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Bitcoin?

King_of_Oz
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Can someone give me a detailed explication on what bitcoin and bitcoin mining is? 

 

Since I am to lazy to put something interesting here, I will put everything, but slightly abbreviated. Here is everything:

 

42

 

also, some questions to make you wonder about life:

 

What is I and who is me? Who is you? Which armrest in the movie theatre is yours?

 

also,

 

Welcome to the internet, I will be your guide. Or something.

 

 

My build:

CPU: Intel Core i5-7400 3.0GHz Quad-Core Processor,

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Storage: Seagate Barracuda 1TB 3.5" 7200RPM Internal Hard Drive, 

Video Card: MSI Radeon RX 480 4GB ARMOR OC Video Card, 

Case: Corsair 100R ATX Mid Tower Case , 

Power Supply: Corsair CXM 450W 80+ Bronze Certified Semi-Modular ATX Power Supply, 

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ou do not ask why, you ask why not -me

 

Remeber kinds, the only differ between screwing around and scince is writing it down. -Adam Savage.

 

Only two things are infinite: the universe and human stupidity, and I'm not even sure of the former. - Albert Einstein.

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7 minutes ago, King_of_Oz said:

Can someone give me a detailed explication on what bitcoin and bitcoin mining is? 

To explain it simply, its an online currency that is regulated through "mining".

 

 

Currency (such as the USD) is regulated by the government. Since bitcoin isnt tied to any government, it gets self regulated by people mining. 

 

 

When people mine, their computers basically solve complex math equations, and get rewarded a certain amount of bitcoins per completion. The amount of coins awarded per completion changes, as do the difficulty of the math problems. 

******If you paste in text into your post, please click the "remove formatting" button for night theme users.******

CPU- Intel 6700k OC to 4.69 Ghz GPU- NVidia Geforce GTX 970 (MSI) RAM- 16gb DDR4 2400 SSD-2x500gb samsung 850 EVO(SATA) Raid 0 HDD- 2tb Seagate Case- H440 Red w/ custom lighting Motherboard - MSI Z170 Gaming A OS- Windows 10 Mouse- Razer Naga Epic Chroma, Final Mouse 2016 turney proKeyboard- Corsair k70 Cherry MX brown

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2 minutes ago, bgibbz said:

To explain it simply, its an online currency that is regulated through "mining".

 

 

Currency (such as the USD) is regulated by the government. Since bitcoin isnt tied to any government, it gets self regulated by people mining. 

 

 

When people mine, their computers basically solve complex math equations, and get rewarded a certain amount of bitcoins per completion. The amount of coins awarded per completion changes, as do the difficulty of the math problems. 

But, can you exchange your bitcoins for actual currency? (USD, CAD)

 

Since I am to lazy to put something interesting here, I will put everything, but slightly abbreviated. Here is everything:

 

42

 

also, some questions to make you wonder about life:

 

What is I and who is me? Who is you? Which armrest in the movie theatre is yours?

 

also,

 

Welcome to the internet, I will be your guide. Or something.

 

 

My build:

CPU: Intel Core i5-7400 3.0GHz Quad-Core Processor,

 Motherboard: ASRock B250M Pro4 Micro ATX LGA1151 Motherboard, 

Memory: Corsair 8GB (1 x 8GB) DDR4-2133 Memory,

Storage: Seagate Barracuda 1TB 3.5" 7200RPM Internal Hard Drive, 

Video Card: MSI Radeon RX 480 4GB ARMOR OC Video Card, 

Case: Corsair 100R ATX Mid Tower Case , 

Power Supply: Corsair CXM 450W 80+ Bronze Certified Semi-Modular ATX Power Supply, 

Operating System: Microsoft Windows 10 Home Full, 

Wireless Network Adapter: TP-Link TL-WN725N USB 2.0 802.11b/g/n Wi-Fi Adapter, Case Fan: Corsair Air Series White 2 pack 52.2 CFM  120mm Fan

 

ou do not ask why, you ask why not -me

 

Remeber kinds, the only differ between screwing around and scince is writing it down. -Adam Savage.

