Mining bitcoin | Bitcointalksearch.org

techgeek

hero member

Activity: 826

Merit: 1000

Quote from: merclies on June 07, 2016, 10:39:27 AM

Quote from: DannyHamilton on April 18, 2016, 10:10:28 AM

Quote from: VerdinaNET on April 18, 2016, 06:30:23 AM

What are the first steps for a newbie to start mining ?

You can do the smart thing:

Step 1: Understand how bitcoin difficulty works and why.
Step 2: Understand how many hashes per second your mining equipment can calculate.
Step 3: Understand how much electricity your mining equipment will use.
Step 4: Understand the real amount your electricity costs (including all taxes, fees, and additional charges).
Step 5: Determine if you will need to run any cooling equipment to keep your mining equipment from overheating.
Step 6: Understand how much electricity that cooling equipment will use.
Step 7: Do some math and (unless you have really cheap electricity, really cheap cooling, and access to really cheap mining equipment) realize that you'd get more bitcoins by just buying the bitcoins with the cash instead of spending all the cash on mining.
Step 8: Give up on mining and buy some bitcoins

Or you can do what LOTS of people do:

Step 1: Buy some mining equipment.
Step 2: Plug it in and ignore and configure it to start mining
Step 3: Ignore the increased cost of electricity to run the equipment and cool it
Step 4: Wait for the bitcoins exchange rate to go up
Step 5: Convince yourself that since you get more USD for the bitcoins than you spent to generate the bitcoins you came out ahead
Step 6: Live happily in your ignorance, never realizing that you would have had a LOT more bitcoins (and therefore a LOT more money) if you had just bought the bitcoins with the cash in the first place instead of trying to mine them

There is not much of a profit that can be made with mining now.

People create different methods on acquiring bitcoin for cheap.

So the only solution to most people is how creative can you get.. and do people want it is the answer. If you know the halving is coming up or know certain information - you can take an iphon5 as a investment and sell it then wait for the value to pop further and cash in.

Theres really no method on mining unless you have a ton of cash or you get into ETH which is the hype right now for alt coin mining..

notlist3d

legendary

Activity: 1456

Merit: 1000

Quote from: xht on June 07, 2016, 02:56:23 PM

Quote from: VerdinaNET on April 18, 2016, 06:30:23 AM

What are the first steps for a newbie to start mining ?

calculate first before you start mining, how much electric cost for mining, how much profit you got, how much bitcoin you got from mining if all give you a profit. you can start mining

My questions for starting off is what is your electricity cost? (make sure to include all fee's/taxes). And do you have a VAT when buying gear? Those are a good indication of if jumping in is going to be worthwhile.

Based on electricity we can recommend certain gear. If you have "free" electricity you are very lucky and can use older gen gear. If you pay depending on cost of electricity you might need the latest and greatest in efficiency (S9) or electricity could be so high nothing makes sense and hosting would be best option. So all depends on anwser.

xht

sr. member

Activity: 462

Merit: 250

hey you, yeah you, fuck you!!!

Quote from: VerdinaNET on April 18, 2016, 06:30:23 AM

What are the first steps for a newbie to start mining ?

calculate first before you start mining, how much electric cost for mining, how much profit you got, how much bitcoin you got from mining if all give you a profit. you can start mining

merclies

member

Activity: 104

Merit: 100

Quote from: DannyHamilton on April 18, 2016, 10:10:28 AM

Quote from: VerdinaNET on April 18, 2016, 06:30:23 AM

What are the first steps for a newbie to start mining ?

You can do the smart thing:

Step 1: Understand how bitcoin difficulty works and why.
Step 2: Understand how many hashes per second your mining equipment can calculate.
Step 3: Understand how much electricity your mining equipment will use.
Step 4: Understand the real amount your electricity costs (including all taxes, fees, and additional charges).
Step 5: Determine if you will need to run any cooling equipment to keep your mining equipment from overheating.
Step 6: Understand how much electricity that cooling equipment will use.
Step 7: Do some math and (unless you have really cheap electricity, really cheap cooling, and access to really cheap mining equipment) realize that you'd get more bitcoins by just buying the bitcoins with the cash instead of spending all the cash on mining.
Step 8: Give up on mining and buy some bitcoins

Or you can do what LOTS of people do:

Step 1: Buy some mining equipment.
Step 2: Plug it in and ignore and configure it to start mining
Step 3: Ignore the increased cost of electricity to run the equipment and cool it
Step 4: Wait for the bitcoins exchange rate to go up
Step 5: Convince yourself that since you get more USD for the bitcoins than you spent to generate the bitcoins you came out ahead
Step 6: Live happily in your ignorance, never realizing that you would have had a LOT more bitcoins (and therefore a LOT more money) if you had just bought the bitcoins with the cash in the first place instead of trying to mine them

There is not much of a profit that can be made with mining now.

lightofheaven_clone1

newbie

Activity: 2

Merit: 0

I've heard about Bitcoins for quite long time ago, then my brother in law asked me whether I heard anything about it. Because he's mining Bitcoins and still getting profit. I think one of the reason for his considerable success is he invested a lot of money (to me) about 100k USD. And of course the electricity price is quite cheap in my undeveloped country.
He asked me to play with him, that's why I join this forum and start reading.
Just my story for all of u to chit chat

Hope it helps sth.

wintermeasures

sr. member

Activity: 322

Merit: 250

Quote from: VerdinaNET on April 18, 2016, 06:30:23 AM

What are the first steps for a newbie to start mining ?

