Topic: Do you think it makes sense to get bitcoin? How exactly does mining take place? (Read 307 times)
August 21, 2018, 05:10:41 PM
Bitcoin mining is basically the process where miners add the transactions record to the public Ledger of Bitcoin of past transactions. Besides getting to choose transaction records, here the miners use a special software to calculate and are issued a certain number of Bitcoins in exchange. So that way, yeah, it obviously does make sense to get Bitcoins.
August 21, 2018, 09:19:02 AM
Mining are for those people who have enough money to buy those expensive rigs. If you are only rely to a free mining website, you are only opening up your device to hacking if you will be unfortunate or will just drain the power on your device and earn with super low amount of BTC. Just like what Charlie Lee said, we better try to save at least 1 BTC before investing to any altcoins. Why? Because BTC will make you a millionaire someday.
August 18, 2018, 12:13:48 PM
Obviously it makes sense to get bitcoin as now a days you can buy most of the things using bitcoin instead of fiat currency. It is also one of the most trustworthy cryptocurrency. Bitcoin mining takes place by solving some mathematical problem and in return you will get some bitcoins.
August 10, 2018, 05:45:19 AM
I think it makes sense to get Bitcoin. As MadGamer said, he said it is very easy to understand, which is one of the reasons I fell in love with BTC. In addition, I feel that since the government can legalize BTC, the value of BTC has been recognized, and government decisions can explain many problems, especially in developed countries.
August 10, 2018, 05:40:20 AM
Of course, it makes a lot of sense to invest in Bitcoin . If you want to earn in the future - this is the coin that will definitely grow and will not collapse .this is a great investment for the long term
August 04, 2018, 12:15:26 AM
As the price of bitcoin is a bit low now, i think you can enter the market. But do a thorough analysis before taking decisions. And mining is a way of creating crypto blocks which are used for transactions. The rewards are given in coins.
August 03, 2018, 09:01:13 PM
Mining is basically what miners do for getting reward in cryptocurrency. They create blocks for transactions and get rewards. And i think you can get btc because it has lots of possibilities to grow.
August 03, 2018, 10:29:15 AM
It doesn't make sense to mine bitcoin at home. The difficulty is so big.right now so you will not get rewards with gpu card anymore. You will have to buy a asic - special designed device for mining. Better to buy BTC or to trade with bots.
yes, bitcoin mining requires a lot of capital, if we do it only with limited capital then the mining we do will be useless and do not get profit. trading is much more profitable if we have limited capital to get bitcoin August 03, 2018, 02:50:26 AM
Yeah I think it makes sense to get bitcoin if you can do enough analysis to maximize profit. Bitcoin is the most promising crypto so it will be better to get it if you can afford.
August 03, 2018, 02:18:45 AM
It has long been asking myself a question about this, but so many different assumptions that I can not find one of these true. I will listen to everyone. Thank you in advance. 
I can say that mining is really not effective right now until you have a great productivity and power, will become even harder and less profitable in, so probably right now late to begin mining, it would be cheaper just to buy a bitcoin. August 03, 2018, 02:11:59 AM
It has long been asking myself a question about this, but so many different assumptions that I can not find one of these true. I will listen to everyone. Thank you in advance.
Hi bitcoin mining is mostly of two types Hardware mining and Cloud mining.With Bitcoin, miners use special software to solve some puzxles and are issued a certain number of bitcoins in exchange. This provides a good way to issue the currency and also creates an incentive for more people to mine. Now after finding a solution of puzzle , another 99 blocks appeared and it is called as blockchain as comprise of blocks. If you want to mine bitcoin on your own then you can buy some hardware bitcoin mining machine. And if you are looking for direct investnent to mine any crypto then i will suggest you to use some company which mined bitcoins on their own hardware rather than ordinary cloud mining. August 03, 2018, 02:01:00 AM
Of course buying Bitcoin makes sense. This is the number one in the crypto market. This is also the oldest and most popular.
August 03, 2018, 12:44:36 AM
It is absolutely not worth the time and investment to mine bitcoin.
It is way better to just buy it straight up.
This isn't speculation, it is mathematics and the reality of the bitcoin blockchain.
People have been mining bitcoin for 9 years now.
The amount of computing power it takes to hash out the algorhythms and discover a new block to get a btc reward is INSANE.
We are not just talking a supercomputer or ASIC processor, we are talking factory full of them.
