Mining is not for beginners | Bitcointalksearch.org

Agbamoni

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Quote from: DVlog on July 01, 2024, 09:54:59 AM

That is not true. If you have enough resources you can mine BTC or other crypto. Learning a few steps of how to setup a mining rig is not rocket science. I am sure there are plenty of walkthrough about it in youtube that can be used to follow the process.

Mining does not require much technical knowledge compared to cryptography. I don't see why a beginner should not go into mining if he has the available resources. These days you don't need to know how to do a particular thing just get the idea and hire people who will make it happen. What is important is finance and if a beginner has the capacity and financial strength then nothing should stop him from mining.

There is no need to use YouTube because mining tools for operation can be very expensive it is wrong if you go about practicing with those tools all alone while watching YouTube tutorials. When you encounter a problem, or something gets damaged along the line. I think the best thing to do is hire someone with the experience to teach you for some time and when you get acquainted to it then you can start running the process alone.

Learn Bitcoin

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Quote from: BlockchainWizard on June 29, 2024, 03:32:49 AM

Mining is simply not for Beginners as all miners will face experienced industrial and professional businesses competing to mine a new Bitcoin Block.

I think I agree with that. I don't remember where I read that, but an online news portal reported that a lot of mining farms are already running at a loss. Their overall cost is more than what they are mining at this moment. To continue mining Bitcoin, the Bitcoin price has to pump, or they have to reduce the cost which is not possible at this moment due to the electricity cost. Another thing is, that they can keep mining Bitcoin with their investment and keep holding their Bitcoin and wait for another ATH to cashout their profits. I do not see any other ways of running the mining farm.

Alone055

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Quote from: Wiwo on July 01, 2024, 04:50:59 PM

No matter the amount of funding that is available to a newbie, it is not good to start something that you lack knowledge about and something technical as mining should be left for only expert's in the field, if I am to advice a newbie on what to do with they money, I will suggest they buy and hold bitcoin, and to avoid getting involve with anything that has to do with technical aspect of cryptocurrency, avoiding mining completely is a big safe zone approach for newbie to not get into depression.

If we are discussing whether mining is good for newbies or not, then your point is correct because it isn't recommended for newbies to get into mining if they don't have any knowledge about it just like how we tell people to first learn about the market before they start making trades.

But, if we are discussing whether it can be done by newbies or not, then we should know that anyone can do mining as long as they have enough resources and everything that is required for one to start mining Bitcoins, and by resources, it means that there should be enough money for planting a mining farm with enough mining rigs, and there should be enough cheap electricity for the farm to run without having the miner to pay more money from their pocket for electricity costs than they are earning from mining.

Someone who doesn't have these things available, whether it's a newbie or an expert, mining isn't for them and they should look for another way to earn money instead of wasting their time and resources.

Wiwo

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No matter the amount of funding that is available to a newbie, it is not good to start something that you lack knowledge about and something technical as mining should be left for only expert's in the field, if I am to advice a newbie on what to do with they money, I will suggest they buy and hold bitcoin, and to avoid getting involve with anything that has to do with technical aspect of cryptocurrency, avoiding mining completely is a big safe zone approach for newbie to not get into depression.

boyptc

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Quote from: Zaguru12 on June 29, 2024, 06:27:32 PM

Quote from: boyptc on June 29, 2024, 06:40:27 AM

It may not be for beginners but it's still for everyone. While it doesn't makes sense to mine on your own without having enough knowledge.

But if you're capable to start with a large capital and you just want to be one of these so called miners on your own way by starting your own mining rigs, no one will stop you.

As your concern, don't do it without prior knowledge. Take time to research and be guided.

OP pointing it out like it’s rocket science which no one can do or you need extensive knowledge which is not so, only the setup is much needed this days which is not that hard to understand from various tutorials. The most important thing about mining that’s making it look difficult to achieve is the fact that you need large capital to set up any thing close to beneficial or profitable Mining farm or you simply join up with a pool.

Another important challenge is the location, with the bitcoin mining not yet fully accepted in some countries you might have to look for a place that allows this act and also be sure of getting enough energy needs to run the rig. This is somewhat challenging to some people because it demands them to relocate. This two are the major challenges it’s knowledge aren’t extensive to learn

Apart from that laws of a location, the electricity also varies so if in a good location aside from allowing to mine or do activities related to Bitcoin and if the bills there are kinda cheaper, that's better.

