Topic: What is mining (Read 1160 times)

Its amazing process, have fun with readong through it

Also read this, if you want to know more:

http://www.coindesk.com/information/how-bitcoin-mining-works/

Or, to put it more simply, No, it's not worth it. Most of the mining equipment is overpriced, and you'll probably not get a quick return on your investment as difficulty rises constantly.

Difficulty rises constantly because people keep buying and using mining equipment to mine, raising the total network hashrate (or network power) which in turn raises the difficulty, making the equipment less and less efficient. Which brings the need for more efficient, more powerful equipment, which can bring a profit. But that new equipment makes the network even more powerful and so on and so on.

The electricity cost is something to take into consideration, of course, but the biggest problem is that new ASIC equipment is very expensive and it needs to be maintained properly. You don't want a $6000 mini computer sitting in a closet - you need cooling, adequate electric circuits (surge protectors etc) because you don't want a power spike to fry it and so on. These are usually found in datacenters, which could host your miner(s) but add cost themselves, as hosting isn't usually cheap. On the bright side, hosting usually includes power, so there's that

So the investment is quite big, and even if you do everything perfectly, accidents happen and you could lose a miner to bad luck. That means you should invest in more miners, just for the risk mitigation... It's not something you should consider without a lot more reading up on the subject.

If you are hoping to get some profits in bitcoin mining, I am sorry to tell you the good days are gone.
Not only you need to consider the electricity cost, you also need to account for the uptrend of difficulty.

I must divice or hight power VGA to mine

Is it really worth it to do mining these days? I mean, the energy consumption would probably eat all the profits. Am I wrong?

Second this.
Simple but in depth.



The over simplified explanation is that you solve a problem before anyone else does.
You announce your solution to the world, along with all the new bitcoin transactions that you know of, plus one transaction of BTC25 to your account.
Other nodes will check your solution and if it works they will also announce it to the world.
This accepted solution will form part of the next problem that everyone will try to solve before anyone else.

google it or http://lmgtfy.com/?q=what+is+bitcoin+mining

I find this guy explains BTC very well.

http://www.youtube.com/channel/UCgo7FCCPuylVk4luP3JAgVw/videos

Enjoy

Hi newbie
Here is some videos on youtube which might help you what is mining ad how to mone BTC, Of course you cannot mine BTC with your own PC nowadays, but you will get the point Wish you luck and welcome to the cryptoworld

https://www.youtube.com/watch?v=j7opj5-32hw
https://www.youtube.com/watch?v=Lx9zgZCMqXE
https://www.youtube.com/watch?v=E_PeYgMbiVk
https://www.youtube.com/watch?v=5CjldZLXiAU
https://www.youtube.com/watch?v=UrrBcaXuaq8
https://www.youtube.com/watch?v=SNssKmeXrGs

BR
Gondel

https://en.bitcoin.it/wiki/FAQ#What_is_mining.3F

was that so hard?

I'm tried to get more info about but don't know - what is mining process for Bitcoins. From FAQ's i'm get two points:
- miner trying to solve cryptotask;
- miner "helping" all the BTC-web(transactions, blockchains and etc).

how does these relate to each other? how can i (miner, for example) solve some cryptotask's and make this things with transactions in the same time?