 

Only two things are infinite: the universe and human stupidity, and I'm not even sure of the former. - Albert Einstein.

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2 minutes ago, bgibbz said:

To explain it simply, its an online currency that is regulated through "mining".

 

 

Currency (such as the USD) is regulated by the government. Since bitcoin isnt tied to any government, it gets self regulated by people mining. 

 

 

When people mine, their computers basically solve complex math equations, and get rewarded a certain amount of bitcoins per completion. The amount of coins awarded per completion changes, as do the difficulty of the math problems. 

And how do you get a program to do the problems and get bitcoins?

 

Since I am to lazy to put something interesting here, I will put everything, but slightly abbreviated. Here is everything:

 

42

 

also, some questions to make you wonder about life:

 

What is I and who is me? Who is you? Which armrest in the movie theatre is yours?

 

also,

 

Welcome to the internet, I will be your guide. Or something.

 

 

My build:

CPU: Intel Core i5-7400 3.0GHz Quad-Core Processor,

 Motherboard: ASRock B250M Pro4 Micro ATX LGA1151 Motherboard, 

Memory: Corsair 8GB (1 x 8GB) DDR4-2133 Memory,

Storage: Seagate Barracuda 1TB 3.5" 7200RPM Internal Hard Drive, 

Video Card: MSI Radeon RX 480 4GB ARMOR OC Video Card, 

Case: Corsair 100R ATX Mid Tower Case , 

Power Supply: Corsair CXM 450W 80+ Bronze Certified Semi-Modular ATX Power Supply, 

Operating System: Microsoft Windows 10 Home Full, 

Wireless Network Adapter: TP-Link TL-WN725N USB 2.0 802.11b/g/n Wi-Fi Adapter, Case Fan: Corsair Air Series White 2 pack 52.2 CFM  120mm Fan

 

ou do not ask why, you ask why not -me

 

Remeber kinds, the only differ between screwing around and scince is writing it down. -Adam Savage.

 

Only two things are infinite: the universe and human stupidity, and I'm not even sure of the former. - Albert Einstein.

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1 minute ago, King_of_Oz said:

And how do you get a program to do the problems and get bitcoins?

You download a mining program, set it up, set up a wallet, and start mining.

 

Before you ask you should not even bother because you will make absolutely zero money from it, you do not have anywhere near the scale of hardware to mine a single coin.

.

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Just now, King_of_Oz said:

But, can you exchange your bitcoins for actual currency? (USD, CAD)

Yes. 

 

If you are planning on trying to do this for money, i wouldnt waste your time. Mining with a PC isnt really a thing anymore, as hardware called ASICS are cheaper and more effecient at mining. You would have to buy one of these, and you still wouldnt nessacarily make any money back from the investment. 

******If you paste in text into your post, please click the "remove formatting" button for night theme users.******

CPU- Intel 6700k OC to 4.69 Ghz GPU- NVidia Geforce GTX 970 (MSI) RAM- 16gb DDR4 2400 SSD-2x500gb samsung 850 EVO(SATA) Raid 0 HDD- 2tb Seagate Case- H440 Red w/ custom lighting Motherboard - MSI Z170 Gaming A OS- Windows 10 Mouse- Razer Naga Epic Chroma, Final Mouse 2016 turney proKeyboard- Corsair k70 Cherry MX brown

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2 minutes ago, King_of_Oz said:

And how do you get a program to do the problems and get bitcoins?

https://www.bitcoinmining.com/

 

 

All of the software is available there.

******If you paste in text into your post, please click the "remove formatting" button for night theme users.******

CPU- Intel 6700k OC to 4.69 Ghz GPU- NVidia Geforce GTX 970 (MSI) RAM- 16gb DDR4 2400 SSD-2x500gb samsung 850 EVO(SATA) Raid 0 HDD- 2tb Seagate Case- H440 Red w/ custom lighting Motherboard - MSI Z170 Gaming A OS- Windows 10 Mouse- Razer Naga Epic Chroma, Final Mouse 2016 turney proKeyboard- Corsair k70 Cherry MX brown

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2 minutes ago, AlwaysFSX said:

You download a mining program, set it up, set up a wallet, and start mining.

