0 sats \ 0 replies \ @Bell_curve 1 Aug \ on: #HashTheTorch bitcoin_Mining
LLM summary of post:
https://www.perplexity.ai/search/my-first-foray-into-mining-was-eh4lgC..Q6G1TTo8Dn8mAg#0
Your experience with Bitcoin mining in 2011-2012 reflects a common story among early adopters. Here's a summary of key points and insights from your account:
  1. Early mining simplicity: In late 2011/2012, Bitcoin Core included mining functionality, making it relatively easy to mine on a personal computer using GPU[1].
  2. Missed opportunity: Due to lack of understanding and paranoia about the software's purpose, you uninstalled it, missing out on potential mining rewards during a crucial period of Bitcoin's growth[1].
  3. Bitcoin's growth: Between 2011 and 2019, approximately 450,000 blocks were mined, representing significant network growth and missed opportunities for early miners[5].
  4. Learning from experience: Your story emphasizes the importance of research, community engagement, and understanding the technology before dismissing it[1].
  5. Evolution of mining: By 2019, when you returned to mining, the landscape had changed significantly, with ASICs like the S9 being common for home miners[2].
  6. Community building: Your experience led you to become more involved in the Bitcoin mining community, sharing knowledge and helping others get started through initiatives like "HashTheTorch"[1].
  7. Mining profitability: In 2011-2012, GPU mining could be quite profitable. For example, one user claimed to have mined 31 bitcoins in 7 months using two GTX 460 GPUs, which was considered plausible by the community[4].
  8. Historical context: In 2011, Bitcoin saw significant price movements, with the price reaching $31.91 at its highest point. The total number of bitcoins mined that year was 2,981,300 BTC[5].
Your journey from a cautious beginner to an active community member illustrates the importance of education, community engagement, and perseverance in the Bitcoin mining ecosystem. It also highlights how the mining landscape has evolved from simple GPU mining to more specialized ASIC-based operations over the years.
Citations: [1] https://www.reddit.com/r/Bitcoin/comments/1bwwmz3/question_about_computer_from_2012_that_used_to/ [2] https://trustmachines.co/blog/bitcoin-in-2012-first-bitcoin-halving/ [3] https://bitcointalk.org/index.php?topic=5422772.0 [4] https://bitcoin.stackexchange.com/questions/42880/how-profitable-was-gpu-mining-in-2011-12 [5] https://en.bitcoin.it/wiki/2011
write
preview
this territory is moderated