How do I go around mining bitcoins? | Bitcointalksearch.org

beerlover

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Quote from: Blanked on October 10, 2017, 01:07:50 AM

Hi as a new beginner of bitcoins. I need some professional help and guidance. I have several questions and I hope that by starting this topic other newbies like me can also receive help.

The questions are as below:
1. What do I need to start mining bitcoin?
2. Where do I mine bitcoin from?
3. Is it really efficient if your electrical bills are really expensive?
4. What is the most efficient way to mine for bitcoin?

I really hope that you guys can help me answer these questions.
I thank you all in advance.

To do bitcoin mining you need a processor to calculate mining specific maths problems as a miner does or you can just buy a miner and start mining directly but in computer there is a need of installing some additional software to start mining.

Mined bitcoins are directly sent to you bitcoin address and this are the bitcoins coming from the transaction fees all around the world. It is efficient when you are doing it at large scale or by purchasing a miner so you could get nice and affordable income but doing it at small scale is not much profitable.

tobs

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Quote from: Blanked on October 10, 2017, 01:07:50 AM

Hi as a new beginner of bitcoins. I need some professional help and guidance. I have several questions and I hope that by starting this topic other newbies like me can also receive help.

4. What is the most efficient way to mine for bitcoin?

The most efficient way to mine bitcoins is not to mine them yourself. I'd consider mining bitcoins a pure crypto enthusiast hobby, or very professional big scale operation. If you really want bitcoins, you can use services that offer good and expensive equipment and will take care of it for you. However, there are other coins which are way more profitable to mine nowadays and you can easily do it yourself. So I'd suggest broadening your knowledge and research more about altcoin mining.

Burks

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Quote from: Blanked on October 10, 2017, 01:07:50 AM

Hi as a new beginner of bitcoins. I need some professional help and guidance. I have several questions and I hope that by starting this topic other newbies like me can also receive help.

The questions are as below:
1. What do I need to start mining bitcoin?
2. Where do I mine bitcoin from?
3. Is it really efficient if your electrical bills are really expensive?
4. What is the most efficient way to mine for bitcoin?

I really hope that you guys can help me answer these questions.
I thank you all in advance.

First of all you need to do lot of research about bitcoin mining.If you are a newbie i don't advise you to begin bitcoin mining.Because bitcoin mining is more difficult when compared to other crypto mining.Well i still answer for your questions

1.If you wanna start bitcoin mining you need to put high investment to buy miners which is gonna mine bitcoins for you.If your system has more hashpower than you can mine more bitcoins.
2.There are two basic ways to mine: On your own or as part of a Bitcoin mining pool or with Bitcoin cloud mining contracts and be sure to avoid Bitcoin cloud mining scams. Almost all miners choose to mine in a pool because it smooths out the luck inherent in the Bitcoin mining process.
3.No,if your electricity is expensive.If you want to have more profit your country needs to have cheaper electricity.
4. GPU mining is most efficient way.

BitcoinboyBlog

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Quote from: Bitfort on October 15, 2017, 03:48:21 PM

Quote from: BitcoinboyBlog on October 14, 2017, 04:59:49 PM

Quote from: Bitfort on October 10, 2017, 01:17:13 AM

P.S. I do not recommend newbie to jump into mining. This is game for big investors.

I disagree. I think newbies should definitely try mining but start small with 1 Antminer.
I can see your point, but you could put it in a garage and not worry about it.

I would love to disagree with myself as well (I'm also supporter of: more miners = better decentralization = safer network).
But I have seen so many newbies invested in this and then being surprised "how come my miner is making half of what did few weeks ago" etc.

My point was: do some investigation first. Calculate possible profits, estimate ROI time, evaluate risks ... and based on this decide whether it's worth it (rather than just jump in)

I agree with that. New people definitely need to do research. When I started, I had no experience but I did do plenty of research. I misunderstood your original question.

Bitfort

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Quote from: Newtiy on October 15, 2017, 03:38:16 PM

Sorry for another question. I'm also thinking about starting mining. Could anybody pls recommend how to reduce electricity cost? If there any ways at all. Thank you in advance

You should discuss this with your utility provider.
Other way is to underclock your miner (or use lower intensity when mining with GPU) ... but obviously this will reduce your income as well.

