Coin mining

[fishbate]

I have friends mining coins by creating their own rig at home. I'm relay confuse on how mining works, correct me if i'm wrong the system is using your hardware  capabilities to mine coins? can someone enlighten me? Any comments and suggestions are greatly appreciated.

[Nathan]

I tried this for a while on my personal computers.  After a couple weeks I'd only earned about $30 mining with my GPU and some on and off with CPU.  

From what I've found and read the progression of mining started with using your CPU, then your GPU, now it's on to ASIC. To mine with ASIC you need a special setup and they can run several thousand dollars for one.

The best solution I found was HashFlare and here you rent the ASIC hardware for 12 months at a time.  This way you don't have to maintain it or have large electricity bills in your home.

[hoppip93]

Well, coins as an online currency are not printed or produced by any central bank like a regular currency, rather it needs to be "mined." And like in the real world, the resources that are mined are actually finite, meaning there is a limit to how much we can get. In this case, miners are people using their computers, where the system uses the hardware to calculate complex mathematical problems to generate new coins. 

However, because the coins are finite, as more and more are generated, it becomes much harder to mine a single coin. This is why it has gone from just a regular CPU to now requiring ASIC, which are basically supercomputers designed for mining coins.

[Nathan]

2 hours ago, hoppip93 said:

However, because the coins are finite, as more and more are generated, it becomes much harder to mine a single coin.

Yes, I’m mad at myself for not doing it back when I first learned of bitcoin when it first showed up. Tried for a bit but didn’t see the value. If I would have ran it non stop from then until now I’d be set  

[fishbate]

Thank you @Nathan and @hoppip93 , now i know where to start. I want to try mining but i really need to study ....hard about the process . I know how to set up a mining rig technically based on some site references  and some hardware procedures. I just need to learn more about the science in it. The way i see it, a miner still needs to invest in terms of hardware power and system set up. I just hope that its worth it...

[tiong8d]

Have you heard of the ETH based alt coins? I have been signing up from these what they call "airdrops" and have been earning on 17$. All you need is great effort to sign up to these links and you need your own ETH wallet for them to be able to send you their personal coins. If anyone wants to be part of these, hit me up and i'll make a thread on what you need to do these things. Also planning on starting a youtube channel for this! Hope I can help you guys! Good times!