How mining btc works: a beginners guide

sheenshane

legendary

Activity: 2520

Merit: 1233

Quote from: CPTHREE on September 26, 2021, 07:06:47 AM

For beginners like me, it is easier to own Bitcoin than to learn Bitcoin mining. After learning about Bitcoin, I also asked about the price of Bitcoin mining machines. Perhaps for participants with a small amount of funds, it would be more reasonable to choose to buy Bitcoin.

Because it's a safe investment if you will directly invest in Bitcoin than making your own Bitcoin mining facilities. Both have financial risks but if we're talking about how simple have a task is, I'd go with investing in Bitcoin which is mitigated.

Quote from: Nathrixxx on September 24, 2021, 02:43:45 PM

Computer skills
Electricity power source
Stable Internet supply
High functioning computer system
Mathematics/statistical skills
Knowledge of GPU and ASICS
Develop speedy typing skills
Research other minners
Devote time
Seek fund

In addition, check first or ask your lawyer if Bitcoin mining in your place isn't against your country's jurisdiction, as usually, I have heard now especially if you're in China. Bitcoin mining is strictly prohibited, I think you need to consult this first before putting capital.

stompix

legendary

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Blackjack.fun

Quote from: Nathrixxx on September 24, 2021, 02:43:45 PM

How To Mine Bitcoin? Know How It Works And the Computing System That's Needed

The most important thing when you start mining, ignore everything Nathrixxx has said!!!!!
If 8 years since the first ASIC was introduced you still see shit like this posted....

Quote from: BlackHatCoiner on September 24, 2021, 03:23:48 PM

You've mentioned all these, but not the most significant: How does mining actually work?

And you think he has a clue? I've checked all his topics, the same pattern, grab a piece of news, add a line or two and not actually say anything, the typical merit phishing strategy. 30 topics in 130 posts. Everyone who still mentions GPU and CPU when it comes to bitcoin mining not only has nothing to teach others about but more likely refuses to gather information for his own knowledge.

CPTHREE

newbie

Activity: 10

Merit: 1

For beginners like me, it is easier to own Bitcoin than to learn Bitcoin mining. After learning about Bitcoin, I also asked about the price of Bitcoin mining machines. Perhaps for participants with a small amount of funds, it would be more reasonable to choose to buy Bitcoin.

nakamura12

hero member

Activity: 2268

Merit: 669

Bitcoin Casino Est. 2013

I thought the content would be an explanation how mining works instead of this. This is just an explanation what is mining and the important things you need to have before you can start mining. You have to work first so you'll have money to buy a decent computer or mining rig. About the typing speed is you can learn to do fast types first by using a typing program and having a lot of patience.

BlackHatCoiner

legendary

Activity: 1512

Merit: 7340

Farewell, Leo

You've mentioned all these, but not the most significant: How does mining actually work?

It is very important for the beginner to know what their computers are calculating. What's the procedure theoretically. For instance, they should understand what's proof of work and that they can enter a random number as a parameter in a function called SHA256 that will return a completely unpredictable result. That the computers just try different combinations until they've found a number which is lower than another number we've decided to not exceed to consider the block valid.

The beginners should be educated about the essentials first.

Nathrixxx

full member

Activity: 140

Merit: 128

How To Mine Bitcoin? Know How It Works And the Computing System That's Needed

I've come to think of it, some people need a principal/primary main idea to how mining Bitcoin works and possibly on a later run develop interest in mining, this article is a paraphrase of what mining Bitcoin is in a bid to educate and pass across the required basic knowledge for mining activities else this topic wouldn't have belong here but it is solely targeted on begginers having one or two questions regarding how btc mining works.

Take note there's much of practical aspect to mining btc than the ones stated in this article
Here is a beginners guide to how mining Bitcoin works, the required devices, techniques and power supply for the mining process. But in a nutshell, here is the summary I've coupled together underlisted.

Computer skills
Electricity power source
Stable Internet supply
High functioning computer system
Mathematics/statistical skills
Knowledge of GPU and ASICS
Develop speedy typing skills
Research other minners
Devote time
Seek fund

Quote from: https://www.ndtv.com/business/bitcoin-mining-here-s-all-that-you-need-to-know-2538242?amp=1&akamai-rum=off[/quote

Mining Bitcoin is a very technical process and requires huge processing power. Basically, the processing power of the computer will be directly proportional to the rate or mining speed, and thus, profit. So, if a person's computer is slow, it may not produce enough Bitcoins.

To mine Bitcoins, one can use a normal computer that has a CPU, motherboard, RAM, and storage. The only difference and the most important requirement here is the graphics processing unit (GPU) or the video card. A high-performance GPU is an essential aspect if a person wants to mine Bitcoin.

Bitcoin mining is done using specialised hardware called ASICs that stands for Application-Specific Integrated Circuits. This is to tackle the problems of the computer and upgrade the processing power.

The requirement of GPU and ASICs could be collectively heavy on a person's pocket. One also needs to have a constant active internet connection for this work.

The other important aspect is the requirement of electricity for mining machines. It is said that the largest Bitcoin miners were operated in China where the electricity was cheaper as compared to the developed nations.

A person should be able to bear the cost of running a home-based system for mining Bitcoins. Also, a cooling device would be needed to prevent the system from overheating.

Bitcoin mining could be a bright opportunity for digital coin makers but it clearly demands adequate infrastructure to work accordingly.

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