Topic: Is bitcoin mining risk for begiiners? (Read 213 times)

Unfortunately, that's why companies pay for ads. They just want to get their product sold. Customers need to do their own research before they buy, even if they don't plan on buying a mining rig. You should explain to them why it is not a good idea then. Even though it is viral, and many people are interested in the idea of getting "free money" while doing "nothing", doesn't mean anyone can do it. Don't fall for marketing tactics.

If you're quite bored and want to try your luck, you can try lottery mining[1]. As the name implies, it relies heavily on luck so do not expect any return at all. CMIIW.

[1] https://bitcointalksearch.org/topic/m.60079837

Bitcoin mining is viral, many videos on social media prove that how people can make money with mining. I've talked several time with friends and asked me on how to mine bitcoin because he only knows 6.25 BTC (Million dollar money) reward but he doesn't know how difficult it is and what resources he does need.

I don't know why you don't mention the Pool?, as I know no one can't mine with a solo mner right now.

It’s risky because the mining equipment is so expensive while there’s no guarantees  that you reach even ROI before the equipment becomes not working anymore. The cost of of electricity is what makes Bitcoin mining risky because you can suffer a serious losses if you didn’t compute your profit on mining versus the electricity expenses in the long run.

Bitcoin difficulty is increasing in the long run while competitors to solve a block is increasing too. This industry is already saturated by aspirants miner which is why Bitcoin mining is risky for beginners or even long time miners.

First of all what we see over internet and social media is not always right and most of these lucrative offers are just another way to attract people but when you get into the depth you come to know about the true picture.The mining profits is made by the pools who have huge mining farms and get rewards of 6.25BTC which is not possible with these small tools.

Do you think it's this easy to earn profits with bitcoin mining when the prices are trading at $20k so you would be having easy gains with these machines? You can be part of mining community with it but making profits is entirely different case.You need to differentiate between the both.

They are into the business of selling these machines and for them when you are spending money on it you have the knowledge and need to use it so we can't blame them.As @Welsh said above they can provide you with manuals guiding you how to operate the machine and set it up but you are expecting too much from them.The risk associated with mining has nothing to do with them as you buy any tech from market without analysing what's the use and risk associated with it we can't blame the manufacturer and for them you are customer not any newbie so you should be responsible for knowing all the details before hand.

See there are lot of factors which you need to consider before jumping into mining or say will determine your profitability like :

1) The cost of electricity in your country as you need to have the machine constantly running so high cost will reduce the profits and vice versa

2) The initial investment and time to recover the cost because the actual profits will be after you have recovered the initial cost

3) The maintenance of the system also includes in cost of mining as due to heating some parts may get damaged and needs replacement or maintenance

There are many other factors but if you believe you can start making profits with spending less amount and early then you have no knowledge of the current mining conditions so have your research about it first of all and then see how it actually works.

I'll only consider bitcoin mining very risky for a beginner if he/she does not know what he/she will be doing, yet pursued investing in it.
It'll get less risky if he/she studied and understood how it should be operated. Otherwise, it'll just be a waste of time and money.

So, I hope, before the "beginner" buy that product he/she is already aware of the whole thing.

if you wan't to mine bitcoin, here are the things you need to be consider:

• Electricity
• budget for miners(ASIC miner)
• Location , there are country where mining are prohibits or you'll be arrested if you have bitcoin, and confiscate it, also weather
• also compute how big the capital, if its better just to trade and buy bitcoin instead of mining them.
  

you should consider some of this before starting

Any company that wants to make a profit from selling their junk will say that anyone can mine btc by simply connecting a device to your PC. I even came up with a slogan for them - "Just turn it on and pump money."

None of these companies will be interested in the profitability of devices in the hands of newcomers. They only care about the "thickness" of their wallet, and therefore, beginners can be extremely unreasonable to spend their money.

Why buy a device that will produce btc when you can immediately buy BTC? For a beginner, it is simpler and easier to get bitcoin directly, without unnecessary actions with devices and associated risks. So they get btc immediately, here and now, and not after an unknown period of time.

yes, that's a great idea if they sell altcoin, not mentioned bitcoin. because newbies only know bitcoin, That will disappoint them if know that tool can't mining (not profit) bitcoin, which makes them hate and leave bitcoin.

Almost $500 for what they literally describe as a device with which you can hope to win the Bitcoin lottery of 6.25 BTC if you're lucky enough to mine an entire block

However, it's not all that pointless, because this device has very nice LED lights and you can light up your space with it, and also mine some altcoins, although I doubt that you will reach your investment and manage to make a profit before the device breaks down. This is a toy, not a serious device by any means.

