I have been curious about mining bitcoin and how it actually work. if i would to try to start mining, what are the required equipments that i need to have and how much are they worth? i live in the philippines and the price of electricity average. not that expensive and also not that cheap. but if you live in the US and have average salary, you could live really comfotably in the philippines.
I don't think bitcoin mining will be profitable if it's done by 1 person since BTC mining aimed into big organizations to be profitable nowadays. However, I recommend you to pay attention to staking. For example, consider Waterfall Network which is layer 1 protocol and offers 125% APR. But the more validators, the less APR 
Topic: a beginner wanting to start bitcoin mining (Read 328 times)
And what makes you think the minimum price in the US is 5 cents? I've seen data that mining companies in Texas buy electricity cheaper.
I did not say 5 cents is the minimum in the U.S, but sure thing 2 cents is, so if your country really had 2 cents power rate for anything "good scale" then it would have dominated the mining industry, but it is not, so where is the problem?
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I posted a picture with 1 asic on the balcony, and those who can do more, use several dozens of asics.
I am not talking about a hobby miner who runs an old miner ont their balcony to generate 50 cents worth of profit a day, those things happen everywhere, I am talking about mining Bitcoin for a business, so tell me, that guy with 1 gear in their balcony, can they run 1MW worth of gear? if they can't and they are limited by the 60amp main breaker they have, then that's a different story.
I work with what I have now, and my ability to mine is limited by power consumption and controllers of power companies that fight against mining.
In Russia, experts already call the capacity for mining 2.5 Gigawatts and in these capacities there are tariffs of 1 cent and 0.005 cents and even less if you have own a hydroelectric power plant
And what makes you think the minimum price in the US is 5 cents? I've seen data that mining companies in Texas buy electricity cheaper.
I did not say 5 cents is the minimum in the U.S, but sure thing 2 cents is, so if your country really had 2 cents power rate for anything "good scale" then it would have dominated the mining industry, but it is not, so where is the problem?
Quote
I posted a picture with 1 asic on the balcony, and those who can do more, use several dozens of asics.
I am not talking about a hobby miner who runs an old miner ont their balcony to generate 50 cents worth of profit a day, those things happen everywhere, I am talking about mining Bitcoin for a business, so tell me, that guy with 1 gear in their balcony, can they run 1MW worth of gear? if they can't and they are limited by the 60amp main breaker they have, then that's a different story.
Why do you think that mining is not profitable?
In my country there are places where electricity costs 2 cents, another miner's electricity costs $0.002.
https://bitcointalksearch.org/topic/--5508149
If your electricity is more than 10 cents, then you only have one option, and that is HODL.
how many miners can you run at that 2 cents price? 3 of them? all these unrealistically low prices are non-expandable and unsustainble, i am talking about a reasonable and legal mining business, not someone outsmarting/ cheating thier landlords.
if any place on planet earth had 2 cents power rate for actuall mining, the U.S farms with 5 cents would have gone under the water.
Furthermore, mining at home is difficult, the noise, the cooling, still, even with close to cheap power, in the long run Hodling beats mining, you still need to consider gear failire, maintance, cooling and infrastructure, it is not just power rate.
In my country I will say that every miner uses as many Asics as he can if it is profitable.
I posted a picture with 1 asic on the balcony, and those who can do more, use several dozens of asics.
Why do you think that mining is not profitable?
In my country there are places where electricity costs 2 cents, another miner's electricity costs $0.002.
https://bitcointalksearch.org/topic/--5508149
If your electricity is more than 10 cents, then you only have one option, and that is HODL.
how many miners can you run at that 2 cents price? 3 of them? all these unrealistically low prices are non-expandable and unsustainble, i am talking about a reasonable and legal mining business, not someone outsmarting/ cheating thier landlords.
if any place on planet earth had 2 cents power rate for actuall mining, the U.S farms with 5 cents would have gone under the water.
Furthermore, mining at home is difficult, the noise, the cooling, still, even with close to cheap power, in the long run Hodling beats mining, you still need to consider gear failire, maintance, cooling and infrastructure, it is not just power rate.
Allow me to make a very bold statement
Bitcoin mining isn't going to work for any small-scale miner anymore, long gone are the days when you could grab a few miners and make a profit at home, mining isn't even profitable at large scale anymore, you need to be mega large to compete, or be in a very special case where you don't have to pay for electricity, aside from that -- everyone will lose money if you got money to invest in mining, it would be best if you buy the coin and HODL instead, in fact, Hodling outperformed mining even when mining at home was a thing, there were only a few cases of which mining outperformed Hodling, and since things have become what they are now, Holding will most certainly beat mining.
