bitcoin mining

[rikfredsy]

So whats the point of the mining, I'm wondering if there is something dark your computer is used for while doing the mining, because otherwise, what is the benefit of your machine running all day long.?

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[Yakamoto]

So whats the point of the mining, I'm wondering if there is something dark your computer is used for while doing the mining, because otherwise, what is the benefit of your machine running all day long.?

Sorry, what? What dark thing are you referring to?

You are mining to confirm transactions in the blockchain and make sure that the network is able to keep sending transactions back and forth. If people didn't mine, new blocks would not be created, and transactions would not be confirmed, and people could not send Bitcoin, or receive it. There would also be no new Bitcoins being created and sent into the network.

Your account says that you've been here for a relatively long time, I'm surprised that you don't know something like this.

[dimastegar]

There is nothing dark thing in bitcoin mining.

Bitcoin mining is Bitcoin mining is a process of mathematical calculations performed on Bitcoin networks. to mine BTC, computers with high specifications are needed.

[SONG GEET]

So whats the point of the mining, I'm wondering if there is something dark your computer is used for while doing the mining, because otherwise, what is the benefit of your machine running all day long.?

You are senior member and you don't know about mining? 

There is Monetary benefit, miners will earn block reward plus transactions fee of all transactions included in the block which they will be able to mine.

[kpcian]

bitcoin mining is one of the best platforms regarding making money, day by day it is becoming a popular and profitable source of gaining profit. in India and China, bitcoin mining has gained huge popularity and many people are being involved in this section. bitcoin mining is the best possible stage to make double your capital within a short period of time.

[EXtremeAEX]

bitcoin mining is one of the best platforms regarding making money, day by day it is becoming a popular and profitable source of gaining profit. in India and China, bitcoin mining has gained huge popularity and many people are being involved in this section. bitcoin mining is the best possible stage to make double your capital within a short period of time.

Yup, totally true. The only dark side to mining is that you may risk spoiling your hardware (i.e. Overheating, or mining using laptop ). Also,if your country's electricity bill is relatively high, your rewards from mining may not be enough to cover the bill.

Thats how Bitcoin works. It rewards users (or machines) with Bitcoin for their computational power to verify transactions and to discover new blocks. The higher the price of Bitcoin, the higher the miner fees, and miners would get even more rewards, in additional to the 25 BTC per block found.

I am not so sure about how profitable mining is right now, but if you do not have a specialized BTC miner like ASICs, then do not try and mine with your regular computer and laptop, you might explode them. (the dark side)

[RedditMaster]

So whats the point of the mining, I'm wondering if there is something dark your computer is used for while doing the mining, because otherwise, what is the benefit of your machine running all day long.?

No idea what you mean by "dark".

If your computer has been hacked, it is possible that it might be part of a "botnet", which is a network of hacked computers working for a hacker.

There are instances of large botnets mining Bitcoins while the owners of the infected computers remain unaware. Perhaps this is even happening to you... although as for normal mining, there is nothing dark about it.

[mindrust]

He is stuck in 2010 and still thinks that mining is being done by laptop/PC CPU's I guess. That's why he describes mining as a dark thing. (because it ruins regular PC's)

Dude that dark thing went away 5-6 years ago. You can have your own mechanical/electronical slaves to do the job for you now. They are called "ASIC"s and they mine bitcoins tirelessly. Come back to our time again. Wake up!

[Andre_Goldman]

bitcoin mining is one of the best platforms regarding making money, day by day it is becoming a popular and profitable source of gaining profit. in India and China, bitcoin mining has gained huge popularity and many people are being involved in this section. bitcoin mining is the best possible stage to make double your capital within a short period of time.

Yup, totally true. The only dark side to mining is that you may risk spoiling your hardware (i.e. Overheating, or mining using laptop ). Also,if your country's electricity bill is relatively high, your rewards from mining may not be enough to cover the bill.

Thats how Bitcoin works. It rewards users (or machines) with Bitcoin for their computational power to verify transactions and to discover new blocks. The higher the price of Bitcoin, the higher the miner fees, and miners would get even more rewards, in additional to the 25 BTC per block found.

I am not so sure about how profitable mining is right now, but if you do not have a specialized BTC miner like ASICs, then do not try and mine with your regular computer and laptop, you might explode them. (the dark side)

I think the equation to measure the mining profitability today is not much more different that the modern datacenters ...

[skyline247]

There is nothing wrong, or dark about mining. It can be difficult for complete beginner's to grasp, although mining rigs these days are being sold with pre-configured software which only requires a few simple inputs to get up and running.

With that said, you should not worry about mining at all. I don't know where you are getting dark from, but there is nothing to worry about when it comes to mining (just don't use your PC, those days are long gone!).

[dillpicklechips]

So whats the point of the mining, I'm wondering if there is something dark your computer is used for while doing the mining, because otherwise, what is the benefit of your machine running all day long.?

Sorry, what? What dark thing are you referring to?

You are mining to confirm transactions in the blockchain and make sure that the network is able to keep sending transactions back and forth. If people didn't mine, new blocks would not be created, and transactions would not be confirmed, and people could not send Bitcoin, or receive it. There would also be no new Bitcoins being created and sent into the network.

Your account says that you've been here for a relatively long time, I'm surprised that you don't know something like this.

In other words, they mine blocks and transactions are included in it. If in some point in time that the blocks are totally mined, there will be no block reward anymore hence their income will be reliant to transaction fees.

You see, there is no dark thing here. Mining is not something trivial or shady.

[Amph]

uh the point is simple, to ensure the security of the network first, and for that you are rewarded with an amount of coins per block, there is no other reason

they obviously they turned it in a business but the idea was very simple, you do nothing and get paid, it's also profitable now with current price of bitcoin

but to be honest mining was always profitable

[Windpower]

So whats the point of the mining, I'm wondering if there is something dark your computer is used for while doing the mining, because otherwise, what is the benefit of your machine running all day long.?

The point of mining is to earn money really. That is the reason most people do it. However, it is not very profitable at all when it is done in small configurations, however, huge mining farms earn a huge amount of money daily. I was watching a documentary about one just the other day and the electricity bill was 1 million dollars per month. Not kidding. Something dark on your computer? I don't think so. First of all, no one really uses their computers to mine Bitcoin, they use these things called ASICs, which are specially made just for Bitcoin mining, and mine Bitcoin at a much more powerful rate. The only dark thing that I can see, related to Bitcoin mining, is the fact that you are basically pushing your graphics card to the limit, and if you are using a laptop it is even worse. You run the risk of your hardware dying, or at least severely shortening it's lifespan.

[warrior333]

He is stuck in 2010 and still thinks that mining is being done by laptop/PC CPU's I guess. That's why he describes mining as a dark thing. (because it ruins regular PC's)

Dude that dark thing went away 5-6 years ago. You can have your own mechanical/electronical slaves to do the job for you now. They are called "ASIC"s and they mine bitcoins tirelessly. Come back to our time again. Wake up!

Cost of mining equipment now is that it is not known who becomes a slave. Perhaps people are slaves of equipment because its purchase you need to work, and then you don't know whether you'll get as many coins to recover their investments.

[mindrust]

He is stuck in 2010 and still thinks that mining is being done by laptop/PC CPU's I guess. That's why he describes mining as a dark thing. (because it ruins regular PC's)

Dude that dark thing went away 5-6 years ago. You can have your own mechanical/electronical slaves to do the job for you now. They are called "ASIC"s and they mine bitcoins tirelessly. Come back to our time again. Wake up!

Cost of mining equipment now is that it is not known who becomes a slave. Perhaps people are slaves of equipment because its purchase you need to work, and then you don't know whether you'll get as many coins to recover their investments.

