Author

Topic: Benefits and Future of Bitcoin Mining (Read 99 times)

legendary
Activity: 2870
Merit: 7490
Crypto Swap Exchange
January 24, 2025, 04:16:44 AM
#5
It's just poorly-written article, there's nothing i already know or can be considered as "insider secrets". I suggest other reader to ignore OP and his website altogether.

Not only do I not see any statements in the OP claiming insider secrets, it's ironic for you to be judging someone else's article while you have made a borderline shit-post yourself.

Then what do you think about these?

The real magic of cryptocurrencies is found in the process of mining bitcoins, which is open to both common individuals and IT experts. Like many other curious souls, would you also want to gain access to the insider secrets? Worry not! We are here together to discover how new bitcoins are created and how blockchain transactions are documented. This fascinating, little-known method is more than just technical talk. Let’s get into an exciting knowledgeable, unorthodox trip with the potential to yield incredible benefits.

Quote from: blockchainjunction dot online/unlatching-the-process-benefits-and-future-of-bitcoin-mining/
Home Mining

Although mining Bitcoin at home with a powerful graphics card or computer is feasible, the competition is fierce and there are few opportunities to make significant profits. The mining industry is fiercely competitive and demands a large amount of processing power.

There's no opportunity to make profit, unless you're very lucky to hit a block through solo mining while using CPU/GPU.

Anyone can be a part of a pool and still profit from contributing their power.

You may want to visit thread BITCOIN MINING INTRO & RULES OF THIS SUBFORUM - READ BEFORE POSTING. It clearly state it's impossible to earn profit by mining Bitcoin using CPU/GPU.

Quote from: blockchainjunction dot online/unlatching-the-process-benefits-and-future-of-bitcoin-mining/
Each cryptocurrency has its distinct algorithm and set of mining guidelines, such as Ethereum and Litecoin, therefore the process changes slightly based on the coin being mined.

When did you write this article. ETH already moved to PoS in 2022.

He said each one has its distinct algorithm and set of mining guidelines. Ethereum's distinct (consensus) algorithm is POS.

The article said "distinct algorithm and set of mining guidelines", so the example should be example of cryptocurrency that can be mined.

Don't bash people for trying. If you know better, then help to improve their content.

I disagree. The website specifically talks about blockchain, so IMO it's normal to have expectation that they're being careful about what they write.
legendary
Activity: 1722
Merit: 1048
Top-tier crypto casino and sportsbook
January 23, 2025, 05:46:34 PM
#4
It's just poorly-written article, there's nothing i already know or can be considered as "insider secrets". I suggest other reader to ignore OP and his website altogether.

Not only do I not see any statements in the OP claiming insider secrets, it's ironic for you to be judging someone else's article while you have made a borderline shit-post yourself.

Quote from: blockchainjunction dot online/unlatching-the-process-benefits-and-future-of-bitcoin-mining/
Home Mining

Although mining Bitcoin at home with a powerful graphics card or computer is feasible, the competition is fierce and there are few opportunities to make significant profits. The mining industry is fiercely competitive and demands a large amount of processing power.

There's no opportunity to make profit, unless you're very lucky to hit a block through solo mining while using CPU/GPU.

Anyone can be a part of a pool and still profit from contributing their power.

Quote from: blockchainjunction dot online/unlatching-the-process-benefits-and-future-of-bitcoin-mining/
Each cryptocurrency has its distinct algorithm and set of mining guidelines, such as Ethereum and Litecoin, therefore the process changes slightly based on the coin being mined.

When did you write this article. ETH already moved to PoS in 2022.

He said each one has its distinct algorithm and set of mining guidelines. Ethereum's distinct (consensus) algorithm is POS.

It's just poorly-written article, there's nothing i already know or can be considered as "insider secrets". I suggest other reader to ignore OP and his website altogether.

