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Mining, can someone explain?
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Chess
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Default Mining, can someone explain? - 07-29-2017, 18:04 | posts: 212 | Location: Ghent, Belgium

One question: what do miners produce?

Huge amounts of energy is used with mining.
I googled it for a while and all I get is how it works, but the best answer I can get for ' what does it do ' is... "Solving math problems".

Really? Whose math problems?
It it like SETI Folding @ Home?
Are universities curing cancer with the help of miners?

What is generated, calculated, produced or what service has been offered for the currency they're getting and who pays for it?
You can't just generate money out of plain nothing, right?

Someone ?
   
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Default 07-29-2017, 19:20 | posts: 5,823

You have already heard most of it, but the concept is so new to you, that you're not willing to accept the answers. Time is needed for the concept to fully sink in.

For example check out the evolution of this guy. It took him 8 months. Despite being reasonably inteligent

http://www.businessinsider.com/bitco...o-value-2013-4
http://www.businessinsider.com/bitco...clowns-2013-11

http://www.businessinsider.com/im-ch...itcoin-2013-12

and today he says:


https://mobile.twitter.com/TheStalwa...77932882075648


The arrogance of the anti-Bitcoin writing in finance blogger circles circa 2012/2013 was really breathtaking.

And I know, because I made a lot of these arguments from a position of extreme arrogance and overconfidence.
   
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Noisiv
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Default 07-29-2017, 19:29 | posts: 5,823

BTW...

like him, I was also arrogant back then in regards to BTC,
but because I am very intelligent , I quickly sfup, learned more and then rode it
   
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Default 07-29-2017, 19:40 | posts: 212 | Location: Ghent, Belgium

Noisiv, You're taking that last line of mine a bit too serious.
I'm not arrogant. I just don't understand.

The link you've shown me explained a tab bit about the currency, but didn't answer my original answer, as far as I know.
I'm not into economics, so I read most of it diagonally.
I'm a rather eco-left guy that would like to earn enough to live nicely, comfortable and have no interests in getting rich. So educating me in the economics of mining currency is no use, I would fade out quickly.
Call me stupid, I call it selective in my interests ^^.

So if I may ask my original question again:
What is generated, calculated, produced or what service has been offered for the currency they're getting. What is the product of thousands of Watts being converted from electricity into heat? This aspect boggles me. I see no product. Am I being ignorant?

Please don't be offended. I never ment to offend anyone, if I seem sceptic, that's because I'm being sceptic of the financial world in general ^^.

Last edited by Chess; 07-29-2017 at 19:43.
   
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Default 07-29-2017, 20:10 | posts: 17,750 | Location: 127.0.0.1

Afaik the mining process is looking for Prime numbers, so basically your GPUs are doing a huge number of calculations searching for them, in combination with others online, or on your own if you choose so
   
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Default 07-29-2017, 20:39 | posts: 5,823

I didn't call YOU arrogant, but myself and that other guy in my 1st post... which apparently you did not read all that well

Also it seems that I have misjudged you, in the sense that contrary to my belief, you are clueless(i dont mean it as an insult) about crypt currencies

Go and read about it. Most of the world knowledge is just two clicks away

Last edited by Noisiv; 07-29-2017 at 20:48.
   
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Default 07-29-2017, 23:04 | posts: 212 | Location: Ghent, Belgium

ExtraOrdinary
Alright, fair enough...
Has it any use?

Noisev: I am clueless, which is why I am here, presenting my question .
I guess, because of the bi-polarisation of the GPU consumer parket, I am a bit defensive and jumped to conclusions. I didn't read your post properly, indeed.

But yet again, it's not about the currencies for me. It's about what mining produces for the people, without diving into crypto currency economics.
The technical aspect, something goes in, gets processed, something gets out.
What's being processed and why?

Thusfar no-one could clearly answer me anywhere ( I've asked in several forums ). Most, like you, tells me to search for it. I am searching for answers, that's why I'm here! Others even answer 'doesn't matter, it makes money'. Occasionally I hear, like ExtraOrdinary: "there's a logarithm being calculated" Fair enough, but with what use?

See, I'm zoning out again. ^^
Basically, I need layman's terms.
   
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Default 07-29-2017, 23:10 | posts: 17,750 | Location: 127.0.0.1

Quote:
Originally Posted by Chess View Post
ExtraOrdinary
Alright, fair enough...
Has it any use?

Noisev: I am clueless, which is why I am here, presenting my question .
I guess, because of the bi-polarisation of the GPU consumer parket, I am a bit defensive and jumped to conclusions. I didn't read your post properly, indeed.

