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How does bit coin mining work?

#11shaun239Posted 9/9/2013 7:34:34 AM
How does bit coin mining work?

It doesn't.
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#12Ch3wyPosted 9/9/2013 7:40:36 AM
SmoboHash posted...
The point is that it's not a guaranteed payout unless you cash out right away.


It is in the foreseeable future.

It's sure as hell not stable but there is a large demand for bitcoins and there will continue to be for a long time. People like privacy and people like the privacy that bitcoins offer.
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#13Hi CPosted 9/9/2013 8:51:13 AM
Judgmenl posted...
Something's worth as much as someone is willing to pay for it.


Then stealing would never exist because nothing would have any form of value to be stolen.
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#14Damaged7Posted 9/9/2013 2:06:40 PM
Always wondered what a bitcoin is and what you can do with it. I could look it up but I won't.
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#15ZukkusPosted 9/9/2013 2:09:09 PM
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.


So? Same as an American dollar. They're not "worth" anything. They're not backed up by gold or silver or anything. An American dollar is just having faith that the government says it's worth something, and having faith that other people think it's worth something.
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#16PyrotechnixxxPosted 9/9/2013 2:23:19 PM
Currency backed by math? Atheist voodoo!
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#17KalammerPosted 9/9/2013 2:30:28 PM
You're about three years late to the bit coin mining with computer hardware party. Today the only chance to turn a profit is with boxes that run a bit coin mining ASIC. Even the best GPUs don't churn out enough hashes to make it worthwhile these days.
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#18cuteboi100Posted 9/9/2013 2:40:27 PM
Kalammer posted...
You're about three years late to the bit coin mining with computer hardware party. Today the only chance to turn a profit is with boxes that run a bit coin mining ASIC. Even the best GPUs don't churn out enough hashes to make it worthwhile these days.


I've done a bit of reading on the subject and this person is right. If my HD 7950 mined for 24 hours I'd make less than a dollar a day before calculating power consumption. And the wear on your hardware by doing these things should be taken into account too.
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#19ElementalWindPosted 9/9/2013 3:38:24 PM
Yeah, the global bitcoin production rate is limited, so you're stuck competing with all the other miners and their hardware. It was always destined to be an arms race.

Currency backed by math?
It's not really "backed by" anything.
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#20unknown2226Posted 9/9/2013 4:04:58 PM
Well if electricity is free (like living on campus) then the math goes in the miners favor. I don't think a university would really notice just one computer mining 24/7.
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