Thread: Mining

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  1. #1 Mining 
    eeeevil Sith Admin SarasotaRepub's Avatar
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    Do any of you do this?? I'm still not clear what
    this means although I doing research into it.
    May the FORCE be with you!
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  2. #2  
    Senior Member Ranger Rick's Avatar
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    I was hoping you would tell me.
    I dream of the day a chicken can cross the road without it's motives being questioned.

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  3. #3  
    eeeevil Sith Admin SarasotaRepub's Avatar
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    Quote Originally Posted by Ranger Rick View Post
    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.
    May the FORCE be with you!
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  4. #4  
    Power CUer FlaGator's Avatar
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    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.
    Liberals! The real fascists.
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  5. #5  
    Senior Member DumbAss Tanker's Avatar
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    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.
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  6. #6  
    eeeevil Sith Admin SarasotaRepub's Avatar
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    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.
    May the FORCE be with you!
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  7. #7  
    Moderator RobJohnson's Avatar
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    Quote Originally Posted by SarasotaRepub View Post
    I have some Ripple

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