What's Bitcoin Mining

someone please explain a simple version

You use the proccesing power of your computer to generate bitcoins. The more processing power you have the more bitcoins you will generate. Most basic explanation

Originally Posted by ImALegend2013

You use the proccesing power of your computer to generate bitcoins. The more processing power you have the more bitcoins you will generate. Most basic explanation

Good explanation, but how?
Is there a website where you like mine?

I'm not interested in doing it but i'm curious about it

Originally Posted by Fliest_aladdin

Good explanation, but how?
Is there a website where you like mine?

I'm not interested in doing it but i'm curious about it

There are cloud mining sites. You would probably get your investment back in like 6 months and then profit starts from there so it's not worth it. Also in some cases, sites were ponzis and stole people's money.

Originally Posted by Fliest_aladdin

Good explanation, but how?
Is there a website where you like mine?

I'm not interested in doing it but i'm curious about it

Plenty of info online, but risky to do it as Kimchi said. With BTC, you can't chargeback like PP so whoever you send your money to can fuck you over.

Originally Posted by Kimchi

There are cloud mining sites. You would probably get your investment back in like 6 months and then profit starts from there so it's not worth it. Also in some cases, sites were ponzis and stole people's money.

The large majority of cloud mining sites and just pyramid scams.

Originally Posted by Vaypah

The large majority of cloud mining sites and just pyramid scams.

Yeah. So it was better to bitcoin mine yourself (not cloud mining) but the difficulty rose by a lot so it's like really hard to make any money bitcoin mining. It's not profitable like it used to be.

You go out in your backyard with a metal decorator and make sure you have a pickaxe, bitcoins are in the middle of very hard rocks.

Originally Posted by Fliest_aladdin

someone please explain a simple version

it's not profitable as some website explained , @Employer , @ImALegend2013 explanation were very accurate

Originally Posted by MentaLati0n

it's not profitable as some website explained , @Employer , @ImALegend2013 explanation were very accurate

Well of course it is profitable for some people, else why would they do it. But those are the people w/ either cheaper energy (so if you live in a dorm and don't pay electric you can't lose!)
Others are mainly people in China who can get state of the art processors at such cheap prices.

Grab a pickaxe my friend,lets get this party started.

http://whatis.techtarget.com/definition/Bitcoin-mining

If you have the time... Read it carefully and you will know everything there is about it.

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No time watch this.

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I heard, that Bitcoin mining can ruin/ damage your system.

https://lmgtfy.com/?q=what+is+bitcoin+miningⓘ

What's Bitcoin Mining

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