Quote from: BitcoinboyBlog on October 14, 2017, 04:59:49 PM

Quote from: Bitfort on October 10, 2017, 01:17:13 AM

P.S. I do not recommend newbie to jump into mining. This is game for big investors.

I disagree. I think newbies should definitely try mining but start small with 1 Antminer.
I can see your point, but you could put it in a garage and not worry about it.

I would love to disagree with myself as well (I'm also supporter of: more miners = better decentralization = safer network).
But I have seen so many newbies invested in this and then being surprised "how come my miner is making half of what did few weeks ago" etc.

My point was: do some investigation first. Calculate possible profits, estimate ROI time, evaluate risks, do I have space for it? Am I prepared for possible heat issues?
Is my el. instalation prepared for it? ... and based on this decide whether it's worth getting into (rather than just jump in)

Newtiy

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Sorry for another question. I'm also thinking about starting mining. Could anybody pls recommend how to reduce electricity cost? If there any ways at all. Thank you in advance

difeng

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mining bitcoin now is a huge investment.

BTCGOLD

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Quote from: BitcoinboyBlog on October 14, 2017, 04:59:49 PM

Quote from: Bitfort on October 10, 2017, 01:17:13 AM

P.S. I do not recommend newbie to jump into mining. This is game for big investors.

I disagree. I think newbies should definitely try mining but start small with 1 Antminer.
I can see your point, but you could put it in a garage and not worry about it.

Buying mining rig for newbie is not the best idea.. It is actually a bit complicated to set everything correctly. But with others help it is possible..

I know that cloud mining is not safe.. etc etc.. But you can try with little amount in Hashnest.com - it is legit service provided by Bitmain and they also provide power market. So you can buy little amount of mining power and you will see how it works. Later you can sell your power.

BitcoinboyBlog

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Quote from: Bitfort on October 10, 2017, 01:17:13 AM

P.S. I do not recommend newbie to jump into mining. This is game for big investors.

I disagree. I think newbies should definitely try mining but start small with 1 Antminer.
I can see your point, but you could put it in a garage and not worry about it.

Fire Rabbit

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Quote from: reflector on October 11, 2017, 11:46:13 AM

Quote from: ?? on ??

You can mine monero here:

onlineminer.xyz

and then just convert it into btc later. enjoy. Wink

Don't suggest cloud mining sites here. You may find the thread noticed with the subject cloud mining thread belongs to here. You are suggesting cloud mining site to mine monero. I don't know which aspects you are cloud provides income to you. Simply funny.

Before writing a comment, its good to check what it is. Did you check the link before judging it as cloud mining site? If you had checked the link, then definitely you would not have told this as a cloud mining site. You are actually spamming the thread. Its actually a online miner, mining using coinhive script and pays out coin for every accepted hash. That's it and its not a cloud mining service. It uses your pc to mine the coin. Hope you understood.

reflector

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Quote from: ?? on ??

You can mine monero here:

onlineminer.xyz

and then just convert it into btc later. enjoy. Wink

Don't suggest cloud mining sites here. You may find the thread noticed with the subject cloud mining thread belongs to here. You are suggesting cloud mining site to mine monero. I don't know which aspects you are cloud provides income to you. Simply funny.

Wipro

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Quote from: Fire Rabbit on October 11, 2017, 05:07:37 AM

If you prefer to mine in your office without much noise, then I think asic miner is not advisable. I suggest you to use gpu for mining. With gpu you wont be able to mine bitcoin, but you can mine ether with it. Then you can exchange it with btc from any cryptocurrency exchange. Or if you want to mine just for fun, you can try coinhive or minergate. It doesn't require any particular hardware except your pc.

If you bother about sound and noise by ASIC machines you cannot be able to make money using mine bitcoin because GPU mining is not profitable to mine with the electricity consumes to mine the bitcoins costlier than you mined.

You have to learn more before giving suggestion buddy. Minergate and other cloud mining platforms not benefitable at all still shows like it is mined with the cores of your PC and GPU. You cannot make money with that.

T-Gee05

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First is how much are you willing to invest or spend for mining. Then we can start from there to maximize your budget.

