Topic: Mining - page 2. (Read 1139 times)
there is this great tool called google, you should try it sometime.
OK, so i now understand the Purchasing of Bitcoins thanks to this Forum. But now I am wondering how to mine. Is it safe? Is it hard? If anyone can help me that would be great!
Probably your questions are already answered in the another subsection of mining, in this forum. but you can search for the information is you need.Mining is safe, maybe for a newbie in here that is will become difficult for doing that. visiting the correct subforum is better for you to getting a fast in your understanding about mining.
OK, so i now understand the Purchasing of Bitcoins thanks to this Forum. But now I am wondering how to mine. Is it safe? Is it hard? If anyone can help me that would be great!
We have a dedicate dboard for all mining related questions and stuff here:https://bitcointalk.org/index.php?board=14.0
Most faqs are answered in there already as how to start ad where to mine. Your question provably has been asked before. Just read.
Although as others already stated bitcoin mining is NOT profitable anymore for normal people. There is still possibility for you to mine various altcoins.
Some of them can be mined with GPU or CPU and because they usually have very significant hash power behind them solo mining is still possible.
Then you can convert your mined altcoin to bitcoin using services like Shapeshift.io in matter of minute.
Some of them can be mined with GPU or CPU and because they usually have very significant hash power behind them solo mining is still possible.
Then you can convert your mined altcoin to bitcoin using services like Shapeshift.io in matter of minute.
Mining is important in order to keep bitcoin transaction alive, then the question is it difficult to mine? not really you just need a lot of money to start and buy the equipment, but the return profit is not really good for now, so its not really recommended to start mining now
All you need to know is that the market is cornered:
http://www.bbc.com/future/story/20160504-we-looked-inside-a-secret-chinese-bitcoin-mine
http://www.bbc.com/future/story/20160504-we-looked-inside-a-secret-chinese-bitcoin-mine
Quote
Two years ago Chinese mining was just 40% of all the mining equipment in the world,” he says. “Right now it’s already 70%. So Chinese mining is very important.
doing it on a normal computer wont yield anything
the current main pools are the equivelent hash power of 100,000,000,000 computers.
these days you need a special piece of equipment called a bitcoin mining ASIC
the current top rated bitcoin mining ASIC has the power of 4,000,000 computers.
which on its own is not enough to compete against the pools. as you will require about 25,000 units to equal the same hashpower as one of the top mining pools
however knowing the top pools get about 300btc a day, one asic joining a pool and getting one 25000th of that pools earnings is still better than nothing (starting at 0.012btc a day)
however here is the kicker,
with adjustments of difficulty and also competition from others. you may not break even within the year.(just based on retail price of an asic and a 5% reward adjustment for difficulty and/or competition per fortnight)
you would only really achieve an acceptable return of investment after costs if you can get the asic atleast half the retail price and also have cheap labour/building/electric costs.
so unless you are thinking of going super large and starting up a pool of your own with tens of thousands of bitcoin mining asics bought below retail prices, you would be safer to just buy bitcoin and hold it, and skip trying to mine bitcoin.
sorry if my post is not a fluffy happy reply informing you of being a bitcoin millionaire with just a small investment. but i prefer to just be frank in my posts.
the current main pools are the equivelent hash power of 100,000,000,000 computers.
these days you need a special piece of equipment called a bitcoin mining ASIC
the current top rated bitcoin mining ASIC has the power of 4,000,000 computers.
which on its own is not enough to compete against the pools. as you will require about 25,000 units to equal the same hashpower as one of the top mining pools
however knowing the top pools get about 300btc a day, one asic joining a pool and getting one 25000th of that pools earnings is still better than nothing (starting at 0.012btc a day)
however here is the kicker,
with adjustments of difficulty and also competition from others. you may not break even within the year.(just based on retail price of an asic and a 5% reward adjustment for difficulty and/or competition per fortnight)
you would only really achieve an acceptable return of investment after costs if you can get the asic atleast half the retail price and also have cheap labour/building/electric costs.
so unless you are thinking of going super large and starting up a pool of your own with tens of thousands of bitcoin mining asics bought below retail prices, you would be safer to just buy bitcoin and hold it, and skip trying to mine bitcoin.
sorry if my post is not a fluffy happy reply informing you of being a bitcoin millionaire with just a small investment. but i prefer to just be frank in my posts.
OK, so i now understand the Purchasing of Bitcoins thanks to this Forum. But now I am wondering how to mine. Is it safe? Is it hard? If anyone can help me that would be great!
Jump to: