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September 08, 2017, 10:06:28 PM |
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Interesting. To be honest...it sounds like something I'd like to give a shot just because it'd be cool rather than some type of get rich quick scheme. Very cool cutting edge new tech that isn't (yet) regulated by the government. Maybe a lesser known CC rather than bitcoin would be more fitting for me.
So here's what I've picked up so far...
* Fastest rigs cost the most money, and are most likely to discover 'proof of work' faster than joe schmoe GPU, collecting the bounty of 25 bit coins for finding the block. *GPUs, even though 150x faster at hashing than CPUs, ASIC (Application Specific Integrated Circuits) are like the new Formula one cars join the GPU go kart racing series, and pretty much negate the GPU model with figures in the Th/sec range. Since Th vs Mh, maybe it'd be more apropos to call it the GPU big wheel series lol. * The more miners that join a crypto currency, the more complex the algorithm to solve the block becomes. Bitcoin basically looks at the hashing power available across all miners, puts together a block that it estimates will take about 10 min to solve, and rewards 25 bitcoins to the miner that solves the puzzle. * Miners can operate by themselves or join a 'pool' (ironically called, 'pools') of other miners to improve their chances of solving the block. If a miner's pool provides 'proof of work' for the block, the 25 bitcoins are awarded to the pool and the pool organizer divides the 25 bit coins among its contributors relative to their computer power contributions. * The more miners, the more secure the currency. * Major risks include fluctuations in currency values, instrusive gov't regulations, wallet theft, and major advances in processing power of miners.
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