Thanks for the detailed replies guys, now I am clear with this concept.
Also, regarding the speed. I think I have a decent hardware. I am running an ATI Radeon 6770M GPU which is fairly recent. Though it has only a single GPU Core but 80M Hashes/sec is a decent speed. I have made use of it to do Hash Cracking with oclhashcat tools and it works good.
I went to this site,
http://bitcoin.web-share.nl/Entered 80M Hashes/Sec and Chose USD as the currency.
Below are the results and they look
Your hash-rate: 80000000 hashes/second
Difficulty: 1755425.3203287 times difficult than difficulty 1
Exchange Rate: $0,00000000/BTC
Block time: 2 years, 11 months, 3 weeks, 4 days, 12 hours, 14 minutes, 52 seconds/block
Network total: 12,063 Thash/second
per Second 0,00000053 BTC $0,00000000
per Hour 0,00190991 BTC $0,00000000
per Day 0,04583792 BTC $0,00000000
per Week 0,3209 BTC $0,0000
per Month 1,393 BTC $0,00
per Year 16,742 BTC $0,00
Questions:
Why does the exchange rate show up as 0 Dollars?
What is meant by Difficulty? I keep coming across this term and not sure what it means?
By looking at the stats generated by that site above. If I run my GPU for 1 year, all I get is 16.74 Bitcoins??
I don't seem to understand then how does one go about earning 10-15 Bitcoins on a daily basis?
Since I am logging in to the Deepbit Pool and mining for them, I guess, I should be getting better returns. Kindly enlighten me more about it. I liked the idea of Bitcoin a lot but I am trying to understand how it can be effective for someone.
Not everyone can have 6 GPU's working in parallel just for Bitcoin Mining!
Thanks for taking the time to answer my questions.