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Author Topic: Do you think it makes sense to get bitcoin? How exactly does mining take place?  (Read 231 times)
cryptodalton
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August 02, 2018, 06:39:56 AM
 #21

Diffrent people have diffrent types of assumption regarding this. I think this approach is positive to get bit coin. to know the details information you can also visit 99bitcoin.org.
Every time a block is mined, a certain amount of BTC (called the subsidy) is created out of thin air and given to the miner. The subsidy halves every four years and will reach 0 in about 130 years.
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TonyCallahan
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August 02, 2018, 08:16:06 AM
 #22

Even after the denial of ETF, bitcoin has managed to reach 8,200$ last night. You can definitely invest on it, there's a lot of room for it to grow again. But, I would not suggest you to start mining since it will take long and a complex procedure too. You can find millions of guide in the internet which are on mining BTC.
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August 02, 2018, 11:57:41 PM
 #23

Bitcoin is a nice hold, and for me I don't really know how mining works any time I need bitcoin I normaly buy it
JasonRosado
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August 03, 2018, 03:17:32 AM
 #24

You can learn about bitcoin mining easily by the help of google. The reason why I am not explaining mining to you is because, it is really not worth it to mine anymore. Rather, you should try to buy bitcoin directly and hold on to it till it's price goes up. Right now, BTC price is rising again, this is the perfect time to buy. But, mining takes a lot of hard work, patience and money.
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August 03, 2018, 03:25:06 AM
 #25

Unless you want to buy an ASIC that can carve out some mining profit for yourself, probably best just buying BTC and holding onto it if you believe in it.  Watch for lower prices, sub $7k if you can get em.
JohnLowry
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August 03, 2018, 04:33:05 AM
 #26

Miners use high end rigs and software to solve math problems and are issued a certain number of bitcoins in exchange. This provides a way to issue the coins and also creates an incentive for more people to mine. That is the simplest explanation I could come up with regarding mining and I definitely think you should get BTC right now because it is growing since the past month and if ETF gets sanctioned it may skyrocket again.
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August 03, 2018, 04:40:34 AM
 #27

It has long been asking myself a question about this, but so many different assumptions that I can not find one of these true. I will listen to everyone. Thank you in advance. Smiley

You must seek knowledge for that and not assume and ask questions, you should make sure and try to read in every discussion discussion in this forum about mining and bitcoin, as well as other references that you can search in google search. so do not get caught up in the unknowing ignorance.

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dumplingsandsushi
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August 03, 2018, 04:44:36 AM
 #28

It is absolutely not worth the time and investment to mine bitcoin.
It is way better to just buy it straight up.
This isn't speculation, it is mathematics and the reality of the bitcoin blockchain.

People have been mining bitcoin for 9 years now.
The amount of computing power it takes to hash out the algorhythms and discover a new block to get a btc reward is INSANE.
We are not just talking a supercomputer or ASIC processor, we are talking factory full of them.
Plus, the entire bitcoin mining community is basically dominated by two giant mining pools that unless you join them don't even dream about seeing some kind of profit.

So first, you would have to lay down thousands of dollars to get the right equipment to product enough hash power.
Then join a huge mining pool where your hashrate is a tiny percentage in the a sea of literally thousands of other computers resulting in tiny rewards.
Oh, and also, you have to pay an enourmous amount of money on electricity and maintenance.

So, yeah, just buy it instead of mining it lol.

CharlesCorley
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August 03, 2018, 06:01:00 AM
 #29

Of course buying Bitcoin makes sense. This is the number one in the crypto market. This is also the oldest and most popular.
dgoswami12
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August 03, 2018, 06:11:59 AM
 #30

It has long been asking myself a question about this, but so many different assumptions that I can not find one of these true. I will listen to everyone. Thank you in advance. Smiley
Hi bitcoin mining is mostly of two types Hardware mining and Cloud mining.With Bitcoin, miners use special software to solve some puzxles and are issued a certain number of bitcoins in exchange. This provides a good way to issue the currency and also creates an incentive for more people to mine. Now after finding a solution of puzzle , another 99 blocks appeared and it is called as blockchain as comprise of blocks. If you want to mine bitcoin on your own then you can buy some hardware bitcoin mining machine. And if you are looking for direct investnent to mine any crypto then i will suggest you to use some company which mined bitcoins on their own hardware rather than ordinary cloud mining.

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altcoin4u
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August 03, 2018, 06:18:45 AM
 #31

It has long been asking myself a question about this, but so many different assumptions that I can not find one of these true. I will listen to everyone. Thank you in advance. Smiley
I can say that mining is really not effective right now until you have a great productivity and power, will become even harder and less profitable in, so probably right now late to begin mining, it would be cheaper just to buy a bitcoin.
TradeParty
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August 03, 2018, 06:50:26 AM
 #32

Yeah I think it makes sense to get bitcoin if you can do enough analysis to maximize profit. Bitcoin is the most promising crypto so it will be better to get it if you can afford.
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August 03, 2018, 02:29:15 PM
 #33

It doesn't make sense to mine bitcoin at home. The difficulty is so big.right now so you will not get rewards with gpu card anymore. You will have to buy a asic - special designed device for mining.  Better to buy BTC or to trade with bots.
yes, bitcoin mining requires a lot of capital, if we do it only with limited capital then the mining we do will be useless and do not get profit. trading is much more profitable if we have limited capital to get bitcoin
PhilipCornel01
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August 04, 2018, 01:01:13 AM
 #34

Mining is basically what miners do for getting reward in cryptocurrency. They create blocks for transactions and get rewards. And i think you can get btc because it has lots of possibilities to grow.
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August 04, 2018, 04:15:26 AM
 #35

As the price of bitcoin is a bit low now, i think you can enter the market. But do a thorough analysis before taking decisions. And mining is a way of creating crypto blocks which are used for transactions. The rewards are given in coins.
Fedor2018
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August 10, 2018, 09:40:20 AM
 #36

Of course, it makes a lot of sense to invest in Bitcoin . If you want to earn in the future - this is the coin that will definitely grow and will not collapse .this is a great investment for the long term

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imToken
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August 10, 2018, 09:45:19 AM
 #37

I think it makes sense to get Bitcoin. As MadGamer said, he said it is very easy to understand, which is one of the reasons I fell in love with BTC. In addition, I feel that since the government can legalize BTC, the value of BTC has been recognized, and government decisions can explain many problems, especially in developed countries.

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August 18, 2018, 04:13:48 PM
 #38

Obviously it makes sense to get bitcoin as now a days you can buy most of the things using bitcoin instead of fiat currency. It is also one of the most trustworthy cryptocurrency. Bitcoin mining takes place by solving some mathematical problem and in return you will get some bitcoins.   
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August 21, 2018, 01:19:02 PM
 #39

Mining are for those people who have enough money to buy those expensive rigs. If you are only rely to a free mining website, you are only opening up your device to hacking if you will be unfortunate or will just drain the power on your device and earn with super low amount of BTC. Just like what Charlie Lee said, we better try to save at least 1 BTC before investing to any altcoins. Why? Because BTC will make you a millionaire someday.

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August 21, 2018, 09:10:41 PM
 #40

Bitcoin mining is basically the process where miners add the transactions record to the public Ledger of Bitcoin of past transactions. Besides getting to choose transaction records, here the miners use a special software to calculate and are issued a certain number of Bitcoins in exchange. So that way, yeah, it obviously does make sense to get Bitcoins.
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