Bitcoin mining at home - page 2. | Bitcointalksearch.org

FP91G

legendary

Activity: 1834

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Actually I don't know much about the mining of bitcoin and I will like to know more about it. Well it been over a year now I have gotten into a lot of mining app and non is giving me what I wanted and I guess am not on the right mining platform.
You been at home and mining is a good one but it need you to know how to mini and to know which mining platform is correct for you to go into.
Mining at home seems to me like means of been in your house to make money for your self with going to do any hard work, just for intense what you can get from mining you cannot get it from working as a labour and mining can be done any were anytime I guess.

For bitcoin mining you can use https://www.nicehash.com/
Your processor and video card will mine other profitable coins, and you will receive a reward in bitcoins. From 1 computer, the profit is very small. And mining without equipment is like a scam.

kano

legendary

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Linux since 1997 RedHat 4

Mining at home has nothing to do with apps.
They are all scams.
Read: BITCOIN MINING INTRO & RULES OF THIS SUBFORUM - READ BEFORE POSTING
https://bitcointalksearch.org/topic/bitcoin-mining-intro-rules-of-this-subforum-read-before-posting-2415854

FP91G

legendary

Activity: 1834

Merit: 1136

Quote from: Woodie on January 12, 2023, 07:54:51 AM

Quote from: FP91G on January 12, 2023, 06:48:01 AM

Such portable hydroelectric power plants were very common in China with a capacity of 25-250 kilowatts,

This is interesting, just how portable are these setups... and doesn't an HEP need good water catchment areas for the electricity generation to be a successful.

Quote from: FP91G on January 12, 2023, 06:48:01 AM

but after the mining ban, there were many announcements about this sale.

Digging into this might catch a good deal on this....

Quote from: FP91G on January 12, 2023, 06:48:01 AM

I also think that this uses very few miners and many questions about registering such equipment for generating electricity.

Is this in relation to the "portable hydroelectric power plants" does it mean they aren't efficient in power generation to have a good number of miners using this electricity.

For such installations, you need to find a place near the river. There are a lot of problems with installation, maintenance and lack of skills in this matter.
https://www.youtube.com/watch?v=XjEgFlngZ04
In my country, you need to get permission to use such installations, and the miner does not need extra problems. If you have operating experience and the ability to install, then this may be a good investment for you.

player1001101001

jr. member

Activity: 336

Merit: 2

Bitcoin mining at home was incredibly easy from home over a decade ago when difficulty was low. Even a simple computer was able to mine couple of bitcoins every seconds.. Now bitcoin mining can only be profitable if you invest in the right tool. Today, a very complex miners are required to mine a very few sats per hour. Mining is nothing but solving complex algorithms to generate new bitcoins and add existing entries in the ledger. The greater the hashrate of your miner, the greater would be your profits. You should probably get hands on some great ASIC's to generate income from mining orelse you would end up spending more in electricity bills.

Kotlinor

newbie

Activity: 1

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What should be the price of electricity to mine bitcoin at home?

Woodie

hero member

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Quote from: Rodriguezan on January 04, 2023, 01:58:58 AM

It just seems to me like mining of Bitcoin isn't that real. I have never seen anyone who says that he/she has successfully mined a Bitcoin. Maybe I must be mistaken.. I just need some insights, please.

It's very real mate and fyi for the bitcoin network to run we need these guys present and confirms they exist... And reason you never hear about them is because they keep low profiles and working in silence.

Quote from: FP91G on January 12, 2023, 06:48:01 AM

Such portable hydroelectric power plants were very common in China with a capacity of 25-250 kilowatts,

This is interesting, just how portable are these setups... and doesn't an HEP need good water catchment areas for the electricity generation to be a successful.

Quote from: FP91G on January 12, 2023, 06:48:01 AM

but after the mining ban, there were many announcements about this sale.

Digging into this might catch a good deal on this....

Quote from: FP91G on January 12, 2023, 06:48:01 AM

I also think that this uses very few miners and many questions about registering such equipment for generating electricity.

Is this in relation to the "portable hydroelectric power plants" does it mean they aren't efficient in power generation to have a good number of miners using this electricity.

