What Is Bitcoin, How Does It Work, and Why You Should Pay Attention

[@durangarc]

This is one of the best videos on crypto! Liked how you showed the hardware and methodology.

[@diyrenewableenergyelectron4996]

Thanks! There is so much more that I can speak on but I really did not want to go crazy with it and be too overwhelming. Perhaps another video may come in the future with more detail. Thanks for watching!!

[@bryforce1325]

New subscriber. Finding you videos very interesting and I am impressed by your knowledge and ability to explain. With regard to the limited amount and the intervals that seem to make it less of an incentive to mine... are the other crypto currencies doing the same?

[@diyrenewableenergyelectron4996]

Thank you! The market overall is much higher in price. That makes the mining difficulty go up because more people are mining. I recently tried prohashing and it switches automatically to the most profitable currency. Pretty cool! Today was sunny and I got 5+ hours of mining time.

[@offgridwanabe]

Everybody I talk to says it cost more in electricity cost to mine a coin then you get for it. True or false.

[@diyrenewableenergyelectron4996]

It depends on the hashpower of the miner, the amount of electricity it uses (efficiency), and what you pay for electricity. I know that doesn't really answer your question but I pay 12 cents per kilowatt-hour for my electricity so the only way I could make money is with the very latest and greatest miner. I would agree that in most cases mining is not profitable. There are fun calculators online that will tell you how much you will spend and how much you will make. Most of the time it makes more sense to just buy the bitcoin rather than mining it. However, I have solar panels and batteries....... More on that soon! ;)

[@offgridwanabe]

@@diyrenewableenergyelectron4996 Thanks for the honest answer I have a large solar system but I still use more than I can make so it makes more sense to charge my car than to mine bitcoin at least until I have a surplus.

[@diyrenewableenergyelectron4996]

Shoot, you're charging a car?! Ill have to check out your videos. I am mining with the thought process that the price of bitcoin/litecoin may rise significantly in the future and that will be my payoff. Its a gamble, but its fun! I am running my computer and a freezer as well, but I'm going to give first priority to mining.

[@offgridwanabe]

@@diyrenewableenergyelectron4996 No that would be my next step to buy a ev car as the use of my solar would pay back faster using it as automobile fuel sorry didn't mean to mislead you. But my buddy Going off Grid charges his Nissan Leaf so check out his channel for that I just do cost saving and DIy stuff as I am terrible at video lol.

[@diyrenewableenergyelectron4996]

@@offgridwanabe going offgrid is awesome. He's definitely been bitten by the solar bug haha. Having the ability to charge a vehicle would be amazing. I'm not good at shooting video either, I pretty much just wing it lol.