I agree to all that you've mentioned that it's not really rocket science at all but even with that. The actual problem of needing a larger capital is what seems to be the obstacle for all who wants to start it.

That's why researching and doing basic stuff is needed before someone starts it if given that capital isn't a problem.

Faisal2202

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Quote from: BlockchainWizard on June 29, 2024, 03:32:49 AM

Mining is done by several experienced industrial and professional businesses under a very harsh competition where we need to compete against experienced businessmen and experienced coders. Top businessmen like from AntPool are very big players and can hire very experienced coders and technically experienced people, where we need to compete against in mining a block. It’s really a big competition.

You don't have to be technically experienced as some basic knowledge can help you setup things up, and with internet, things have been more easier now. And if you think you can't start mining just because you can't code like a pro then you should change your mind with proper knowledge that you don't have to be a programmer to run a mining machine. If you are a normal joe that knows nothing about some technical terms, and how things work, then try to hire some expert who can setup things for you but learning is the best option there.

Quote from: BlockchainWizard on June 29, 2024, 03:32:49 AM

When you look at a history chart of hashpower, it's always going up which is making mining more difficult.
It is very hard business because you are in competition against industrial and professional business who are able to hire experienced computer experts and finally, maybe you won't get your initial investment back. It is huge risk and can cause huge loss.

You think these industrial businessmen are making more profit because they have experts in the field or better programmers, What do you think these people are the ones who mine BTC manually? No, in the current era, there are machines that are easier to setup, and you can literally join a mining pool with no error and by only watching a YT video. You just need machines and more hash power and you can also compete with them, but you don't have to, until you are making some profit, we are not here to compete at last.

Sonia_123

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A beginner in a mining field might not be a total stranger to how Bitcoin is being mined ,what if he/she has being a well experienced Bitcoin miner with the knowledge and fund has some personal issues stops for a long period of time ,and just trying to start all over ,will you say because he is a new starter has no right to mine ?. It's all about self determination and focus to achieve whatever you want to do, a beginner that is interested in mining can mine according to his capacity ,it is better to start from somewhere than watching if the zeal is there without being forced to.

Pandu Geddon

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Quote from: Ishicryptic on July 01, 2024, 09:44:15 AM

I totally agree that mining is not for beginners that don't have sufficient experience and I also understand that it is not advisable to be a solo miner.

experience will increase when miners have started doing it. knowledge can be gained before starting mining, and that is what novice miners must do.
Mining may seem complicated for beginners, but when beginners have an interest and talent in mining, it can all be learned and started when beginners are ready with everything needed to mine.

I agree mining is not for beginners, but rather for uninformed beginners. For those who want to try and learn about mining, it's just like a new thing, there's a lot to find out and it always provides a sense of curiosity.

DVlog

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That is not true. If you have enough resources you can mine BTC or other crypto. Learning a few steps of how to setup a mining rig is not rocket science. I am sure there are plenty of walkthrough about it in youtube that can be used to follow the process.

Ishicryptic

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Quote from: BlockchainWizard on June 29, 2024, 03:32:49 AM

Mining needs to be competitious and you need cheap electricity to make a good profit. You also need to have a modern miner to be competitious. After some time, new miners will be released where a better technology will create more hashpower.
When you look at a history chart of hashpower, it's always going up which is making mining more difficult.
It is very hard business because you are in competition against industrial and professional business who are able to hire experienced computer experts and finally, maybe you won't get your initial investment back. It is huge risk and can cause huge loss.

Mining is simply not for Beginners as all miners will face experienced industrial and professional businesses competing to mine a new Bitcoin Block.

I totally agree that mining is not for beginners that don't have sufficient experience and I also understand that it is not advisable to be a solo miner. There are lots of technicalities in Bitcoin technology that it will take knowledge and experience for anybody to master how anything is done without making unnecessary mistakes. The big companies that are into pool mining has made the business not to be lucrative for solo miners, newbie miners probably need to be under their tutulage to be able to learn and increase their skills. The competition in mining is an important factor for a newbie miner to consider, if they cannot afford to partner with other miners, that will mean that the business might not be profitable for them..

CryptSafe

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Quote from: Wakate on June 30, 2024, 05:18:33 PM

Quote from: CryptSafe on June 30, 2024, 01:54:41 PM

I agree with you that mining is not for beginners because there is a high level of competition there and if one must be a miner, they must be equipped with the right and sound knowledge of how mining works so as not to get disappointed with whatever challenges they encounter in the course of action.