Plus, the entire bitcoin mining community is basically dominated by two giant mining pools that unless you join them don't even dream about seeing some kind of profit.
So first, you would have to lay down thousands of dollars to get the right equipment to product enough hash power.
Then join a huge mining pool where your hashrate is a tiny percentage in the a sea of literally thousands of other computers resulting in tiny rewards.
Oh, and also, you have to pay an enourmous amount of money on electricity and maintenance.
So, yeah, just buy it instead of mining it lol.
It is way better to just buy it straight up.
This isn't speculation, it is mathematics and the reality of the bitcoin blockchain.
People have been mining bitcoin for 9 years now.
The amount of computing power it takes to hash out the algorhythms and discover a new block to get a btc reward is INSANE.
We are not just talking a supercomputer or ASIC processor, we are talking factory full of them.
Plus, the entire bitcoin mining community is basically dominated by two giant mining pools that unless you join them don't even dream about seeing some kind of profit.
So first, you would have to lay down thousands of dollars to get the right equipment to product enough hash power.
Then join a huge mining pool where your hashrate is a tiny percentage in the a sea of literally thousands of other computers resulting in tiny rewards.
Oh, and also, you have to pay an enourmous amount of money on electricity and maintenance.
So, yeah, just buy it instead of mining it lol.
August 03, 2018, 12:40:34 AM
It has long been asking myself a question about this, but so many different assumptions that I can not find one of these true. I will listen to everyone. Thank you in advance.
You must seek knowledge for that and not assume and ask questions, you should make sure and try to read in every discussion discussion in this forum about mining and bitcoin, as well as other references that you can search in google search. so do not get caught up in the unknowing ignorance.
August 03, 2018, 12:33:05 AM
Miners use high end rigs and software to solve math problems and are issued a certain number of bitcoins in exchange. This provides a way to issue the coins and also creates an incentive for more people to mine. That is the simplest explanation I could come up with regarding mining and I definitely think you should get BTC right now because it is growing since the past month and if ETF gets sanctioned it may skyrocket again.
August 02, 2018, 11:25:06 PM
Unless you want to buy an ASIC that can carve out some mining profit for yourself, probably best just buying BTC and holding onto it if you believe in it. Watch for lower prices, sub $7k if you can get em.
August 02, 2018, 11:17:32 PM
You can learn about bitcoin mining easily by the help of google. The reason why I am not explaining mining to you is because, it is really not worth it to mine anymore. Rather, you should try to buy bitcoin directly and hold on to it till it's price goes up. Right now, BTC price is rising again, this is the perfect time to buy. But, mining takes a lot of hard work, patience and money.
August 02, 2018, 07:57:41 PM
Bitcoin is a nice hold, and for me I don't really know how mining works any time I need bitcoin I normaly buy it
August 02, 2018, 04:16:06 AM
Even after the denial of ETF, bitcoin has managed to reach 8,200$ last night. You can definitely invest on it, there's a lot of room for it to grow again. But, I would not suggest you to start mining since it will take long and a complex procedure too. You can find millions of guide in the internet which are on mining BTC.
August 02, 2018, 02:39:56 AM
Diffrent people have diffrent types of assumption regarding this. I think this approach is positive to get bit coin. to know the details information you can also visit 99bitcoin.org.
August 02, 2018, 01:12:24 AM
Mining is one of the greatest way to earn bitcoin. But I think it’s costly. Last year I earn some by mining but it’s need some more cost for this.
August 01, 2018, 11:09:14 PM
Obviously, it makes a decent sense in getting BTC, other coins, ICO tokens or anything else in Crypto space. Cryptospace is evolving gradually. Cryptospace will be someday the most lovable hotcake of the world. Mining is not so easier for beginners but there are many things a beginner can do in Crypto space.
August 01, 2018, 09:30:29 PM
ETF hasn't yet approved but still, bitcoin has managed to reach 8,200$ up until now. l don't suggest you to start mining, it will take longer to earn, but do invest on Bitcoin. You can find millions of guide in the internet which are on mining BTC, if you are interested.
August 01, 2018, 05:53:45 PM
People get bitcoin because it is the most reliable of the cryptocurrencies, not saying that it's price doesn't fluctuate, just the contrary, but it is the one that is able to make the most progression through the time, also it currently has an enormous popularity and user base.
