DIY Bitcoin Mining: Hardware (part1)

Raspberry Pi: http://amzn.to/JUsuI1 Case for Raspberry Pi: http://amzn.to/1ibvy0t SD Card (Class 10): http://amzn.to/1hvwLwW Powered USB Hub: http://amzn.to/…
Video Rating: 5 / 5

One of the most confusing concepts within Bitcoin on the whole, is the process of mining. The explanations to “what is bitcoin mining” often given on the new…
Video Rating: 4 / 5

34 thoughts on “DIY Bitcoin Mining: Hardware (part1)”

  1. is this build worth spending the money on and is it also worth it. and how
    much money would you be making a week please someone reply.

  2. Fred could I use this same setup but switch out the chips with asic miner
    blocks erupter. Was thinking 3 or 4 would be about 43gh. Do you think it
    would work or is this a crazy noob fantasy. Anything that could tell me if
    that’s even able to be done would be greatly appreciated. 

  3. This very helpful, but im new to this. With 2013.514 MH/s how much are you
    making a month converted to USD and what was the impact on your electricity
    bill, and by how much your electric bill go up? (I liked/Subbed to your
    channel btw)

  4. instead of Ethernet cable can it be done with wireless adapter. it would be
    to awkward for me to connect straight to the modem

  5. SupremeGamingStyle

    So, you basically lend your hardware to solve some mathematic problems or
    do transactions, and you get paid in some fucking shitty bitcoins and not
    CASH? Bullshit.

  6. Siskin's Bits and Bobs

    It seems a bit sad that this involves the wasting of global energy
    resources. Talk about a power struggle….

  7. danny blackhorse

    another B–L S–T that pc component manufacturer came up with to sell
    hardware
    the modern day pied piper and o yes there is a line of followers spending
    thousand of dollars to do this and , and the pied piper took them all
    away lol

  8. So if I understand this correctly the service that is awarded currency is
    the act of processing a transactions mathematical puzzle? Why is this
    information of value to anyone?

    Also, why is the electricity or hardware cost relevant? My interpretation
    is that bitcoin miners are using their rig that they invested in for other
    uses to run background tasks while the machine is not in use to generate
    this “revenue”? And if one leaves their computer on at all times for
    instant communication accessibility, isn’t this merely a potential way they
    are recouping costs? Otherwise, if this wasn’t the case, the electricity
    argument makes sense, while the hardware argument still doesn’t really
    apply?

    My greatest confusion though, is why processing the transaction is of any
    value? I’ve always understood traditional online banking is secured by NP
    puzzles that are of value because they are very hard to break, and the
    transactions require very little resources to process because of this. What
    exactly is BitCoin doing that is any better than this? Somehow a currency
    that is of value because each block is actively being solved by scripts
    gains more value?

    Maybe I’m just misunderstanding what a block is. As far as I can tell, it’s
    a measurement of problems that are valuable when they are not broken, and
    when broken a new problem is presented to be the crypt for the currency?
    This seems insane for such a currency to carry any monetary value. I’m not
    really worried about the “pool” problem, that seems a moot point.

    I spend Canadian dollars because everyone acknowledges that pool and
    thereby my money is worth something. Bitcoin seems to be suggesting money
    has an intrinsic value, but the value is some kind of alternative to
    current online banking. More to the point though, as a human, I can’t even
    access this intrinsic value, my brain can’t do those computations at any
    reasonable speed, so the only “people” that can consider this currency
    worth something are what? CPU’s and GPU’s? Alternatively, banks seem to be
    doing the job just fine with their problem sets?

    This video’s explanation really makes this sound like a “something from
    nothing” scenario. Someone help me out please.

  9. So you shouldn’t do this to make money? It’s to help and secure
    transactions? I’m so confused by all this since the other day my friend was
    like: I ‘got’ this game and they say there is a Bitminer in it.. And he
    asked me if I knew what that was. So yeah, how does that work? A bitminer
    in an instalation of a game, possible?

  10. Amin Masoud Moradi-Talebi

    Thank you for your explanation, but I still can’t get the value of Bitcoin
    Mining as MelonBobby said this is not worthy electricity cost more versus
    bitcoin.

  11. Matthew Pflugfelder

    Hey man, i was just wondering what happens when bitcoins stop being
    distributed and transactions keep taking place? Where will the incentive be
    to keep the system going?

  12. Good video and clear explanation, thanks. Quick question; the fees deducted
    from the mining charge go where? The operators of the platform or pools?

  13. Epic Viral-Fail

    Let’s get this straight. There is NO work done by miners. They run
    software. The hardware does all the work. A caveman could do it. 

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