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NuggetCast Ep. 107: Bitcoin Mining



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This week, we’re happening an journey to find Bitcoin mining! Whereas Bitcoin have gotten numerous press this yr, Bitcoin mining is one thing that’s nonetheless a thriller to most. On this episode, coach Keith Barker will introduce the fundamentals of Bitcoin mining, then Dan Charbonneau will stroll you step-by-step via the buying, set-up and configuration of a Bitcoin mining rig, with the intention to be part of the mining revolution! Lastly, we’ll introduce you to Bitcoin coaching alternatives obtainable at CBTNuggets.com. Go to http://cbt.gg/18qydAa for our full introduction to Bitcoin.

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10 comments

  1. awesomeeeeeeeeeeeeeeeeeeeeeeeeee! i've been reading many things and never get the idea. lol. thank you very much for your explanation 🙂 

  2. Very Helpful tutorial, I had a question, what if your power goes out will the mining rig be safe and will it boot up correctly afterwards? thanks

  3. According to mining(dot)thegenesisblock(dot)com/a/d0ca0895d2 you will not, even with 20 asics at total of 6.6GH/s, break even. In fact, if you start right now, by march next year you will start hitting negative returns.

  4. Building a mining rig like the one in this video with ASICMINER Block Erupters and a Raspberry PI won't make you any money. You will spend more money on the required hardware than you will gain in Bitcoins. Do it for the geekery or if you want to support Bitcoin but don't do it expecting to make money out of it. If you are speculating Bitcoins will become more valuable in the future don't mine, just buy Bitcoins.

  5. According to the writeup in /wiki/Bitcoin, bitcoin miners are required to register and keep records as a "Money Service Business" as determined by FinCEN in the USA….Something to keep in mind before rushing into the bitcoin mining business. 🙂

  6. Forgot to say: Excellent video!! Very nicely done.

  7. What is less than clear is whether governments will tolerate an anonymous currency; in particular the US Government has not announced whether they will tolerate BTC or not. For example, U.S. authorities shutdown Liberty Reserve for money laundering and other financial crimes… The potential for the same abuses exists in Bitcoin as well.

  8. bitcoin is real money. It's another currency just like the Euro or the Yen. You can transfer bitcoin to another currency, or you can spend it. The miner is lending his/her computing resources to the system to give it the processing power it needs to function. The miner is then rewarded, or paid, in bitcoin for the work done.

  9. I'm not major english but how i understand it it is not like you get money from nothing. You are alowing bitcoin users to make annonyme and safe transactions. And bitcoin charges a little fee for the transaction of a user and you get a part of that fee for making that transaction possible.

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