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Author Topic: does mining really work and what is it  (Read 908 times)
hyperpunk
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April 23, 2012, 10:49:25 AM
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i keep seeing website links for bitcoin mining , what is it and whats the best way to get free coins or mining tool
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Blaztoize
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April 23, 2012, 10:54:20 AM
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To use the flipping search button on the forums. Or read the stickies.

https://bitcointalk.org/index.php?topic=9430.0


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BrannigansLaw
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April 23, 2012, 10:55:28 AM
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i keep seeing website links for bitcoin mining , what is it and whats the best way to get free coins or mining tool

Free? Its only free if you can get free electricity.

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April 23, 2012, 11:16:58 AM
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The mining tools are free.  Some sites offer free BTC in small amounts.  Look around.  They're posted around here.

But as above, hardware isn't free nor is electricity.  Hard to say if getting in now is worth it or not.  December will be that deciding factor when the reward halves.

It's a gamble!

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April 23, 2012, 11:40:53 AM
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It's a gamble!

It's not really a gamble, it's more like a business: miners provide a service to the network (verifying and securing transactions) and receive payment for this service (the block reward plus transaction fees). Like any business, mining can be a decent way of making money if you know what you're doing and are able to keep your running costs down, but if you don't know what you're doing you're likely to lose money. You need to do your research and work out whether the expected returns from mining are worth the hardware and electricity costs.

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hyperpunk
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April 23, 2012, 11:45:33 AM
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been trying to research it but so much information out there i do have a hp blade server i could run it on if thats good enough spec
mccorvic
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April 23, 2012, 07:04:54 PM
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You'll want to look into mining pools as the odds of solo mining and getting any BTC is astronomically small.

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DeathAndTaxes
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April 23, 2012, 07:21:41 PM
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been trying to research it but so much information out there i do have a hp blade server i could run it on if thats good enough spec

Probably not.  GPU mining has killed CPU mining and slowly FPGA (dedicated hardware miners) is killing GPU mining although it likely will take a year or two.

donking
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April 23, 2012, 07:24:15 PM
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If mining is going to only run on CPU it will not be good enough to make any meaningful result.
mccorvic
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April 23, 2012, 07:26:17 PM
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If mining is going to only run on CPU it will not be good enough to make any meaningful result.

Yea, to emphasize this point, last march I tried to mine with just cpu in a pool and I made about .01 BTC a day.  Now, with the network being so large, I imagine that you'd be lucky to make 0.001 BTC a day with just cpu in a mining pool.

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