Anything buying mining gear after reading this post, please post your status so we can review them in 3 years and see what would have been the result.
Why do you think that mining is not profitable?Bitcoin mining isn't going to work for any small-scale miner anymore, long gone are the days when you could grab a few miners and make a profit at home, mining isn't even profitable at large scale anymore, you need to be mega large to compete, or be in a very special case where you don't have to pay for electricity, aside from that -- everyone will lose money if you got money to invest in mining, it would be best if you buy the coin and HODL instead, in fact, Hodling outperformed mining even when mining at home was a thing, there were only a few cases of which mining outperformed Hodling, and since things have become what they are now, Holding will most certainly beat mining.
Anything buying mining gear after reading this post, please post your status so we can review them in 3 years and see what would have been the result.
In my country there are places where electricity costs 2 cents, another miner's electricity costs $0.002.
https://bitcointalksearch.org/topic/--5508149
If your electricity is more than 10 cents, then you only have one option, and that is HODL.
Allow me to make a very bold statement
Bitcoin mining isn't going to work for any small-scale miner anymore, long gone are the days when you could grab a few miners and make a profit at home, mining isn't even profitable at large scale anymore, you need to be mega large to compete, or be in a very special case where you don't have to pay for electricity, aside from that -- everyone will lose money if you got money to invest in mining, it would be best if you buy the coin and HODL instead, in fact, Hodling outperformed mining even when mining at home was a thing, there were only a few cases of which mining outperformed Hodling, and since things have become what they are now, Holding will most certainly beat mining.
Anything buying mining gear after reading this post, please post your status so we can review them in 3 years and see what would have been the result.
Bitcoin mining isn't going to work for any small-scale miner anymore, long gone are the days when you could grab a few miners and make a profit at home, mining isn't even profitable at large scale anymore, you need to be mega large to compete, or be in a very special case where you don't have to pay for electricity, aside from that -- everyone will lose money if you got money to invest in mining, it would be best if you buy the coin and HODL instead, in fact, Hodling outperformed mining even when mining at home was a thing, there were only a few cases of which mining outperformed Hodling, and since things have become what they are now, Holding will most certainly beat mining.
Anything buying mining gear after reading this post, please post your status so we can review them in 3 years and see what would have been the result.
Where in the Philippines are you from? The cost of Manila electricity tariff this year varies from 9-11 pesos and that's equivalent to $0.18 in U.S dollars.
Mate, Bitcoin mining isn't good for you, I don't know about other cities in the Philippines but I am this sure about Manila because I have someone over there right now. Find something else to do with your money.
You can just DCA into Bitcoin and Starr holding for future sake, you will still make a lot of profits a few years to this time, it is not too late to get into Bitcoin right now because millions of people around the world don't have or own Bitcoin yet.
Avoid other alternative coins, their mining strategy feels a lot like ponzi, especially that Kaspa and Alephium, many people have lost tons of money because the money they make back everyday keeps shrinking and now they can't even afford to run the machine.
Mate, Bitcoin mining isn't good for you, I don't know about other cities in the Philippines but I am this sure about Manila because I have someone over there right now. Find something else to do with your money.
You can just DCA into Bitcoin and Starr holding for future sake, you will still make a lot of profits a few years to this time, it is not too late to get into Bitcoin right now because millions of people around the world don't have or own Bitcoin yet.
Avoid other alternative coins, their mining strategy feels a lot like ponzi, especially that Kaspa and Alephium, many people have lost tons of money because the money they make back everyday keeps shrinking and now they can't even afford to run the machine.
I have been curious about mining bitcoin and how it actually work. if i would to try to start mining, what are the required equipments that i need to have and how much are they worth?
If you are still considering the cost of things, maybe you should not be considering mining because it involves a big budget. Have a very big budget that you will not need to consider the cost of electricity or the cost of equipment if you must consider mining because everything has become more expensive, the electricity tariff has risen in some places, and the cost of buying and maintaining the equipment has also increased. As a beginner, unless you really love mining, there are other ways you can earn from bitcoins because mining is very cost-intensive. I have been curious about mining bitcoin and how it actually work. if i would to try to start mining, what are the required equipments that i need to have and how much are they worth? i live in the philippines and the price of electricity average. not that expensive and also not that cheap. but if you live in the US and have average salary, you could live really comfotably in the philippines.