FP91G

legendary

Activity: 1834

Merit: 1136

Quote from: joniboini on January 08, 2023, 06:42:17 AM

Quote from: Patrol69 on January 08, 2023, 12:03:22 AM

If you calculate the electricity bill for the amount of electricity that is consumed to mine a bitcoin, it can be seen that there is no profit in mining bitcoins.

It really depends on the cost itself. Some miners can have their own power source that doesn't rely on the national power grid, for example. I heard some miners use hydropower to run their farms. While that is rare, the fact that those mining farms keep operating means either they earn decent profit or they believe they can sell BTC for a profit later. CMIIW.

Such portable hydroelectric power plants were very common in China with a capacity of 25-250 kilowatts, but after the mining ban, there were many announcements about this sale. I also think that this uses very few miners and many questions about registering such equipment for generating electricity.

hZti

hero member

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Magic

Quote from: joniboini on January 08, 2023, 06:42:17 AM

Quote from: Patrol69 on January 08, 2023, 12:03:22 AM

If you calculate the electricity bill for the amount of electricity that is consumed to mine a bitcoin, it can be seen that there is no profit in mining bitcoins.

It really depends on the cost itself. Some miners can have their own power source that doesn't rely on the national power grid, for example. I heard some miners use hydropower to run their farms. While that is rare, the fact that those mining farms keep operating means either they earn decent profit or they believe they can sell BTC for a profit later. CMIIW.

If you need the power source anyways for other stuff (like your house) you can use the power basically for free. This is because in many cases you will get no compensation if you feed the power into the general system (or you dont even have that option).

GigaBit

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Quote from: Patrol69 on January 08, 2023, 12:03:22 AM

Quote from: Queentoshi on January 04, 2023, 10:34:44 AM

Quote from: Rodriguezan on January 04, 2023, 01:58:58 AM

It just seems to me like mining of Bitcoin isn't that real. I have never seen anyone who says that he/she has successfully mined a Bitcoin. Maybe I must be mistaken.. I just need some insights, please.

You have never seen does not mean that they do not exist. People have been profitable with mining, even more persons than you can imagine.

Quote from: mr.vivalavida on November 08, 2022, 06:09:54 PM

I don´t want to spend a lot of money, something until 1k will be enough for me. However, I will think about it.

You cannot be serious about really wanting to mine bitcoins for profit without spending a lot of money. The cost of mining is not just in the beginning when you just start mining, there are a lot of associated expenses that come with mining and maintaining your mining activity, you just have to be prepared for it and keep an open mind with your planned expenses.

I agree with you, I think mining bitcoins is not as easy as he posted. Bitcoin mining requires a huge amount of money. Mining a Bitcoin requires a huge amount of electricity. If you calculate the electricity bill for the amount of electricity that is consumed to mine a bitcoin, it can be seen that there is no profit in mining bitcoins. Many countries have already tried to do Bitcoin mining but because of the huge electricity bills they have turned away from Bitcoin mining.

Bitcoin mining is one of the notable and expensive work but in recent times there has been some stagnation in this activity. Because we all know that the price of Bitcoin is very low during this period, which means that the amount of profit is also very low.
In general, by Bitcoin mining we mean a process of generating Bitcoins through some complex mathematical solutions. However, doing this type of work at home can often lead to various problems. Mining needs perfect place to work especially it has to do in a quiet environment. Otherwise there will be problem in mining. Just as there is a difference between home and office work, mining cannot be done without a suitable environment.

Findingnemo

hero member

Activity: 2366

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Bitcoin = Financial freedom

Quote from: joniboini on January 08, 2023, 06:42:17 AM

Quote from: Patrol69 on January 08, 2023, 12:03:22 AM

If you calculate the electricity bill for the amount of electricity that is consumed to mine a bitcoin, it can be seen that there is no profit in mining bitcoins.

It really depends on the cost itself. Some miners can have their own power source that doesn't rely on the national power grid, for example. I heard some miners use hydropower to run their farms. While that is rare, the fact that those mining farms keep operating means either they earn decent profit or they believe they can sell BTC for a profit later. CMIIW.

