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How does bit coin mining work?

#1MightySandvichPosted 9/9/2013 7:48:28 AM
Well I am moving to campus dorm next week, and great thing about it is that electricity is free [Insert devilish grin here].
So how do I start mining?
Do these USB mining gadgets yield profit in month or two?
http://arstechnica.com/gadgets/2013/06/how-a-total-n00b-mined-700-in-bitcoins/
Where do I sell bit coin and how long does it take?
#2StopthinkPosted 9/9/2013 8:00:58 AM
What you do man is that you buy a bunch of high end graphics cards. Then you take some quarters and just shove them in there under the heatsinks. Then you go to sleep and the next day you have BitCoins!
#3arleasPosted 9/9/2013 8:06:02 AM
From: MightySandvich | #001
electricity is free


I'm sure if you abused it they'd change that policy on you quickly...

You might as well go to a site like this:
http://www.bitcoinmining.com/getting-started/

Because I don't think we have a large community of bitcoin miners here who could answer your questions.
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#4Kokuei05Posted 9/9/2013 8:18:31 AM
Be sure to keep windows open where you mine. 24/7 load in a closed off environment will kill you.
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#5SmoboHashPosted 9/9/2013 8:18:54 AM
Your computer converts processing power into virtual money. The virtual money has no real value and can suddenly become worthless. Additionally, the process gets less and less efficient as time goes on.
#6Ch3wyPosted 9/9/2013 8:20:38 AM
SmoboHash posted...
Your computer converts processing power into virtual money. The virtual money has no real value and can suddenly become worthless. Additionally, the process gets less and less efficient as time goes on.


At the moment it does have "real value". It can also suddenly double in value.
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#7Kokuei05Posted 9/9/2013 8:26:36 AM
From: Ch3wy | Posted: 9/9/2013 11:20:38 AM | #006
SmoboHash posted...
Your computer converts processing power into virtual money. The virtual money has no real value and can suddenly become worthless. Additionally, the process gets less and less efficient as time goes on.


At the moment it does have "real value". It can also suddenly double in value.


Why did you even post that? So it can suddenly drop to 0 in value.
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#8Ch3wyPosted 9/9/2013 8:41:16 AM(edited)
Kokuei05 posted...
From: Ch3wy | Posted: 9/9/2013 11:20:38 AM | #006
SmoboHash posted...
Your computer converts processing power into virtual money. The virtual money has no real value and can suddenly become worthless. Additionally, the process gets less and less efficient as time goes on.


At the moment it does have "real value". It can also suddenly double in value.


Why did you even post that? So it can suddenly drop to 0 in value.


I think if you read my post and the context of the post I quoted you can figure out why I would have posted that.
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#9SmoboHashPosted 9/9/2013 8:30:09 AM
The point is that it's not a guaranteed payout unless you cash out right away.
#10JudgmenlPosted 9/9/2013 8:33:02 AM
Something's worth as much as someone is willing to pay for it.
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