Can someone explain to a brainlet what Bitcoin mining is and how it works?

Can someone explain to a brainlet what Bitcoin mining is and how it works?

>tfw bought a 1080ti last year for half the price

Everyone on Sup Forums should know. Just Google it or watch a YouTube video.

You are not going to be rich on a single card. It isn't worth it as you would have a high electricity bill, barely any money earned, etc. Google it and see how it isn't worth it. If you really want to get into crypto, just buy some coins when they are at a low price and wait for the next bubble or price to go up again.
Google first then go there.

You don't mine Bitcoin on GPU. You mine altcoins (other types of crypto).

You use an ASIC mining rig for mining Bitcoin, they're expensive as shit and in high demand.

Miners are basically the computers that validate transactions between wallets (when 1 person sends coins/tokens to another).

In exchange for validating (confirming) transactions they are rewarded with a small amount of that currency.

It used to be easy to get into, but now it's just not worth it unless you're either a) mining a totally worthless shitcoin, or b) have a large operation with multiple machines.

The power you use and the money you spend on a rig makes it pointless for most mere mortals.

On top of this you really have to join a mining pool, many of which are bullshit.

Whenever a transaction is made, the information about the transaction is hashed. If you don't know what hashing is, it's fucking simple and easy to google. Multiple computers around the world will hash the transaction. Your bitcoin wallet amount is determined by the collective, not by an individual computer

The thing is, hashing takes less than a millisecond to do. To make it harder, whoever runs bitcoin sets the difficulty by requiring a hash to have a certain amount of leading zeroes. This means multiple hashes have to be guessed. They change the hash by increment a counter, and the first computer in the world to get a correct hash wins, then shares the amount that the counter has incremented along with all the other data. Then this is used to computer the hash and verify the transaction.

Since the only calculation that is being done is a hash, hardware designed for just computing hashes is the most power efficient. Right now it's probably impossible for any small time person to make any real money from this, because of several factors:

>huge buy in required. Thousands of dollars per machine
>there are warehouses full of machines, and most likely the people who filled them got a bulk discount
>Bitcoin is the same cost everywhere, but different countries have wildly different electricity costs
>there are tons of idiots out there who are mining at a loss

However, there's plenty of other coins that can't have their transactions hashed/verified using the hashing computers. They require GPUs. Those you can get into, but then you will probably run into the same problems as I listed earlier.

This is not 100% accurate, but dumbed down enough for brainlets who cannot into Google.

Background:
>oldtime currency was backed by something of value, like gold
>modern fiat currency is backed by a government
>cryptocurrency is backed by mathematical formulae
>Gold can be mined. Governments have power. Mathematical formulae can be checked by a CPU.
>Mathematical formulae can be checked even better, by a GPU.
>Have GPU? You can use it to "mine" a.k.a solve mathematical formulae, in the hope of finding some cryptocurrency gold

Current situation:
>Are you a rich anus? Buy ALL the graphics cards, make them all "mine" for cryptocurrency gold
>Not a rich anus? Too bad for you, the rich anus has bought all the cards!
>No cards for you... unless... you wanna pay a lot more?

>>oldtime currency was backed by something of value, like oil

Both of these guys are wron OP.

The correct way to play the game is to scalp GPUs and keep one or two for your own rig, and sell the rest at a great price.

when will you fucking retards stop it with the "It isn't worth it as you would have a high electricity bill" meme?! how fucking stupid are you?

>Not a rich anus? Too bad for you, the rich anus has bought all the cards!
but this is where you are wrong, fucko
if you're smart enough to pick a good coin that just got started, you can bet plenty rich really fast

>if I pick the right numbers on this lottery ticket I could get rich!

don't lie, it's literally a money printing if you're mining zencash right now, the faster the difficulty goes up the faster the retarded memecoin shit will end

Just to add to what the user said, the miner that solves the hash and adds the transaction block to the chain receives a small transaction fee. This is where the profit comes from, and in essence miners are competing with each other to solve one hash first. Needless to say, whoever owns the most processing power has the advantage.

I bet you think lottery tickets are an investment too

Dude, stop making brainlets go to /biz/, I need my shitcoins money

i was mining solo block after solo block of 50k doges, so yes

and yes, with a single 7950
a 7950 bought by mining litecoin with my cpu. kys, brainlet

Please avoid using the term “google” as a verb, meaning to search for something on the internet. “Google” is just the name of one particular search engine among others. We suggest to use the term “search the web” or (in some contexts) just “search”. Try to use a search engine that respects your privacy.

>stop making brainlets go to biz

All I know is this year it'll be worth at least 100k per coin.

It isn't, you fucking mong.

Do you even realise how expensive mining bitcoin is compared to the ROI?

go to whattomine.com, you fucking retard, since you can't calculate or dyor

Some Ponzi scheme cancer

...

so what if someone were to crack hashcash, do they become an instant millionaire/billionaire before crashing bitcoin with no survivors?

GPU prices would finally go down

cant fucking wait

but google is the one that gives me the results that are not totally what I wasn't looking for