Learn how bitcoin is mined

[Robust]

I do not have interest in anything mining of coins, most especially mining of coin because it is like a waste of time and date for me to be staying at the platform doing nothing.

 

[Setho]

Bitcoin mining is basically a offline transaction whereby blocks are created with every new transaction that is generated then fees are being paid for the creation of these blocks.

 

[Chibson]

I do not have interest in anything mining of coins, most especially mining of coin because it is like a waste of time and date for me to be staying at the platform doing nothing.

Mining of Bitcoin is very lucrative but it needs a lot of money and you also need to have knowledge of computer. It is not a type of mining you do on telegram that does not pay any reasonable amount of money. That one is quite different.

 

[Robust]

Mining of Bitcoin is very lucrative but it needs a lot of money and you also need to have knowledge of computer. It is not a type of mining you do on telegram that does not pay any reasonable amount of money. That one is quite different.

Ok. I really thought it is the one on telegram, so which one can one do through his or her own laptop. It will really be good if you try and explain it for us here in detail.

 

[Chibson]

Ok. I really thought it is the one on telegram, so which one can one do through his or her own laptop. It will really be good if you try and explain it for us here in detail.

it is not something you just do on a laptop because you need to have plenty of money in order to purchase hashrate. i don't actually know how it works because i have never been involved in bitcoin mining before. You should also be very careful because there are a lot of scammers on the internet.

 

[Honny143]

That is the problem with bitcoin mining. With the difficulty increasing every day. This has made it more hard for people to like bitcoin. With the hardware used to mine bitcoin always changing every time. It is better to mine new coin

Your suggestion mine a new coin really good, now a time bitcoin mining not affordable for low budget miners, then why we run behind bitcoin,there are so many better coins (new&old) available, and these coins mining easy and required low budget also.

 

[eenya00]

in today's world learning how bitcoin is mined is not profitable or feasible on the long run, because it is capital intensive and the returns you get on a daily basis does not equate your level of capital that has been put into the business.

 

[Genie01]

This is really inspiring and informative to me.
Matter of fact, I never knew the principle of bitcoin mining .
But after reading this thread it opened my eyes.
Thanks!

 

[Immilash]

This is really inspiring and informative to me.
Matter of fact, I never knew the principle of bitcoin mining .
But after reading this thread it opened my eyes.
Thanks!

You can actually earn a considerable amount of money mining Bitcoin but before you can do that you need to have enough money to buy mining rigs.

 

[Genie01]

You can actually earn a considerable amount of money mining Bitcoin but before you can do that you need to have enough money to buy mining rigs.

That's really interesting, but what is this mining rig if I may ask.
And how much does it cost
What is the principle of it's operation.
I am just inquisitive to learn please.

 

[Immilash]

That's really interesting, but what is this mining rig if I may ask.
And how much does it cost
What is the principle of it's operation.
I am just inquisitive to learn please.

It cause you thousands of dollars to get that, most investors uses it to earn enough money, mining rig is just a tool that helps you to earn a good amount.

 

[Genie01]

It cause you thousands of dollars to get that, most investors uses it to earn enough money, mining rig is just a tool that helps you to earn a good amount.

I am enlightened and I would do my further research about that.
I initially thought mining is not done that way but thanks for the knowledge you've dished here.

 

[Immilash]

I am enlightened and I would do my further research about that.
I initially thought mining is not done that way but thanks for the knowledge you've dished here.

Yeah, that's why u said the rich are always getting richer because they have millions of ways to boost their earning, just imagining getting that mining rigs, how will it fells?

 

[Genie01]

Yeah, that's why u said the rich are always getting richer because they have millions of ways to boost their earning, just imagining getting that mining rigs, how will it fells?

The rich continues to get rich and the poor get poorer
That's the irony of life, but the greatest consolation is that you can choose to be rich or poor.

 

[Immilash]

The rich continues to get rich and the poor get poorer
That's the irony of life, but the greatest consolation is that you can choose to be rich or poor.

You have said it all, the rich are always getting richer while the poor are always getting poorer, if you want to earn money then you definitely need to have money before you can get it.

 

[Floura]

It cause you thousands of dollars to get that, most investors uses it to earn enough money, mining rig is just a tool that helps you to earn a good amount.

Having a mining rigs is good idea to earn money online, you actually earn a considerable amount of money online if you have good experience on how mining works.

 

[ghxstvecna]

A Short Explanation of How to Mine Bitcoin 1. Block Rewards and Miner Fees 2. The Three Ways 3 Pool Mining 4 Mining Alone 5 Cloud Mining 6 How to Mine Bitcoin in a Pool: Tutorial 7 Setting up the Gear.

 

[Lynaia]

This thread is not helpful for whoever want to start bitcoin mining, i taught you want to talk about how people can mine bitcoin successfully but you're only saying generals thing people already know

 

[Bigron]

Simply explained, mining is the process of creating a crypto coin by using computers to solve complicated computational mathematical equations. Bitcoin mining has become well-known, and many people participate in it. A new bitcoin is created when a complicated mathematical equation is successfully solved.

Bitcoin miners are also used in the solution of these difficult mathematical problems. The quantity of bitcoins created is directly proportional to the power of your computer hardware. A high hashrate per second is the result of high-powered mining equipment.

Bitcoin mining is a lucrative enterprise that is gaining traction among organizations, governments, and people.
In 2013, bitcoin miners began using equipment designed exclusively for mining. Application Specific Integrated Circuits, or ASICs, are used in bitcoin mining machines.

What are your thoughts on bitcoin mining?

This is a really detailed explanation which elucidates the ins and outs of bitcoin mining. My only concern is that given the astronomical value of bitcoin as at now, it would be extremely difficult to mine bitcoin to a level where it would be of immense value. However, I stand to be corrected on my opinion.

 

[Genie01]

This is a really detailed explanation which elucidates the ins and outs of bitcoin mining. My only concern is that given the astronomical value of bitcoin as at now, it would be extremely difficult to mine bitcoin to a level where it would be of immense value. However, I stand to be corrected on my opinion.

I truly agree with this opinion of yours,
I don't think it is easy mining bitcoin, because it means excess supply and if there is excess supply the markets continues being bearish.