blacksapphire08
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I've been hearing about these things more often lately so I decided to do some research. Basically you download and run a client that makes your hardware process a "block" of data to get a bitcoin. So this is similar to folding then? What is contained in this block of data? Apparently a bitcoin is worth $10 or more, so they're just giving out free money then? There has to be something in the data that my hardware is processing to get the bitcoin that makes it worth any kind of monetary value right? None of this makes any sense to me and the whole thing smells like one big hacker trick. For all I know the client could be using computers for bot farms to break into secure databases.
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slickric
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kram36
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Has anyone here collected any money on this?
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Xtrem
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Not a scam, you "mine" mostly using your graphics card because it's more efficient at mining than the CPU. First of all, mining is done in blocks; each block has 50 bitcoins. Now, it is pretty impossible unless you have the mining power to mine a whole block, so mining pools are created so that people can process blocks together and share the bitcoins. I didn't get into mining because my card is just not good enough. These coins are only worth as much as a piece of paper saying you have X amount, which means that the price can fall or rise at any time
post edited by Xtrem - 2011/08/06 19:17:33
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slickric
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Xtrem
Not a scam, you "mine" mostly using your graphics card because it's more efficient at mining than the CPU.
Mining what and for who and when do u get the cash???
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Xtrem
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I edited my last post for more info and in regard to your question You mine bitcoins and it is for yourself. Mining is basically finding a solution to a problem and having everyone confirm that it is correct. You get bitcoins and they're stored in your wallet(a file on your computer), you can exchange it to other currencies through independent sites(with other bitcoin miners) online where they charge a small percentage fee. More info just going to Wikipedia, but if you find something confusing or have any questions, ask
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Remorce
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Its like stocks. Many people are actually willing to accept bitcoins as payment. I found many sites that trade bitcoins for gift cards at their current value.
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Clergy
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This sounds a bit odd to me and I am still a little unclear on how this all works . Time for a Google search. Here is the first thing I found:
post edited by Clergy - 2011/08/06 19:45:37
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ShadowsDemise
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One thing that bothers me about bitcoin mining is that the processing power isn't really doing anything useful. The processing power is used to solve a complicated problem in order to get you bitcoins but the actual problem that it is solving can't be used for anything other than getting you bitcoins. It would be awesome (although I know it won't happen) if they could somehow integrate folding into bitcoins so that the processing power would at least be going to something useful.
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slickric
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ShadowsDemise
One thing that bothers me about bitcoin mining is that the processing power isn't really doing anything useful. The processing power is used to solve a complicated problem in order to get you bitcoins but the actual problem that it is solving can't be used for anything other than getting you bitcoins. It would be awesome (although I know it won't happen) if they could somehow integrate folding into bitcoins so that the processing power would at least be going to something useful.
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BlackArtz5133937
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slickric
Xtrem
Not a scam, you "mine" mostly using your graphics card because it's more efficient at mining than the CPU.
Mining what and for who and when do u get the cash???
Data Mining. For whom? Heck do I know. When will you get paid? Probably when they get paid in hundreds of thousands first.
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Xtrem
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BlackArtz5133937 slickric Xtrem Not a scam, you "mine" mostly using your graphics card because it's more efficient at mining than the CPU. Mining what and for who and when do u get the cash??? Data Mining. For whom? Heck do I know. When will you get paid? Probably when they get paid in hundreds of thousands first. This is completely false, there is no data mining involved. The calculations are useless and there is no "organization" behind it, it is all P2P.
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stephen92
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I don't mine because it is nearly worthless to do so on Nvidia cards (ATI dominates in bitcoin mining), but I know a few people on here are mining them and have cashed in some of their bitcoins.
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moose517
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I mined for about 2 weeks and walked away with 250 bucks, in my bank account, so it is legit. All the calculations are doing is verifying the hashes from the transactions done on the network. thats all it is. Prevents people from cheating the system if its totally P2P and everyone can see everyone else's transactions more or less.
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lempo
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so what's the deal with this? if you don't mine how do you get bitcoins. trying to wrap my head around this. let's say i wanted to start doing this. so i download the program and just run it?
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Xtrem
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Yes, you download the main program which keeps your coins in the wallet and your transactions, and another program to mine using your graphics card
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{uZa}DOA
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All I know is that when this started gaining traction I sold my 5870's for a great price well above what I thought they were worth....... Thank you bitcoin miners
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GODKILLER
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{uZa}DOA All I know is that when this started gaining traction I sold my 5870's for a great price well above what I thought they were worth....... Thank you bitcoin miners
Now that is funny.
