Crypto currency mining

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mid_gen

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Chris
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Anyone doing this?

I left my ATI 6950 mining dogecoins overnight, made about 5USD worth, with added bonus that waste heat is keeping my apartment warm so the electric isn't an extra cost really! Gonna go buy a couple of R9s as they should pay off in a month or so....
 
I had to spend a while on Google to even find out what you were talking about. Then I realised it had something to do with Comic Sans so I added something new to my boycott list :)
 
mid_gen said:
Anyone doing this?

I left my ATI 6950 mining dogecoins overnight, made about 5USD worth, with added bonus that waste heat is keeping my apartment warm so the electric isn't an extra cost really! Gonna go buy a couple of R9s as they should pay off in a month or so....
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Considered mining Bitcoin not long back but it's too far into it's life for me to make any money from. You'd have to spend serious amounts of cash to get something that could mine fast enough.
 
All I keep hearing about now are these bloody dogecoins!

To the moon... :LOL:
 
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Too late for bitcoin mining, but plenty of other cryptocurrencies that are readily exchangeable to BTC then real currency. Mining dogecoins at the most, although only on one card as I'm having trouble with both..…

Yes doge meme is a silly internet meme but there is real money to be made. If comic sans means I have a free top end gaming setup in a month's time, suits me :)

Electricity that would have gone into electric heater is pouring heat out of my PC instead so it's win all round!
 
MWHCVT said:
I cannot be the only one that is seriously confused by this...how do you mine them what is the purpose of the mining?
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"Mining" is a bad analogy, as far as I can workout it's distributed processing of code validations (verifying the encryption of transactions) for which you receive a performance-related percentage. But the nature of the processing required is such that the more validations are performed the harder each subsequent validation becomes. So the effort required is constantly increasing, and the reward is also being manipulated based on the number of participants involved in the processing and the collective processing power being brought to bear. Think of it as being a willing and paid member of a tame botnet. The reward:effort bias for bitcoin is regarded as having long passed beyond worthwhile for amateurs.
 
So are you basically allowing your computing power to be used for the processing of transactions? And for that you earn a commission of these virtual currencies...okay I think I get that but how does this turn into real cash I can take down my shop...how to they get a value...or where can this virtual money be spent?
 
Well.. you'd struggle to spend it in China now, which is why the value of bitcoin took a nose dive this week. As to the rest of your question, I could answer it but I'd only be repeating what I was Googling. There are several very good guides to bitcoin and other digital currencies.
 
Various exchanges you can use to swap for real ccy. Obviously a mad speculation driven mess at the moment but it will settle down into something useful.
 
I liked the suggestion about combining it with calculations that when complete actually serve a purpose as opposed to just making it harder and harder to mine coins. For example the SETI and the Cancer Research computations.

Some of the arguments advocate the waste of energy simply because we waste energy doing other things. I hate that type of reasoning because it basically says if someone else is doing something wasteful then I can to, or I'm already wasting energy doing X so I might as well do it doing Y.

Maybe I'm getting old.
 
I have joined the crypto currency revolution :) using coinbase same as others and Binance..... went for TRON as they are relatively new so as they grow so should the price .......said he hopefully :)
 
My bro has one in the front room of the house, not needed the heating on all winter :)

I've got some coins for long term hodle, IOTA,dodge,DBET (from their ICO) neo and ADX

(Yes I know that sounds utter nerd jibberish! :banana::LOL:)
 
i have never really understood why folk need these crypto currencies but accept if some are earning for checksum accounting I guess people are using them. Or is it all hype?
 
I know my lad and his g/f have ploughed a bit of spare cash into buying and trading across a raft of crypto currencies ,and as there looking at it long term they have made quiet a few quid ,but I haven’t got a clue how.
 
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