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Mining and Gpus

Supreme-frost
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Hi Guys, I don't get it. what is going on with GPU pricings! What is mining( in PC context), What is so special about this Ethereum stuff?

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Mining: running calculations to get virtual money.

ETH is so 'special' because of its value (or past value), which is why people are mining it, why they bought out all videocards good for it + why the prices are insane.

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Ethereum is another cryptocurrency, which is still in it's infancy compared to Bitcoin. It's a gold rush at the moment until the bottom inevitably falls out of the market.

 

GPU's are being snapped up by miners which is lowering the availability and driving up prices from retailers. "Miners" use the GPU to solve computational questions which are rewarded with Ethereum bits.

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The simplest way to explain it would be that mining is essentially solving problems using the GPU and as a reward you get ethereum which has a value, just like paper money has a value, and you can trade ethereum or other coins for dollars.

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8 minutes ago, Lurick said:

The simplest way to explain it would be that mining is essentially solving problems using the GPU and as a reward you get ethereum which has a value, just like paper money has a value, and you can trade ethereum or other coins for dollars.

Ummm, this is all very new to me, so Ethereum is a crypto currency, inferior to Bitcoin. mining can be compared to mining gold or silver, just as those can be exchanged for real cash( as they have value), so can the crypto currencies? GPUs that are good for mining are in crazy high demand, and that's why prices are rising?

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7 minutes ago, Lurick said:

The simplest way to explain it would be that mining is essentially solving problems using the GPU and as a reward you get ethereum which has a value, just like paper money has a value, and you can trade ethereum or other coins for dollars.

too bad the problems they are solving don't actually mean anything. wish the miners put their systems to work for science research or something. then at least they will be doing something that matters

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Just now, Supreme-frost said:

Ummm, this is all very new to me, so Ethereum is a crypto currency, inferior to Bitcoin. mining can be compared to mining gold or silver, just as those can be exchanged for real cash( as they have value), so can the crypto currencies? GPUs that are good for mining are in crazy high demand, and that's why prices are rising?

Pretty much, I wouldn't say Ethereum is inferior or anything just newer, who knows, it could become bigger than bitcoin at some point.

For bitcoin, ASIC miners (specialized mining appliances made just for mining bitcoin) are king and thus nobody mines with GPUs anymore.

Ethereum and others are ASIC proof and as such no specialized appliances are available to mine them so people have to stick with GPUs.

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4 minutes ago, Sierra Fox said:

too bad the problems they are solving don't actually mean anything. wish the miners put their systems to work for science research or something. then at least they will be doing something that matters

That's a shame. Wait, what kind of problems are they solving then?

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Just now, Supreme-frost said:

That's a shame. Wait, what kind of problems are they solving then?

transaction codes essentially. they solve math equations to confirm a transaction has taken place

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22 minutes ago, Sierra Fox said:

transaction codes essentially. they solve math equations to confirm a transaction has taken place

Alright Man, thanks a lot, ill probably look into it some more.

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