yego.me
💡 Stop wasting time. Read Youtube instead of watch. Download Chrome Extension

How I make money mining bitcoins


2m read
·Nov 7, 2024

Eric Elliott: "I'm an internet developer. I am a Bitcoin miner. Coin is a decentralized cryptocurrency, basically a virtual form of money. Bitcoin is controlled by a software algorithm in order to control the amount of Bitcoins that are released into the economy. The algorithm determines that there's only so many that are mined during a certain period of time. Currently, that is 25 Bitcoins are found about every 10 minutes or so.

Those people that are mining contribute to the overall, I guess, computing power of the network. You're only going to get rewarded in essence whatever percentage of that power your computers are putting out. So those are the graphics cards right there; those are what are doing all the work. Most miners are probably earning fractions of Bitcoins. A standard computer that you basically see any gamer having.

I started mining in 2011. So I invested about 800 to build this computer. At the time when I put it online, I was probably mining, you know, one Bitcoin a day, something like that. In essence, all you're doing is downloading software and running software that's running 24/7 that are accepting these mathematical problems, solving the mathematical problems, and sending results back up to, you know, to a server.

The fan, it's kind of annoying, but you know, it's the sound of money. There's not really much technical know-how that you need apart from being able to keep a computer up running 24/7. But you don't have to be a programmer; definitely don't have to be a cryptographer. Up to now, I haven't really spent much of the Bitcoins apart from reinvesting them in new hardware.

The new machines are basically going to be in a case. The next iteration will hopefully have a quieter fan and make more money. If you want to make money with Bitcoin, mining is not the way to do it. You're better off trading Bitcoin than trading Bitcoin. There's a lot greater risk."

More Articles

View All
Growing Up Transgender and Mormon | Short Film Showcase
Wake up! Yay! Hi, my name is Eddie, little Eddie H. I’m thinking, what’s the rest of my name? There’s Eddie boy, there’s Eddie boy. Okay, should I stop? Then, that’s how I get ready every morning. Tada! This is my house. This is 8:51, uh, 851 and A2. Sor…
15 Signs You Control Your Money
Yesterday we talked about people who are controlled by money. Go watch it if you haven’t already. Then come back. Today we’re talking about those who have complete control over their money: how they use it, how they think about it, and how they plan for …
How to study efficiently using Notion [Active Recall]
Hi guys, it’s me Dodie! Today, I’m going to be showing you guys how I take study notes using one of my favorite apps, Notion. I’m so, so glad that this video is sponsored by Notion because I’ve been using Notion for a couple of months. If you go to my old…
There, their, and they're | Frequently confused words | Usage | Grammar
Hello Grim Marians! Today, I want to talk about one of the absolute thorniest issues in usage of English, and it’s the difference between “there,” “their,” and “they’re.” If you can’t tell the difference from the way I’m saying it, that’s because it’s rea…
Ben Silbermann at Startup School SV 2016
Good morning! Nice to see everyone here. Uh, my name is Ali Rani. I’m a partner at Y Combinator. I run our late-stage fund; it’s called the Y Combinator Continuity Fund. I couldn’t be happier to be here today to conduct a fireside chat with Ben Berman, wh…
NERD WARS: Altair & Ezio Vs. Daredevil
It was Jeff Ryman. This is Anna McLaughlin. We’re coming at you with another Nerd Wars. This one: Altair versus Daredevil. Oh my god, I am going to win so easy, as always! I will be taking the superhero Daredevil, and I’m gonna get gas. And I’m gonna be t…