Learn basics of mining | Bitcointalksearch.org

expert4knowledge

hero member

Activity: 826

Merit: 1000

The All-in-One Cryptocurrency Exchange

Quote from: Amph on December 23, 2015, 11:00:41 AM

efficiency is not often, it's probably every 6 months-1 year time if tech can permit it

last time was with the s5 then the s7 come out many months later almost one year or more, and it was only double of that

the consumption of the s7 is only $45(with an electricity of 0.05 cent per hour) and the s5 was double of that, so in one year they only saved $45 in the consumption, and this value in the future will matter less and less...

Thanks from your response, the number that mentioned 45$ is for 900 hours of usage? What will happen after paying 45$ will we have a bitcoin in the average?

expert4knowledge

hero member

Activity: 826

Merit: 1000

The All-in-One Cryptocurrency Exchange

Quote from: DannyHamilton on December 22, 2015, 10:04:33 PM

Quote from: expert4knowledge on December 22, 2015, 04:24:47 PM

Hello, I am not sure if this is the right place for my question

This place is fine.

Quote from: expert4knowledge on December 22, 2015, 04:24:47 PM

but I want to know the basics of mining here,

Wonderful.

Basics are that some people that have access to inexpensive enough resources run equipment that hashes bitcoin block headers. Mining pools rent this hash power from them for a small amount of money. If the person running the equipment spends too much on resources then they earn less than they spend so they lose money.

Quote from: expert4knowledge on December 22, 2015, 04:24:47 PM

I see every day many new miners coming with more efficiency.

Every day? That's unlikely. It happens often, but I don't think it happens every day.

Quote from: expert4knowledge on December 22, 2015, 04:24:47 PM

Can you please let me know more about this.

Sure. What would you like to know?

I like the way that you answer the questions and thanks for your response, now I want to know what does hash bitcoin block header mean that you used in your sentence?

expert4knowledge

hero member

Activity: 826

Merit: 1000

The All-in-One Cryptocurrency Exchange

Quote from: unholycactus on December 22, 2015, 06:45:06 PM

To answer your question properly, we'll need to know what you're looking for.

It depends if you want to know how to mine by yourself (setting up a miner physically, network, pools, etc.) or if you want to know how mining works theoretically.

If you want to learn both, I suggest you start with https://en.bitcoin.it/wiki/Mining.

Thanks for introducing that link, I checked it and some of references such as the one's in which hashcash or proof of work was introduced, it a bit technical, but I think it gave me at least good idea now

funkydog

full member

Activity: 140

Merit: 100

Quote from: Amph on December 24, 2015, 03:52:10 AM

Quote from: target on December 23, 2015, 01:34:00 PM

I wanna start mining altcoin as well, probably just the new ones and trade them when i have a good volume. I just don't have the right hardware, is having a nice looking 1gb of graphic card able to mine?
Which script can GPU mine?

everything, you need ccminer or sgminer, depend if the card is gpu or nvidia, but 1 giga card, unless we are talking about the old good 750ti, i don't think it will be profitable

you need nvidia 970 at least or the new amd series

Really? Is it that cost efficient?

Amph

legendary

Activity: 3248

Merit: 1070

Quote from: target on December 23, 2015, 01:34:00 PM

I wanna start mining altcoin as well, probably just the new ones and trade them when i have a good volume. I just don't have the right hardware, is having a nice looking 1gb of graphic card able to mine?
Which script can GPU mine?

everything, you need ccminer or sgminer, depend if the card is gpu or nvidia, but 1 giga card, unless we are talking about the old good 750ti, i don't think it will be profitable

you need nvidia 970 at least or the new amd series

target

legendary

Activity: 2282

Merit: 1041

I wanna start mining altcoin as well, probably just the new ones and trade them when i have a good volume. I just don't have the right hardware, is having a nice looking 1gb of graphic card able to mine?
Which script can GPU mine?

DannyHamilton

legendary

Activity: 3472

Merit: 4794

Quote from: Jet Cash on December 23, 2015, 12:34:01 PM

if you only have a basic system, you are too small to be accepted by a mining pool,

This is not true.