Quote from: Patrol69 on January 08, 2023, 12:03:22 AM

If you calculate the electricity bill for the amount of electricity that is consumed to mine a bitcoin, it can be seen that there is Many countries have already tried to do Bitcoin mining but because of the huge electricity bills they have turned away from Bitcoin mining.

What do you mean by "many countries"? A nationally controlled mining farm? Is there data related to this information? As far as I know, most people refer to their pools name or something similar. Some news even reported that top miners are still making millions last year, albeit significantly lower compared to when BTC was at its high.

I think he is referring people from different countries, bitcoin mining isn't no more profitable for individual miners who spend 10K or 20K to build their grids because I witnessed many tried in 2018 and eventually failed later so they sold their devices and able to save atleast half from their capital.

Mining profits depends on electricity rate in your country, what is the actual climate where the grid is going to be located and how long you can hold the mined coina to get maximum potential profits.

joniboini

legendary

Activity: 2170

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Quote from: Patrol69 on January 08, 2023, 12:03:22 AM

If you calculate the electricity bill for the amount of electricity that is consumed to mine a bitcoin, it can be seen that there is no profit in mining bitcoins.

It really depends on the cost itself. Some miners can have their own power source that doesn't rely on the national power grid, for example. I heard some miners use hydropower to run their farms. While that is rare, the fact that those mining farms keep operating means either they earn decent profit or they believe they can sell BTC for a profit later. CMIIW.

Quote from: Patrol69 on January 08, 2023, 12:03:22 AM

If you calculate the electricity bill for the amount of electricity that is consumed to mine a bitcoin, it can be seen that there is Many countries have already tried to do Bitcoin mining but because of the huge electricity bills they have turned away from Bitcoin mining.

What do you mean by "many countries"? A nationally controlled mining farm? Is there data related to this information? As far as I know, most people refer to their pools name or something similar. Some news even reported that top miners are still making millions last year, albeit significantly lower compared to when BTC was at its high.

Patrol69

sr. member

Activity: 686

Merit: 286

Quote from: Queentoshi on January 04, 2023, 10:34:44 AM

Quote from: Rodriguezan on January 04, 2023, 01:58:58 AM

It just seems to me like mining of Bitcoin isn't that real. I have never seen anyone who says that he/she has successfully mined a Bitcoin. Maybe I must be mistaken.. I just need some insights, please.

You have never seen does not mean that they do not exist. People have been profitable with mining, even more persons than you can imagine.

Quote from: mr.vivalavida on November 08, 2022, 06:09:54 PM

I don´t want to spend a lot of money, something until 1k will be enough for me. However, I will think about it.

You cannot be serious about really wanting to mine bitcoins for profit without spending a lot of money. The cost of mining is not just in the beginning when you just start mining, there are a lot of associated expenses that come with mining and maintaining your mining activity, you just have to be prepared for it and keep an open mind with your planned expenses.

I agree with you, I think mining bitcoins is not as easy as he posted. Bitcoin mining requires a huge amount of money. Mining a Bitcoin requires a huge amount of electricity. If you calculate the electricity bill for the amount of electricity that is consumed to mine a bitcoin, it can be seen that there is no profit in mining bitcoins. Many countries have already tried to do Bitcoin mining but because of the huge electricity bills they have turned away from Bitcoin mining.

dansus021

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Quote from: Rodriguezan on January 04, 2023, 01:58:58 AM

It just seems to me like mining of Bitcoin isn't that real. I have never seen anyone who says that he/she has successfully mined a Bitcoin. Maybe I must be mistaken.. I just need some insights, please.

Wow there is dozen Bitcoin farm out there, bitcoin mining is part of crypto itself so its real, member in here try mining at home and still manage small profit

Quote from: Queentoshi on January 04, 2023, 10:34:44 AM

You cannot be serious about really wanting to mine bitcoins for profit without spending a lot of money. The cost of mining is not just in the beginning when you just start mining, there are a lot of associated expenses that come with mining and maintaining your mining activity, you just have to be prepared for it and keep an open mind with your planned expenses.

