Help me understand coin mining

[Youbetternot]

Ok so lets start off with sample question

What is coin mining?

What I know:

There is two different kind of coins litecoin and bitcoin, Which is better?

You can make money off it

What i Don't know

What do you need for coin mining?

How old do you have to be?

Can you use a laptop to mine bitcoins?

[Samdb]

It's honestly not worth it, the amount of power a rig would draw compared with the amount of coins you get is usually at a loss.

 

1. Coin mining in essence is figuring out various mathematical equations, the person that solves it gets a coin.
2. You need a computer, preferably with a GPU and a hell of a lot of power.
3. Not sure.
4. I wouldn't recommend it. 

[Theo]

Plus im guessing you have a laptop since you asked that as a question, you can mine on a laptop, but youll never mine quickly enough to get some coins so you might as well not do it

[Vitalius]

Ok so lets start off with sample question

What is coin mining?

What I know:

There is two different kind of coins litecoin and bitcoin, Which is better?

You can make money off it

What i Don't know

What do you need for coin mining?

How old do you have to be?

Can you use a laptop to mine bitcoins?

Here you go.

[RuecanOnRails]

Coin mining is the act of setting you computer, to gather up all the transactions and combine them into blocks for the public ledger. Once a block of transactions has been compiled it is uploaded to the network and checked, the client is then rewarded 25 bitcoins (or other coins) plus the transaction fees from those transactions. It is an automated process that requires a lot of horsepower. 

 

There's actually dozens of coins and variation. Here's a list of a few coins that are on exchanges and their mining profitability against bitcoin. http://coinchoose.com/index.php

 

There are two primary algorithms they use. Bitcoin uses SHA-256, Litecoin uses Scrypt. The difference between them for basic knowledge right now are ASIC miners you see advertised for bitcoin, will only work on SHA-256 based coins. They cannot work on Scrypt coins. Scrypt also is more difficult of an algorithm in terms of hash rate. SHA-256 is referred to in M/hash, Scrypt is K/hash. Where 1500 K/hash is pretty equal in terms of conversion to 1500 M/hash.

 

You can make money off of it, but you are more so investing into the future of the global economy outside of banks and government centralization.

 

There is no age required

 

And you cannot use a laptop to mine. (You can, but you won't get anywhere with it)

 

Here's a post I made explaining a little bit more of what bitcoin is.

http://linustechtips.com/main/topic/43490-100-noob-here-needs-help/?p=568447

[Youbetternot]

 

It's honestly not worth it, the amount of power a rig would draw compared with the amount of coins you get is usually at a loss.

 

1. Coin mining in essence is figuring out various mathematical equations, the person that solves it gets a coin.
2. You need a computer, preferably with a GPU and a hell of a lot of power.
3. Not sure.
4. I wouldn't recommend it. 

 

BUT i don't pay for power?

[helping]

BUT i don't pay for power?

no, but your parents do.

 

I don't really know any way else to describe that except as unethical.

 

You also need mid/high end (7850 / 5830 or better) AMD GPUs to get anywhere.

[Vitalius]

no, but your parents do.

 

I don't really know any way else to describe that except as unethical.

 

You also need mid/high end (7850 / 5830 or better) AMD GPUs to get anywhere.

He could also be running it at his workplace or his school. 

[dalekphalm]

no, but your parents do.

 

I don't really know any way else to describe that except as unethical.

 

You also need mid/high end (7850 / 5830 or better) AMD GPUs to get anywhere.

How do you know his Parents pay for power?

 

For example, my Rent for my apartment includes Electricity all-inclusive. So in this case, the building management pays for the electricity, but considering how much they charge me, I don't give a damn if I use more power than regular users.

[helping]

How do you know his Parents pay for power?

 

For example, my Rent for my apartment includes Electricity all-inclusive. So in this case, the building management pays for the electricity, but considering how much they charge me, I don't give a damn if I use more power than regular users.

if my memory serves correct hes around 13.

 

i use the forums a lot since the interim of fall and summer semesfers, being jobless and all.