Quote from: john blaze on April 01, 2013, 07:00:14 AM

Quote from: Mike Christ on April 01, 2013, 05:20:51 AM

You'd just burn electricity and your laptops out.

You could try Litecoin, but Bitcoin is definitely out.

How exactly does the mining work? Is there a way to generate them faster than with a laptop. I guess the question is what would you need in order to mine coins, and if you can't mine anymore of them, is there any way to work for them through current owners of them or can they only be purchased? I'm still pretty new to this forum and I'm still waiting for my wallet to finish downloading.
Also on a side note is there like a key chart for some of the words and phrases used. I'm trying to read other topics in the forum to better understand the system and how it works, but some of my understanding is mutled Huh

due to a small language barrier so to speak.

There should be a thread about terminology on this board, look at the very top.

As for mining, your computer is essentially trying to find a needle in a haystack. Every time it finds that needle, it mints a set amount of coins, and awards the miners transaction fees. Normally, miners work together in "pools" which they all contribute a certain amount of hashing power (denoted by how fast your computer can solve the computations required to make the coins) to attempt to find the needle. When a mining pool does find one, it splits the proceeds between the miners depending on how much power they contribute to the pool. Specifically, you'll want to invest in ASIC technology. Before, you could get a few high-end graphics cards and put them to work mining coins, but ASICs are going to make them obsolete soon, so don't waste the cash. The more hashing power other miners have, the less you make. From another point of view, the whole point of mining is to process transactions made by users. You're compensated for doing this by transaction fees and minting. Once minting is all over (long after we're dead) miners will be paid solely in transaction fees.

The reason I recommend Litecoin is because you can still mine it well with CPU and GPU. It uses a different hashing method that ASIC technology is incompatible with. You can find other threads in the mining section that'll send you in the right direction if you're interested in more (because I only know so much Tongue

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