Friday, May 27, 2016

Crypto Currency Mining 101

          This blog post is to rebuttal a troll. Yes I already know most trolls are stupid and paid for to discredit anyone, or anything that works for the better of humanity, but Tilp66 or whatever im about to tell you drink more fluoride and become more idiotic as I show you the light.

Let us go to the main passage I always state, “ The People have control over their own money.” Now with that control comes what?...... Responsibility. Self Responsibility is the answer. Now we covered the three jobs or functions mining does to earn coins

1. Production of hashpower by solving math
2. . Secureing the network providing stable security for the peer to peer network
3. and finally accounting by maintaining the open source ledger the Blockchain.

We will be dealing with just the one in this article #1 Production of Hash Power.

This currency gives us the chance to get back to our roots. We were a country and a world backed by production. Lately with the Federal Reserve, bankers, elites we have become a consumers nation. We have not really produced anything until now.

Let us take for an example you have gone to a pawn shop and was lucky enough to find an Alien ware desktop computer quad 7 processor with a radion 720 graphics card added. Here in Las Vegas that would not be uncommon because some people are addicted to gambling and pawn things they have no idea what they had. OK, for the sake of this example you get the computer home set it up, install the mining software and choose the pool and coin you are going to mine with your GPU, graphics card. You do this on Saturday morning, and start the miner and go about your business.

The next week comes around and for the entire 7 days you notice that you made a grand total of $20.00 for the week including the work on the faucets for the assist. This does not mean that Bitcoin does not work. This is production boys and girls. You will be paid the right price for the amount of production of Hash Power you are producing into the network.

Now we know it is our responsibility so we need to first figure out how much a week we need to have to live on. I, just like those that are smart in this game live in places where the electricity and all utilities are included. My rent is $336. every two weeks or $670 a month. This means I need at least $400 a week only for basic needs. Food shelter and clothing. I have other income to buy luxuries, and have fun, but we are not covering that now.

So back to the weekly of $20.00. I know another computer will not produce any more hash power, in fact, it may only double it to $40.00 if I am lucky. So I look for an ANTMINER 460-600GH/s far better than 365 KH/s Now we get an antminer S3 they are not that expensive anyone selling them over $40.00 now is a criminal because of all the super new ones out, that make you convert your plugs to 220. This is why I like the S3.

Ok so if you remember when Bitcoin was getting very popular I said it was like a job if you plan on not receiving a paycheck for the first month you will be ok. Think about it this way. You go looking for a job. You apply online, then 1 week later you get called for an interview. You get an offer, but they are now doing the criminal background check. So far two weeks have passed and no pay yet. The back ground check comes back a week later they schedule for a drug test. 48 hours later you pass the drug test and they get you to start. Your first paycheck will be in two weeks. THAT IS FIVE WEEKS WITH NO PAY. It is the same darn thing.

Now back to the mining. You get the first antminer home set up to sell hash power that pays you in bitcoin weekly. Remember this is all High figuring, but it is an easy example to get you to understand and the math is on tens so it becomes easy to add up. The first week with the GPU, the Antminer, and the faucets as the assist nets you $150 for the week. Now you see the difference but that is still not enough calculate what the Antminer did by itself in production and then you can get an idea of how many more you need to run that if you want to take a trip and not do the fauce6s for a few days it will not matter because the Antminers have the ratio.

Let us just say for easy understanding that you have come to a logical, and mathematical decision based on addition that you only need 3 more Antminers to make what you need. Get them set them up configure them and off you go.

The true moral of this is not the mining, it is the fact that you are in control of your own pay, you alone are responsible. Do you get it now? If you are not making what you need IT IS YOUR FAULT FOR NOT UNDERSTANDING MATH.

1 comment:

  1. Do you know Coinmarketcap App. My friend recommended it for me... and it's pretty awesome!