First you could count the funds that you have to start, because we know that mining is not free. Moreover, the equipment is very expensive and not hardmining and capital estimates will be back in 3 months. I do not recommend cloud mining, because of the risk scam. thank you

kwaasteniet

hero member

Activity: 924

Merit: 1000

The first and only step is:
stop with mining it is for a normal person almost impossible to mine profitable without huge investments

VerdinaNET

member

Activity: 90

Merit: 10

Thank you for all your advices. Perhaps I really have to do some research above all.

The Arcitect

full member

Activity: 238

Merit: 100

I would do some research into the mining program you will be using as they differ and if not tweaking, you can lose some valuable mining time if not prepared before building your rig.

reee

sr. member

Activity: 439

Merit: 252

Get Paid to Play your Media on Current

Quote from: VerdinaNET on April 18, 2016, 06:30:23 AM

What are the first steps for a newbie to start mining ?

not start mining

Mastsetad

sr. member

Activity: 672

Merit: 250

Quote from: VerdinaNET on April 18, 2016, 06:30:23 AM

What are the first steps for a newbie to start mining ?

Better to skip it, mining can be too complicated for a newbie as it is a very complex part of bitcoin which is not easy to be done.
And i've heard it from a lot of people that mining now a days is not so profitable until you are having a free of cost electricity.
But i would suggest you to go for something else as you are a newbie and have no knowledge about these things, so you may confuse yourself in all that.

mrcash02

hero member

Activity: 1190

Merit: 525

CryptoTalk.Org - Get Paid for every Post!

Quote from: knightkon on April 19, 2016, 11:43:53 AM

Do not!! There is not much of a profit that can be made with mining now. The structure is too difficult in my opinion and the larger companies are all making it even more difficult to make profit because of all the large mini farms they are working on.

Yes, you are right. Small miners can't compete with big mining businesses. They have better (and many) equipments, smallest fees, big places... I think it doesn't worth. It doesn't mean right and sure profit.

LuanX3

hero member

Activity: 756

Merit: 505

Quote from: VerdinaNET on April 18, 2016, 06:30:23 AM

What are the first steps for a newbie to start mining ?

search a tutorial on youtube or blog, im my opinion it's the best way to learn

knightkon

hero member

Activity: 588

Merit: 500

Do not!! There is not much of a profit that can be made with mining now. The structure is too difficult in my opinion and the larger companies are all making it even more difficult to make profit because of all the large mini farms they are working on.

ObscureBean

legendary

Activity: 1148

Merit: 1000

Read, read, read and read more! Make sure you understand mining thoroughly before you even consider buying mining equipment. Details like power cost in your area or ventilation in the room where you have your miner might not sound like a big deal but are actually worth looking into carefully. Anything you're unsure about, ask here in the forum.

Mumbeeptind1963

hero member

Activity: 1190

Merit: 568

Sovryn - Brings DeFi to Bitcoin

Quote from: VerdinaNET on April 18, 2016, 06:30:23 AM

What are the first steps for a newbie to start mining ?

Buy the things that you need and you should learn how to use the mining rig.
But i suggest to you that first you should calculate the cost and the earning daily in mining.
For you to know if this mining rig gives you profit.

btccashacc

legendary

Activity: 1120

Merit: 1000

Quote from: Amph on April 18, 2016, 08:33:18 AM

buy a rig and mine altcoin not bitcoin, you can make profit even at 0.2 cent right now

but you need to invest something like 1k to buy your rig

did you mined altcoin? what kind of altcoin ?
i have never exprienced in mining before either bitcoin or altcoin, can you tell me maybe the tips to start mining altcoin for beginner ?

odolvlobo

legendary

Activity: 4522

Merit: 3426

Quote from: VerdinaNET on April 18, 2016, 06:30:23 AM

What are the first steps for a newbie to start mining ?

Mining is not suitable for a newbie unless you are only mining for fun and education.

DannyHamilton

legendary

Activity: 3528

Merit: 4945

Quote from: VerdinaNET on April 18, 2016, 06:30:23 AM

What are the first steps for a newbie to start mining ?

You can do the smart thing:

Step 1: Understand how bitcoin difficulty works and why.
Step 2: Understand how many hashes per second your mining equipment can calculate.
Step 3: Understand how much electricity your mining equipment will use.
Step 4: Understand the real amount your electricity costs (including all taxes, fees, and additional charges).
Step 5: Determine if you will need to run any cooling equipment to keep your mining equipment from overheating.
Step 6: Understand how much electricity that cooling equipment will use.
Step 7: Do some math and (unless you have really cheap electricity, really cheap cooling, and access to really cheap mining equipment) realize that you'd get more bitcoins by just buying the bitcoins with the cash instead of spending all the cash on mining.
Step 8: Give up on mining and buy some bitcoins

Or you can do what LOTS of people do:

Step 1: Buy some mining equipment.
Step 2: Plug it in and ignore and configure it to start mining
Step 3: Ignore the increased cost of electricity to run the equipment and cool it
Step 4: Wait for the bitcoins exchange rate to go up
Step 5: Convince yourself that since you get more USD for the bitcoins than you spent to generate the bitcoins you came out ahead
Step 6: Live happily in your ignorance, never realizing that you would have had a LOT more bitcoins (and therefore a LOT more money) if you had just bought the bitcoins with the cash in the first place instead of trying to mine them

RJX

legendary

Activity: 1078

Merit: 1003

For mining Bitcoin I'd say it's a bit late but if you are looking into mining alts then I'd say check whether you're gpu is capable of mining which, as stated above, should weighed against the cost of electricity.

Topic: Mining bitcoin (Read 1159 times)