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Is bitcoin mining possible?

Discussion in 'Payment Processing' started by David37002, Dec 26, 2017.

  1. #1
    Hey guys,am having issue with bitcoin just heard of bitcoin mining don't know if it is real can u guys explain it
    SEMrush
     
    David37002, Dec 26, 2017 IP
    SEMrush
  2. JoeSpirit

    JoeSpirit Active Member

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    #2
    The basic explanation is you purchase a mining contract that pays off over time. Just make sure the company you purchase from is legitimate. There are a lot of scammers popping up.
     
    JoeSpirit, Dec 26, 2017 IP
  3. David37002

    David37002 Banned

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    #3
    Hmm that's great but can you pls suggest any best company I can purchase it from
     
    David37002, Dec 26, 2017 IP
  4. JoeSpirit

    JoeSpirit Active Member

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    #4
    Check your messages. Sending you a link you can have a look at.
     
    JoeSpirit, Dec 26, 2017 IP
  5. David37002

    David37002 Banned

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    #5
    Thanks a lot joespirit.
     
    David37002, Dec 26, 2017 IP
  6. HostService

    HostService Greenhorn

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    #6
    It is still possible, but it becomes harder and harder every day, while more and more users should share limited capabilities with each other.
    Also, you should explore all the risks of investing in bitcoins right now, because it is going to become risky in the nearest future
     
    HostService, Dec 26, 2017 IP
  7. David37002

    David37002 Banned

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    #7
    That's true,thanks a lot
     
    David37002, Dec 27, 2017 IP
  8. JoeSpirit

    JoeSpirit Active Member

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    #8
    All investment is risky. Right now somewhere around 17 million bitcoins have been mined. It's known that the last bitcoin to be mined puts the total number right at 21 million. It all depends on your risk tolerance whether or not you want to obtain some mining contracts and get some of the approximately 4 million coins waiting to be mined.
     
    JoeSpirit, Dec 27, 2017 IP
  9. jestep

    jestep Prominent Member Premium Member

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    #9
    It's not economical right now without a significant amount of money to purchase mining hardware. The complexity of the algorythm right now needs extremely specialized equipment, you cannot do it with CPU's or even GPU's anymore. The best commercially available hardware is usually backordered significantly, which works against you because the complexity increases with time, so what might be mathematically profitable now, might not be when you finally get your hardware. If you don't have at least a good 5 figures USD of capital to invest in mining equipment, and no problem with that sort of financial exposure, I'd look for something else to invest in.
     
    jestep, Dec 29, 2017 IP
  10. DanielHost

    DanielHost Greenhorn

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    #10
    The other possibility is buying mining contracts, which indeed makes it possible to invest in crypto mining. This is viable for a while, but for the last 1-2 years, this method of mining stopped being economical as well. Best to simply hold the Coin if you want to invest in crypto.
     
    DanielHost, Dec 31, 2017 IP
  11. Jim Moore

    Jim Moore Peon

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    #11
    It is, and is a highly profitable industry. Be careful though, bitcoin jumps up and down easily.
     
    Jim Moore, Jan 11, 2018 IP
  12. FotoZone

    FotoZone Well-Known Member

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    #12
    Bitcoin was the first crypto currency which was brought into circulation. Nobody knows precisely who made it – digital forms of money are intended for most extreme obscurity – yet bitcoins first showed up in 2009 from an engineer named Satoshi Nakamoto, who might be a person or an organization in itself. He has since vanished and abandoned a Bitcoin fortune, or at least is absent from the public view altogether.

    One of the upsides of Bitcoin is that it can be kept in the offline mode in local hardware present with a person. That procedure is called cold storage and it shields the money from being taken by others. At the time when cash is put away on the web, which is called hot storage, there is high danger of it being stolen. On the other side, if a man loses access to the equipment that contains the bitcoins, the cash is just gone for eternity. It’s assessed that as much as $30 billion in bitcoins have been lost or lost by excavators and financial specialists. In any case, Bitcoins remain staggeringly well known as the most popular cryptocurrency in today’s time.

    The controversy behind the Bitcoins

    Different reasons have joined to make Bitcoin cash a genuine media sensation. From 2011-2013, criminal merchants made bitcoins renowned by getting them in clusters of a huge number of dollars so they could move cash outside of the eyes of law implementation. In this manner, the estimation of bitcoins soared.

    Scams, as well, are genuine in the digital money world. Gullible and wise financial specialists alike can lose hundreds or thousands of dollars to these tricks.

    At last, however, bitcoins are profoundly disputable on the grounds that they remove the influence of minting money from government banks and institutions, and offer it to the overall population. Bitcoin accounts can’t be frozen or analyzed by tax men and banks acting as middle men between the buyer and seller are totally pointless for bitcoins to move. Law authorization and investors see bitcoins as ‘gold pieces in the wild, wild west’, outside the control of conventional police and budgetary establishments.

    How Bitcoins Work

    Bitcoins are totally virtual coins intended to act ‘self-contained’ for their value, with no requirement for banks to move and store the cash. When you claim bitcoins, they act like physical gold coins: they have value and exchange similarly as though they were pieces of gold in your pocket. You can utilize your bitcoins to buy products and services on the web, or you can store them and expect that their value increments throughout the years.

    Bitcoins are exchanged from one individual ‘wallet’ to another. A wallet is a little individual database that you store on your PC drive (i.e cold storage), on your cell phone, on your tablet or some place in the cloud (hot storage).

    For all practical purposes, bitcoins are fabrication safe. It is so computationally-serious to make a bitcoin, it isn’t monetarily justified, despite all the trouble for forgers to control the framework.

    Bitcoin cash is totally unregulated and totally decentralized. There is no national bank or national mint, and there is no depositor insurance scope. The money itself is independent and un-collateraled, implying that there is no valuable metal behind the bitcoins; the estimation of each bitcoin dwells inside each bitcoin itself.

    Bitcoins are managed by ‘mineworkers’, the gigantic system of individuals who contribute their PCs to the Bitcoin network. Miners go about as a swarm of ledger keepers and reviewers for Bitcoin exchanges. Miners are paid for their bookkeeping work by acquiring new bitcoins for every week they add to the system.

    Bitcoins can be ‘printed’ by anybody in the overall population who has a good PC. Bitcoins are made through an extremely fascinating self-constraining framework called digital currency mining and the general population who mine these coins are called miners. It is self-constraining on the grounds that lone 21 million aggregate bitcoins will ever be permitted to exist, with roughly 15 million of those Bitcoins officially mined and in current circulation. So it is slowly becoming the preferred currency for all people and countries are trying to find ways to regulate it.
     
    FotoZone, Jan 12, 2018 IP
  13. dimitarang

    dimitarang Active Member

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    #13
    It is possible but I am not sure how effective it is today. It used to be profitable when the bitcoin price was $100 but now I doubt it. I had a friend who was mining back in the day with GPUs I don't know if it is still possible.
     
    dimitarang, Jan 12, 2018 IP