I understand that it’s computers but who owns these computers and can you mine for bitcoins in any location or are certain locations better than others.
In: Technology
It’s easier than you think. Any computer can mine Bitcoin. It’s just a program that guesses a number and then runs a calculation to see if it guessed the correct number. The first computer to guess the right number gets some Bitcoin.
The faster your computer can “guess then solve” the more likely you are to get some Bitcoin.
I have an old laptop doing exactly this. It’s doing the guess and solve 1000s of times a second. It is extremely unlikely that I’ll ever get a Bitcoin because there are machines out there that guess and solve millions of time a second. And will beat me all the time.
However. It’s still a possibility that my machine could win, because it’s like rolling a million sided dice. The first person to get the right number wins. I only have 10 dice and I’m playing against people who have 1000s or even millions of dice. My chances are very slim.
Now here is the worst part. To keep my laptop running 24/7 it costs me about $5.00 a month in electricity. That’s money down the drain unless some day I actually win a Bitcoin.
The big mining farms pay $1000s a day, and only win 2 or 3 bitcoins a week. If Bitcoins go too far down in price they won’t cover the cost of the power the big farms consume. Not to mention the computers that burn out and need to be replaced.
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