Confused about Crypto-curencies

[samygiy]

Hi, I've seen loads about crypto currencies like bit coin, but I have a few questions.

1. What is mining?

2. Can it be profitable?

3. I have a 270x, i7 2600 and 12GB RAM is it worth it for me to mine or

4. Should I buy a dedicated miner?

That's about it, looking forward to your replies!

[Vacsol]

Mining bitcoin or litecoin aren't profitable on a 270x, and other cryptocurrencies aren't worth investing in.

[nanowatt]

You need dedicated cards for mining in order to get some profit but even then will not be enough to sustain the mining itself.Is not worth investing any kind of money

[SMURG]

1. Mining is using computer hardware to solve complex mathematical problems in order to encrypt the transfer of other coins between users. Every time you solve a block of these calculations you get a set amount of coins, usually from a combination of contributions by the people sending the coins and contributions from the system itself assuming the finite number of coins possible hasn't been reached yet. However, it is essentially impossible for a single user to solve a block on something like Bitcoin so what you have is guilds where people pool their resources to mine blocks together, and when they solve them the coins are split between all the members who worked on it based on their contribution.

2. For all intents and purposes, no.

 

3. No.

4. No. For a start you'd probably be unsuccessful if you tried. Most dedicated miners can only be paid for with bitcoins anyway, which are hard to get in the first place and the companies that sell them have questionable business practices at best. Ask yourself this: If the company can afford to sell the miner instead of running them to mine for themselves, are they worth having? Probably not.

[Sandvich]

If you really really want to mine that bad you could buy an asic miner otherwise it would not be worth it with a r9 270x

[Pelop17]

Hi, I've seen loads about crypto currencies like bit coin, but I have a few questions.

1. What is mining?

2. Can it be profitable?

3. I have a 270x, i7 2600 and 12GB RAM is it worth it for me to mine or

4. Should I buy a dedicated miner?

That's about it, looking forward to your replies!

if you want to get starter in mining i suggest you buying bitcoins