Topic: How can i start bitcoin mining? - page 2. (Read 1168 times)

I think that this question has been repeated for several times but still I think that there are Asic miners where you can mine Bitcoin and crypto and that is super easy. And also I can say that by having a mining rig is a good thing.

What you're saying is correct, but my point is that there is no competition against the entry of new miners, everything about the BTC network is permissionless, so older miners cannot stop new miners from mining, they can only adapt by trying to increase their own hashrate, that is even if the newer miners come in with significant amount of hashrate.
I know that solo mining isn't dead, but how often will a solo miner with a small hashrate get lucky to mine a block!

As it is random, solo mining will never be really dead.

It's sure yeah ; the more the global network's hashrate is increasing, the more the difficulty will increase too as it is directly correlated, but it doesn't mean that there is a competition sentiment, like "against" new miners.
Those who have a real hashrate and real infrastructures will adapt themselves to the increasing difficulty by increasing their own hashrate, and if they don't, it means they just have a strong confidence in the rising of BTC's value to compensate the drop of income related to the increase of the difficulty.

A large hashrate makes it more likely to find new blocks, and the arrival of new miners reduces the share of your pool in the total hashrate.
But we have seen cases of luck when solo pools with a small hashrate are mining blocks, so solo mining is not dead.

The competition in BTC mining is to determine who is going to add the next block into the blockchain, not against the entry of new miners, the system is open source and permissionless, so as many miners can join without anybody's permission, you only become a strong competitor if you generate enough hashrate.
Importantly what you need in order to mine is Asics and cheap electricity, if you start small you'll not make any profit, so rather than being a solo miner without enough hashrate, it's better you join a mining pool and contribute what you can, to get revenue on your contribution.

You don't have to learn a lot because you can use ready-made containers or cooling systems and mining management systems. Miners will help you with this, but you need to find cheap electricity. And you need to change the location, then the container can be prepared for mining faster.

It's unlikely that anyone will teach you because it's a competition. I can only advise you to study in more detail the very nature of Bitcoin and how mining works. It may be possible to find some videos but don't get your hopes up for practical advice. It is better to try, to start with a little, and then you will understand as you go.

A large investor capital is not enough for mining without access to cheap electricity. It is not difficult to buy several ASICs for yourself, making a rosette for them, but mistakes on a large farm will take a lot of profit due to breakdowns, because each new ASIC is expensive today and staying asics even in warranty repairs also deprives you of profit.

Maybe it's better to read the forum first and do some research about what you're asking here. Because it's actually not easy to do Bitcoin mining, apart from the fact that it requires a lot of capital, you must also have deep knowledge about the thing you're entering it into.

It's hard to just waste your capital if you don't have enough knowledge about it. Although, this forum will help, I advise you to watch other tutorials about Bitcoin mining on youtube just to get an idea anyway and do some research on google as well.

Thank you! I truly appreciate your kind words. Learning from experienced individuals like yourself is incredibly valuable, and I'm grateful for the knowledge and insights you share.

Then he needs to buy an inexpensive ASIC with low power consumption
https://www.minerlist.com/miner/ipollo-v1-mini-classic-plus

Error. It says 0.0045 ETC,but in the table the price is 0.0045ETH.

And this calculator shows other data.
https://www.asicminervalue.com/miners/ipollo/v1-mini-classic-plus

The correct Revenue is approximately 0.004 ETC or 55 cents/day.
ROI of this ASIC is more than 3000 days. Bad calculator.

curentaly block rewards for btc is 6.25 bitcoin till the next haveing next year

coinwarz states this What date is the next Bitcoin halving?
April 26, 2024
When is the Next Bitcoin Halving Date? The next Bitcoin halving date is scheduled to take place at block 840,000 - predicted to occur on April 26, 2024 at 10:44:45 AM UTC. On the Bitcoin halving date - the block reward is scheduled to drop from 6.25 Bitcoin per block to 3.125 Bitcoin per block.

I do not really understand what you want?