Quote from: blockchainjunction dot online/unlatching-the-process-benefits-and-future-of-bitcoin-mining/
Bitcoin mining is essentially the process of figuring out difficult riddles. It’s not as simple as it seems, though. Using modern equipment and software, miners compete with one another to produce a cryptographic number. This figure must match or be lower than the challenge cutoff determined by the Bitcoin algorithm. Bitcoins are awarded to the first miner to decipher the code, marking an incredible moment of victory.

In reality, it's not that grand. What miner does actually perform SHA-256 many times until the hash is lower or equal to current mining target.

Are you seriously undermining Proof of Work? lol...yeh, mining is insignificant, I mean, they're just running computers rite? pshhhh.
/s

Don't bash people for trying. If you know better, then help to improve their content.
legendary
Activity: 2870
Merit: 7490
Crypto Swap Exchange
January 23, 2025, 03:57:14 AM
#3
It's just poorly-written article, there's nothing i already know or can be considered as "insider secrets". I suggest other reader to ignore OP and his website altogether.

Quote from: blockchainjunction dot online/unlatching-the-process-benefits-and-future-of-bitcoin-mining/
Bitcoin mining is essentially the process of figuring out difficult riddles. It’s not as simple as it seems, though. Using modern equipment and software, miners compete with one another to produce a cryptographic number. This figure must match or be lower than the challenge cutoff determined by the Bitcoin algorithm. Bitcoins are awarded to the first miner to decipher the code, marking an incredible moment of victory.

In reality, it's not that grand. What miner does actually perform SHA-256 many times until the hash is lower or equal to current mining target.

Quote from: blockchainjunction dot online/unlatching-the-process-benefits-and-future-of-bitcoin-mining/
Each cryptocurrency has its distinct algorithm and set of mining guidelines, such as Ethereum and Litecoin, therefore the process changes slightly based on the coin being mined.

When did you write this article. ETH already moved to PoS in 2022.

Quote from: blockchainjunction dot online/unlatching-the-process-benefits-and-future-of-bitcoin-mining/
Home Mining

Although mining Bitcoin at home with a powerful graphics card or computer is feasible, the competition is fierce and there are few opportunities to make significant profits. The mining industry is fiercely competitive and demands a large amount of processing power.

There's no opportunity to make profit, unless you're very lucky to hit a block through solo mining while using CPU/GPU.
legendary
Activity: 1876
Merit: 1138
January 23, 2025, 03:03:29 AM
#2
Bitcoin mining saved Texas $18B, boosted grid stability
BTC mining aids Texas’ grid stability, cutting $18 billion in costs by replacing gas peaker plants with efficient demand response.

A new research report by the Digital Assets Research Institute (DARI) revealed how Bitcoin mining has impacted the Texas electrical grid and saved the state as much as $18 billion by eliminating the need for new gas peaker plants.

The findings come as Texas has grappled with extreme weather conditions in recent years, including a 2021 winter storm that caused widespread blackouts and significant economic losses.

Historically, grid operators have relied on gas peaker plants to address peak electricity demand. While effective in short bursts, these plants are costly, remain idle for much of the year and emit substantial greenhouse gases.


https://cointelegraph.com/news/bitcoin-mining-texas-grid-savings-18b
newbie
Activity: 7
Merit: 0
January 23, 2025, 02:36:23 AM
#1
Whilst it may seem like a high-tech mystery, bitcoin mining is essential to the cryptocurrency industry. Gaining knowledge about Bitcoin mining can provide valuable insight into how Bitcoin functions, regardless of whether you are a regular trader or just interested in the world of digital currencies. To assist you in understanding what it’s all about, let us simplify it.

The real magic of cryptocurrencies is found in the process of mining bitcoins, which is open to both common individuals and IT experts. Like many other curious souls, would you also want to gain access to the insider secrets? Worry not! We are here together to discover how new bitcoins are created and how blockchain transactions are documented. This fascinating, little-known method is more than just technical talk. Let’s get into an exciting knowledgeable, unorthodox trip with the potential to yield incredible benefits.

Learn more about Benefits of Bitcoin Mining.
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