Slide 8: How Does Mining Work? from Is Blockchain Technology the Future of the Internet? Featuring: Bitcoin, Ethereum and Steem/steemit!
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Slide 8: How Does Mining Work?
Text: Short answer: it’s complicated.
(Sorry, it would take too long to explain here.)
You probably won’t make money doing it.
Don’t worry, you can make money in other ways.
Note for steemit: This topic is beyond the scope of a presentation like the one I'm giving at Pubcon, but I'm bringing it up in the talk since it is always asked.
Subtext (from 'hidden' slide notes): People always ask this. You’d be surprised how not-often they ask other important questions, like how do atoms work. But, if you want to know more there are a million explanations online or check out this YouTube video. For 99.99 percent of users the exact details of mining are not important. For some reason people get really hung up on it (probaby because they’ve heard people got rich doing it - this is true but you have to run a multi million dollar mining company to do this now). For now, just believe the ten billion dollars secured by Bitcoin’s miners. You might be able to make money if you have a ton of specialized hardware tricked out in mobile storage units next to a volcano in Iceland. Or if you’re in China.
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Background Info
I'm giving a talk in Las Vegas, Nevada, USA at the famous Pubcon conference on Thursday October 13th 2016. Here's some more info:
The ten questions and answers, and info about my talk, were even featured on the official Pubcon.com blog.
About Pubcon Las Vegas 2016
Pubcon was created in 2000. I first attended in 2004.
Pubcon Las Vegas 2016 — named a Forbes must-attend conference and an Inc. top conference for growing your business — features the industry’s leading businesses, start-ups, speakers, keynotes, exhibitors, and sponsors involved in social media, digital marketing, search engines, and online advertising, and will offer a week-long look at the future of technology presented by a vast array of the world’s top innovators... Source http://www.pubcon.com/las-vegas-2016
Image credits Bellagio image and gold bars images are public domain from pixabay.com
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