I share your thoughts. I was writing my message to prove how wrong he is. I'm not into mining at all. Buying and holding always did the job nicely for me. The only interesting thing with mining is that you can actually vote for the future of your blockchain and that's it. The more hashpower you own, the more future you can decide.

On the other hand, some (like me) might see it as a design flaw because of the blockchain becoming centralized very easy by ASIC companies.

[YuginKadoya]

He is stuck in 2010 and still thinks that mining is being done by laptop/PC CPU's I guess. That's why he describes mining as a dark thing. (because it ruins regular PC's)

Dude that dark thing went away 5-6 years ago. You can have your own mechanical/electronical slaves to do the job for you now. They are called "ASIC"s and they mine bitcoins tirelessly. Come back to our time again. Wake up!

Cost of mining equipment now is that it is not known who becomes a slave. Perhaps people are slaves of equipment because its purchase you need to work, and then you don't know whether you'll get as many coins to recover their investments.

I share your thoughts. I was writing my message to prove how wrong he is. I'm not into mining at all. Buying and holding always did the job nicely for me. The only interesting thing with mining is that you can actually vote for the future of your blockchain and that's it. The more hashpower you own, the more future you can decide.

On the other hand, some (like me) might see it as a design flaw because of the blockchain becoming centralized very easy by ASIC companies.

But What is the thought for OP to post something like this, and the way they see it they are referring to mining as bad, it is like they don't have any idea how bitcoin really start, if there are no one that is mining bitcoin there is no block that could ever created that means no bitcoin at all, so referring as mining as dark and as not necessarily with bitcoin doesn't really know the history of bitcoin,

[Baby Dragon]

So whats the point of the mining, I'm wondering if there is something dark your computer is used for while doing the mining, because otherwise, what is the benefit of your machine running all day long.?

The point of mining is to earn money really. That is the reason most people do it. However, it is not very profitable at all when it is done in small configurations, however, huge mining farms earn a huge amount of money daily. I was watching a documentary about one just the other day and the electricity bill was 1 million dollars per month. Not kidding. Something dark on your computer? I don't think so. First of all, no one really uses their computers to mine Bitcoin, they use these things called ASICs, which are specially made just for Bitcoin mining, and mine Bitcoin at a much more powerful rate. The only dark thing that I can see, related to Bitcoin mining, is the fact that you are basically pushing your graphics card to the limit, and if you are using a laptop it is even worse. You run the risk of your hardware dying, or at least severely shortening it's lifespan.

Mining will help you to gain bitcoin for free. However, it took to wait to gain that bitcoin. Some people do mining because they want to gain bitcoin without any hassle. As of now there is lot of people do mining and it is very effective. I think many people were happy because they get free bitcoin in mining sites.

[Dudeperfect]

There is nothing dark in it, it's just a process for calculation and since there are many other people involved in the exact same activity and exactly same network, the difficulty has increased drastically over the years and hence it takes time to earn mining rewards from it. However, if you are investing in cloud mining services then it is something that you should reconsider. Most of the cloud mining sites either turn out to be a loss making venture or scam after some period of time.

[Mylove risa]

bitcoin mining is one of the best platforms regarding making money, day by day it is becoming a popular and profitable source of gaining profit. in India and China, bitcoin mining has gained huge popularity and many people are being involved in this section. bitcoin mining is the best possible stage to make double your capital within a short period of time.

Bitcoin mining is a process of expending computing power to process transactions, secure networks, and keep everyone in the system synchronized together. This may be likened to Bitcoin data centers, except that it has been designed to be completely unfocused with miners operating in all countries and that no individual has control over the network. Bitcoin mining provides rewards as a form of exchange for the useful services necessary to operate a secure payment network. Mining will still be needed after the last bitcoin is published.

[sate_padang]

Bitcoin mining is useful for us to get bitcoin by using a computer, and in computer mining will work for 24 hours during mining is done.