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Re: What is bitcoin mining

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ABDUDIOUF is not online. ABDUDIOUF
Joined: 25 Jun 2010
Total Posts: 18732
29 Oct 2015 06:50 PM
tf



"that is an equal trade but loss in value" - ixeph
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Soulyss is not online. Soulyss
Joined: 29 May 2008
Total Posts: 2426
29 Oct 2015 06:51 PM
something that was once useful but now takes so much time to set up it is not worth doing
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Coinman001 is not online. Coinman001
Joined: 10 Apr 2012
Total Posts: 56149
29 Oct 2015 06:52 PM
bitcoins are like virtual currency u can buy things with them and they have a pretty high value per each one but the value changes a lot kinda like rap

bitcoin mining is using programs to generate bitcoins to make free money

was once good but now it hard

http://www.roblox.com/coinman001-item?id=107453514 R$1714889 TX185987
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ABDUDIOUF is not online. ABDUDIOUF
Joined: 25 Jun 2010
Total Posts: 18732
29 Oct 2015 06:53 PM
this is the part i dont understand what does math problems have to do with it and... if u win were does the bitcoins come from? outta thin air



"that is an equal trade but loss in value" - ixeph
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isuzuchan is not online. isuzuchan
Joined: 25 Feb 2011
Total Posts: 758
29 Oct 2015 06:54 PM
it was a currency initially used by hackers

you procure bitcoins by "mining" or randomly brute forcing numbers until you strike rich (also known as hashing)


because of the influx of bandwagoners, it is no longer profitable as the power of the machine required to mine them is enormous.

the value is also prone to change because its not back by any physical world value.


worl worl
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Creepcruncher is not online. Creepcruncher
Joined: 17 Nov 2012
Total Posts: 3396
29 Oct 2015 06:54 PM
You let a server use your computer for processing.

You get bitcoins which are a virtual currency used to buy things irl, like ApplePay, almost.

Basically, renting your computing power.


creepcruncher, lord of eternal glory and fiddlesticks
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Coinman001 is not online. Coinman001
Joined: 10 Apr 2012
Total Posts: 56149
29 Oct 2015 06:55 PM
also i think u can create more and more bitcoins cuz as the value of them goes up u need more to compensate so value isnt too high

kinda like stock splits

http://www.roblox.com/coinman001-item?id=107453514 R$1714889 TX185987
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ABDUDIOUF is not online. ABDUDIOUF
Joined: 25 Jun 2010
Total Posts: 18732
29 Oct 2015 06:56 PM
None of you answered my question were do bitcoins come from like do u get emailed it orwhat



"that is an equal trade but loss in value" - ixeph
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Coinman001 is not online. Coinman001
Joined: 10 Apr 2012
Total Posts: 56149
29 Oct 2015 06:56 PM
im pretty sure they just go to ur bitcoin acc if thats true idk

http://www.roblox.com/coinman001-item?id=107453514 R$1714889 TX185987
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tromba is not online. tromba
Joined: 31 Aug 2012
Total Posts: 12697
29 Oct 2015 06:57 PM
hi ab
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isuzuchan is not online. isuzuchan
Joined: 25 Feb 2011
Total Posts: 758
29 Oct 2015 06:57 PM
they go into a virtual "wallet" a lot like online banking


worl worl
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Creepcruncher is not online. Creepcruncher
Joined: 17 Nov 2012
Total Posts: 3396
29 Oct 2015 06:57 PM
I believe you have a virtual 'wallet' on your bitcoin account.. Not sure about where the account is, though.


creepcruncher, lord of eternal glory and fiddlesticks
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isuzuchan is not online. isuzuchan
Joined: 25 Feb 2011
Total Posts: 758
29 Oct 2015 06:58 PM
you register on the main bitcoin site then use a "pool" or "mining block" to hunt for coins


its basically a collection of users all putting their power towards finding coins, you have to split them but in the long ruin is more profitable than gambling on your own.

the pool is linked to the main site and transfers any bitcoin finds to your wallet


worl worl
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ABDUDIOUF is not online. ABDUDIOUF
Joined: 25 Jun 2010
Total Posts: 18732
29 Oct 2015 06:59 PM
and it takes months to get 1 bitcoin?



"that is an equal trade but loss in value" - ixeph
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isuzuchan is not online. isuzuchan
Joined: 25 Feb 2011
Total Posts: 758
29 Oct 2015 07:00 PM
yes the average bitcoin mined is approximately .5 a month


worl worl
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ShankZilla is not online. ShankZilla
Joined: 24 Aug 2011
Total Posts: 5293
29 Oct 2015 07:00 PM
Bitcoins value skyrocketed with the popularity of the thing known as silk road.
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isuzuchan is not online. isuzuchan
Joined: 25 Feb 2011
Total Posts: 758
29 Oct 2015 07:00 PM
the current value of the bitcoin is $317


however your profit is greatly afflicted by your energy bill because the mining machine takes a butt ton of electricity



worl worl
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Coinman001 is not online. Coinman001
Joined: 10 Apr 2012
Total Posts: 56149
29 Oct 2015 07:01 PM
right now a bitcoin is about 316 dollars so i mean its def not worth it mining for months

http://www.roblox.com/coinman001-item?id=107453514 R$1714889 TX185987
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isuzuchan is not online. isuzuchan
Joined: 25 Feb 2011
Total Posts: 758
29 Oct 2015 07:01 PM
average annual profit is ~1,200$ but a good machine will cost more than that


worl worl
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Coinman001 is not online. Coinman001
Joined: 10 Apr 2012
Total Posts: 56149
29 Oct 2015 07:02 PM
idea: take over schools computer network to mine

http://www.roblox.com/coinman001-item?id=107453514 R$1714889 TX185987
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Creepcruncher is not online. Creepcruncher
Joined: 17 Nov 2012
Total Posts: 3396
29 Oct 2015 07:02 PM
@coin

unable to, school disabled right-click bcus inspect element got out of hand


creepcruncher, lord of eternal glory and fiddlesticks
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isuzuchan is not online. isuzuchan
Joined: 25 Feb 2011
Total Posts: 758
29 Oct 2015 07:03 PM
bitcoin is almost entirely graphics card dependent.


most school computers dont even have graphics cards.


worl worl
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shredar is not online. shredar
Joined: 26 Nov 2008
Total Posts: 21344
29 Oct 2015 07:03 PM
lol i mined in 2013

my comp wasn't strong enough to earn a good amount


Send a trade on 11k in items!
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Coinman001 is not online. Coinman001
Joined: 10 Apr 2012
Total Posts: 56149
29 Oct 2015 07:03 PM
@creep

not for me

also theres other ways

http://www.roblox.com/coinman001-item?id=107453514 R$1714889 TX185987
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Creepcruncher is not online. Creepcruncher
Joined: 17 Nov 2012
Total Posts: 3396
29 Oct 2015 07:04 PM
pls, do share

creepcruncher, lord of eternal glory and fiddlesticks
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