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Data is recorded in the Bitcoin protocol through "blocks". Blocks are records of the most recent Bitcoin transactions that have not been recorded in previous blocks (think of a stock transaction ledger). When you mine a block, there is a difficult mathematical puzzle to solve-each block has unique solutions. It uses the Hashcash proof-of-work system, which is used to limit email spam and denial of service attacks. When you solve the puzzle, you get rewarded with Bitcoins. The amount of bitcoins rewarded halves every 210,000 blocks, or four years. The reward for solving the puzzle will be the first transaction recorded in each block. Additionally, each newly mined block will have a reference (or hash) to the previous block to ensure it was mined legitimately, and is added to the end of the record of all blocks, which is known as the block chain. The block chain is the database of all Bitcoin transactions and is Bitcoin's main innovation. It serves to limit spending Bitcoins twice.
A bitcoin is divisible to 8 decimal places. Once the reward for Bitcoins becomes 0.00000001, it turns into 0 when halved and no more Bitcoins will be produced. This will happen when block 6,929,999 is mined, which should happen in the year 2140. Right now there are about 224,300 blocks, and a new block is added to the block chain every 10 minutes or so. Blocks will continue to be generated without end as long as people are trading Bitcoins, since it's the record of all transactions. If you go onto Black Market Reloaded and buy some Adderall because MSP doesn't cover it, that transaction of Bitcoins will be added to the block record.
Computational power is used to mine bitcoins. You can use CPU or GPU power to mine them, with a specialized program. Unfortunately, the amount of processing power needed, combined with the cost of electricity for home miners, makes it extremely difficult to turn a profit.
with all theses ASIC's coming out... unless you have one, there's no point trying to mine.
as soon as these become wide spread, it will be the standard for mining.
I couldn't get the first wave shipments (i calculated you'd mine like 150-300 bux a day)... but as soon as they become wide spread it becomes like 150 bux a month....
not worth it in my opinion.
in BC we do have really cheap electricity vs other places... but the costs are negligible.
if u order an ASIC now you wont get it for a few months. in my opinion that's too late.
the window of opportunity for benefiting from having an ASIC machine was the end of last year to this april/may. after that anyone GPU mining will be paying more for electricity than the amount they mine.
in BC we do have really cheap electricity vs other places... but the costs are negligible.
if u order an ASIC now you wont get it for a few months. in my opinion that's too late.
the window of opportunity for benefiting from having an ASIC machine was the end of last year to this april/may. after that anyone GPU mining will be paying more for electricity than the amount they mine.
Most RS users still live at home anyways and probably don't pay rent or have to contribute to the household so it could still be worth it for such individuals.
so you mine these bitcoins and then they can used to buy things?
but... how does the mining thing work and how long does it take to get the coins???
so its based on GPU? so having the best GPU would yield the most coins?
If you want to mine at home, it depends on the hardware. I just posted this AMD vs Nvidia review yesterday, comparing a couple GPUs:
The 7870 does a decent job of mining... I don't know what all the rates are, so I just used this conversion calculator. According to it, mining with the Radeon 24/7 would bring in 1.45 BTC per month, worth about $62 USD a month.
Looking at the power consumption then:
It depends on the power cost of your country. For me in HK, it would cost about $17 a month to do, which is a net profit of $45 a month. In BC it would only cost about $8 a month to mine 24/7.
There is certainly more efficient hardware out there, which would be more profitable to run, but then you have to factor in the cost of the hardware itself.
IMO if you have a high end Radeon card, it might be worth mining a bit just to recover the cost of the card itself
so you mine these bitcoins and then they can used to buy things?
but... how does the mining thing work and how long does it take to get the coins???
so its based on GPU? so having the best GPU would yield the most coins?
Yes but mining isn't the only way to aquire. You can buy them off people who usually charge a % for profit just like currency exchange shops. You can mine from pretty much anything. GPU is just yields better results than CPU.
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Originally Posted by rsx
Is this a gaming currency? I'm lost =/
Think of it as another currency that isn't controlled by banks. Some really smart guy came up with a really cool way to distribute money and you can use it wherever its supported. For example... Google stripcoin (nsfw)
Last edited by mos_skeeto; 03-05-2013 at 09:21 PM.
I had some girl come into the busser station the other day trying to make out with every staff member and then pull down her pants and asked for someone to stick a dick in her (at least she shaved).
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Originally Posted by 1exotic
Vtec doesn't kick in on Reverse.
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Originally Posted by Ulic Qel-Droma
its like.. oh yeah oh yeah.. ohhhh yeah... OOoooOohh... why's it suddenly feel a bit better... ohhhh yeahh... ohhh...oh..fuck... it probably ripped.