Is Bitcoin Mining Today’s Gold Rush?

ROFL 07-08-2014

Did you know that the first person who discovered gold during the California Gold Rush never profited from it? Will Bitcoin suffer the same fate? Will you ever profit from mining Bitcoin?

What is Bitcoin and how does it work? What can you buy with Bitcoin? How does one mine it 5 Ways You Can Make And Mine Bitcoin Currency The revolutionary and controversial method of payment has been making headlines. There are plenty of reasons why you might want to start performing transactions using Bitcoins. But first, you have to earn some for yourself. Read More ? If you get asked these questions a lot, here’s an easy way to explain it How To Explain Bitcoin To Anyone The concept of cryptocurrency isn't easily understood. How can one use their computer to "mine" coins? Where does the money come from? Who controls it? Read More .

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  1. Matthew
    August 7, 2014 at 4:54 pm

    The hardware you already have is likely to be uneconomic for BTC mining unless you have access to unmetered electricity.

    The hardware you buy now, may not cover its cost by the time something more powerful drives the rate of return down further.

    The system compensates for increased power, otherwise a glut of bitcoins would see the value plummet, so each advance in mining hardware gives only a temporary advantage. as the BTC/watt and BTC/hardware price will be driven down - as with more power available across the system, the old kit still does the same amount of work, but the work required is increased