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What is mining exactly?

Chaicho
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All I know about mining a is that it sort of a way to like "rent" your gpu for a small amount of money.

I also heard that you need multiple gpus and such but why? And who would you rent it to and for what use?

 

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See here for a brief explanation:

 

Current Network Layout:

Current Build Log/PC:

Prior Build Log/PC:

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You don’t rent anything,

 

 

I’ll explain it very noob friendly 

 

you run a program on your computer, the stronger the GPU the faster you finish the task the program does. What it does is solve math problems and each problem solved mines a little bit of what they call a block, when a whole block is mined the users who where mining on it get bitcoins as a reward (or fractions of bitcoins) then you can sell what you got from mining for real cash or you can save them up.

 

so the more gpus you have the faster you can mine the more money you make

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On 1/14/2018 at 1:32 PM, CryptoMatt said:

You don’t rent anything,

 

 

I’ll explain it very noob friendly 

 

you run a program on your computer, the stronger the GPU the faster you finish the task the program does. What it does is solve math problems and each problem solved mines a little bit of what they call a block, when a whole block is mined the users who where mining on it get bitcoins as a reward (or fractions of bitcoins) then you can sell what you got from mining for real cash or you can save them up.

 

so the more gpus you have the faster you can mine the more money you make

Wow that is the easiest explanation ive seen yet, Thanks dude. 

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-= Moved to F@H, Boinc and Coin Mining =-

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