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What is Bitcoin Mining?

Discussion in 'CryptoCurrency' started by CDZI Nasdaq, Jul 31, 2016.

  1. CDZI Nasdaq

    CDZI Nasdaq Newbie

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    What is Bitcoin Mining? I have no clue what it is or how its done?
     
  2. bigstuffpoppin

    bigstuffpoppin BANNED BANNED

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    To my knowledge it's very hard to do but before Bitcoin blew up I guess somehow if you had a really good fast server and computer you could do it. I don't really know myself but I believe the ship has sailed on thag unless you have like a $300k computer
     
  3. malky66

    malky66 Registered Member

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    FFS, don't be such a lazy cunt asking dumb questions that can be found easily enough using a Google search, mummy still have to wipe your ass for you?

    http://lmgtfy.com/?q=What+is+Bitcoin+Mining
     
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  4. Pakal

    Pakal Junior Member

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    This should cover the basics :)

    Code:
    https://www.youtube.com/watch?v=GmOzih6I1zs
     
  5. MaFiaStyle

    MaFiaStyle Regular Member

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    Don't waste time on bitcoin mining now. You will need to invest heavily on ASIC before you can see decent mining and you also need access to a lot of cheap electricity as well as good area for cooling.
     
  6. flowwx

    flowwx Junior Member

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    If you had been interested in mining BTCs in 2010-2011, you would have made a big chunk of money even with an average computer - nowadays, it's not worth it anymore. The best you can do is buy BTCs in bulk and expect them to increase in value - but that's too risky, and really, only those who are already well-established in the game earn money. The rest are just losing their time.
     
  7. coltreign

    coltreign Junior Member

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    I have thousands of dollars in bitcoin and I've also lost thousands of dollars in bitcoin. I've been playing the cryptocurrency game for a while now. Not always worth it. Just recently, for example, I invested a large amount of money in the DAO cryptocurrency as well as Ethereum. A week after I made the big investment, the DAO blockchain was hacked and I literally watched it's value tick down to almost zero. Because the DAO was built on the Ethereum blockchain, Ethereum took a hit too. In one day, I think I lost $1,200. Real bummer.

    As far as BTC mining is concerned, you'd be an idiot to get involved unless you could compete with massive server farms in China that mine by the thousands 24/7.
     
  8. Renovo

    Renovo Newbie

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    I think bitcoin mining is a thing of the past to make good money anyway.
     
  9. chichapomme

    chichapomme Newbie

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    nowadays it is a waste of time, you make just 0.0006 BTC/day for example
     
  10. Kei

    Kei Registered Member

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  11. chichapomme

    chichapomme Newbie

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    you don't really earn bitcoins with this
     
  12. Kei

    Kei Registered Member

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    No shit sherlock
     
  13. malky66

    malky66 Registered Member

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  14. Elsayed galal

    Elsayed galal Registered Member

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    Also following don't waste time on bitcoin now.
     
  15. castlebrwn85

    castlebrwn85 Newbie

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    mining has gone down long time ago. Now they are big companies who mine.
     
  16. dh_vendor

    dh_vendor Newbie

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    ASIC Mining is useless, I cloud mine and I do make money with Hashflare

     

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  17. Groovy92

    Groovy92 Newbie

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    in my opinion it's better minning altcoin, because you can still use your cpu and gpu to mine. CMIIW
     
  18. inusa victor

    inusa victor Newbie

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    bitcoin mining doesn't really work like before anymore. you'll find out that you are spending so much time for a very small amount of btc. i think the best way to increase your btc is by engaging in genuine btc referral programs like i'm currently doing
     
  19. TheNumbersGuy

    TheNumbersGuy Jr. VIP Jr. VIP

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    What programs are you currently doing?
     
  20. urviews

    urviews Junior Member

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    i think bitcoin is a way to make money easier