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Thread: Great questions regarding litecoin/bitcoin mining

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    Default Great questions regarding litecoin/bitcoin mining

    We realized there are a ton of questions out there regarding this stuff, and thought it would be worthwhile to post some of them in a master list. Feel free to ad more questions, or if you can easily answer any of these questions, please sound off:

    Here are justa few to get things rolling:

    How do I mine them?

    Can anyone mine these?

    Do I need to register somewhere?

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    Default Re: Great questions regarding litecoin/bitcoin mining

    Go to bitcoin.org. It will tell you basic information on how to get started and what programs you can use to maximize your mining process. by the way you can also mine using your gpu.

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    Default Re: Great questions regarding litecoin/bitcoin mining

    I agree with killjoyjim. You can mine using your GPU--it's really profitable. The mining that we are talking about here is through computers. Bitcoin is being mined not printed. You will earn thru your computer by solving complex mathematical equations.

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    Default Re: Great questions regarding litecoin/bitcoin mining

    While anyone CAN mine, not all machines will mine as well as the next. Specifically, you would want an AMD GPU, which has architecture that is excellent for hashing out the equations that are crunched in mining. The R9 280X/HD 7970 is an especialy profitable card to mine with, as is the R9 290 provided that you can find any of them.

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    Default Re: Great questions regarding litecoin/bitcoin mining

    why do they call it mining?
    who is paying me?
    were does the money come from?
    how safe is it? and who profits from mining other then me and why?

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    Default Re: Great questions regarding litecoin/bitcoin mining

    Quote Originally Posted by vinman View Post
    why do they call it mining?
    who is paying me?
    were does the money come from?
    how safe is it? and who profits from mining other then me and why?

    Mining as in searching.
    Q2&3 are tied together. Think of it as a stock. Value is given by what someone is willing to pay for it. That person will place a bid to buy. If you want to sell at that price then you receive money. Not exactly that easy but the principle is the same
    Safe as you make your PC to protect you wallet. My wallet is on a PC that is only turned on every few days. I update my wallet then turn it back off. Cant hack what isnt on. Also do a backup of my wallet to a external drive.
    Those that have "stock" in the same coin as you can also profit from it. Just like the stock market. if you join a pool there are small fees that are collected to cover server cost. Some other has a fee for transferring funds to wallet. Others charge a 1% fee of what you get off the pool.
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  7. The following user thanks Cyberburnout For this above post:

    vinman (19-02-2014)

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