If you want to choose mining pool, I suggest you to know about f2pool, 2miners etc.
If you want to know the profitabity of each hardware, I suggest you refer to minerlist.com
If you want to know how to buy asic miner, I suggest you read about this article: https://asicfinder.medium.com/a-comprehensive-guide-on-buying-bitmain-antminer-bitcoin-miner-with-asicfinder-5d2934ea6fb4

This is wrong. To mine Bitcoin efficiently, you need ASICs.

Mining another coin on another algorithm (I mean other than sha256) and getting paid in Bitcoin is not mining Bitcoin. You won't be contributing to the Bitcoin Network's global hashrate if you are mining this way.

I've got nothing against using Nicehash -even if their way of playing both sides is a bit dubious- but we can't say we don't need an ASIC to mine BTC, it's a mistake.

In a similar old article, the same thing is written
6 Mining Profitability Factors
because nothing changes in bitcoin mining, except for the addition of new ASICs
You will not be able to plan for the price of bitcoins and difficulty, but only the price of electricity and the wages of workers.

You don't need ASICs to mine bitcoin. You can use video cards or FPGAs and mine the most profitable coins. NiceHash and similar services will mine the most profitable coin and pay out rewards in bitcoins, or other coins from their list. You can use video cards in an apartment, unlike asics.

Bitcoin mining is the process of adding new transactions to the Bitcoin blockchain and verifying them through solving complex mathematical problems using specialized computer hardware. If you are interested in starting Bitcoin mining, here are some key properties you should be aware of:

1. Hardware requirements: Bitcoin mining requires specialized computer hardware called ASICs (Application-Specific Integrated Circuits) that are designed specifically for mining Bitcoin. These machines are expensive and consume a lot of electricity.

2. Mining software: Once you have the hardware, you will need to install mining software on your computer. There are many different mining software options available, some of which are more user-friendly than others.

3. Mining pools: Joining a mining pool can increase your chances of earning Bitcoin rewards. A mining pool is a group of miners who combine their computing power to mine Bitcoin more efficiently.

4. Electricity costs: Bitcoin mining is an energy-intensive process, and the cost of electricity can be a significant factor in determining whether mining is profitable for you.

5. Difficulty level: The difficulty level of Bitcoin mining increases over time as more miners join the network. This means that you will need more computing power to mine Bitcoin effectively as time goes on.

6. Profitability: Bitcoin mining can be profitable, but it is not guaranteed. The profitability of Bitcoin mining depends on many factors, including the cost of electricity, the price of Bitcoin, and the difficulty level of mining. It is important to do your research and calculate the potential profitability of mining before investing in hardware and software.

As this question has been repeated for several times but still I will say that Bitcoin mining.is not worth it what it used to be almost 5 or 6 years ago like 2017 etc when we could make 0.5 btc per month with antminer S9.

Any miner will tell you that water cooling is more expensive and requires more attention when connecting equipment. Video cards with water cooling are expensive, and the cooling system in asics is more complicated. Fans are cheaper, but noise is not a problem for large miners. This is only a problem for small miners who want to install equipment in an apartment

https://coinminingcentral.com/products/bitmain-antminer-s19-hydro-158-th-s

The Model Antminer S19 Hydro (151.5Th) from Bitmain mines Bitcoin on the  SHA-256 algorithm with a maximum hashrate of 151.5Th/s for a power consumption of 5226W.

Bitmain’s first-ever liquid-cooled S19 miner, the S19 Hydro is more powerful and provides a high hashrate for the fastest ROI possible.

The S19 Hydro boosts energy savings and takes extra steps towards environmental protection.

The S19 Hydro provides the latest cooling technology, which avoids overheating issues. This ensures the highest level of performance, with reduced downtime using a state of the art liquid cooling solution.

The Bitmain Antminer S19 Hydro uses the latest generation firmware providing an effortless and optimised mining experience. This ensures a  faster start-up speed while hydro cooling technology allows for ease of use and high-performance standards.