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There were fewer miners around. Sat, 20 Jan Anybody caught violating the rules will be banned on sight. You can buy and sell the ones that are "out there". Basically this means that the more miners that join, the harder it gets to actually mine Bitcoins. Asic based machines only.
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Bitcoin is institutionalising around centralised groups and may well be becoming similar to the organisations the whole thing was set up to replace. Cloud hashing companies are simply sucking away the money of novice mining investors. The platform that brings them together is called a mining pool and it deducts some sort of a fee in order to maintain its operations. People have banded together, created "pools", sharing ever more expensive hardware, processing capability and even electricity costs that go with finding those precious bitcoin golden nuggets. Do not beg for donations simply for lending a helping hand. In the early days, it was easier to be a miner. Click the "report" link.
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Of course the return volume does decrease over time. Nobody should have to trust you before clicking on a link. You must really be careful as there are so many scams out there! No mining contract referral links. Some good examples for Altcoins are LitecoinDogecoin and Peercoin. There were fewer miners around.
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Is Bitcoin still worth mining? : BitcoinMining
People with a strong interest in such things were first to stake their claim, These gains, though, are particularly interesting in that, even last year, individual hobby mining wasn't profitable anymore. Individuals with just one or two miners couldn't compete with the companies mining bitcoin using large warehouses full of servers dedicated to the task and seeing lucrative returns as More often than not, the question pops up in times when Bitcoin's price is rising, and they may see mining as the cheapest way to get their hands on some There are many options for cryptocurrency mining.
But besides having the hardware, there are other steps to take to I'm quite new here. I've read a few thread and I was honestly wondering if bitcoin mining is worth it anymore with a small budget. So, if I'd mine Bitcoin mining in China - is this a big business in big trouble? The Chinese government had been making as if to ban the practice for a while, filling the headlines with will they won't they speculation. Finally, miners were told to make an orderly exit, and major mining outfits are now looking for new homes overseas.
Whereas the process of actually mining the Bitcoins is a job of the hardware, Bitcoin mining software is essential to connect the miners to the mining pool as well as the blockchain. The software is what passes on the work to miners and gathers back the completed job. And here another metaphor borrowed from the physical world comes into play. This ledger is secure and transparent. And no one charges you for recording your transactions into that ledger. Instead, those who verify the truthfulness and reliability of those transactions are the bitcoin miners.
They all compete to verify the bitcoin transactions we all make, and those who succeed, are rewarded with bitcoins.
A clever competition, with high stakes. And the winners not only win bitcoins but also help the whole thing to keep working reliably. A bit like gold, not all bitcoins have yet been discovered. On average their value has been rising over the years. When Bitcoin was founded, a finite limit on the number of bitcoins was set, just as there is a finite amount of gold in the physical world.
The number was 21m. So far, more than 12m are in circulation. That means that a little fewer than 9m bitcoins are waiting to be discovered.
So there are people buying and selling already existing bitcoins. There are people buying and selling goods and services with bitcoins — some of whom exchange them for stuff and money back in the physical world. And then there are people trying to find those increasingly elusive golden tickets — they are mining the undiscovered bitcoins.
Anthony Volastro offers a clearer description than most: They are tending the bitcoin garden, playing a kind of functional game — keeping the ledger true and the transactions verified. No Promoting New Alt Coins. If there is a new alt coin out, this is not the place to discuss or promote it.
If you have questions about mining that alt coin, feel free to ask away! Nobody should have to trust you before clicking on a link. URL-shortener services serve no use on Reddit as there is nothing restricting the size of your comment string. Do not ask for other people to mine for your address. Do not beg for donations simply for lending a helping hand. Anybody caught violating the rules will be banned on sight. If you notice somebody abusing the subreddit rules, please message the moderators with the permalink in question.
All members of the BitcoinMining subreddit are expected to read and follow the Official Reddit Rules as well as the informal Reddiquette guidelines. Likewise, all moderators of this subreddit do follow the Modiquette. Comparison of all mining pools on the official Bitcoin wiki. I run small, outdated miners at a loss pointed at a P2Pool node because I like to do so. Is Bitcoin still worth mining? I have yet to start mining or build a mining rig, considering the hype and extreme potetial Bitcoin holds as a cryptocurrency I have began a lot of research on the topic.
My conclusion however to whether or not it was worth building and buying a rig now, June 20th , is despairing due to this graph https: I am very interested in starting to mine but not sure it is profitable. Do it as a hobby in the meanwhile whilst there are truly no profitable means of mining for small scale miners available and just keep an eye on the daily news. What about a get-rich-ever scheme? With the current numbers, Bitcoin mining will never be commercially profitable for anyone who isn't already an entrenched player and it may be a dubious prospect even for these people.
So, at what point would it be profitable? Even when I wasn't paying for electricity it was questionable but now that I am paying for my own electricity it's just not going to happen. Basically you need to start with a large investment and then keep buying more and more hashing power to stay ahead of the difficulty increases. I guess that's what you're talking about, right?
Using mining calculators will give you an idea of how long it will take. You also need to consider paying in dollars vs. Paying in dollars might be easier to make ROI depending on the exchange rate. If you pay in dollars, start mining, and then the exchange rate starts to go up bitcoin get's "more expensive" then you'll make ROI quicker just because the exchange rate moved.
If you pay in Bitcoin it doesn't matter what the exchange rate does. But it is fun. Do it for the learning, the puzzle, the community.