never understood bitcoin mining - page 2.

Wusolini

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no need to carry heavy money bags anymore

Quote from: kingkedi on September 09, 2014, 01:03:16 AM

hi i never understood bitcoin mining and wnat to ask here
is bit coin mining is done by programmers?
and does this need any experiecne?
please explain for a newbie who dont nknow naything

Hey kingkedi, try this 5 minute tube.

cookiemonsterwhat

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Most arent good to mine anymore, unless you have some serious money to put in.

Just like recently the prices dropped so its best to buy when its cheap.

hannscryo

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The only ones who are taking profits with mining are the owners of the huge mining farms, for the average Joes isn't profitable anymore.

minerpumpkin

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A pumpkin mines 27 hours a night

Quote from: oceans on September 12, 2014, 11:35:47 AM

Never been one to mine myself but from reading up on it I have come to realise that experience can be gained from reading up on it and trying it and that no actual experience is required for you to try. I would take a look around at as much information as you can find about mining and where to start. Also looking at the kind of setup you would need as well is wise.

But it's actually not 'hard' or anything. kingkedi makes it seem like you have to be a genius in mathematics or something. It effectively boils down to the fact that you're letting your computer or a dedicated device crunch some numbers for you, and the more numbers it's able to crunch, the more Bitcoin you get as a reward!

oceans

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Never been one to mine myself but from reading up on it I have come to realise that experience can be gained from reading up on it and trying it and that no actual experience is required for you to try. I would take a look around at as much information as you can find about mining and where to start. Also looking at the kind of setup you would need as well is wise.

minerpumpkin

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A pumpkin mines 27 hours a night

Well, effectively there is a big big puzzle of tiny tiles. Your computer automatically arranges this puzzle in a random way. If the resulting picture now makes sense in a certain way, you've solved a block and get a reward of 25 BTC. Because this happens extremely seldom, people join pools where they submit their results, and if someone has found such a solution, the reward will be split among everyone who contributed in trying to find a solution.
This is a very simplistic explanation, though.

wildjohn911

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This is quite difficult to understand bit-coin maning, especially for nubers. If you want to understand this posses you should spend some time on this and read some forum, some literature ect. It*s new knowledge and new education! There are many video on you-tube and special community in internet, so if you want you can get some new knowledge in this topic, its not problem to find information! For example look in this chart and you can see that any day it is more difficult to mining. http://mining-profit.com/advanced-calculator. There you can find also some information how to calculate you time to mine some bitcoins.

philipma1957

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Quote from: marex199 on September 09, 2014, 01:12:12 PM

hey

i want to know how much do i need to invest in mining to get profit... can i start whit 50€ or 500€ or...

thanks

Okay lets say you want to learn the how to do it. (forget profit for now)

If you were in the USA I would say buy this

https://bitcointalksearch.org/topic/asicpuppynet-terminus-moonlander-2-2pacs-in-stock-btcltcethbch-612390

the 109.99 dollar unit. it will almost certainly not make a lot of money but you can learn about the game at a decent price .

in europe it costs more

http://www.cryptobase.co.uk/product/new-r-box-100-110-ghs-asic-bitcoin-miner/

notlist3d

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Quote from: marex199 on September 09, 2014, 01:12:12 PM

hey

i want to know how much do i need to invest in mining to get profit... can i start whit 50€ or 500€ or...

thanks

I suggest reading about equipment in hardware or group buy. Then do some ROI math. 50 euro wont do much 500 you can get some. One thing you will see is a lot of the miners get cheaper per GH the more GH it has (*this is not always true but a good general principle). With big miner one controller, one network..... etc. Then again there is the S3's you can do multiple of and are in your price range.

byt411

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Quote from: marex199 on September 09, 2014, 01:19:25 PM

Quote from: byt411 on September 09, 2014, 01:13:26 PM

Quote from: marex199 on September 09, 2014, 01:12:12 PM

hey

i want to know how much do i need to invest in mining to get profit... can i start whit 50€ or 500€ or...

thanks

Judging from Euros, you probably live in Europe. Then that probably means that you electricity is expensive. And that means that it won't be profitable for you.

yes im from europe and price is 0.13 per kw... i know im late for mining ... so im just asking... what about litecoin?

