I didn't have an opportunity to mine Bitcoin in the early days and that was when bitcoin was first initiated . There are so many people who claimed that at that time mining bitcoin was quite easy and they could mine 1BTC in a day.
Is Bitcoin mining faster in the early days ?
- Thread starter Potuse
- Start date
I didn't have the opportunity to mine bitcoin in those days. I heard about people who mine in those days and make a lot of money from it when it's price increases. From what I heard, I think mining in those was faster and easier than mining these days.
Back when it first came out, I couldn't tell you. Now days it's much more popular, but back in the day it was a small group of people investing in crytpo. Now everyone wants to invest. If Bitcoin didn't get the initial investment from users, then I don't think it would have lasted as long as it has.
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I don't believe that Bitcoin mining is faster during the early days as compared to now, because we have better equipment currently than there was when mining Bitcoin.
While the network is growing, competitiveness also and the hashrate you have to contribute is higher if you want to even sign a block and get rewards, otherwise you must join a pool where everyone shares their reward per block, on the other hand knowing this the network is getting bigger and the money is distributed among more parties and the block now pays 6.25btc, then the distribution makes it very difficult to earn a lot of BTC, on the other hand the first days were 50btc per block, and there was a lot less competition, so you can imagine how many BTC an ordinary miner could earn.
Yes, Bitcoin mining was faster in the early days of the cryptocurrency. This is because when Bitcoin was first created in 2009, the difficulty level of mining was very low, and there were very few people mining it. As a result, it was relatively easy to mine Bitcoin, and miners could earn a significant amount of Bitcoin with relatively little effort.
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From what i have heard, Bitcoin mining is actually a lot more easier to run mine compared to now. The cost of mining is pretty much on the high side right now and what you would end up mining might not even be enough to cover the cost.
And to think that I was invited to join a mining pool in those early days of bitcoin and I refused. I saw it as some online scheme that people just waste their time with.
In fact, Bitcoin mining was quicker in its early stages. In the beginning, using common CPUs found in typical home computers, anyone with a computer could readily mine at home. However, as Bitcoin gained popularity and value over time, miners became more advanced and started utilizing complicated equipment like ASICs.
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I don't believe that Bitcoin was faster to mine in the early days as compared to now that we have sophisticated machines or computer except the population was not much then.
Yes, Bitcoin was a lot more easier to setup even and faster to mine back in the days.Then, it can be mined using your computer.
Over time, with more popularity it became harder to setup.
Over time, with more popularity it became harder to setup.
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And so many people were informed about bitcoin back on the days but they let it slide and didn't take it serious. That's why as business people, we don't discard opportunities presented before us like that. We have to evaluate it properly.
Yes, a lot of people did not take it seriously.
I think They do not believe in it, and do not see it as having any potential at all.
This is common with new technology, It is actually very hard for people to embrace new innovation.
Exactly, when bitcoin was first introduced, may people do not believe in it. They see it as another scam. But it turn out to be one of the ɓest thing to have happened in our generation. When I first I heard about bitcoin, it's price was very low.
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Yes, It is.
When there is a new invention, Most people tend to be against it because they have not taken their time to understand how it works.
Most people also tend to avoid investing in anything that is relatively new to avoid getting scammed.
Miners earned better during the early days of Bitcoin. That's because mining rewards per block were higher. Every halving event reduces the mining reward, so these days mining is difficult
It is true that miners get better reward from Bitcoin mining in the early days. The fact is that you would gain more bitcoin when you mine in those days than when there is high competition.
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Of course, you're right. When there's a new invention, most people will not believe in it. And you can't blame them because sometimes I also find it hard to join and take serious a union matter.
Well it is normal to distrust something that is new, it is within the human DNA to distrust and believe that something cannot work, but are the first persons who enter and trust the project those who carry out that such invention or technology can go ahead and become something greater.
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