You'll need ASIC miners for Bitcoin mining, which can be pricey. Don't forget to factor in electricity costs to determine if mining will be profitable in your area.
But for a more affordable start, you might consider cloud mining services or using older, less expensive hardware, but be sure to check if the returns justify the cost.
But for a more affordable start, you might consider cloud mining services or using older, less expensive hardware, but be sure to check if the returns justify the cost.
Why are you suggesting cloud mining?Not a single educated person in this forum will disagree that cloud mining is nothing but a scam and all newbies should steer clear of that phrase unless they are fully aware of what they are doing.
There is no hardware in cloud mining, its all a gimmick running the show. Real mining is buying ASICs and running them to mine.
I have been curious about mining bitcoin and how it actually work. if i would to try to start mining, what are the required equipments that i need to have and how much are they worth? i live in the philippines and the price of electricity average. not that expensive and also not that cheap. but if you live in the US and have average salary, you could live really comfotably in the philippines.
You'll need ASIC miners for Bitcoin mining, which can be pricey. Don't forget to factor in electricity costs to determine if mining will be profitable in your area.
But for a more affordable start, you might consider cloud mining services or using older, less expensive hardware, but be sure to check if the returns justify the cost.
I have been curious about mining bitcoin and how it actually work. if i would to try to start mining, what are the required equipments that i need to have and how much are they worth? i live in the philippines and the price of electricity average. not that expensive and also not that cheap. but if you live in the US and have average salary, you could live really comfotably in the philippines.
To not waste a lot of your time, I will tell you that if your electricity is more expensive than 10 cents, then forget about bitcoin mining. Even at 5 cents, there is now a very high payback period of up to 24 months and mining companies are constantly increasing mining capacity. Shitcoins such as Кaspa or Alephium carry other risks. The price will drop and you will be left with a useless box with or without a fan.
The new coin has no pool, so you have to set up a node, wallet and start solo mining according to the instructions.
Whoever mined Kaspa in the beginning and didn't sell then, would make a good profit when selling now. Maybe it's a bad comparison, but back then nobody thought bitcoin would be worth anything.
I have been curious about mining bitcoin and how it actually work. if i would to try to start mining, what are the required equipments that i need to have and how much are they worth? i live in the philippines and the price of electricity average. not that expensive and also not that cheap. but if you live in the US and have average salary, you could live really comfotably in the philippines.
To not waste a lot of your time, I will tell you that if your electricity is more expensive than 10 cents, then forget about bitcoin mining. Even at 5 cents, there is now a very high payback period of up to 24 months and mining companies are constantly increasing mining capacity. Shitcoins such as Кaspa or Alephium carry other risks. The price will drop and you will be left with a useless box with or without a fan.
So my question now is who are the people that mine Bitcoin if the profit will only be negative?
I don't think there's someone who will mine BTC with a negative profit unless you are willing to contribute to the network some people use USB miner(Compac F) just for lottery and the power cost of running this for a month is around $1-2 it won't hurt your pocket compared to big units like s21 mention above.
Or people who mine BTC are those who live with a pretty cheap electricity rate I think around $0.06 cents or less should be profitable and breakeven 2 to 3 years for a sample Antminer s21 pro with the current Bitmain price around $6,300.
Xrp or trx is a coin I'm really interested in. Do you think mining these coins will be profitable or just the same as Bitcoin?
I don't think you can mine these coins you can only get rewarded from those coins through staking not mining.
There are still other coins to mine if you are looking for profitable then check this one for ASIC units https://www.asicminervalue.com/
GPU mining is currently not profitable so I can't suggest building a mining rig.
That was the reason why I stopped mining with BTC ASIC units since the profitability dropped a lot and the electricity rate increased.
Maybe you can try other units that can mine other coins but for BTC ASIC units your profit is negative I've tried that I also lost in d3 units it just makes noise with negative profit.
Check this site for profitable ASIC units https://www.asicminervalue.com/
And I suggest to read this "First time/Small miner reference for getting started."
But if your plan is for learning purposes then you can try USB ASIC miner like Compac F or for DIY check BitAxe. It consumes less power compared to big units like antminer s21.
Maybe you can try other units that can mine other coins but for BTC ASIC units your profit is negative I've tried that I also lost in d3 units it just makes noise with negative profit.
