idealmike
Level X3
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I know I can Google this, and for all intents and purposes I have been. But most of everything I reading about it just like 1, 2, 3 BOOM HEAD EXPLOSION! I know what bitcoin is and sort of how it works. So I've some questions about bc (bitcoin) mining hopefully you can answer them and we'll all learn more about how bitcoin (and bitcoin mining) works!
Bitcoin mining is very profitable if you can negotiate a good electricity rate lol! We have 18 Ant Miner S7 miners and we are doing pretty well. You need a dedicated building with exhaust and you also need to run these machines on 240V electric NOT 120V; a lot of people make that mistake but if you run on 240V your electric is 10-15% CHEAPER. The Bitcoin halving is coming and that will drive the price of Bitcoin WAY Up! We are in the process of ordering the S9, the next batch that comes out, and those are 13TH at 1275 Watts are SUPER profitable. If you have any further questions or concerns feel free to contact me on seoclerks.
[url=https://www.seoclerks.com/files/user/images/BTC.jpg][img]https://www.seoclerks.com/files/user/images/BTC.jpg[/img][/url][url=https://www.seoclerks.com/files/user/images/BTC2.jpg][img]https://www.seoclerks.com/files/user/images/BTC2.jpg[/img][/url][url=https://www.seoclerks.com/files/user/images/BTC3.jpg][img]https://www.seoclerks.com/files/user/images/BTC3.jpg[/img][/url][url=https://www.seoclerks.com/files/user/images/BTC4.jpg][img]https://www.seoclerks.com/files/user/images/BTC4.jpg[/img][/url]
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robertman11
From http://www.investopedia.com/terms/b/bitcoin-mining.asp
- More than most, less than many.
- I have in the past. I had 7 Antminer S5s running.
- With the above, I made less than $100 per month after power usage payment. I did not have a cheap power source. The Antminer's were $500 or so each and as the calculations became more difficult, the S5s were using more power than producing income. At the current rate, I would not mine enough to pay back the cost of the hardware before they became useless. I sold them all on eBay.
- You can't mine with a computer any more. You have to have an ASIC like the Antminers. (To clarify, you can mine with a computer, it is just pointless as the difficulty is to high and you'll use more power than you earn. You can also mine cryptocurrencies with a computer but this is in regards to BTC).
- If you have no or very low power costs, you can earn money. The amount depends on a lot of factors such as how many machines you have running, the heating/cooling system, etc. Check out Bitcoin mines on Youtube, they are pretty amazing.
- Explained above.
Simply put, and at a very high level, when you make a transaction using BTC, it requires calculations. A Bitcoin miner makes those calculations and a reward is given to the miner. Here is a better explanation: [quote]Bitcoin mining is the process by which transactions are verified and added to the public ledger, known as the block chain, and also the means through which new bitcoin are released. Anyone with access to the internet and suitable hardware can participate in mining. The mining process involves compiling recent transactions into blocks and trying to solve a computationally difficult puzzle. The participant who first solves the puzzle gets to place the next block on the block chain and claim the rewards. The rewards, which incentivize mining, are both the transaction fees associated with the transactions compiled in the block as well as newly released bitcoin.[/quote]From [url]http://www.investopedia.com/terms/b/bitcoin-mining.asp[/url] [list=1][*]More than most, less than many. [/*][*]I have in the past. I had 7 Antminer S5s running.[/*][*]With the above, I made less than $100 per month after power usage payment. I did not have a cheap power source. The Antminer's were $500 or so each and as the calculations became more difficult, the S5s were using more power than producing income. At the current rate, I would not mine enough to pay back the cost of the hardware before they became useless. I sold them all on eBay. [/*][*]You can't mine with a computer any more. You have to have an ASIC like the [url=https://bitmaintech.com]Antminers[/url]. (To clarify, you can mine with a computer, it is just pointless as the difficulty is to high and you'll use more power than you earn. You can also mine cryptocurrencies with a computer but this is in regards to BTC).[/*][*]If you have no or very low power costs, you can earn money. The amount depends on a lot of factors such as how many machines you have running, the heating/cooling system, etc. Check out Bitcoin mines on Youtube, they are pretty amazing. [/*][*]Explained above. [/*][/list]Are you sure you want to delete this post?