Bitcoin Mining

Questions and Answers

Bitcoin mining confusion?

Ok so my very basic understanding of bitcoin mining is that you are processing transactions from other people. I also understand that the difficulty of the mining is increasing causing it to take longer and longer to figure out. At some point this will be a venture that is not worth doing with electricity costs (assuming we don’t end up with a new energy source). So when the miners aren’t able to profit and in fact lose money, won’t this completely kill the entire currency since there will be no one left to process the transactions?

English: The ATI Radeon™ HD 5850 Graphics Card...
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Questions and Answers

Bitcoin mining confusion?Ok so my very basic understanding of bitcoin mining is that you are processing transactions from other people. I also understand that the difficulty of the mining is increasing causing it to take longer and longer to figure out. At some point this will be a venture that is not worth doing with electricity costs (assuming we don’t end up with a new energy source). So when the miners aren’t able to profit and in fact lose money, won’t this completely kill the entire currency since there will be no one left to process the transactions?If I am missing something here feel free to let me know. I am new to it and just trying to learn.
Oh and one more, what happens if all the bit coins that will ever exist (supposedly 21 million) have been mined. Would this not also kill the currency?

Posted by KEAL G SEO
[display_name id=”1″]I think bitcoin mining can be thought of as a similar concept to gold mining.
At this point, it is harder for miners to successfully find new bitcoins, which means that the bitcoin mining industry is waning. However, bitcoin as a currency is still strong and its success it not tied to the success of bitcoin mining.
Best card for bitcoin mining?I’m getting into bitcoin mining and I want to know what would be a good choice for a card(s). My budget is up to about 250 or 300 and I would like it to be a single card setup because I would also like to install a nividia card later on, if this isint possible or Is inconvenient how much wattage does my psu need to be to hold 3 cards. Also is it possible to have a card in my computer but not having it on and using energy.

Posted by michael
[display_name id=”1″]The best card for bitcoin mining seems to be the Radeon HD 6990. Probably because it is a twin GPU card. But it sells for around $600-700. For your price range- a Radeon 6970 would be pretty decent.Http://www.newegg.com/Product/Product.as…If you prefer Nvidia this would be an OK choice.Http://www.newegg.com/Product/Product.as…

You will need a good 850 watt PSU for two cards. 1000 + watts for three.

If the card is installed in your computer, then it will use power. There is no way around that.

How much harware does bitcoin mine pooling require?I know that bitcoin mining requires some hefty hardware, or so iv heard. But how much hardware would i use or need to do some bitcoin mine pooling. Is it something i can do on my regular computer that i use for everyday things, it wont make my computer slow will it?

Posted by Mitchell
[display_name id=”1″]Your regular home computer? It will be slow. You could join a mining pool. But most regular computers without a good ATI graphics set up will make about 1 bitcoin a year even if it is switched on a good deal of every day.
Since bitcoins have dropped to 25 BTC per block its gotten even harder. I cant actually find a rig for sale online that could pay for itself in less than a year or in some cases 3 years! The cost of the rig and the electricity to power it while runs at capacity..
Unless you already own a pc with high specs and really high GPU’s that you would be using anyway…. Then your looking at a long slow haul..
Its probably better these days to just BUY a few BTC and either trade them locally (you can find a few local buying and selling sites online just search local bitcoin trading in google) and see if the values go up again as they are currently.
Or Buy a few to invest. Theres a few investment sites about right now.
Bitcointrustgroup.org are nonprofit so you get really high returns back from them if your prepared to invest for a while and investments are favourable. Plus if bitcoins increase in value as well as your investment then you will make a whole lot more than bitmining!

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