Can casual people still mine for bitcoins, now that the difficulty is much higher than it was?

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Normal people can mine but normal computers can't mine profitably. At least not any longer.

Right now, in mid-October 2012, some people are doing OK mining on GPUs, particularly those who don't pay directly for electricity. However, roughly sometime around the end of November the mining proceeds get cut by half instantly -- something that happens every four years.

After that point, there will not be many GPU miners who can continue to mine -- unless, again, they aren't paying for electricity.

Others have bought specialized hardware known as FPGAs (a BFL single is an FPGA). Those use less electricity than GPUs so they will still mine at a profit.

But a gamechanger is likely coming from ASIC manufacturers. Several are accepting pre-payment on orders now, though not a single ASIC design has shipped yet.

There's no harm that occurs from using your computer (with GPU) to try to learn mining -- if you are looking for a hobby. But to mine for profit will...

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Find answers to recurring questions and myths about Bitcoin.

Table of contents

General

What is Bitcoin?

Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence.

Bitcoin is the first implementation of a concept called "cryptocurrency", which was first described in 1998 by Wei Dai on the cypherpunks mailing list, suggesting the idea of a new form of money that uses cryptography to control its creation and transactions, rather than a central authority. The first Bitcoin specification and proof of concept was published in 2009 in a cryptography mailing list by Satoshi Nakamoto. Satoshi left the project in late 2010...

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Bitcoin mining is the process of earning bitcoin in exchange for running the verification to validate bitcoin transactions. These transactions provide security for the Bitcoin network which in turn compensates miners by giving them bitcoins. Miners can profit if the price of bitcoins exceeds the cost to mine. With recent changes in technology and the creation of professional mining centers with enormous computing power, many individual miners are asking themselves, is bitcoin mining still profitable?

There are several factors that determine whether bitcoin mining is still a profitable venture. These include the cost of the electricity to power the computer system (cost of electricity), the availability and price of the computer system, and the difficulty in providing the services. Difficulty is measured in the hashes per second of the Bitcoin validation transaction. The hash rate measures the rate of solving the problem—the difficulty changes as more miners enter because the...

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What is cloud mining?

In simple words, mining is providing Bitcoin network with computing power for which miners receive new Bitcoins. The more computing power (hashrate) you provide, the more bitcoins you can mine.

Nowadays the technology has advanced so far that you cannot use your own PC for mining anymore. It requires purchasing advanced equipment which creates an array of challenges and issues, namely noise, space, logistics and attention. These challenges make mining profitable enough mostly only for dedicated mining operations. This is where services like ours come in handy - we take care of all the technical aspects. All you need to do provide us with capital by purchasing hashrate.

Why choose cloud mining?

Cloud mining is much more exciting and simple way of becoming a part of Bitcoin network and earning money for people who are not interested in spending most of their time dealing with various issues and...

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Where do Bitcoins come from?

Bitcoins are created in a process called mining, where a computer repeatedly works through a series of calculations that are designed to be difficult to solve, but to lead to a specific answer. In technical terms, the miners are looking for a number that, when hashed, produces a result with a specific number of consecutive zeros in it. Don’t worry if you don’t understand what hashing is: you don’t have to know about that to mine.

The miner that finds the right answer to these calculations is given a reward for their hard work: 25 Bitcoins. This process is called solving the block. Once the block has been solved, the process restarts, and the miners start looking for the next solution. This process runs repeatedly, with an average of one block being solved (and thus 25 Bitcoins being created) every 10 minutes or so. You can see the blocks being solved here.

Can I get rich mining...

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Want to learn how to mine bitcoins? First, mining bitcoins is done via SHA256.

To get started mining bitcoins you could get a Antminer S9 for about $500 or a Spondoolies Tech SP20 for about $500.

Learn about how to use the best Bitcoin mining pools.

Learn how to buy bitcoins and trade it

Learn about Bitcoin cloud mining.

Learn about how to use gift card websites using Bitcoin

Transcript - Bitcoin For Beginners - Learn How To Mine Bitcoin ! - Part 1

Hello and welcome to my Bitcoin for Beginners Tutorial. Now in this video tutorial I’m going to cover what Bitcoin is? How to mine it and some tips and tricks that you can use to make more money mining Bitcoin. I just want to start off by saying if you want to skip the tutorial everything that I’m going to talk about is in the video description and is labeled accordingly. So, you can just click on the video description, download the mining software, click on the link to view a calculator...

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I wrote this real quick, need to work on making it more presentable, but it has some possibilities.
follow the example, and use your own twists to make more.

Learn to make bitcoins (BTC)

Visit hxxp://bitcoin.org and download the Client software (or goto hxxp://instawallet.org and SAVE the page) you can learn more about bitcoin from bitcoin.org or hxxp://www.weusecoins.com/

you'll get an address that looks like this 1M2ykXxKaMwStGtn7N3zQTWixf3qLxYNGz
you can share that address with everyone, and post it online with out having to worry about it. or you can post it in on place and make an aditial one, and lable it in your address book so you can keep track of where you get paid from.

That address is where your (BTC) are stored, and can be used to buy things or exchange for any currency (explained later)

You'll want to start getting some right away, some ways of getting btw are free, other will cost you.

If you have a newer ATI GPU and the...

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Is a perfect storm of rising difficulty and falling bitcoin prices killing home-based hobbyist mining? Some industry experts think so.

Ravi Iyengar, founder and CEO of CoinTerra, said that his company used to sell equal numbers of ASIC mining units to individual investors and institutional miners, who would buy them in larger volumes.

"The ratio of small retail miners to institutional miners has gone down," said Iyengar, adding that now, fewer than 20% of the units CoinTerra sells go to people mining from home.

The downturn in sales to retail miners happened over the last five months, as the price dropped.

The cost of energy

There are various factors affecting the profitability of bitcoin mining. Hardware cost is one, while the price of bitcoins is another. The cost of electricity is also significant.ointera

Iyengar said:

"At this point in time, home hobbyist mining doesn’t seem attractive because people aren’t getting the...

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I’m frequently asked by friends, family, clients, job candidates and random people I encounter on my travels what it’s like to work on the advisory side of a Big 4 firm. Typically, if there’s time to discuss and there’s mutual interest in the exchange, I’m immediately bombarded with a slew of follow-up questions like: What do you do exactly? How does one get into that line of work? How much do you travel? Is it a good career path? Is there such a thing as work-life balance? Is it challenging? Do you think I’d be good at it? And so on…

The reason I’m so consistently willing to discuss my perspective with so many people, especially young professionals, is that I was once in their position and had many of the same questions. When I received answers to my inquiries from people in the profession, many of whom continue to this day to be my friends, I was intrigued. After some time contemplating the potential challenges that such a job would offer, I decided to pursue a...

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How US Rabbis & Israel Traffic In Human Organs, Jews Murder & Sell Arab Organs!

HOW US RABBIS & ISRAEL
TRAFFIC IN HUMAN ORGANS & MONEY LAUNDERING
By Brother Nathanael Kapner, Copyright 2009-2011

Articles May Be Reproduced Only With Authorship of Br Nathanael Kapner
& Link To Real Zionist News (SM)

Support Brother Nathanael! HERE


Or Send Your Contribution To:
Brother Nathanael Kapner; PO Box 547; Priest River ID 83856
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“A KIDNEY BY ANY OTHER NAME WOULD SMELL AS SOUR,” can be said of the organ-trafficking and money-laundering FBI sting operation which implicated five Talmudic rabbis from New York and neighboring New Jersey.

This international rabbinical operation spanned from Jewish-entrenched New York to the Jewish state of Israel.

The FBI used an...

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