View Full Version : Mining

11-27-2017, 12:17 PM
Do any of you do this?? I'm still not clear what
this means although I doing research into it.

Ranger Rick
11-27-2017, 09:28 PM
I was hoping you would tell me.

11-28-2017, 01:45 AM
I was hoping you would tell me.

LOL, still very new at this.

Looks like there are companies that have the
computer horsepower to do it. Places like
Genesis and HashFlare. I just started looking
at these today so don't have much info.

YouTube has some good info.

11-28-2017, 12:08 PM
I understand it takes a good working knowledge of cryptography and mathematics. There are websites that will teach you what you need to know. Also, until recently, the expense of investing in the equipment and electricity usage was prohibitive. Now that one can lease the hardware I am thinking about doing it. I know that at one point there are computer viruses available that would allow you to hi-jack unused processor time from infected computers and use their CPUs for the decryption process but this scenario is rarer today because of all the leasing equipment.

One thing that you can do is when a new leasing company is coming online they usually sell their own crytocoins in order to finance the project. The amount of access you have to their infrastructure depends on your investment. I'm me a few people who have done this and are happy with the results. If you get tired of mining you can sell the coins (hopefully at a profit) to someone else who wants to try their hand at mining. These initial sales events are called ICO's and are usually open for about a month.

DumbAss Tanker
11-28-2017, 02:50 PM
So, for those of us who are merely curious and don't want to research it in depth, what is it in the Reader's Digest version? Sounds a lot like automated cryptocurrency churning trades to speculate upward, just from the info discussed so far, but that would be a real building-a-skyscraper-on-sand kind of thing and I doubt any of your are quite that risk-loving.

11-28-2017, 09:01 PM
When I first starting really looking at buying
these Bitcoin was around $6500. That was just a
couple of weeks ago. Bitcoin is now $10,328.

One problem to enter this market is how to pay
for it. A lot of the Exchanges will only let you pay
in Bitcoin or Ethereum, the #2 coin. Some Exchanges
will let you Wire $$$ but Wire charges are around
30 bucs a shot. Some will also let you do a ACH
transfer but these take time to move the $$$ and
Bitcoin has been moving so fast you could lose
thousands just waiting for your money to get to
your new trading account.

This is a problem that a coin called Ripple is
trying to solve by providing faster movement of
$$$. I have some Ripple, it's trading for around
28 cents. Even Bitcoin started out as selling for
under a penny, look at it now.

11-28-2017, 10:23 PM
I have some Ripple