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bigoraj
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Re: Bitcoins?
2021/01/31 06:57:57
(permalink)
Does any one on the forums remember doing this? When I had built the computer back in 2011 I remember running my computer for weeks, The poor machine heated the basement never had to turn the furnace on. The reason Im asking is how do I gain access to this now being so many years later would my account still exist?
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kram36
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Re: Bitcoins?
2021/01/31 10:03:45
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bigoraj Does any one on the forums remember doing this? When I had built the computer back in 2011 I remember running my computer for weeks, The poor machine heated the basement never had to turn the furnace on. The reason Im asking is how do I gain access to this now being so many years later would my account still exist?
Yes the account would still exist or at least the Bitcoin you mined would. You just need to figure out where you stored your Bitcoin and the private key to the wallet it was stored on.
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Noelsz
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How its goin’? What about Eth? Opinions?
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bigoraj
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Re: Bitcoins?
2021/01/31 16:54:20
(permalink)
Kram 36 Yes the account would still exist or at least the Bitcoin you mined would. You just need to figure out where you stored your Bitcoin and the private key to the wallet it was stored on.
This sounds like it could be a needle in a haystack. I no longer have the computer nor the drives. Is all this information stored on line or was it physically stored on the computer that i mined with?
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kram36
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Re: Bitcoins?
2021/01/31 17:03:24
(permalink)
bigoraj
Kram 36 Yes the account would still exist or at least the Bitcoin you mined would. You just need to figure out where you stored your Bitcoin and the private key to the wallet it was stored on.
This sounds like it could be a needle in a haystack. I no longer have the computer nor the drives. Is all this information stored on line or was it physically stored on the computer that i mined with?
If you could remember which wallet you saved the Bitcoin to and the private key, you could retrieve your Bitcoin.
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bigoraj
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Re: Bitcoins?
2021/01/31 17:12:00
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If you could remember which wallet you saved the Bitcoin to and the private key, you could retrieve your Bitcoin. The reason Im asking is because I no longer have any of that information/hardware. Could you tell me where to start looking for this?
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ty_ger07
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Re: Bitcoins?
2021/01/31 17:22:25
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Nereus
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Re: Bitcoins?
2021/01/31 18:41:06
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bigoraj If you could remember which wallet you saved the Bitcoin to and the private key, you could retrieve your Bitcoin. The reason Im asking is because I no longer have any of that information/hardware. Could you tell me where to start looking for this?
You couldn't. There's a guy who has an encrypted drive he forgot his password to, and his bitcoin key is on it. He's tried 8 different passwords and failed. After 10 failed attempts, the drive destroys all the data/locks him out forever. Estimated $220 million in bitcoin. https://www.nytimes.com/2021/01/12/technology/bitcoin-passwords-wallets-fortunes.html Another guy a while back accidentally tossed his hard drive out with his key on it. He tracked it to a large public trash dump but can't get permission to find it (and it would literally be a needle in a very very very large haystack) - many millions on it.
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Noelsz
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Re: Bitcoins?
2021/02/03 11:24:59
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Nereus
bigoraj If you could remember which wallet you saved the Bitcoin to and the private key, you could retrieve your Bitcoin. The reason Im asking is because I no longer have any of that information/hardware. Could you tell me where to start looking for this?
You couldn't. There's a guy who has an encrypted drive he forgot his password to, and his bitcoin key is on it. He's tried 8 different passwords and failed. After 10 failed attempts, the drive destroys all the data/locks him out forever. Estimated $220 million in bitcoin.
Another guy a while back accidentally tossed his hard drive out with his key on it. He tracked it to a large public trash dump but can't get permission to find it (and it would literally be a needle in a very very very large haystack) - many millions on it.
it was also painful to read this post
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Dmglenn
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Basically they have you solve math problems and when its solved you get a reward of bit coins. They call this mining. The owners of the currency can make the math harder or easier or change how many coins are awarded for each problem solved to control inflation. You can also mine coins with a group where you all pool your resources to solve the blockchain and you get a reward based on your contribution minus a cut for the website who brought you all together. Usually you will get rewarded with .0002 or so per blockchain. It is very slow now and takes a lot of time. Thats my 10 second explanation
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usbarlow@hotmail.com
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Plus your power company will LOVE YOU <3
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5E39B83C83B8476
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