Silk Road forums

Discussion => Newbie discussion => Topic started by: saulgood on June 24, 2013, 01:17 am

Title: Bitcoin mining?
Post by: saulgood on June 24, 2013, 01:17 am
Who's doin' it?
Title: Re: Bitcoin mining?
Post by: Creatio on June 24, 2013, 01:20 am
I am!

And very proudly so.
Title: Re: Bitcoin mining?
Post by: saulgood on June 24, 2013, 01:21 am
Sweet! What have you got? The Avalons are really sweet!
Title: Re: Bitcoin mining?
Post by: bolorolo on June 24, 2013, 01:46 am
can you guys explain what it is and how to do it? :)
Title: Re: Bitcoin mining?
Post by: saulgood on June 24, 2013, 01:52 am
oh sure, we have a lot of time now, don't we?

bitcoin mining is using hardware like GPUs or custom-designed chips to search for the next block in the bitcoin chain.
Title: Re: Bitcoin mining?
Post by: saulgood on June 24, 2013, 01:55 am
you can read more technical details here: https://en.bitcoin.it/wiki/Mining

but basically, you just have to buy or otherwise acquire a mining rig, set it up, and start watching the money roll in
Title: Re: Bitcoin mining?
Post by: saulgood on June 24, 2013, 01:57 am
most people join a mining pool, like slush (mining.bitcoin.cz) to get steady payouts over time. it's possible to make 2+ btc per day ($200+ at current exchange rate) using some top of the line custom hardware. This hardware is very hard to come by now though, as you might imagine.
Title: Re: Bitcoin mining?
Post by: saulgood on June 24, 2013, 01:59 am
you can decide on a mining rig based on profitability, which you can calculate using something like:

http://www.bitcoinx.com/profit/
Title: Re: Bitcoin mining?
Post by: Datgurlgo on June 24, 2013, 02:15 am
what exactly is bitcoin mining?
Title: Re: Bitcoin mining?
Post by: sasquatch19 on June 24, 2013, 02:47 pm
this sounds cool and something to look into
Title: Re: Bitcoin mining?
Post by: bolorolo on June 24, 2013, 02:49 pm
you can decide on a mining rig based on profitability, which you can calculate using something like:

http://www.bitcoinx.com/profit/

thanks for the info, gunna look into this