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mining bitcoin

Started by AMEX, January 07, 2017, 05:24:57 PM

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what does it even mean and is it worth it idk. saw an article on it...from 2014

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u mine for bitcoin when u want to pretend to earn money



January 14, 2017, 09:58:36 PM #3 Last Edit: January 14, 2017, 10:04:49 PM by Tectron
casual bitcoin mining is no longer profitable as it gets exponentially more difficult (computationally expensive) to generate a new bitcoin the more bitcoins are in circulation

most cryptocurrencies operate on the same principle

you'll spend more in electricity and components than you'll ever recover, unless maybe you invest thousands in a dedicated mining server

consider dogecoin


why dogecoin? i see its value but, idk if itll ever go full bitcoin in value. normies would never use a meme coin


i was joking lol

dogecoin is only slightly less of a meme than bitcoin is

generally the best time to mine any cryptocurrency is when it's in its infancy, as that's when it's easiest to mine

unfortunately that's also when it's most volatile and its value is lowest

so you take a gamble on mining an emergent cryptocurrency that looks like it could be promising and hope it pays off

it's like stock market trading

i can't advise you on specific currencies because i don't really keep up with them, but i do know that only a fraction ever actually become significantly valuable

but if you're really interested, maybe pick an established one that's still profitable to mine and test the waters from there

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