What is bitcoin mining ?
how can i earn money throught it ??
how can i earn money throught it ??
What is bitcoin mining?
- Thread starter power_match
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thx but what's the process ?? how it works ??
What does mining bitcoin means ?? Who will pay me ??? What does the mining software do ??
basically the whole bitcoin system needs checks for cheating, validating, etc, for this they need calculatingpower, this calculating power is provided by these miners. every time a miners computer solves a mathematical problem they get bitcoins as a reward, this is really simply said.
Sadly, at this point in time, mining via GPU is exceedingly inefficient unless you have "free" electricity and a bunch of GPUs already in your hands.
At this point in time, using dedicated FPGA or perhaps even ASIC miner would be seemingly preferential.
Bear in mind that bitcoin price is not known to be particularly stable, so you might run into trouble making even on your investment. Buyer beware.
At this point in time, using dedicated FPGA or perhaps even ASIC miner would be seemingly preferential.
Bear in mind that bitcoin price is not known to be particularly stable, so you might run into trouble making even on your investment. Buyer beware.
This machine here Butterflylabs 500 GHS Mini Rig SC Bitcoin Miner Mining Asic Preorder Certificate | eBay Allows you to hash at Gh (billions per second) with an average of like 470billion a second. So that's a huge difference in comparison to Mh (millions per second). Question is can you make your money back on the $30k investment, plus think of the cooling needed for the sucker to run day and night and the 2,500 watts it can supposedly consume.
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I would very strongly advice against butterfly labs.
They have extensive history of delivery delays, refund practices that are occasionally ... questionable... and there has been information that some of their equipment is electrically unsafe and non-compliant with EU, USA, and Russian regulations (they are the only producer of bitcoin-related machinery who had trouble importing to Germany due to compliance failure).
I would not count on them for warranty too.
For reference:
They have extensive history of delivery delays, refund practices that are occasionally ... questionable... and there has been information that some of their equipment is electrically unsafe and non-compliant with EU, USA, and Russian regulations (they are the only producer of bitcoin-related machinery who had trouble importing to Germany due to compliance failure).
I would not count on them for warranty too.
For reference:
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They have a 600Gh/s one that only uses 350 watts costs $4,000 but you wont get it until January 1st at the earliest.
At the current rate of difficulty by the time January comes around you will not even make $500 in the first month and it will get smaller each and every month. That kind of money could be spend on a gpu rig+hd camera for video editing and you could turn around several times that amount a month and it will be stable by making music videos for local bands,commercials for local businesses etc.
http://bitcoin.sipa.be/speed-lin.png
At the current rate of difficulty by the time January comes around you will not even make $500 in the first month and it will get smaller each and every month. That kind of money could be spend on a gpu rig+hd camera for video editing and you could turn around several times that amount a month and it will be stable by making music videos for local bands,commercials for local businesses etc.
http://bitcoin.sipa.be/speed-lin.png
thx for the info 
Well, it appears quite plausible.
It is quite a profitable thing to do.
In fact, I think there is a bitcoin-ish corporation that got funded strictly through bitcoin, and whose business boiled down to "develop ASIC with invested money, mine bitcoin, pay dividends from selling bitcoin".
It is still in business, IIRC.
It is quite a profitable thing to do.
In fact, I think there is a bitcoin-ish corporation that got funded strictly through bitcoin, and whose business boiled down to "develop ASIC with invested money, mine bitcoin, pay dividends from selling bitcoin".
It is still in business, IIRC.
They started long ago.
https://bitcointalk.org/index.php?topic=99497.0
P.S.:
Am I the only one to be fascinated by the fact that there is an entity incorporated completely upon bitcoin-based infrastructure with little to no formal oversight, and this entity is making actual physical microchips and is paying anonymous investors dividends?
That's some Gibson stuff right here
https://bitcointalk.org/index.php?topic=99497.0
P.S.:
Am I the only one to be fascinated by the fact that there is an entity incorporated completely upon bitcoin-based infrastructure with little to no formal oversight, and this entity is making actual physical microchips and is paying anonymous investors dividends?
That's some Gibson stuff right here
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I still do not get why there are some people still interested in mining with a cpu. The top end cpu's can only make $.01 per day minus electricity costs. With GPU's Even the 7990 will only make $.88 per day with the current difficulty minus electricity costs.
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