Bitcoin: The magic of mining

[windpath]

Thought you would all appreciate this:

Bitcoin: The magic of mining

http://www.economist.com/news/business/21638124-minting-digital-currency-has-become-big-ruthlessly-competitive-business-magic

[siameze]

Nice article, thanks for the share. There was a heated discussion (as always) on reddit again today about PoW vs PoS, so being mainly a PoW person myself it was a good read.

[muhrohmat]

well as far as i know now it can be more of this miners becuase in the graph it says like 1000 dollars per btc and passed this year as become like 290 it means this news is from jan 2014 and now it can be more miners athought its not soo profitable per 25 BTC block its still is to get a bit of this miners and try to find blocks acording to gather to this big companies the some times do sell in cloud but be aware of ROIs and scams

[acquafredda]

A bit volatile...
that's true so far!

Nice read for beginners, but nothing more.

[newIndia]

Nice article, thanks for the share. There was a heated discussion (as always) on reddit again today about PoW vs PoS, so being mainly a PoW person myself it was a good read.

PoS makes no sense for people outside the crypto community. PoS might be meaningful, but for that people first need to understand PoW. PoS without PoW is like Credit Card without hard currency.

[crazyearner]

No magic in mining any-more apart from the fact of burning lots of energy up in the process unless can get cheap effective mining power and rigs and energy that's free or its pointless to mine any more with diff so high.

[Amph]

mining was good and fun when all this thing started, not anymore now

just a tedious race , where big farm always win...

[muhrohmat]

well you can not imagine the mining in bitcoin for low price hardware of 100GHs its can get like 50 dollars per new miners hardare and tha tpays in 3 months to 2 months just after that its lke 6 months of porfit then after 1 year yes you need to sell this hardwre and buy noew one but its like a 60 dollars profit per 100GHs per month even with watts.

[xingming]

Thought you would all appreciate this:

Bitcoin: The magic of mining

http://www.economist.com/news/business/21638124-minting-digital-currency-has-become-big-ruthlessly-competitive-business-magic

Nice article ! Mining really can change bitcoin prices , if miner increase that mean bitcoin price is more valuable .
And also bitcoin value isn't defined by the price , many people use bitcoin because its easy , not taxes , no governement ,,,

[Kogyo]

Nice article.  Thanks!

[Jamsheed]

Thnx for the share,really appreciate that.

[muhrohmat]

that like its down for maintenance windpath i can not ssee the economist page or article but ok i do figure out that mining in btc its like a snow ball of difficulty and what you buy in hardwre you need to sell six to 1 years later and just keep the roi and some porfit not too much magic but ok doo the calcs well

[cyberpinoy]

The first to solve a puzzle earns 25 bitcoins, currently worth $6,900 (Jan 10th 2015). Since bitcoin’s invention in 2008 by a mysterious figure calling himself Satoshi Nakamoto

hmmm $6,900 each huh? I frakin wish HAHAHA

[crazyearner]

The first to solve a puzzle earns 25 bitcoins, currently worth $6,900 (Jan 10th 2015). Since bitcoin’s invention in 2008 by a mysterious figure calling himself Satoshi Nakamoto

hmmm $6,900 each huh? I frakin wish HAHAHA

You never know it could go to that if more start to use bitcoin and theirs much higher demands for it across the globe I know we all had a nice bubble back when gox was around but soon crashed. And now them coins are somewhere in the world wasting to be given the go to sell them. If gox coins got all sold in one lump some would see a nice big crash but cause so much buying of coins too would be a good thing for more to start using but at the same time cause some damage to the market price for a while.

[numismatist]

Nice article, thanks for the share. There was a heated discussion (as always) on reddit again today about PoW vs PoS, so being mainly a PoW person myself it was a good read.

PoW makes sense if you can use the heat somehow. Liquid cooling, heat exchanger, warm water for example.

[winchancer]

Great article, thank you!

[krigger]

Article is good, thanks for share.
Anyway the title is very interesting, as it is magic to mine Bitcoins those days. Not impossible, but just as titled, it's magic.