How to mine 1 Bitcoin A Day
How to Mine 1 Bitcoin a Day (Is it Possible?) | Rich Clarke
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how could i mine
enough to make one bitcoin in a day
well the way i told you the block
there's the block reward
yeah right it rewards out um
now for completing a block so so we've
had
every four years it cuts in half so it
started at 50 then four years after it
started it went to 12 and a half
and then just recently it went to
sorry sorry 25 i went to 25 and then i
went the third happening and went to 12
and a half and just recently it went to
6.25
and this is how the 6.25 what bitcoins
per block
okay reward it it cuts itself in half
every four years and that's
how it's going to go to zero in the
future
oh okay i get it now
that's all right this is the largest
audience i've ever confused
so um hopefully yeah um
so um what was the question oh you
earned my bit one bit yeah so how can i
yeah how can you mine
so now it's down to six and a half
bitcoin per block
what people realized and this happened
really early in bitcoin like back even
when the cpus and gpus were used to mine
it
um so if you were going to buy some
hardware to my bitcoin you could set it
to mine bitcoin
called solo mining where you just
looking
you're just playing with everybody else
trying to find on the chain and maybe
you'd get lucky and you get 50 bitcoin
but it would take you know it's all
about
statistics and averages or uh not
statistics but uh
um how plausible it is you'll find
it's like playing blackjack or something
well yeah but it could so so you could
run your machine you could get the 50
bitcoins
or the 25 bitcoins or now the 6.25
bitcoins but it could take you like
three years
or something wow of mining right or
what people have done is they join pools
so they pool their power
their mining power into this
pool and then the pool is much more
because it has a huge amount of mining
power
if you just have like one miner or
something um
you can hook up to this you can link up
with a pool and the pool has a huge
amount of mining power so they find a
couple blocks a day
oh wow right and then what they do is
they divvy it up
okay to all the you know depending on
how much you contributed
um to did you do this i did in the past
yeah okay that's i always did pool
mining why'd you stop
um because
well i stopped mining seriously in 2015
or 14.
the the prices of everything you know
bitcoin went up to 1300
in 2013 and then it crashed back down to
like 600
by the by january 2014
or february or something like that and
then it actually eventually made its way
back down i think almost
200 or 250 something like that and
during that time
it was just not profitable to mine like
he spent more in power
and being a pain also i had it at a
friend's warehouse
and he ended up uh i ended up not being
able to
do it there anymore so um yeah isn't it
scary like have to have
especially pooling like if you're
talking about pooling and joining other
people's power grid
and having to watch people with their
processors that are mining bitcoin i
mean
you got to be pretty scared you know
that place has to be pretty secure
well no no the the the thing is you
don't need to pull with people in a
physical location you pool with them
wherever they are so
you can be alone in your dorm room
and you can join a pool oh and so
they're all just
basically what it'll do is it'll so
when you're when you're searching for
the the needle in a haystack you know
what they'll do is they'll say okay
you've got this giant stack all right
here you take this clump of hay you take
this clump of hay you look through that
hopefully
you look at this okay i get it you look
through this company right
and they can divvy that out over the
internet right so
um but there are huge facilities that
like you talked about the one in iceland
where and there's a ton of them in china
where they um
they just go through the you know they
have these giant facilities and so yeah
security is probably although really if
you break in there all you're going to
really be able to get is you're not
going to be able to get at the bitcoin
you know
like right it's just a bunch of if
someone want to they could just go
take a baseball bat and break
all your computers and
yeah they could do that so yeah pooling
um
so pooling allows small operators to get
like a a regular return
you know instead of like if you if you
buy a piece of hardware
uh to buy bitcoin and you hook it up as
a solo miner you'd be like well
maybe i'll get 6.25 bitcoins uh but it
might take
two years for me to find that or you
could say
i'm going to hook up to a pool where
they're regularly finding blocks
and then they're going to divvy up
the you know depending on how many
stacks of hay you looked at they'll give
you
your proportionate share of that block
plus a fee you know for them running the
pool
right so then you get maybe you'll get
the same amount maybe you get 6.25
bitcoin
in two years over the you know over the
course of you running it
but uh you're getting it in like a
steady stream
instead of just oh wow i found a block
all at once you know
um so when is this when did you say it
stops again
i think it's 21 30. 21 30. but
so today is uh it's 20 20 today
uh and we're already at 18 million i
think
of the 21 million 18 million bitcoins of
the 21. yeah so
it's it's it's going to get a less and
less amount
you know as like it's it's a really like
winnowing it's probably going to be way
earlier
well no it'll be that it'll be 21 30
but by then you know the what's funny is
it's actually worked
um that the
the values kept up with the happenings
you know
so like uh at every happening it's kind
of like
basically the miners profitability is
cut in half overnight
but on the long run uh the price has
managed to keep up pretty well
as far as you know so even in you know
21 30 or whatever like when people
are mining some fraction of you know
like one bitcoin
every block you know it's like point
zero five bitcoin per block or whatever
it is
you know that point zero five bitcoin
may be worth
how do the hundred thousand dollars why
that number though i don't hit it
21. 21 million yeah you know i think
satoshi
talked about it somewhere there's a
really cool book called the book of
satoshi that's all of his writings
uh everything every anybody's been able
to really find
like so online and whatever and they
compiled them into a book called the
book of satoshi
and i think he may have talked about why
he picked 21 million i think it was just
like a
an equation he did that basically you
know
because people think you know hey what
if the global global economy is running
on bitcoin remember we talked about
divisibility
yeah being a fundamental thing of money
you know
there's more than 21 people in the world
so
you know does that mean it's gonna be
too scarce like are people gonna be
21 million people yeah there's you know
seven eight billion right so that's not
enough
for everybody to have one bitcoin so uh
but bitcoins are divisible by eight
decimal points so it's so of
of uh the 21 million it's
that many time you know so the amount of
units can be chopped up into
is eight billions oh oh yeah i want you
okay yeah it may even be true one
bitcoin you can divide eight times
no you can divide it to the eighth
decimal place eighth decimal place okay
so it's it's real small i've never done
the math on it but
you could so you can have a lot of
bitcoin you know so even if bitcoin was
worth like a million dollars
theoretically uh the the the unit of
bitcoin is they've they've uh they've
called it the satoshi
so like that's that's like point zero
zero zero zero zero zero one
bitcoin is one satoshi so okay so if
i think it did the math once or even if
bitcoin was a million dollars one
satoshi is still worth five dollars
wow you could buy a coffee with it wow
right
so it could be that so i think he just
did some math like okay 21 million is a
good number
it's divisible you know it's it's when
you divide it up by to the eighth
decimal place it's plenty of currency to
go around
and be used around the world practically
for for things but
foreign