Check this site for profitable ASIC units https://www.asicminervalue.com/
And I suggest to read this "First time/Small miner reference for getting started."
But if your plan is for learning purposes then you can try USB ASIC miner like Compac F or for DIY check BitAxe. It consumes less power compared to big units like antminer s21.
Thank you I will read everything that you have suggested. So my question now is who are the people that mine Bitcoin if the profit will only be negative?
Xrp or trx is a coin I'm really interested in. Do you think mining these coins will be profitable or just the same as Bitcoin?
Maybe having a small solar setup only for this unit 110 watts I saw recently a complete solar setup portable that can be brought everywhere for around $100, limit load is 200w, and with a capacity of 78k mAh this might be a good option for small units it can I think able to run 24hrs straight if the solar can harvest enough power.
I think that solar energy is effective for daytime mining, but at night time it is better to use another source of electricity.
he could get the avalon for about 175 usd. psu and shipping.
it does 3.3 th and 110 watts.
mine it to nicehash and get 15 cents a day in btc.
in around 400 days he will get a payout of 0.001 btc or say 63 bucks. if btc goes up he will turn a profit.
at worse he loses a few hundred. he does help the network. and no one will know the owner of the btc if he uses a core wallet address.
not the way to riches.
it does 3.3 th and 110 watts.
mine it to nicehash and get 15 cents a day in btc.
in around 400 days he will get a payout of 0.001 btc or say 63 bucks. if btc goes up he will turn a profit.
at worse he loses a few hundred. he does help the network. and no one will know the owner of the btc if he uses a core wallet address.
not the way to riches.
Well based on my last month's bill the current rate is around $0.23 and 15 cents a day for 110 watts still shows negative profit unless BTC keeps going up we can maybe make a profit someday by holding them but still not worth it if you keep paying bills with negative profit.
Maybe having a small solar setup only for this unit 110 watts I saw recently a complete solar setup portable that can be brought everywhere for around $100, limit load is 200w, and with a capacity of 78k mAh this might be a good option for small units it can I think able to run 24hrs straight if the solar can harvest enough power.
That was the reason why I stopped mining with BTC ASIC units since the profitability dropped a lot and the electricity rate increased.
Maybe you can try other units that can mine other coins but for BTC ASIC units your profit is negative I've tried that I also lost in d3 units it just makes noise with negative profit.
Check this site for profitable ASIC units https://www.asicminervalue.com/
And I suggest to read this "First time/Small miner reference for getting started."
But if your plan is for learning purposes then you can try USB ASIC miner like Compac F or for DIY check BitAxe. It consumes less power compared to big units like antminer s21.
Maybe you can try other units that can mine other coins but for BTC ASIC units your profit is negative I've tried that I also lost in d3 units it just makes noise with negative profit.
Check this site for profitable ASIC units https://www.asicminervalue.com/
And I suggest to read this "First time/Small miner reference for getting started."
But if your plan is for learning purposes then you can try USB ASIC miner like Compac F or for DIY check BitAxe. It consumes less power compared to big units like antminer s21.
he could get the avalon for about 175 usd. psu and shipping.
it does 3.3 th and 110 watts.
mine it to nicehash and get 15 cents a day in btc.
in around 400 days he will get a payout of 0.001 btc or say 63 bucks. if btc goes up he will turn a profit.
at worse he loses a few hundred. he does help the network. and no one will know the owner of the btc if he uses a core wallet address.
not the way to riches.
That was the reason why I stopped mining with BTC ASIC units since the profitability dropped a lot and the electricity rate increased.
Maybe you can try other units that can mine other coins but for BTC ASIC units your profit is negative I've tried that I also lost in d3 units it just makes noise with negative profit.
Check this site for profitable ASIC units https://www.asicminervalue.com/
And I suggest to read this "First time/Small miner reference for getting started."
But if your plan is for learning purposes then you can try USB ASIC miner like Compac F or for DIY check BitAxe. It consumes less power compared to big units like antminer s21.
Maybe you can try other units that can mine other coins but for BTC ASIC units your profit is negative I've tried that I also lost in d3 units it just makes noise with negative profit.
Check this site for profitable ASIC units https://www.asicminervalue.com/
And I suggest to read this "First time/Small miner reference for getting started."
But if your plan is for learning purposes then you can try USB ASIC miner like Compac F or for DIY check BitAxe. It consumes less power compared to big units like antminer s21.
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