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re: Installed my first bitcoin miner...
Posted on 2/27/13 at 3:37 pm to Meauxjeaux
Posted on 2/27/13 at 3:37 pm to Meauxjeaux
So what the frick are you mining for???
Did someone put these "Bit Coins" out there?
If so, why the frick didn't they just create them and sell them instead of this idiotic and tedious process?
Did someone put these "Bit Coins" out there?
If so, why the frick didn't they just create them and sell them instead of this idiotic and tedious process?
4
Posted on 2/27/13 at 3:45 pm to Lsut81
Well, I see the beginnings of a tangible use for them.
I would NOT pay cash for bitcoins. But since I have some PC's that need to stay on 24x7 and have 99.8% idle time and decent graphics cards, I decided to use them to jump in the game.
I would consider it all lagniappe if my setup finds 25-50 coins, they have some value and someday I use them for something.
I would not be trying the mining if I didn't have all of the hardware and costs absorbed anyway.
I would NOT pay cash for bitcoins. But since I have some PC's that need to stay on 24x7 and have 99.8% idle time and decent graphics cards, I decided to use them to jump in the game.
I would consider it all lagniappe if my setup finds 25-50 coins, they have some value and someday I use them for something.
I would not be trying the mining if I didn't have all of the hardware and costs absorbed anyway.
Posted on 2/27/13 at 3:46 pm to Lsut81
quote:
So what the frick are you mining for???
Bitcoins. Bitcoins are mined whenever a block is solved. Solving blocks is what processes the transactions of the network. In other words, miners are what make bitcoin operate. The system is very well designed, in that it rewards miners with bitcoins early on in the process, but as time goes on, the block reward will keep getting smaller and smaller until no bitcoins are rewarded.
First 4 years, a block reward was 50 bitcoins.
The next 4 years: a block reward is 25 bitcoins
The next 4 years after that: a block reward will be 12.5 bitcoins
and so on...
As the block reward shrinks, miners will earn income by collecting the transaction fees that are included in each block. For instance, if I send bitcoins to someone, sometimes a small transaction fee is preferred to ensure the transaction will be processed quickly. These fees are typically very small (equivalent to one US penny or less).
quote:
Did someone put these "Bit Coins" out there?
The protocol was designed to allow for only 21 million bitcoins to ever be created and released. The protocol also controls the rate of release.
quote:
If so, why the frick didn't they just create them and sell them instead of this idiotic and tedious process?
Because they preferred this method, I assume.
This post was edited on 2/27/13 at 3:50 pm
Posted on 2/27/13 at 3:55 pm to Lsut81
quote:
If so, why the frick didn't they just create them and sell them instead of this idiotic and tedious process?
Because if "they" had just created and sold them people would have just thought that was just weird.
Oh, wait........
Posted on 2/27/13 at 4:15 pm to Lsut81
quote:
If so, why the frick didn't they just create them and sell them instead of this idiotic and tedious process?
Is it supposed to be a metaphor for mining something of actual value maybe? Or even drilling for oil?
Here's what i can gather, In the beginning the supply was abundant, so the methods of extraction were easier. Now that "supply" is more scarce, it takes longer to "mine" them, similar to the complex process of drilling deep water wells or something. Idk.
quote:
This is me taking the bull by the horns
Sooio, it's complete bullshite to us, but to computer nerds it has a value, for now anyway.
Personally it sounds like a scheme where the founders get rich and everybody else wastes a bunch of time and money. In other words, a scam.
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