Hello, le""literal n00b:""" here
So, I've heard about bitcoins and cryptocurrency some years ago and was really interested in the "mining" process but never really got to study it.
So now I got me lurking about the thing and was astonishied when I found out the bitcoin is like 3k$ no and there are hardwares worth thousands of dollars for mining.
Can someone give me an insight on cryptocurrency or at least a link where it is nicely explained? All I found was sites offering me cloud mining wich is clearly some sort of scam.
>>61836122
>>61836122
Mining is just a euphemism for blockchain accounting. Miners check the integrity of every transaction and get a miner fee out of that transaction paid out in a certain amount of coins for a certain amount of hashes called a block.
Buttcoins require powerful CPUs, usually where the whole architecture is centered around mining such as ASICs.
Ethereum is strictly GPU based and can be mined from your average gaming PC (albeit only a very small amount). Thats why some people build special 'rigs' with a ton of GPUs, but shitty CPUs and small amounts of ram.
There are also two types of mining "algorithms". PoW and PoS. Proof of work and Proof of Stake, respectively. In a nutshell Proof-of-Work is more beneficial to miners & PoS requires some sort of collateral (although I'm not that sure exactly how it works)
If you're looking at this as a serious living, I'd advise against that. First off the competition is gnarly, with giant warehouses in china dedicated to nothing but mining cryptos. Secondly its a much bigger time sink then people think initially. With setup, modding, maintenance, and upgrades. Thirdly Crypos are very volatile and can have huge monetary swings, making less to even unprofitable for some of the low level miners.
If you want to do it as a hobby and don't really care if you see an ROI or if you have a gaming rig that you want to set-up to mine in its downtime then you can try it out, its not that difficult unless you're a complete rube.
Here are some websites to get you started:
www.cryptocompare.com
www.coinwarz.com
www.cryptobadger.com
and you can always try reddit. But everyone on their will discourage you.
>>61836122
do you have a GPU? what type?