Quote from: Jet Cash on December 23, 2015, 12:34:01 PM

so if you want to learn about mining, you have to start as an independant miner.

This is also not true.

Quote from: Jet Cash on December 23, 2015, 12:34:01 PM

Of course you have no chance of making any money,

This may or may not be true depending on the cost of the resources you have access to.

Quote from: Jet Cash on December 23, 2015, 12:34:01 PM

but it should be a good way to learn about mining in depth.

A better way would probably be to read about it from things written by knowledgeable people, and avoiding things written by people that have no idea what they are talking about.

Quote from: Jet Cash on December 23, 2015, 12:34:01 PM

Please contradict me if I am wrong.

I have.

Jet Cash

legendary

Activity: 2744

Merit: 2462

https://JetCash.com

I started a thread about mining basics in the the forum, but it got moved. As I understand it, if you only have a basic system, you are too small to be accepted by a mining pool, so if you want to learn about mining, you have to start as an independant miner. Of course you have no chance of making any money, but it should be a good way to learn about mining in depth.

Please contradict me if I am wrong.

Amph

legendary

Activity: 3248

Merit: 1070

efficiency is not often, it's probably every 6 months-1 year time if tech can permit it

last time was with the s5 then the s7 come out many months later almost one year or more, and it was only double of that

the consumption of the s7 is only $45(with an electricity of 0.05 cent per hour) and the s5 was double of that, so in one year they only saved $45 in the consumption, and this value in the future will matter less and less...

avw1982

hero member

Activity: 644

Merit: 500

Quote from: expert4knowledge on December 22, 2015, 04:24:47 PM

Hello, I am not sure if this is the right place for my question but I want to know the basics of mining here, I see every day many new miners coming with more efficiency. Can you please let me know more about this.

Many new miners we can see nowadays But to be successful in mining We need to start as largescale mining business Else We can’t see good profit due to electricity consumption. And We can find Solar power miner in market Better buy and use for mining I think that will be helpful for the new miners.

DannyHamilton

legendary

Activity: 3472

Merit: 4794

Quote from: expert4knowledge on December 22, 2015, 04:24:47 PM

Hello, I am not sure if this is the right place for my question

This place is fine.

Quote from: expert4knowledge on December 22, 2015, 04:24:47 PM

but I want to know the basics of mining here,

Wonderful.

Basics are that some people that have access to inexpensive enough resources run equipment that hashes bitcoin block headers. Mining pools rent this hash power from them for a small amount of money. If the person running the equipment spends too much on resources then they earn less than they spend so they lose money.

Quote from: expert4knowledge on December 22, 2015, 04:24:47 PM

I see every day many new miners coming with more efficiency.

Every day? That's unlikely. It happens often, but I don't think it happens every day.

Quote from: expert4knowledge on December 22, 2015, 04:24:47 PM

Can you please let me know more about this.

Sure. What would you like to know?

notlist3d

legendary

Activity: 1456

Merit: 1000

Quote from: paka on December 22, 2015, 07:16:09 PM

You might want this to move into the mining section because most of the mining pros are in there and they might not read your topic in here.

It's fine here since really new question. OP you need to tell us a lot more also you will have to do some research. To ask about learning all mining... huge topic cant really teach you it all.

If your wondering on profit what is your electricity price? (after taxes and fee's, make sure to include). Once you know that your a big step closer to knowing if profitable. Also do you have a Import or VAT tax?

paka

full member

Activity: 196

Merit: 100

You might want this to move into the mining section because most of the mining pros are in there and they might not read your topic in here.

unholycactus

legendary

Activity: 1078

Merit: 1024

To answer your question properly, we'll need to know what you're looking for.

It depends if you want to know how to mine by yourself (setting up a miner physically, network, pools, etc.) or if you want to know how mining works theoretically.

If you want to learn both, I suggest you start with https://en.bitcoin.it/wiki/Mining.

expert4knowledge

hero member

Activity: 826

Merit: 1000

The All-in-One Cryptocurrency Exchange

Hello, I am not sure if this is the right place for my question but I want to know the basics of mining here, I see every day many new miners coming with more efficiency. Can you please let me know more about this.

Topic: Learn basics of mining (Read 1148 times)