Bitcoin For Beginners – Learn How To Mine Bitcoin ! – Part 1

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What is Bitcoin? and How do you mine it? Well, this video will go over Bitcoin mining and show you how to set up Bitcoin Mining Software on your computer. Bitcoin is a digital currency, which is supported by a P2P network of computers across the internet that act as servers to process the financial transactions of this currency. Some believe Bitcoin is a Scam, or Ponzi scheme, but once one understands the concept of Bitcoin, it is clear that it is not. While the uses for Bitcoin are virtually infinite (paying for goods, services, or money laundering, gambling and drug smuggling) it’s structure remains concrete and open source. However, the VALUE of each Bitcoin is disputable. In theory, Bitcoin becomes harder and harder to mine, which means it takes more and more energy (electricity for your computer/”mining rig” to run) to process Bitcoin and solve “Blocks” of data. Therefore, the price of Bitcoin may be related to the price of energy and the cost of maintaining this network. While it is easy to assert that there will be additional computers added to the network daily, which would ease the work load on the initial nodes, one can only speculate that the price of Bitcoin MUST increase over time. Especially when power costs in the foreseeable future will be rising.
Currently, only 21,000,000 Bitcoins can be created, but that I guarantee will rise, as many are hoarding the coins and there just simply wont be enough to go around and not enough work, or transaction data, for the increasing number of miners out there.
Specialized computers and “Mining Rigs” are becoming available from companies such as Butterfly Labs and others, which harness ASIC technology. ASIC means application-specific integrated circuit- so these devices are engineered to mine Bitcoin and only mine Bitcoin. This creates an extremely powerful, and efficient machine, over 100x times more efficient than current setups. These machines are said to be able to mine Bitcoin up to 50 GH/s (if that means anything to you, but it’s A LOT) extremely efficiently! More efficient than any desktop computer rig. None of these super computer miners have been shipped/received and it is still extremely uncertain whether these companies are scamming people or not. (I wouldn’t PRE-order a $3,000 machine promising me all the money in the world, but many are)
SO – If these machines come to market, they will truly dominate all others and render most other PC’s/Rigs worthless. Anyways, enjoy the video!

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Bitcoin Wallet: http://bitcoin.org/en/choose-your-wallet
GUI Miner: https://bitcointalk.org/?topic=3878.0

BitCoin Calculator: https://bitclockers.com/calc

Monitor How Many Watts Your Computer Uses:http://www.newegg.com/Product/Product.aspx?Item=N82E16882715001

MH/s Hardware Comparison: https://en.bitcoin.it/wiki/Comparison_of_mining_pools

BitCoin For Beginners – Part 2: http://www.youtube.com/watch?v=ZEV3QFj19u8
BitCoin For Beginners – Part 3: http://www.youtube.com/watch?v=pvrVtCOGTWY

Thank you!

Comments

Talha Obaid says:

I guess its time we get rid of this shit system and start dealing in gold, silver and bronze. This is getting really creepy.

Jaguarz5 Isback says:

Plz donate to me any amount you want I'm poor af 14WBjQwUvAsQP97cZFg6dE3syVf22RYDxL thank you:)

Enrique says:

A bitcoin is now worth 2176.23 dollars now

Braydenx says:

i cant make a password

nvsdl says:

What about antminer is it worth to use?

shohan jsk says:

hy ejobs withdrawal is not working, bat why?

Sheldon Wilson says:

https://btcclock.io?ref=385167 come mine btc with me millions to be made.

BootlegFilly7 says:

The bitcoin is worth 2390$$

Matthew Jones says:

Hey guys, it says i need to install ATI Stream SDK, what does this mean

David Seelen says:

obsolete video tutorial

Digital Altitude says:

Are u a millionaire???

Cosmis Sonofwolf says:

i think bitcoin is a thing someone made to make a wireless super computer without geting in trouble.

bl word says:

e jobs golabal face not pyment 100%

Gr3yH4m3 says:

Right now Bitcoins are worth about $1,500

scantillo says:

Hello I think SlushPool.com creates a worker for you? I don't see the BitCoin address in their site. Also, they suggest you'll need to use an ASIC miner hardware to do mining. Any updates or replies will be appreciated.

Zhu zhu army says:

Now a bitcoin is $2000 Rip

silverstacker21 says:

XD now 1 bitcoin is worth over $2000

Retz says:

"worth $116"
lmfao, 4 years later they're worth over $2000…
Man how shit would you feel if you mined and sold several bitcoins back in 2013? If you just held onto them for a few more years you could have sold them for thousands of dollars… RIP

Curiocity HD Roblox says:

slush pool is broken im write the correct password and say the account is inactive

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