August 01, 2018, 05:46:47 PM
I am not really familiar with bitcoin mining and I don't have the intention of mining bitcoin in the future, so i am comfortable with buy bitcoin and I will continue to buy and store more bitcoin,because in the future bitcoin price might increase more and more
August 01, 2018, 05:06:20 PM
It has long been asking myself a question about this, but so many different assumptions that I can not find one of these true. I will listen to everyone. Thank you in advance.
Don't mind already when you do talk about bitcoin mining its much better to buy it rather than to mine it yet even miners now aren't profitable already even having lots of asic miners. How much more if you do only have one? unless if you do have free electricity on your place then it would be still a considerable thing to do but if it isn't then better don't bother yourself to engage with it. 
August 01, 2018, 04:57:07 PM
It doesn't make sense to mine bitcoin at home. The difficulty is so big.right now so you will not get rewards with gpu card anymore. You will have to buy a asic - special designed device for mining. Better to buy BTC or to trade with bots.
August 01, 2018, 04:40:50 PM
Bitcoin is the best investment so far, because in the next few years its value will be higher, the growth of people who hold so great over time, then this can be called a very lucrative investment, by buying directly than all the money used to buy Bitcoin mining equipment , with this condition most people are very complaining, their difficulties, income is not as good as the previous year and the cost is very expensive, not worth the effort and money they spend, it makes sense to buy Bitcoin at a fairly cheap price at this time.
August 01, 2018, 03:23:09 PM
When you think about the mining, then think about finding the resources of the soil. Bitcoin is not physically the same, but it is a bit like that. Bitcoin is the most profitable and safe.
August 01, 2018, 02:37:16 PM
I think we all are clearly conscious about the bitcoin place on the market, but recently people are also becoming interested about mining and it publicity is also increasing , so at the end the choice is yours where you feel comfortable to do business I hope you will choose it wisely.
August 01, 2018, 01:08:09 PM
It has long been asking myself a question about this, but so many different assumptions that I can not find one of these true. I will listen to everyone. Thank you in advance.
I guess it's too late for a new miner to be joined in the mining pool to mine the bitcoin. As per the difficulty increase and those people are unique in the bitcoin mining will be worthless if they are using a little rig to mine the bitcoin.
It may give them a little profit but think about how long you will get back your ROI.
It makes sense to get bitcoin when it was getting a red candle. To decrease your own risk by buying the bitcoin.
August 01, 2018, 10:20:49 AM
it make sense to buy btc in my opinion, because btc mostly remains all time high considering its history. Another is to invest in btc mining but don’t fall in trap with binary tree business model. It’ll haunt you in making members more than mining.
August 01, 2018, 10:19:46 AM
action speaks louder than words, so if you analyzed the market properly then you will able to understand the importance and position of the bitcoin, I can't ensure you anything about the future but as per the present situation bitcoin progress is very satisfying but still the choice is yours where you want to invest your money
August 01, 2018, 10:15:11 AM
Btc are mined in units that which is called "blocks. As far i know now the reward for completing a block is about 12.5 Btc. At today's price of about $10,000 per Btc, it means you'd earn(12.5 x 10,000)=$125,000
August 01, 2018, 10:14:54 AM
Btc mining is the process in which there is attaching of transaction records to Btc's public register of blockchain. The block chain works to confirm transactions to the rest of the network as having taken place.
August 01, 2018, 10:05:52 AM
Sometimes it does make sens. if you’re investing for the long-term, I thinkl it’s a good move. There are some risks also, there is always risk in investments but you have to try at least.
August 01, 2018, 09:56:48 AM
It make a lot of sense to buy bitcoin because this is the most potential and valuable coin in crypto, bitcoin is the best crypto because it is the oldest and has gained alot of experience in the crypto market. You should buy the coin if you have spare cash and talking of mining, I believe if you do not have the idea, you shouldn't go into it.
August 01, 2018, 09:53:39 AM
Bitcoin doubles every few months. Some authorities tell that Bitcoin will bit up to $100000 for 1 bitcoin. It depends fully on your strategy if you want to buy or not btc.
July 30, 2018, 10:18:47 AM
I'm not sure I get the mining part but yes, it make a lot of sense to buy a coin (bitcoin in this case) that have a strong userbase, very decentralized, pretty much the ability to buy everything (through third parties if needed) etc. then buying altcoin then have no purpose.
July 28, 2018, 08:52:26 PM
It has long been asking myself a question about this, but so many different assumptions that I can not find one of these true. I will listen to everyone. Thank you in advance.
Jump to: