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?
Questions and Answers
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?
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.
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.
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!
BitCoin For Beginners – Cloud Mining & Cloud Hashing …
- Beginner’s guide to mining Litecoin, Dogecoin, and other Bitcoin variants(pcworld.com)
- The Basics of Bitcoin(punchkickinteractive.com)
- Graphics card demand wanes as crypto miners move on(techreport.com)