Mining is quite risky to do on your own and you'll need a good electricity rate and luck at least to get something from your investment.
Sites like this are normally good at checking your profitibility: https://www.cryptocompare.com/mining/calculator/btc?HashingPower=40&HashingUnit=TH%2Fs&PowerConsumption=1500&CostPerkWh=0.12&MiningPoolFee=1
But you're going to want an initial profit margin of about 25-50% at least (as in for every 0.5BTC you mine, you're only paying 0.125-0.25BTC to mine it in electricity costs imo).
Topic: Bitcoin Mining For Newbies - page 2. (Read 328 times)
Hello,
Most of us have a question, how to obtain a good quantity of BTC quickly and from a reliable source. One such way of doing so is by mining it.
This will be a quick walkthrough without much technicalities for beginners.
What is mining of BTC
Just like mining(searching) for natural resources such as coal, gold etc, this a type of mining done using different electronic devices.
Mining is the process of adding transaction records to Bitcoins public ledger of past transactions. You are rewarded BTC for contributing, legitimising, and for monitoring the bitcoin network and it's Blockchain.
What do I need to do this type of mining
Did you know, in the beginning years, you could just mine hundreds of Bitcoins with a normal computer or laptop without the use of much resources.
Nowadays, the competition is tough, everyone knows that this is a good way of earning Bitcoins and hence are investing a lot of money and resources into it.
Things you would need are :
A lot of powerful GPU's
Or
Specialised mining hardware know as the ASIC miner
With the combination of a pc or a laptop and a software that helps you to connect to the network.
I would like to let you know that, all these products consume a lot of electricity and mining using GPU's is no longer suggested or profitable for BTC since you would never end up finding a block and validate it to recieve a reward.
What will I get if I find a block after all this fuss
You will currently get 6.25BTC if you succeed in doing so.
Ok, so how many times in a day is this reward dropped
You get it everytime a new block is mined, approximately once every 10 minutes approx.
Is it worth investing money on mining and it's hardware
Like I said earlier, there is a lot of competition, there are big organisations that have most of this hashing power, buying one or two equipments won't get you anywhere.
You could however join a pool with your device and try to contribute, if you are lucky, who knows, you may be rewarded.
What is this pool
Like I mentioned earlier, unless you are contributing to the system/trying to mine using a large number of your own hardware, chances of you finding any reward are 0.
So, to make the most out of what you got, there is this pooling
What not to do
I hope I haven't bored you guys yet. There may be many mistakes in the topic too, please help me correct them. I haven't gone into technicalities as anyone relatively new would not even understand it and tried to keep it as breif and simple as possible.
Thank you
Most of us have a question, how to obtain a good quantity of BTC quickly and from a reliable source. One such way of doing so is by mining it.
This will be a quick walkthrough without much technicalities for beginners.
What is mining of BTC
Just like mining(searching) for natural resources such as coal, gold etc, this a type of mining done using different electronic devices.
Mining is the process of adding transaction records to Bitcoins public ledger of past transactions. You are rewarded BTC for contributing, legitimising, and for monitoring the bitcoin network and it's Blockchain.
What do I need to do this type of mining
Did you know, in the beginning years, you could just mine hundreds of Bitcoins with a normal computer or laptop without the use of much resources.
Nowadays, the competition is tough, everyone knows that this is a good way of earning Bitcoins and hence are investing a lot of money and resources into it.
Things you would need are :
A lot of powerful GPU's
Or
Specialised mining hardware know as the ASIC miner
With the combination of a pc or a laptop and a software that helps you to connect to the network.
I would like to let you know that, all these products consume a lot of electricity and mining using GPU's is no longer suggested or profitable for BTC since you would never end up finding a block and validate it to recieve a reward.
What will I get if I find a block after all this fuss
You will currently get 6.25BTC if you succeed in doing so.
Ok, so how many times in a day is this reward dropped
You get it everytime a new block is mined, approximately once every 10 minutes approx.
Is it worth investing money on mining and it's hardware
Like I said earlier, there is a lot of competition, there are big organisations that have most of this hashing power, buying one or two equipments won't get you anywhere.
You could however join a pool with your device and try to contribute, if you are lucky, who knows, you may be rewarded.
What is this pool
Like I mentioned earlier, unless you are contributing to the system/trying to mine using a large number of your own hardware, chances of you finding any reward are 0.
So, to make the most out of what you got, there is this pooling
- You can either try to mine individually
- You can contribute your hashing power and combine it with someone else doing the same task and share profits if you manage to mine a block
What not to do
- On the internet there are a lot of websites that offer you to do mining just by downloading thier software or by asking you to register or by asking you to put in your private keys in their website in return of fixed return. Never go into any of those, these are the ways to scam.
- Never try to invest money into cloud minig unless you know what you are doing and the whereabouts of the company where you are trying to buy some hash power. There are a lot of scam sites, duplicate sites, sites with fake reviews, sites that offer tons of interest on your deposits, sites that promise fixed returns. Remeber mining cannot give you fixed returns and most likely it's a scam.
I hope I haven't bored you guys yet. There may be many mistakes in the topic too, please help me correct them. I haven't gone into technicalities as anyone relatively new would not even understand it and tried to keep it as breif and simple as possible.
Thank you
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