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."

"The ULTIMATE ADVICE For Every Business TRYING TO SCALE" | Kevin O'Leary

Article IV of the Constitution | US government and civics | Khan Academy

View All

My Water Is Not Safe to Drink | From The Ashes

WOMAN: Here’s my first letter. It tells me I got to have re-sampling. A month later, a little over a month later, again, my well water is not safe to drink. Then the third letter I get says my water is safe to drink, almost 11 months later. [inaudible] ar…

AMC TO $100,000 | What You MUST Know

What’s at Melbourne Capital? It’s Wall Street bets here. And before we start the video, we gotta grab some popcorn because before we go to the Moon, we gotta make a quick pit stop at the movie theater and talk about the insanity that is AMC. That’s right…

Is Space Weather a Thing? | StarTalk

Another kind of weather more traditional way to think about whether is what the air is doing on planets that have atmospheres. And moons don’t have an atmosphere, so we don’t think about them. Whether Mars has an atmosphere, Jupiter has an atmosphere, Sa…

Inside Colorado's Weed Research Lab

[Music] By my money for security reasons, baggage unattended will be removed and destroyed. [Music] United Airlines flight 2120 one, Denver. [Music] Hi, I think you’re looking for me. Hello, Internet’s past gray here at a hotel in Denver, Colorado. Why? W…

SEC Puts Robinhood on Notice Over Gamestop Ban

[Music] Well guys, we have an update on the Gamestop situation. The SEC, the Securities and Exchange Commission, which is basically like the stock market police over in America, have released a statement recently on the whole Gamestop situation and what …

Rant: Doing this one thing will help ANY career - and most people don’t do it

What’s up you guys? It’s great news! So, I’m going to be sharing a very common-sense tip that will help you out dramatically in business. I don’t care if you’re self-employed or if you’re an employee; it doesn’t matter. Doing this one thing will dramatica…

How I make money mining bitcoins

More Articles