 

Before you ask you should not even bother because you will make absolutely zero money from it, you do not have anywhere near the scale of hardware to mine a single coin.

How powerful does your PC need to be?

 

Since I am to lazy to put something interesting here, I will put everything, but slightly abbreviated. Here is everything:

 

42

 

also, some questions to make you wonder about life:

 

What is I and who is me? Who is you? Which armrest in the movie theatre is yours?

 

also,

 

Welcome to the internet, I will be your guide. Or something.

 

 

My build:

CPU: Intel Core i5-7400 3.0GHz Quad-Core Processor,

 Motherboard: ASRock B250M Pro4 Micro ATX LGA1151 Motherboard, 

Memory: Corsair 8GB (1 x 8GB) DDR4-2133 Memory,

Storage: Seagate Barracuda 1TB 3.5" 7200RPM Internal Hard Drive, 

Video Card: MSI Radeon RX 480 4GB ARMOR OC Video Card, 

Case: Corsair 100R ATX Mid Tower Case , 

Power Supply: Corsair CXM 450W 80+ Bronze Certified Semi-Modular ATX Power Supply, 

Operating System: Microsoft Windows 10 Home Full, 

Wireless Network Adapter: TP-Link TL-WN725N USB 2.0 802.11b/g/n Wi-Fi Adapter, Case Fan: Corsair Air Series White 2 pack 52.2 CFM  120mm Fan

 

ou do not ask why, you ask why not -me

 

Remeber kinds, the only differ between screwing around and scince is writing it down. -Adam Savage.

 

Only two things are infinite: the universe and human stupidity, and I'm not even sure of the former. - Albert Einstein.

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1 minute ago, King_of_Oz said:

How powerful does your PC need to be?

PCs are useless for mining bitcoins. You would need special hardware called ASIC, which is expensive ( often times thousands of dollars.) as stated above, there is no money in bitcoin mining. 

******If you paste in text into your post, please click the "remove formatting" button for night theme users.******

CPU- Intel 6700k OC to 4.69 Ghz GPU- NVidia Geforce GTX 970 (MSI) RAM- 16gb DDR4 2400 SSD-2x500gb samsung 850 EVO(SATA) Raid 0 HDD- 2tb Seagate Case- H440 Red w/ custom lighting Motherboard - MSI Z170 Gaming A OS- Windows 10 Mouse- Razer Naga Epic Chroma, Final Mouse 2016 turney proKeyboard- Corsair k70 Cherry MX brown

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7 minutes ago, King_of_Oz said:

How powerful does your PC need to be?

You don't use a PC anymore, you use tens of thousands of dollars worth of ASICs to do it.

.

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If your PC is powerful enough you could mine something like Monero. You should be able to make a little bit of money off that. Also you Monero can't mine Monero with as ASIC miner so a PC can still do it. 

My Work in Progress PC http://linustechtips.com/main/topic/522048-xeon-build/ <-- That PC was built but never booted:(

My Work in Progress PC 2.0 https://linustechtips.com/main/topic/540583-xeon-build-20-code-name-xenox (Hopefully this one boots.) 

 

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stop here and dont waste your time in mining bitcoins. Probably the best advice in this thread :P

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20 hours ago, bgibbz said:

Yes. 

 

If you are planning on trying to do this for money, i wouldnt waste your time. Mining with a PC isnt really a thing anymore, as hardware called ASICS are cheaper and more effecient at mining. You would have to buy one of these, and you still wouldnt nessacarily make any money back from the investment. 

With how the difficulty increases along with increasing power costs you would need to double your hashing rate every year or so just to make money.

                     ¸„»°'´¸„»°'´ Vorticalbox `'°«„¸`'°«„¸
`'°«„¸¸„»°'´¸„»°'´`'°«„¸Scientia Potentia est  ¸„»°'´`'°«„¸`'°«„¸¸„»°'´

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i found people making the most money off bitcoin are not mining. they are selling the hardware and selling the hype. theres also good money being made by bitcoin exchanges

             ☼

ψ ︿_____︿_ψ_   

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