The OP said they want really how mining works I Think if he didn't want spend more than 1 K the best part is buy USB mining from GekkoScience

Queentoshi

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Quote from: Rodriguezan on January 04, 2023, 01:58:58 AM

It just seems to me like mining of Bitcoin isn't that real. I have never seen anyone who says that he/she has successfully mined a Bitcoin. Maybe I must be mistaken.. I just need some insights, please.

You have never seen does not mean that they do not exist. People have been profitable with mining, even more persons than you can imagine.

Quote from: mr.vivalavida on November 08, 2022, 06:09:54 PM

I don´t want to spend a lot of money, something until 1k will be enough for me. However, I will think about it.

You cannot be serious about really wanting to mine bitcoins for profit without spending a lot of money. The cost of mining is not just in the beginning when you just start mining, there are a lot of associated expenses that come with mining and maintaining your mining activity, you just have to be prepared for it and keep an open mind with your planned expenses.

Rodriguezan

jr. member

Activity: 50

Merit: 1

It just seems to me like mining of Bitcoin isn't that real. I have never seen anyone who says that he/she has successfully mined a Bitcoin. Maybe I must be mistaken.. I just need some insights, please.

Kryptowerk

legendary

Activity: 2114

Merit: 1403

Disobey.

Just keep in mind, energy costs, aside from the initial purchase of an ASIC are everything.

Mining in Europe for example in most places within EU is so insanely unprofitable because of massively increased energy prices (+100% and more since February, with additional costs coming 2023).

So, even as a hobby that you may be okay to lose some money on, be aware that if you let an ASIC run several months and energy costs are higher than your mining returns, chances are you can lose A LOT more than your initial mining hardware expenses.

yoshimitsu777

newbie

Activity: 72

Merit: 0

but the chances of success with such small miners like gekkosciense usb miner is vanishingly small, isn't it?
wouldn't it make more sense to invest more money e.g. whatsminer and benefit from the higher hashrate and the lower total consumption in relation to the total hashrate?

sabre_labs

jr. member

Activity: 36

Merit: 2

As mentioned by everyone else here, go for something cheap like a USB miner or a second hand miner and run it and see if it is something you'd like to do and if it is profitable given the cost of electricity/capital cost.

Mining especially ASIC mining isn't for the faint of heart or (light of hearing). It is loud, hot and sucks tons of power and isn't a fun thing to do at home for a long period of time unless you are serious and build another shed to house the equipment and pull extra power lines over.

Always know that the cost of the equipment will depreciate and the "break even" goal post tends to shift with each Diff Adjustment or release of new (faster) ASIC miner.

albertorma

full member

Activity: 173

Merit: 105

ASICs are needed. Otherwise you are not mining. You are just playing some games, which would be completly legit. You could mine with your CPU just to experiment.

If you don't have access to cheap/free electricity and intend to run a little mining farm, just don't mine. Unfortunately circumstances would be not good for you. You would be burning more and more money every day and you will very unlikely help decentralization.

Generally speaking, If you have the resources and access to brand new machines, then mining is always profitable. If mining is not profitable -> miners turn down machines -> difficulty go down -> mining is profitable again.

However, as you can see, bitcoin hashrate is hitting new highs every day. Profitability today is reaching new and new lows every day. This is due to technological dissemination. Every day better machines are created. This is never ever stopping, which leads to small mining operations failing.

If you live in a cold country, you could use bitcoin miners to heat your house. This way you'd be yield positive regardless of the hashrate evolution.

BitMaxz

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Quote from: mr.vivalavida on November 08, 2022, 06:09:54 PM

I don´t want to spend a lot of money, something until 1k will be enough for me. However, I will think about it.

Can someone send me a tutorial (if there is any available) about a cheap mining equipment and how to set up the equipment?

If your purpose is for studying bitcoin mining and you don't want to spend much then go for Compact F USB miner the price of this miner I think is around 100-150$ in Amazon it's pretty cheap and you can find the guide below.

- https://bitcointalksearch.org/topic/gekkoscience-2paccompac-bm1384-stickminer-official-support-thread-1764803

Topic: Bitcoin mining at home - page 2. (Read 890 times)