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Author Topic: [2017-03-30]Bitcoin Mining in 2017: How to Remain Profitable in Challenging Envi  (Read 340 times)
Kemarit (OP)
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April 02, 2017, 07:03:34 AM
 #1

Bitcoin Mining in 2017: How to Remain Profitable in Challenging Environment

Bitcoin mining is the process of adding transaction records to Bitcoin's public ledger of past transactions. In the early days of Bitcoin, mining was performed by individual computers running the Bitcoin nodes as they compete to solve algorithmic problems while confirming transactions on the Bitcoin Blockchain.

The fastest computer to solve a particular problem is rewarded with a specific amount of Bitcoin, and that is how new coins are introduced into the ecosystem, hence the term “Bitcoin Mining.”

Increasing difficulty

As time passed, “Bitcoin halving” factors in, technology improves and more efficient mining equipment developed. This gave rise to increased mining difficulty as the rate of competition skyrocketed.

Instead of having millions of individual computers independently mining Bitcoins across the globe as is assumed to have been the original intention of Bitcoin’s creator, Satoshi Nakamoto, what is obtainable nowadays is the installation of massive mining farms.

A Bitcoin mining farm is usually comprised of a huge number of processors, known as mining pools. These pools are interconnected to compete as a single unit in the transaction processing competition on the Bitcoin Blockchain. This, in essence, automatically makes it extremely difficult for small independent miners to carry out mining profitably.

Full Read Here: https://cointelegraph.com/news/bitcoin-mining-in-2017-how-to-remain-profitable-in-challenging-environment


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Iranus
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April 02, 2017, 09:39:15 AM
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The article doesn't offer much useful advice at all.  It mentions that it's all based on price, which is completely obvious as soon as anyone understands Bitcoin.  It also mentions that it's based on ROI, which is even more obvious.  It also says that it's unpredictable, which is why people are actually reading the article.  No mention of how to get the lowest electricity costs, get the cheapest miners or anything else.  Worthless article.

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April 02, 2017, 06:34:06 PM
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It is not surprising that a Coin Telegraph article promotes a pyramid scheme (BitClub Network). I assume that is the entire purpose of the article.

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April 03, 2017, 08:52:08 AM
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It is not surprising that a Coin Telegraph article promotes a pyramid scheme (BitClub Network). I assume that is the entire purpose of the article.
They probably only mentioned that it was "unpredictable" as a means of promoting something which gives people certainty (a Ponzi scheme claiming to be a "mining pool" (confusing pool mining with cloud mining itself).  I hope newbies don't get caught up in it.

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