers with good power supply can give you good amount of bitcoins. But Difficulty level set by network can reduce your bitocoins and electricity bill also take into account when you mine Bitcoin.
 
Do not try to mine Bitcoin with cheap computers, because in such case bitcoin mining is not profitable. There are special miners like Antminers with good power supply can give you good amount of bitcoins. But Difficulty level set by network can reduce your bitocoins and electricity bill also take into account when you mine Bitcoin.
Friend can you please, how to start Bitcoin mining and how can we do that well. I am still a beginner and trying to learn somethings about it.
 
Do not try to mine Bitcoin with cheap computers, because in such case bitcoin mining is not profitable. There are special miners like Antminers with good power supply can give you good amount of bitcoins. But Difficulty level set by network can reduce your bitocoins and electricity bill also take into account when you mine Bitcoin.
You're right about the the network opposing this activity and the electricity cost, but I could find a hack around that.
 
Friend can you please, how to start Bitcoin mining and how can we do that well. I am still a beginner and trying to learn somethings about it.
You need to do a lot of reading. Well as a starter try to search for minersgate.
You're right about the the network opposing this activity and the electricity cost, but I could find a hack around that.
If youre living in a hostel like me then, sure electricity cost wouldnt be any of your concern. Back to the topic, having many cheap comp and one powerful comp. Could you please define the meaning of the cheap and powerful. As for mining PC all you need is only its Graphic Card. How much your budget will decide the mining PC you should buy. Look around Google for the current graphic card mining rate. Compare the powerful with a group of cheap comp. How much time would it takes to break even is a question you should be asking afterward.
 
@joehue main problem is that currently bitcoin mining is in place where to mine is used graphic card GPU, that is like CPU(little ant) and GPU(biggest elephant) where elephant will eat all that will dropped to it and will get most of the value, ant in meanwhile get small tiny piece.
You can better try sell them, that will be more $$$, if your pc don't have like some nvidia titans in it :)
Try to search by google how much you graphic cards will get hash per second and use calculater to see profit
 
Brother can you please explain, how to mine bitcoins, I have heard this term a lot but still don't know how it works and how can we do well if we have good laptop or computer.
I'll try to explain what I've got till now
In order to make transactions happen, and to maintain Bitcoin system running, some one have to do it, just like in a real bank, in this case, the system is an algorithm, and due to the increasing number of users, a single computer or a thousand could not do the trick, this is where the idea of making a peer to peer system comes from which means computer to computer and not centralized systems like banks, the owners of those computers are the miners. if I send you a Bitcoin now, you would not receive it till a miner verify it and save its information in the system, of course, it's the software that do that not the person.
If you understand how Torrent work, you could understand mining.
 
I'll try to explain what I've got till now
In order to make transactions happen, and to maintain Bitcoin system running, some one have to do it, just like in a real bank, in this case, the system is an algorithm, and due to the increasing number of users, a single computer or a thousand could not do the trick, this is where the idea of making a peer to peer system comes from which means computer to computer and not centralized systems like banks, the owners of those computers are the miners. if I send you a Bitcoin now, you would not receive it till a miner verify it and save its information in the system, of course, it's the software that do that not the person.
If you understand how Torrent work, you could understand mining.
Thanks for explaining that But I still need to learn a lot of it and i am still researching about that. I will update my progress once i get anything major.
 
I think it's better to have 1 pc with high specs than a lot of low specs pc. Why? Because of the electricity bill. and the maintenance of course. Also low specs has low income too.
 
Nice, if ever you find one. Please share the hacks to us :) I really want to mine but dont have high specs pc.
I have begun the my research, most of the expert say it's not possible, and few of them say it's feasible, I'll go with the last one, stay tuned for the upcoming episodes.:Thumbsup:
 
For mining Bit Coins you need some really strong computer. You can not do this with computer that is weak. Do not try to do it if your computer is not enough fast and strong.
 
The difficulty for mining bitcoin has spiked to such a degree that it would be less profitable nowadays. If you still plan on mining, I suggest you mine the fairly new cryptocurrencies instead. You should check out bitcointalk forum's Altcoin Announcement section for the new ones. They always have some new cryptocurrency there that could potentially the next big thing.
 
It is taking much more time than some other types of earning Bit Coin, and it will bring you less money than those other types of earning.
 
Based on what my friends have told me. Cloud mining can be expensive. They are just randomly alloting the bitcoin to accounts. Also adding the bandwidth bill. So it can be harder to mine the bitcoin and make money. There are some people who do made money but that' is not easy these days though. In fact at current rates for the return it's expensive investment.
 
Based on what my friends have told me. Cloud mining can be expensive. They are just randomly alloting the bitcoin to accounts. Also adding the bandwidth bill. So it can be harder to mine the bitcoin and make money. There are some people who do made money but that' is not easy these days though. In fact at current rates for the return it's expensive investment.

And roi will takes a lot of time to achieve. That is why others prefer to mine using their cpu and gpu.
 
HI friends
i want to invest some money so give me your suggestions
like where i should invest
should i invest on buying hardware for mining
you guys know that bitcoin is getting up and up
not only btc but other cryptocurrencies are also getting up
i think it can make me a lot of money.
what do you think about my idea?
have anyone installed hardware for mining?
if yes than how much it cost you and how much are you making???
please give me your suggestions in comments
Thanks
 

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