But yet again, it's not about the currencies for me. It's about what mining produces for the people, without diving into crypto currency economics.
The technical aspect, something goes in, gets processed, something gets out.
What's being processed and why?

Thusfar no-one could clearly answer me anywhere ( I've asked in several forums ). Most, like you, tells me to search for it. I am searching for answers, that's why I'm here! Others even answer 'doesn't matter, it makes money'. Occasionally I hear, like ExtraOrdinary: "there's a logarithm being calculated" Fair enough, but with what use?

See, I'm zoning out again. ^^
Basically, I need layman's terms.

Must be of some use to someone or they wouldn't pay you to find them, if one is found and you're part of a group your bitcoin or whatever payment you get is shared between you, if you find one on your own (unlikely with a single PC now, maybe at the start of the craze you could have) then you get all of the payment

As for what use finding prime numbers is, no idea

Last I checked with a single GTX980 and 1000W PSU, it was gonna cost more in electric than I'd have made mining
   
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Default 07-29-2017, 23:16 | posts: 212 | Location: Ghent, Belgium

Just had an answer from HardForums.

"Long story short, the "math problems" are used to verify transactions are legitimate, and you earn coins for the trouble of solving those math problems"

So as a miner you provide the service of legitimating the 'book keepers ledger' between the seller and buyer of a product.. Doing this service you earn currency, being BitCoin or other

This was what I'm looking for .
   
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Default 07-30-2017, 10:09 | posts: 17,750 | Location: 127.0.0.1

Quote:
Originally Posted by Chess View Post
Just had an answer from HardForums.

"Long story short, the "math problems" are used to verify transactions are legitimate, and you earn coins for the trouble of solving those math problems"

So as a miner you provide the service of legitimating the 'book keepers ledger' between the seller and buyer of a product.. Doing this service you earn currency, being BitCoin or other

This was what I'm looking for .
I don't think that is correct

Anyone can install Bitcoin's mining software, which then uses the computer's processing power (using the CPU or GPU) to carry out intensive calculations you can think of it like trying to search for prime numbers. Lots of people might be working on the same unit of work - a computationally complicated problem. The aim is to find a certain sequence of data, called a "block", that produces a particular pattern when the Bitcoin "hash" algorithm is applied to the data. Whoever's computer manages to do that will win bitcoins.
   
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Default 07-30-2017, 13:50 | posts: 1,683 | Location: Willowbrook ill.

How much money would one need to invest in order to (profit) from something like this? I have one guy that has ALOT of money and might be interested if......I can make him see the light but also I do not want to waste his time either.What are we looking at here to set-up a Legit mining buissness and how much $$$? Thank you.
   
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Default 07-30-2017, 21:29 | posts: 212 | Location: Ghent, Belgium

Quote:
Originally Posted by Extraordinary View Post
I don't think that is correct

Anyone can install Bitcoin's mining software, which then uses the computer's processing power (using the CPU or GPU) to carry out intensive calculations you can think of it like trying to search for prime numbers. Lots of people might be working on the same unit of work - a computationally complicated problem. The aim is to find a certain sequence of data, called a "block", that produces a particular pattern when the Bitcoin "hash" algorithm is applied to the data. Whoever's computer manages to do that will win bitcoins.
That is correct. I have just simplified it a lot. AND, the explanation video came already very much simplified. But by all means, you're correct.
   
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Default 08-04-2017, 10:12 | posts: 3,562 | Location: Finland

Mining is the process of excavating rock for ores.




 Click to show spoiler

   
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Oh dedp00l, you funny mothertrucker ^^
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Default Oh dedp00l, you funny mothertrucker ^^ - 08-07-2017, 17:24 | posts: 212 | Location: Ghent, Belgium

Oh dedp00l, you funny mothertrucker ^^



Quote:
Originally Posted by AsiJu View Post
Mining is the process of excavating rock for ores.




 Click to show spoiler
   
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Default 08-07-2017, 22:26 | posts: 5,823

$3300 boom!

   
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Default 08-08-2017, 09:55 | posts: 3,562 | Location: Finland

Quote:
Originally Posted by Chess View Post
Oh dedp00l, you funny mothertrucker ^^
#chimichangas

   
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Default 08-13-2017, 06:53 | posts: 5,823

4k

BOOM!

   
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Default 08-13-2017, 23:02 | posts: 420 | Location: CZ

When world economy is rising, pure stocks like BC rise too. Unfortunately, pure stocks are the first ones to get hammered when world economy goes down. There will be a lot of unhappy ppl when it happens and history teaches us, it will... sooner or later.
   
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