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How does bit coin mining work?

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  3. How does bit coin mining work?

User Info: MightySandvich

MightySandvich
3 years ago#1
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?

User Info: Stopthink

Stopthink
3 years ago#2
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!

User Info: arleas

arleas
3 years ago#3
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.
http://badges.mypersonality.info/badge/0/19/193056.png
http://www.speedtest.net/result/2309944238.png

User Info: Kokuei05

Kokuei05
3 years ago#4
Be sure to keep windows open where you mine. 24/7 load in a closed off environment will kill you.
http://www.youtube.com/watch?v=pUAZnjFbOyI
http://www.youtube.com/watch?v=WbxOaq6_i1Y

User Info: SmoboHash

SmoboHash
3 years ago#5
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.

User Info: Ch3wy

Ch3wy
3 years ago#6
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.
Every time you point out that something is an opinion Jesus shoots a kitten in the face.

User Info: Kokuei05

Kokuei05
3 years ago#7
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.
http://www.youtube.com/watch?v=pUAZnjFbOyI
http://www.youtube.com/watch?v=WbxOaq6_i1Y

User Info: Ch3wy

Ch3wy
3 years ago#8
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.
Every time you point out that something is an opinion Jesus shoots a kitten in the face.

User Info: SmoboHash

SmoboHash
3 years ago#9
The point is that it's not a guaranteed payout unless you cash out right away.

User Info: Judgmenl

Judgmenl
3 years ago#10
Something's worth as much as someone is willing to pay for it.
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