So this 'ere bitcoin malarkey....does anybody understand how it works?

[1949threepence]

1 hour ago, Nonmortuus said:

How do you mean? If your on about how they mine then rigs like this are GPU heavy as modern graphics cards are far better at mining crytpo. The more transactions the can handle/solve/mine the more chance they will earn some crypto. 

Sorry, I thought the question was fairly straightforward. 

If as you say modern graphics cards are far better, then why are the machines so expensive and who's buying them?

Anyway, thanks for all the contributions chaps, I've bought myself a crypto currency book to hopefully better understand how it all works. 

 

  

Edited November 5, 2021 by 1949threepence

[Nonmortuus]

The machines are so expensive as there is a global shortage of chips at the moment so GPUs with a RRP of say 500 are commanding prices well in excess of that. I asked how do you mean as in, do you mean how do they mine or why a GPU heavy rig. Check out the Bitcoin video the BBC made. BBC Bitcoin