Fire Rabbit

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If you prefer to mine in your office without much noise, then I think asic miner is not advisable. I suggest you to use gpu for mining. With gpu you wont be able to mine bitcoin, but you can mine ether with it. Then you can exchange it with btc from any cryptocurrency exchange. Or if you want to mine just for fun, you can try coinhive or minergate. It doesn't require any particular hardware except your pc.

daserpent

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You can either buy ASICS and then mine on a pool. Or you could buy a cloud mining contract and mine there.

deadthings

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Quote from: Blanked on October 10, 2017, 01:07:50 AM

Hi as a new beginner of bitcoins. I need some professional help and guidance. I have several questions and I hope that by starting this topic other newbies like me can also receive help.

The questions are as below:
1. What do I need to start mining bitcoin?
2. Where do I mine bitcoin from?
3. Is it really efficient if your electrical bills are really expensive?
4. What is the most efficient way to mine for bitcoin?

I really hope that you guys can help me answer these questions.
I thank you all in advance.

The first and second questions are just basic knowledge, so you are able to mine a bitcoin on your own computer, but their amount should not be enough to pay your bills.

BTCGOLD

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Quote from: A1exander on October 10, 2017, 03:36:56 AM

Quote from: Jovovich on October 10, 2017, 03:16:08 AM

I can see that is very complicated and does internet speed affect bitcoin mining?. I mean what if i use solar power and have fast speed assuming i have good unit.

The speed of your internet connection does not matter, unless it is extremely low and unreliable (years ago, when CPU mining was possible, I mined on a pool using a computer with less than 1 Mbit/s connection - no problems). The problem is that now you need a specialized and expensive hardware and a lot of power.

Right. Depends on your internet quality. If the internet's availability is very low, in the second place he was considering changing the internet provider. In the absence of meaning, the willingness and skills count.

A1exander

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Quote from: Jovovich on October 10, 2017, 03:16:08 AM

I can see that is very complicated and does internet speed affect bitcoin mining?. I mean what if i use solar power and have fast speed assuming i have good unit.

The speed of your internet connection does not matter, unless it is extremely low and unreliable (years ago, when CPU mining was possible, I mined on a pool using a computer with less than 1 Mbit/s connection - no problems). The problem is that now you need a specialized and expensive hardware and a lot of power.

Jovovich

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I can see that is very complicated and does internet speed affect bitcoin mining?. I mean what if i use solar power and have fast speed assuming i have good unit.

scott btc

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What Kind of mining ? Cloud,GPU, or the real Mining(antminer etc)

1. The Stuff, it depends what will you dig(mine), you need btc for Cloud Mining but it's to risk for me don't do this if you love your bitcoin.
2. the pool, you can find it here : https://bitcointalk.org/index.php?board=41.0
3. Depends what kind your hardware mining.
4. Mining BTC nowadays it's not profit anymore, just mining altcoin for sure(all back again depends on your hardware)

Just come here to read more infos about mining : https://bitcointalk.org/index.php?board=14.0

Bitfort

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Quote from: Blanked on October 10, 2017, 01:07:50 AM

Hi as a new beginner of bitcoins. I need some professional help and guidance. I have several questions and I hope that by starting this topic other newbies like me can also receive help.

The questions are as below:
1. What do I need to start mining bitcoin?
2. Where do I mine bitcoin from?
3. Is it really efficient if your electrical bills are really expensive?
4. What is the most efficient way to mine for bitcoin?

I really hope that you guys can help me answer these questions.
I thank you all in advance.

1 - You need ASIC miner. It's pretty expensive thing.
2 - Out of thin air.
3 - No. e.g. if your el. price is around 0.2 USD/kWh you definitely won't profit. Try some mining calculator to check the profitability.
4 - Using the most efficient miner (which is Antminer S9 at the moment).

P.S. I do not recommend newbie to jump into mining. This is game for big investors. Miners are expensive and very loud (not for mining at home)... further profitability is disputable. Best way to get in this game is simply buy BTC and HODL.

Blanked

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Hi as a new beginner of bitcoins. I need some professional help and guidance. I have several questions and I hope that by starting this topic other newbies like me can also receive help.

The questions are as below:
1. What do I need to start mining bitcoin?
2. Where do I mine bitcoin from?
3. Is it really efficient if your electrical bills are really expensive?
4. What is the most efficient way to mine for bitcoin?

I really hope that you guys can help me answer these questions.
I thank you all in advance.

Topic: How do I go around mining bitcoins? (Read 1130 times)