Nope. If you really want to try it out, PM me and I can recommend some equipment to try out, but it won't be profitable.

Rubber Ducky

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Quote from: marex199 on September 09, 2014, 01:12:12 PM

hey

i want to know how much do i need to invest in mining to get profit... can i start whit 50€ or 500€ or...

thanks

Mining equipment prices are measured in thousands of dollars. And you need cheap electricity as has already been pointed out. Visit the group buys section to get an idea of what it would cost to buy an ASIC:

https://bitcointalk.org/index.php?board=137.0

picolo

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Quote from: kingkedi on September 09, 2014, 01:03:16 AM

hi i never understood bitcoin mining and wnat to ask here
is bit coin mining is done by programmers?
and does this need any experiecne?
please explain for a newbie who dont nknow naything

You buy equipment to mine, you use a software and you get back 30-70% of what you invested Grin

marex199

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Quote from: byt411 on September 09, 2014, 01:13:26 PM

Quote from: marex199 on September 09, 2014, 01:12:12 PM

hey

i want to know how much do i need to invest in mining to get profit... can i start whit 50€ or 500€ or...

thanks

Judging from Euros, you probably live in Europe. Then that probably means that you electricity is expensive. And that means that it won't be profitable for you.

yes im from europe and price is 0.13 per kw... i know im late for mining ... so im just asking... what about litecoin?

byt411

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Merit: 1000

Quote from: marex199 on September 09, 2014, 01:12:12 PM

hey

i want to know how much do i need to invest in mining to get profit... can i start whit 50€ or 500€ or...

thanks

Judging from Euros, you probably live in Europe. Then that probably means that you electricity is expensive. And that means that it won't be profitable for you.

marex199

newbie

Activity: 3

Merit: 0

hey

i want to know how much do i need to invest in mining to get profit... can i start whit 50€ or 500€ or...

thanks

byt411

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Activity: 798

Merit: 1000

Quote from: Madness on September 09, 2014, 12:59:45 PM

Quote from: byt411 on September 09, 2014, 12:51:08 PM

Quote from: Madness on September 09, 2014, 12:00:14 PM

I don't understand either , how powerful the PC should be ? RAM , CPU etc ..?

Your average PC won't be able to generate many bitcoins at all. Any computer can mine, being profitable is another thing.
Watch this video, it should help you understand better:
https://www.youtube.com/watch?v=GmOzih6I1zs

hm I see , thanks for the help , the video really helped me .
do I need to buy on of those ships and put them on my PC ?

No, they're specialized, individual pieces of mining equipment, and they aren't cheap.

Madness

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My goal is becaming a billionaire.

Quote from: byt411 on September 09, 2014, 12:51:08 PM

Quote from: Madness on September 09, 2014, 12:00:14 PM

I don't understand either , how powerful the PC should be ? RAM , CPU etc ..?

Your average PC won't be able to generate many bitcoins at all. Any computer can mine, being profitable is another thing.
Watch this video, it should help you understand better:
https://www.youtube.com/watch?v=GmOzih6I1zs

hm I see , thanks for the help , the video really helped me .
do I need to buy on of those ships and put them on my PC ?

Jybrael

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With the current difficulty of mining I think an average pc wouldn't manage to mine bitcoin at all..you will probably need an ASIC machine.

byt411

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Quote from: Madness on September 09, 2014, 12:00:14 PM

I don't understand either , how powerful the PC should be ? RAM , CPU etc ..?

Your average PC won't be able to generate many bitcoins at all. Any computer can mine, being profitable is another thing.
Watch this video, it should help you understand better:
https://www.youtube.com/watch?v=GmOzih6I1zs

Madness

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Activity: 644

Merit: 500

My goal is becaming a billionaire.

I don't understand either , how powerful the PC should be ? RAM , CPU etc ..?

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