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[uncensored-r/Bitcoin] Mining: How to make money doing so.
The following post by imyourbroda is being replicated because the post has been silently removed. The original post can be found(in censored form) at this link: np.reddit.com/ Bitcoin/comments/7gaih0 The original post's content was as follows:
So I have a friend who is already a millionaire and wants to play around with bitcoin mining. He is willing to spend upwards of 50k to build a machine to do this. What is the most profitable way to go about this if done properly. I know its better to buy and hodl and its been explained but this is what they want to do and I am just helping them out.
Is it too late to get into bitcoin mining/how to get involved in bitcoins as a college student?
In the past few days or so, I've been spending my spare time learning about and getting a feel of bitcoins: basic details, companies using it, rigs, hashes, CPUs/GPUs, different pools and bitcoin-related websites - pretty much everything is new. I'm really excited about the concept of bitcoins and the amount of potential it has to change the way we utilize currency online and I would like to participate and contribute to bitcoins in anyway I can. Unfortunately I'm no business owner or entrepreneur so I can't promote bitcoins through accepting them and I have zero connections to the bitcoin world (though I have made an account on the bitcoin forums) and with the Mt. Gox hacking, I figured to start by acquiring bitcoins through mining and contributing to pools. I'll need to go out and buy equipment though, learn how to take care of them, and setup cooling systems/figure out how to manage the sound since I do live with 3 other roommates in this little apartment. Rather than being impulsive and just doing it though (which I usually am :P), I wanted to ask more experienced people if it's still worth getting into mining and if not, how else can I contribute to bitcoins? Mega-thanks. :)
[Offer] I can teach you how to setup a working bitcoin mining software on your pc for $2 bitcoin
Hey slavelabour! I’m just some random guy looking to make a few bucks. Before I start, I’m going to explain what bitcoin mining is. Essentially, bitcoin operates off of a blockchain, which has stuff that needs to be figured out in order for transactions to go through. Bitcoin mining is pretty much signing up your pc to do that stuff. Your pc can do this by itself with help of some softwares, and can generate a few dollars or cents a day, depending on your pc. (Disclaimer: you might not profit due to electricity bills) I can explain, through reddit dms, how to setup your pc for bitcoin mining, how to create a bitcoin wallet, and how to deposit and withdraw bitcoin. I can also link a few sites where you can order from amazon with bitcoin or buy gift cards with bitcoin. I can also tell you where to buy bitcoin with a credit card!
A Friend of mine recently bought his First Bitcoin and asked for some tips on how to keep it safe... Thought I'd share them here as well!
Here are a few things you can do to keep your Bitcoin safe: #1 Use Hardware Wallet: Hardware Wallets are considered one the safest solution to store your bitcoin. Your private Keys stay offline so chances of a hacker stealing your bitcoin are relatively low. Wallets like Trezor and Ledger are two of the most popular wallets currently in the market. #2 Never Store your Bitcoin on Exchanges: Most of the major Bitcoin hacks have always taken place at an exchange. Such platforms are always the high target for cybercriminals thus storing your bitcoin/crypto there is not a good idea. Always withdraw your assets once the trade is made and store them in your personal wallet(s). #3 Use separate wallets for daily use and savings: It is always wise to keep your daily use bitcoin and savings in separate wallets. If you are using bitcoin for daily transaction your wallet will spend a much higher time online, which increases its risk of getting hacked. Only keep a small amount in such wallets. Keeping your extra bitcoin separate protects it at such events. #4 Keep Backup: If anything to your device or wallet, the only to recover your funds is through a backup so make sure you have one. #5 Store your Private Keys/Wallet Seed Offline andNeverShare them: Make sure that your private keys are securely stored offline. This is the most secure way to protect your wallet from hackers. The same goes for your Wallet Seed. Never store your wallet seed online, in case of a cyber-attack you risk exposing your seed to the hacker if they are stored online. #6 Never click links or send your bitcoin to unsolicited schemes: If the recent Twitter hack has taught us anything its that we should never send bitcoin to 'quick-rich' or similar sensational schemes no matter the source. Always verify the source and get more information before sending your bitcoin. Source:Bitcoin & Security: How to keep your BTC Secure
How Bitcoin Mining Works. Before you start mining Bitcoin, it's useful to understand what Bitcoin mining really means. Bitcoin mining is legal and is accomplished by running SHA256 double round hash verification processes in order to validate Bitcoin transactions and provide the requisite security for the public ledger of the Bitcoin network. Bitcoin mining is done by private computers. The role of miners is to secure the network and process each Bitcoin. Miners do this by solving a calculation problem that allows them to assemble the transaction blocks (hence bitcoin's famous blockchain). Miners for this service are rewarded with newly created Bitcoins and transaction fees. Bitcoin mining is the process of adding transaction records to Bitcoin's public ledger of past transactions or blockchain. This ledger of past transactions is called the block chain as it is a chain of blocks. The block chain serves to confirm transactions to the rest of the network as having taken place. The Bitcoin.com mining pool has the lowest share reject rate (0.15%) we've ever seen. Other pools have over 0.30% rejected shares. Furthermore, the Bitcoin.com pool has a super responsive and reliable support team. Bitcoin mining is the process by which new bitcoins are entered into circulation, but it is also a critical component of the maintenance and development of the blockchain ledger.
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