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47 Ronin Bitcoin Mining group

Keep in mind we are a gaming community so don't use your only gaming PC to mine for Bitcoins, it's not good for us....
Build yourself a dedicated mining PC with as many PCI-E as possible...for example = Asus Revolution mobo + 5x HD7950 + 1500W PSU.....something like that :)
 
built[4]sin said:
what's the theory behind this practice? i keep hearing about bitcoins and the mining of bitcoins, but i don't understand it at all
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Theory is that bitcoins are released at certain time intervals based on some algorithm some guy invented. These time intervals are the mining process where hardware cracks complicated math problems essentially... After each bitcoin is found the algorithm increases the difficulty of the math problem to be solved. The increase in difficulty means a timing process for bitcoin releases as well as finite number of bitcoins in circulation because at some point it will take years to unlock a single bitcoin which is why they are so expensive.

Mining groups form groups that combine their hardware to mine bitcoins faster, but the bitcoin is divided among all the group participants. The method is faster but payout lower. Mining by yourself causes payout to be high but at slower intervals.

Best part about bitcoins are that they are a digital currency not regulated by any form of government. They can be traded by anyone across any country, instantaneous pay, and they are not taxed. As far as turning bitcoins into actual money, there's no one really backing this so you have to make sure you trust whomever your selling to.

Previously there was a company in China who birthed the same concept, but it was causing such a disruption in the the Chinese economy that the government had to start putting regulations on that companies digital currency. Not really sure what the effect of this will be on the world economy

Either way our power consumption would outweigh the benefits of doing this.
 
S-Dawg said:
Theory is that bitcoins are released at certain time intervals based on some algorithm some guy invented. These time intervals are the mining process where hardware cracks complicated math problems essentially... After each bitcoin is found the algorithm increases the difficulty of the math problem to be solved. The increase in difficulty means a timing process for bitcoin releases as well as finite number of bitcoins in circulation because at some point it will take years to unlock a single bitcoin which is why they are so expensive.

Mining groups form groups that combine their hardware to mine bitcoins faster, but the bitcoin is divided among all the group participants. The method is faster but payout lower. Mining by yourself causes payout to be high but at slower intervals.

Best part about bitcoins are that they are a digital currency not regulated by any form of government. They can be traded by anyone across any country, instantaneous pay, and they are not taxed. As far as turning bitcoins into actual money, there's no one really backing this so you have to make sure you trust whomever your selling to.

Previously there was a company in China who birthed the same concept, but it was causing such a disruption in the the Chinese economy that the government had to start putting regulations on that companies digital currency. Not really sure what the effect of this will be on the world economy

Either way our power consumption would outweigh the benefits of doing this.
Click to expand...
That whole message went way above my head. Haha. I do have some buddies at the precinct who do this and they make money, I never really asked how it works. But if it makes money then why not??

Sent from my C5170 using Tapatalk
 
S-Dawg said:
Theory is that bitcoins are released at certain time intervals based on some algorithm some guy invented. These time intervals are the mining process where hardware cracks complicated math problems essentially... After each bitcoin is found the algorithm increases the difficulty of the math problem to be solved. The increase in difficulty means a timing process for bitcoin releases as well as finite number of bitcoins in circulation because at some point it will take years to unlock a single bitcoin which is why they are so expensive.

Mining groups form groups that combine their hardware to mine bitcoins faster, but the bitcoin is divided among all the group participants. The method is faster but payout lower. Mining by yourself causes payout to be high but at slower intervals.

Best part about bitcoins are that they are a digital currency not regulated by any form of government. They can be traded by anyone across any country, instantaneous pay, and they are not taxed. As far as turning bitcoins into actual money, there's no one really backing this so you have to make sure you trust whomever your selling to.

Previously there was a company in China who birthed the same concept, but it was causing such a disruption in the the Chinese economy that the government had to start putting regulations on that companies digital currency. Not really sure what the effect of this will be on the world economy

Either way our power consumption would outweigh the benefits of doing this.
Click to expand...

So it's a purely fiat currency with no real value whatsoever? Interesting. Though I don't understand where the coins are being "released" from, etc. Is there some central person/group that holds all of them? I'm just confused as to how there can be a limited supply and how they have any value whatsoever.
 
The Sad Zealot said:
So it's a purely fiat currency with no real value whatsoever? Interesting. Though I don't understand where the coins are being "released" from, etc. Is there some central person/group that holds all of them? I'm just confused as to how there can be a limited supply and how they have any value whatsoever.
Click to expand...

search WIKI on BTC
 
@FuZion
I just sold both of my 7970 for $400 each so looked like i have a free upgrade to 780ti.
You have one 7970, think about partly free upgrade while the 7900 series still HOT
 
Hunter said:
@FuZion
I just sold both of my 7970 for $400 each so looked like i have a free upgrade to 780ti.
You have one 7970, think about partly free upgrade while the 7900 series still HOT
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That sounds like a good idea, does this buyer want to buy one more? hehe

Have you thought about getting a 290 by chance? or are u getting the 780 for the g-sync
 
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