BITCOIN ??

Page may contain affiliate links. Please see terms for details.
Knowing very little about the BTC premise, I found this description very helpful:

The Mining Premise
The basic premise of mining is that persons from around the world can contribute their processing cycles (CPU or otherwise) to the bitcoin network. In return they get paid for the number of cycles they contribute. These cycles are used to secure the entire Bitcoin network.

From:

Oh Bitcoin is still a thing? Should I start mining then?
 
Read the thread. Twice.

What is my CPU or GPU being used for exactly? Mining....whats that supposed to be.? Oh! And in english please. LOL
 
You run an application that makes use of either your GPU or CPU to calculate the results from the Blockchain. Each new block thats found after being decoded gets a reward which is then shared amongst those that contributed processing power to calculate the data.

So, you run the software, it uses some of your resources and thats all you worry about. Depending on how many valid results you calculate, you get rewarded with a share of the fee. Not a large reward but for the less popular Coins its decent enough.
 
You run an application that makes use of either your GPU or CPU to calculate the results from the Blockchain. Each new block thats found after being decoded gets a reward which is then shared amongst those that contributed processing power to calculate the data.

So, you run the software, it uses some of your resources and thats all you worry about. Depending on how many valid results you calculate, you get rewarded with a share of the fee. Not a large reward but for the less popular Coins its decent enough.


Thanks. Now I get it. Wonder if I can run this at work.......Only browse Facebook mostly there anyways LOL
 
900 hashes a second? Surely you mean 900 million a second?
That's why I said earlier you can't mine with CPUs or GPUs. ASIC miners that are built for the job will calculate trillions of hashes a second.

5 Best Bitcoin Mining Hardware ASICs 2017 / 2018 (Comparison)

They use thousands of watts though, so pointless if your electricity isn't dirt cheap.
 
In that case I'll introduce Dryce-coin-plus which uses a finite set of numbers which are generated using some hugely CPU intensive algorithm and set the initial offering at $100 because clearly the work to generate them must be reflected in their value.

Think about it.

Thought about that, and perhaps that is why there are loads of different coins apart from Bitcoin. You need to persuade people to mine (which means run the distributed ledger (blockchain)).

The bitcoin blockchain can be looked at by anyone, so you can see how many coins are in every wallet and every transaction. Thus if you catch a criminal and find a record showing one transaction on his laptop you can then see all his transaction history. There are a number of very large bitcoin wallets that have had no transactions for years and are probably thus lost ! (Lots of people lost private keys when hardware failed or their wallets got pillaged because they gave the key away or one of the exchanges got hacked / died / etc).
It will be very interesting to know how much the last Bitcoin that can be mined will cost (i.e in terms of electricity) and be worth.

I'm told Monero is not the same (much more anonymous than Bitcoin) and the illegal transactions happen more on there than on bitcoin. Although I have not researched much.

Theres a nice book i'm reading "Bitcoin the future of money" by Dominic Frisby (who I have listened to presenting on the subject) - its £8.99 and so far is good.

Richard
 
I am sure we are not far off somebody dangling the Japanese guy who thought up Bitcoin from a high building to see how many Bitcoins fall out of his pockets.
 
900 hashes a second? Surely you mean 900 million a second?
That's why I said earlier you can't mine with CPUs or GPUs. ASIC miners that are built for the job will calculate trillions of hashes a second.
.
No, I meant 900h/s If it was possible to calculate 900 million per second, that would yeald 10099.73 XMR per day, which is around 2.2million GBP.

You cannot mine XMR with an ASIC, it is CPU/GPU only
 
Oh I missed the monero part, I thought we were talking bitcoin.
 
Oh I missed the monero part, I thought we were talking bitcoin.
Bitcoin was always quite difficult to mine, after reading this thread I decided to give mining a go and chose Monero. I am waiting for the new Dryce-Coin to start
 
$14,713 / £11,035 Cant believe how quick it's gone up since last month
 
Seems many have been stung with 4000 BTC being stolen from nicehash.com Nicehash is/was a large mining pool, they had a built in wallet and restricted each miner to withdraw minimum 0.01btc. Someone (some say inside job) has hacked into the system and made a 4000BTC withdrawal. So far the coins stolen have a value of $75million and are still sitting in the thiefs wallet.

Once the coins have been tumbled they will be untraceable.

https://www.nicehash.com/

BTC Wallet of the thief.
1EnJHhq8Jq8vDuZA5ahVh6H4t6jh1mB4rq - Bitcoin address
 
Someone stole the master wallet's private key and syphoned off the funds? :eek:

Cheeky! Who could have easily done that? o_O
 
I bought £20 worth back around 2012, spent £12 and promptly forgot about the rest until recently. That '£8' has just hit £3100, my problem is trying to buy a new TV with them, struggling to find trustworthy outlets that accept them.
 
I have an old wallet with what was a small amount, just cannot get into it! Could be a few hundred or maybe a few grand in there!

Have tried all mu usual passwords but nothing
 
I have tried to register with coinbase but they're systems are playing up and wouldn't accept my ID so I cannot try again for 24 hours. Anyone have any other reputable recommendations?
 
I have tried to register with coinbase but they're systems are playing up and wouldn't accept my ID so I cannot try again for 24 hours. Anyone have any other reputable recommendations?

I'm with coin base, The id is tricky to upload, There system has been playing up today
 

Users who are viewing this thread

Back
Top Bottom