Hello all, Can anyone tell me in laymans terms what bitcoin mining is? I have read a few things about it online but it just gets too technical. many thanks.
From what I've read, it's a glorified scam and a waste of power and money.. You'll waste more money on power than you'll ever gain from the 'mining'. At least f@h has a scientific benefit
my 6970 does 420 hash by itself.. it's really taken over by the botnet though you can't really expect to make 50 coins solo without a really big setup nowdays.. I had over 1k running 24/7 for over 3 weeks and couldn't solo a block.. and that was when around 4 blocks were being solved an hour the difficulty to solve the hash increases with each one too.. the value fluctuates a lot- depends on when the coins are unloaded by the hoarders who are looking to sell them for a good price the guys making all the coins are the hackers.. if you get power for free, it can be free money though mining in a pool gui miner isn't bad.. guy keeps it updated with the latest fixes and speed optimizations guys come up with
These days, the mining is now so difficult, it isn't worth the time. I remember it beginning to rapidly increase in difficulty. Sad days
Scam? Mmm... no. Not the word I would use to describe it, as shady as it sounds when first reading about it. It can be profitable with AMD GPUs depending on your cost per Kwh, but it certainly has taken a dive in recent months. CPU or Nvidia based GPU mining is pointless. NOT a good time to get into it.
I spent weeks researching this. Its an interesting idea, but vulnerable to hackers, botnets and massive market instability. It also is rediculously difficult now unless you work in a large mining pool. ATI GPUs used to be really good, but one on its own is useless.
