Bitcoin miner - page 3
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I didn't read it after the ellipsis.
Oh, right, I was too lazy to put in a video, but I couldn't articulate my objections.
Well... uninteresting is uninteresting.
You're the boss...
1. It has not been profitable to mine BTC on video cards specifically for several years. Not even the cost of electricity will be recouped. Only the top-end ASIC's...
2. If you join large pool - bounty per day will be approximately equal to <bounty per block> * <number of blocks mined per day> * <your hashrate> / <total network hashrate> - <pool commission>.
One block is generated approximately once every 10 minutes. Block fee is currently, if I'm not mistaken, 12.5 BTC; with mining it decreases periodically by 2 times. Current network hash rate is ~10.6M THash/sec.
Without pool - expectation of profit is the same, but random variable that describes reward will have a very large variance: in most cases, the profit will be zero, but maybe you will be lucky and wait for the moment, when you alone will manage to generate block and get all reward for it.
3. Selling wishing to personally in his hands, or put on one of dozens of exchanges and exchange it for the desired currency. To withdraw to a bank account or card you may have to go through anti-money laundering procedures. Some exchanges do not work with people from certain countries.
Hi!
Thanks for the sensible and specific answer.
1. Only I didn't quite understand about joining the pool, how do you do that?
2. What is the cost of setting up your pool?
3. What internet speed is required for the pool?
Sceptics:
If you manage to mine at least one block per day, that's 12.5 BTC * 6019 = 72237.5 $.
I'm willing to pay taxes on those amounts...
Or am I wrong about something?
Added
And, if anyone knows, can you give me VERY detailed information on the mechanism of getting the money?
I.e. specifically (by the chans) what needs to be done, opened, etc.
If you manage to mine at least one block per day, that's 12.5 BTC * 6019 = 72237.5$.
Or am I wrong about something?
To mine one block per day, you need a whole hangar full of asics.
The most important thing - to get one unit a day - you need a whole hangar, full of asics.
No problem, you can add up with friends, if the sum to create a pool will be large, the question is how to do it?
Added
And the pool with video cards more interesting; if their profit will be small, you can
I'll be able to sell them if profits are small.
And most importantly, to get their earnings.
Oh, right, I was too lazy to put in a video, but I couldn't articulate my objections clearly.
Well... uninteresting is uninteresting.
The master is the master...
No offense -- but you're really not up on the concepts you're arguing about -- you're writing outright nonsense that even a failed economics student wouldn't be able to generate in a decent university
I have studied all of these concepts very well, that's why I say that Bitcoin fits perfectly for the role of modern money and it is secured better than dollar and even more so the rouble.
So I have no objection to your theses - why object, is there any point and prospect to explain anything?
Open an elementary textbook on political economy -- get acquainted with the T-D-T formula -- then, if you have a desire, let's get back to the conversation.
Functions of money:
-- a measure of value
-- a medium of exchange
-- a means of payment
-- a means of saving and accumulation
-- world money
Cryptocurrency performs none of these functions. Cryptocurrency is not money, has not been money and never will be.
No problem, you can add up with friends, if the sum to create a pool will be large, the question is how to do it?
Added
And the pool with video cards more interesting; if their profit will be small, you can
I'll be able to sell them if profits are small.
And most importantly, to get what they have earned.
Now, to mine one block, you need about 5000 hashes (5 x 10^21 hashes). Here, you can estimate how much you need to mine one block. You know miners' productivity. Calculate the average amount of time.
Open a rudimentary political economy textbook -- get acquainted with the T-D-T formula -- then, if you have the will, let's get back to the conversation.
Functions of money:
-- a measure of value
-- a medium of exchange
-- a means of payment
-- a means of saving and accumulation
-- money of the world
Cryptocurrency performs none of these functions. Cryptocurrency -- not money, has not been money and never will be.
Bitcoin serves the function of a measure of value just fine. No worse than any other currencies
Bitcoin performs a function of a means of circulation perfectly. Better than paper money, just like non-cash money.
Bitcoin performs perfectly as a means of payment.
Bitcoin performs very poorly as a means of accumulation, just as poorly as any modern currency.
Bitcoin is well suited to the role of world money.
So, Bitcoin is a full-fledged currency in every function.
The only thing bitcoin doesn't have (of what money is supposed to have) is use-value. But, use value is not in any other modern currency either. Here Bitcoin is no different from a piece of paper with the name "ruble", "dollar" or "MMM ticket". The difference, as I said, is only in the "group of comrades" whose "word of honour" the currency represents.
... [sort of clever blah blah blah] ...
p.s. That's it. Hi.
p.s. That's it. Hi.
That's what I'm saying - you yourself don't understand what money is and what "money functions" are. Again, you're shouting "hello, everybody" like a young lady... Again - you were smart enough to insert a video, but you're not smart enough to explain your position... alas...
Well, I already said - master is the boss.
Right now, to mine one block you have to go through around 5,000 exashes. Here, you can estimate how much you need to mine one block.
If you know, why don't you tell me (it's hard for me to estimate, I just started to learn bitcoin mining)?
What difference does it make what Bitcoin is?
NOW, it seems to me, there's money to be made on it - that's all that matters!
Whether Bitcoin dies or not, time will tell!