If you read my previous article on Bitcoin you should have some idea about Bitcoin. It is confusing and hard to understand exactly where to get the money and how to go about spending it, but once you have it figured out you could make a lot of money by earning it with your computer,
The video with this article is for beginners and also will help those who have just started to work with Bitcoin. It will show you how to mine for Bitcoin and easy ways to mine Bitcoin at a fast rate, by updating you computer to increase its speed which will then help you mine Bitcoin faster. Mining is just a way of earning Bitcoin by letting large companies to get information from your computer or services. The more graphic cards and power you have the more Bitcoins you can earn.
This video will go over Bitcoin mining and show you how to set up Bitcoin Mining Software on your computer. Bitcoin is a digital currency, which is supported by a P2P network of computers across the internet that act as servers to process the financial transactions of this currency. Some believe Bitcoin is a Scam, or Ponzi scheme, but once one understands the concept of Bitcoin, it is clear that it is not. While the uses for Bitcoin are virtually infinite (paying for goods, services, or money laundering, gambling and drug smuggling) it’s structure remains concrete and open source. However, the VALUE of each Bitcoin is disputable. In theory, Bitcoin becomes harder and harder to mine, which means it takes more and more energy (electricity for your computer/”mining rig” to run) to process Bitcoin and solve “Blocks” of data. Therefore, the price of Bitcoin may be related to the price of energy and the cost of maintaining this network. While it is easy to assert that there will be additional computers added to the network daily, which would ease the work load on the initial nodes, one can only speculate that the price of Bitcoin MUST increase over time. Especially when power costs in the foreseeable future will be rising.
Currently, only 21,000,000 Bitcoins can be created, but that should rise, many are hoarding the coins and there just simply wont be enough to go around and not enough work, or transaction data, for the increasing number of miners out there.
Specialized computers and “Mining Rigs” are becoming available from companies such as Butterfly Labs and others, which harness ASIC technology. ASIC means application-specific integrated circuit- so these devices are engineered to mine Bitcoin and only mine Bitcoin. This creates an extremely powerful, and efficient machine, over 100x times more efficient than current setups. These machines are said to be able to mine Bitcoin up to 50 GH/s (if that means anything to you, but it’s A LOT) extremely efficiently! More efficient than any desktop computer rig. None of these super computer miners have been shipped/received and it is still extremely uncertain whether these companies are scamming people or not. (I wouldn’t PRE-order a $3,000 machine promising me all the money in the world, but many are)SO – If these machines come to market, they will truly dominate all others and render most other PC’s/Rigs worthless
How to mine Bitcoin, well now you know it isn’t going underground with an axe but by using your computer or taking a change and putting up the money for the Bitcoin mining machines.If you decide to mine, good luck and thank me for an article that just might make you rich.