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Think You Can Mine Bitcoin? Ok, Here's What It Takes!

bitcoin Think You Can Mine a Bitcoin? Ok, Here's What It Takes! Bitcoins have been making headlines recently. So, what are they, and why should you pay attention? Let this infographic serve as a starting point to learning about bitcoins and their potential effects on the global economy. WHAT IS A BITCOIN? A Bitcoin is a form of online currency, or a virtual token, that can be exchanged for goods and services by places that accept it. 2098 Created in 2008, the first 50 Bitcoins were mined by an anonymous hacker who called himself Satoshi Nakamoto. He dubbed these first Bitcoins the Genesis Block. BANK 011001000 D00110101 11011011 01010110 1110110 1 111001110 D01100000 10101010 011 1010 Digital: Bitcoins cannot be printed or physically made. They must be generated through computerized methods. Decentralized: Bitcoins are not regulated by any government or banking institution. Revolutionary: Transactions allow for anonymity and are almost instantaneous. Global: Bitcoins are borderless currency and can be used anywhere. HOW CAN YOU GET BITCOINS 24 4 cos eTI("*X-1) (n+1 X-1)n! Or you can create Bitcoins through mining, a process that involves running software on a computer to solve complex mathematical equations to generate a portion of the currency. If one of the equations is solved, then the payout is a Bitcoin. You can buy bitcoins outright at various bitcoin exchange markets. HOW LONG DOES IT TAKE TO MINE A SINGLE BITCOIN? Mining Bitcoins takes much time because it's a complex process, and how much time it takes depends on the specifications of your computer's processing unit(s). YEARS 203 YEARS - Processor type: CPU, Processor Model: AMD Phenom I| X4 810 - Processor type: GPU, Processor Model: AMD (ATI) Radeon 6990 The processor models are ones that are currently available on the market JOIN A MINING POOL! Most Bitcoin miners join mining pools, which are groups of people who combine the processing power of multiple computers to generate Bitcoins and they distribute any bounty generated among the members. HOW MUCH ELECTRICAL ENERGY DOES IT TAKE? With the Bitcoin algorithms becoming harder and harder to mine, more computing power is needed. That takes a lot of electricity! $150,000 worth of electricity is used each day by Ritcoin miners to create bitcoins THIS ELECTRICITY COULD POWER 31,000 HOMES or 50,000 ELECTRIC CARS WORLDWIDE BITCOIN PROFIT In 24 hours, bitcoin miners worldwide produce a profit of $681,000 HOW MUCH COULD YOU BUY WITH MINED BITCOINS? So, what kind of everyday items could you buy with bitcoins? In June of 2013, a single bitcoin was worth $128. Here are some items you could have purchased with a single bitcoin: 64 30 CARTONS OF EGGS BIG MACS GALLONS OF GAS AVERAGE TIME TO EARN $128 WAGE WORKER BITCOIN MINER MINIMUM WAGE $7.25 BITCOINS MINED IN A HOUR VS $012 WAGE IN 8 HOURS $58 17.7 hours 44 days MINED IN 24 HOURS $2.77 CURRENCY OF THE FUTURE? This graph compares the total quantity of U.S. currency and the total quantity of bitcoins currently being produced over time. If the current rate of production remains steady for both currencies, there will be more bitcoins in the world than U.S. currency by 2069. $15 Trillion AMOUNT OF BITCOIN IN $ = AMOUNT OF S 21% ŞIO Trillion BITCOIN GROWTH PER YEAR USA S GROWTH PER YEAR |$5 Trillion "estimated growth in broad money year over year 2010 2020 2030 2040 2050 2060 2070 Sources CASH STORE ("IK*IK*I<*I (I<*IK*I<«I K«IK=I<=l<+IL K-IK-I<-I<-l K-IK=I<=I<«I K-l<=I<=IK=I K-IK-I<«I<«I K-I<-I<=I<=l K-I<-I<+I<=I SLOWEST PROCESSOR FASTEST PROCESSOR

Think You Can Mine Bitcoin? Ok, Here's What It Takes!

shared by andriyz on Sep 12
This infographic shows a brief history of Bitcoins, what Bitcoins are and how you can get Bitcoins for yourself.


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