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 Just Courious 
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Unread post Just Courious
Is anyone here mining Bitcoin?

From what I gather it's allowing the network to use your CPU's for calculations for which it compensates you with bitcoin. The value is then determined by trading bitcoin for goods &/or services?

Server farms are built with video cards for higher speed processing? The cost of mining is the electricity to run the servers.

Makes me wonder what they're calculating. Seti on steroids with compensation?

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Sun Dec 10, 2017 3:11 pm
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Unread post Re: Just Courious
I've been thinking about getting into it. I talked to someone that's doing it and he said its better mining one of the other currencies.. like ZedCash (i think that was the name of it) then he trades it for bitcoin from what i understand. he is making a lot of money every month but he has over $20k in video cards.. maybe even 30k. so yea it will pay for itself in a couple months but its still a big up front investment.

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Mon Dec 11, 2017 9:14 am
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Unread post Re: Just Courious
How and where does one go to mine bitcoins? How does somebody get started?

And could you still make money using just 1 really good GPU card?


Tue Dec 12, 2017 4:49 pm
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Unread post Re: Just Courious
I find it interesting that GPUs are better at mining than CPUs. Now they have Application-specific integrated circuits (ASIC) devices, that are even better than GPUs. I am no expert, I just googled it out of curiosity.

According to this article, you can no longer make money mining bitcoin, unless you have efficient hardware and cheap electricity:
https://www.buybitcoinworldwide.com/mining/hardware/

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Fri Dec 15, 2017 3:34 pm
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Unread post Re: Just Courious
Have a coworker that's mining.

I think he makes about $60.00 or so a month using 4 or 5 GPU's. After asking him a few questions and little research it seems more of hobby unless you have some real money to dump into a farm.

GPU's are preferred over using CPU,s, GPU's are better at handeling floating point cal's. Although, from what I could find boxes made specifically made for mining give the best result on return.

Basically, you host a copy of the crypto currency transaction ledger thats checked against the other ledgers hosted on the Internet. Record new transactions to the ledger, and provide a copy of the ledger to keep everyone honest. For this service you get paid in fractions of the crypto currency.

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Sat Dec 30, 2017 6:25 pm
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Unread post Re: Just Courious
There's a pretty interesting Documentary on Netflix: Banking On Bitcoin.

If you watch carefully, you'll hear that Bitcoin is Totally-Anonymous, Impossible to Hack, %100 safe; then in the last half the documentary a company named MT.GOX declares bankruptcy ~750,000 bitcoins 'stolen or lost', not to mention real (fiat) currency. ...as usual, innocent people fall victim to what is otherwise an experiment by the illuminati using social-conditioning to introduce a New-World-Order monetary system.

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Sat Dec 30, 2017 7:54 pm
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Unread post Re: Just Courious
LoneStar wrote:
There's a pretty interesting Documentary on Netflix: Banking On Bitcoin.

If you watch carefully, you'll hear that Bitcoin is Totally-Anonymous, Impossible to Hack, %100 safe; then in the last half the documentary a company named MT.GOX declares bankruptcy ~750,000 bitcoins 'stolen or lost', not to mention real (fiat) currency. ...as usual, innocent people fall victim to what is otherwise an experiment by the illuminati using social-conditioning to introduce a New-World-Order monetary system.


Yeah, while this may be taking it just a tad too far... I don't necessarily think you're wrong.

I know a good bit about crypto, and a lot more about how government agencies operate. And it's public knowledge that the NSA has more supercomputers and general computing resources than practically the rest of the world combined. Sure, they do lots of stuff with those computers, but how hard do you think it would be for them to do calculations that would take decades for a bunch of private citizens to accomplish?

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Sun Dec 31, 2017 12:15 am
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Unread post Re: Just Courious
What I'm most curious about is what are they using all this computing power for?

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Thu Jan 04, 2018 8:52 am
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Unread post Re: Just Courious
Cruncher wrote:
What I'm most curious about is what are they using all this computing power for?


The same thing as the Bitcoin people. Solving complex math problems. Except in NSA's case a lot of it is decrypting communications - between governments, individuals, cartels, terrorists etc.

There's also the mass ingestion of large amounts of data and analytics on that data - but the crypto work is what really requires the computing power.

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Thu Jan 04, 2018 11:43 am
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Unread post Re: Just Courious
Shadow wrote:
There's also the mass ingestion of large amounts of data and analytics on that data - but the crypto work is what really requires the computing power.
That is unless you have control over how crypto software is distributed. You think they don't have backdoors built into every public crypto algorithm?

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Mon Jan 08, 2018 9:26 am
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