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So what's this "mining" business I keep hearing about?

#1Pokerkid777Posted 12/9/2013 1:09:30 AM
I keep hearing it in relationship to video cards, so what exactly is it?
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#2ZachnornPosted 12/9/2013 1:59:34 AM
Bitcoin (or Litecoin, etc.) mining. A Bitcoin is a type of digital currency, but its status of a legitimate currency is controversial. Still, some people do use it instead of typical currencies (such as US dollars) and many trade it for traditional currencies. Litecoin and other similar things work similarly.

About mining: Basically, your GPU (or CPU, but GPU is faster) can "mine" for Bitcoins by processing...something. The point is that mining gets you Bitcoins eventually. As I said, this has some value. The idea is that you can use your GPU to earn money. As more people do it, it gets harder to earn money, and so I wish you luck if you want to try it. For me, I ran my PC on full load for a few days for me to mine enough Bitcoins to earn about $1.
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#3MashYouGoodPosted 12/9/2013 2:22:20 AM
From what I've read / can grasp:

"Mining" is your PC (CPU or GPU) solving "crytographic puzzles" that translate to transaction being processed in the Bitcoin universe - e.g., processing of transactions in the "blockchain" (the register for the currency that keeps tabs on which coins are in whose possession) via algorithms.

In the early days, there were less Bitcoin users, so these "puzzles" were easier to solve for the hardware. Now, as the currency dries up - there is a 21 million Bitcoin cap in order to avoid hyperinflation - and there are more Bticoin users, mining becomes harder and more powerful mining rigs are required (to solve the puzzles). In turn, as the currency becomes more scarce, the mining thereof became harder and so its value increases ( la any precious metal).

This mining system is meant to simulate 'work' ("proof-of-work") for the currency. It serves to mimic actually going to work, in the real world, to get paid.

NB: 'Cryptocurrency' is the correct term for E-currency, as "Bitcoin" is the name for the first manifestation of this E-currency created by Satoshi Nakamoto. Like 'Rollerblades' vs in-line skates, if you will)
#4su27ChaosPosted 12/9/2013 4:50:22 AM
there more than two mining. if you want you can try out easier ones that less difficulty but value is less. people join up on those due to the fact is easier to get coins and hope for value goes up or do it as a hobby like anything can be a hobby.

Bitcoin and Litecoin is most well know

Digital Coin
Fast Coin
Feathercoin
Franko*
many more
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