That is true. But correct me if I'm wrong — but on the user manuals, I'm guessing that there isn't much focus on profitability but rather mostly focused how to operate the mining hardware. Trying to make profit and managing a mining business is another thing entirely.

Kind of, but usually these products that you mention come with user manuals, and in depth information. Including, safety guides if anything were to go wrong with the internals or even exposing it to the elements. A lot of this stuff is ignored because it's generally common sense, but I believe it's a law that they have to provide it.

Teaching them how to take great photos, or make the most out of their computers doesn't happen though. So, the mining equipment should come with a basic how to guide, and a safety sheet, but not exactly teach them in the ins, and outs of mining.

It's the customer's responsibility to learn about how mining works, not the hardware company's. Same thing applies with other sort of "professional" stuff like DSLR cameras, computer parts, woodwork thingys, etc.

I started mining crypto myself as a beginner, no one to teach me a thing and I began my journey using Youtube to watch many videos and later I became an expert, if you are a beginner in this crypto mining just go on Youtube and watch many videos you will know how to connect your miner to a mining pool and start mining in no time.

1. Make sure you use whattomine calculator to know which Asic miner will be most profitable for you, electricity cost matters ...
2. Find the best mining OS, I use Hive OS.
3. Keep the miner in a well ventilated area.

yes, that was I mean, they sell mining bitcoin as marketing, we can see the video below.
https://vt.tiktok.com/ZS8Bwsytc

it will differ if they sell as for mining crypto, not bitcoin.

because we talk about bitcoin mining, which is a really big risk to lose money and energy. he probably will get stressed if not as expected

What risk do you mean? the company will try to make new innovation in order to make people bought their product.

A real miner know it's a bad mining rigs since you need to spend for $500 just to get 250 GH/s power, while you can just buy Antminer S9 where the power is 14 TH/s.

1 TH/s is 1000 GH/s, so you need to bought 56 Bitcoin Merch solo miner in order to have same power with Antminer, wasting money.

If a newbie is curious how to mine Bitcoin, it's better to start from scratch and you will get a lot experience if you successfully set up your mining rigs, no need to buy customized solo miner.

Instead of expecting a large return for an overpriced product, I'll probably use it as a decorative design for my battlestation desktop setup.

I'm not sure how trustworthy the website I found is, but it claims that an ASIC S17 chip costs as little as $20 and an 8GB Raspberry Pi 4 B costs $80. But yes, I believe it is best for hobbyists who enjoy tinkering and experimentation. Just be aware that, for the most part, the device can be very unreliable as you'll gain an extremely small reward in the long run.

Now if you are newbie, learning how to mine using this would only scratch the surface, you'll still need to learn how to choose your mining rigs, knowing the electricity consumption, hash rate, mining difficulty, and the mining pool -- which all of them are pretty extensive process.

Not all Bitcoin mining companies or farms have profit from mining. To have profit, they must have good plans for their income and outcome. Most of miners and mining farms start in bear markets but they fail to stay in bear market. In fact bear markets are best times for miners to mine Bitcoin and get more mining rewards (in BTC) than in bull market. Their income in BTC is bigger but its value in USD can be smaller.

So to survive in bear market, they must have good financial budget to use. If they join in bull market and smartly cashed out as well as reserved some of profit for bearish months, I am sure they are smart and profitable miners.

For beginners, they don't understand it and mostly don't have plans for bear market. It's generally so risky for beginners to join Bitcoin mining.

Nowadays, who can mine Bitcoin with PC or USB?

If you use PC or laptop to mine Bitcoin now, it is stupid and can burn your PC or laptop.

if it's really a beginner, surely it won't go too well at first, because beginners don't understand much about the system, and surely it will make mining difficult.
and if it's really beginners they are afraid of losing bitcoins, because they don't understand enough about the system.
but if beginners want to keep learning and learning, surely that won't happen, surely everything will run smoothly.

As I know, mining bitcoin is the risk you get lost if don't have a good source.
but on social media, I always see everyone or the company share and sell the tool you will get a profit if use it.
For example; bitcoin merch, as they sell it for beginners and look friendly; just plug in a USB to a PC then the beginner can be mining the profit.

is the company know what the risk is if they sell it to anyone especially a newbie who doesn't know anything about mining?


https://bitcoinmerch.com/products/bitcoin-merch%C2%AE-mars-lander-solo-bitcoin-miner-up-to-250gh-s