Item has been relisted, you can find the new listing at: http://www.theoutdoorstrader.com/threads/673096-REDUCED-75-FS-Jalepeno-Bitcoin-Miner-7ghs
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North East GA Item Relisted! REDUCED - $75 - FS Jalepeno Bitcoin Miner ~7ghs
- Thread starter AkshunJebus
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Price reduced to $75. May entertain trades.
I know I must be getting old because this whole thing confuses the hell outta me.
I plug this thing into my computer and it does math, for which somehow I receive virtual currency that I can somehow spend somewhere?
Who gives me the coins? Can they be converted to currency? Why is there value in what I do to earn the coins?
I plug this thing into my computer and it does math, for which somehow I receive virtual currency that I can somehow spend somewhere?
Who gives me the coins? Can they be converted to currency? Why is there value in what I do to earn the coins?
Troy, essentially, you are exactly correct. You plug this into your PC via the USB port, install some hardware drivers and mining software (both free), and run a script (I can provide) that will point your miner to wherever you choose to mine for whichever SHA256 digital coins you choose to mine. Most likely, this will be a mining pool.
That means, your miner will join many other miner to combine your processing power to solve complex mathematical algorithms. As your pool solves these algorithms, you'll create the digital coinage. The coins hold the value; your process of "earning" the coins doesn't.
The coins your pool mines will be divided among all the players in the pool according to their level of partiipation (that's the 7GHs) in this case. The mined coins are kept in an online account (most likely provided by the mining pool site). They can then be exchanged for BTC or USD (or other possibilities, depending on the mining pool site)... and of course, the site gets it's cut.
Think of the coins as precious metals that you're mining in a mining camp and you all pool the findings. Instead of digging and sifting dirt, you're miner is digging through numbers. If you find something, you split it with the rest of the camp, throw your cut in your jar, and get back to work. When you cash your metal in for greenbacks, you pay the house a couple %.
Make sense?
That means, your miner will join many other miner to combine your processing power to solve complex mathematical algorithms. As your pool solves these algorithms, you'll create the digital coinage. The coins hold the value; your process of "earning" the coins doesn't.
The coins your pool mines will be divided among all the players in the pool according to their level of partiipation (that's the 7GHs) in this case. The mined coins are kept in an online account (most likely provided by the mining pool site). They can then be exchanged for BTC or USD (or other possibilities, depending on the mining pool site)... and of course, the site gets it's cut.
Think of the coins as precious metals that you're mining in a mining camp and you all pool the findings. Instead of digging and sifting dirt, you're miner is digging through numbers. If you find something, you split it with the rest of the camp, throw your cut in your jar, and get back to work. When you cash your metal in for greenbacks, you pay the house a couple %.
Make sense?
Ok, and the bitcoins have value because they have to be "found" by solving very complex algorithms, not because the solving of these algorithms has any other purpose, correct?
They're valuable because they're rare and a community has developed that has chosen to use them as currency, not because they have a practical use if I understand correctly. (No difference than paper money except no organized government telling us it has value)
Basically the digital equivalent of the entire odt deciding that 4 leaf clover was going to be our new currency, and if you're willing to crawl around till you find one you can generate some funds?
I appreciate the remedial class lesson, I've tried to read up on it, and I guess you're the first person I've run across thats actually been involved.
They're valuable because they're rare and a community has developed that has chosen to use them as currency, not because they have a practical use if I understand correctly. (No difference than paper money except no organized government telling us it has value)
Basically the digital equivalent of the entire odt deciding that 4 leaf clover was going to be our new currency, and if you're willing to crawl around till you find one you can generate some funds?
I appreciate the remedial class lesson, I've tried to read up on it, and I guess you're the first person I've run across thats actually been involved.
HAHA!
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