Although one can mine Bitcoin if they deem it fit and are financially buoyant to take up the task as long as they are ready to hire experts and coders for the job while they manage it and be open to learn how the system works.

We are not in the 20th am century but rather in the 21st century. Things are much more easier now and one does not even need to install an application to be able to make. Just like we have been seeing so many mining apps on telegram, we can always mine differently on social media trying our luck to make money, and that is if the project is a solid one and van give us huge profits. People are now finding it very convince to find and make money for themselves mining different cons. Nothing new in mining again and that is one of the reasons we have been seeing more people mining because it a safe and easily way to earn crypto without any investment. You can take a look at Notcoin and similar tokens.

Of a truth we are no more in the 20th century but rather the 21st century and counting. I believe OP was talking about Bitcoin mining which illicited some responses here but however, as you have said, mining of other coin is not much to do. These days, with our phone, we can mine some coin with ease. Currently there are lots of coin mining ongoing as you have said about the NOTcoin, it is true and many people made good profit from it and are really happy they did take part in the mining session before the listing of the project.

I think mining mostly requires app to do so because from my observations, most of the mining projects do have their app. Although currently, telegram is now owning a blockchain on it's own and housing many mini app in it and as such we see lots of telegram mining projects today and the number keeps increasing on daily basis because NOTcoin already set the pace for others to follow.

Parvati_j

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There is no doubt as beginners we have alot to learn, and skipping those processes can't do us any good, though we might get to our desired destination on time but there might also be some basic information that we might have missed out that would have helped us understand better so as not to run at loss. The only exception I can consider in this case is when the newbie had already gotten quite a vast amount of knowledge concerning programming. That could give him/her an edge to understand faster and quickly scale through the learning process, but I don't think such persons can be considered a newbie with that amount of knowledge.

Judith87403

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Quote from: Churchillvv on June 29, 2024, 05:23:33 AM

I see where you're coming from, back in the early days of bitcoin it was very simple to mine bitcoin but as time goes it became a matter of high computational power to mine a block.

With the current situation of the world we can't say it's not for beginners because everyone right now can do everything, it all depends on their willingness to do some self education.

With the aid of solo miner it has been made easier once again that one can mine without much knowledge as long as you can do the necessary connections. But the computational power is still required, with this you're correct to an extent

You're right mining is not only for those who are very deep in this crypto space even a beginner can do mining what really matters is how educated you're as a beginner you can make research about how mining works. Let me use my self as a perfect example I started mining when I had no idea about cryptocurrency, but I keep hearing about it in most of the facebook groups as at then I don't know about this platform i don't even know if such platform is in existence.

so at this point I decided to make intensive research about how mining works, so from there i started having the knowledge about how to mine, I also join most of this online tutorial I most say those online tutorial impacted me a lot about how mining works. So what I'm saying in essence is that, as a beginner if you're educated enough you won't find anything difficult as Long as you know how to make research.

Sexylizzy2813

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No matter how hard or how strong the name sounds I believe even a beginner can become a Bitcoin miner, ones you have the right tools I don't see why anyone can't be a miner, the thing is doing thing the right way. Sometimes we exclude those we know more than just because we know what they don't know, I put it to you that a beginner can do better than someone who has been in the mining business for long same as trading too, everything has to do with your initiative. With the right setup it can be done and it also comes with a better price, asking for lectures on how to go about mining if possible watch some videos online.

Renampun

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Everyone can become a Bitcoin miner, including beginners, as long as they have strong intentions - good capital - never give up, but to start a career as a miner, the things that must be prepared are quite crucial, including basic knowledge about how hardware machines work - basic maintenance - time management.

To get more detailed information about the ways or basics of becoming a miner, you can see this topic > https://bitcointalksearch.org/topic/m.41902263

odolvlobo

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I think that it would be more accurate to state that mining for a profit is not for beginners, but mining as an educational exercise is fine. Beyond buying the equipment and dealing with the heat and noise, mining itself is not that difficult.

However, it requires some expertise and lots of dedication (and cheap electricity) in order to make a profit.

For those beginners interested in mining, I suggest starting out by mining altcoins using something like NiceHash. It takes very little investment and you may discover very quickly if mining is really that interesting to you.

Wakate

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Quote from: CryptSafe on June 30, 2024, 01:54:41 PM

I agree with you that mining is not for beginners because there is a high level of competition there and if one must be a miner, they must be equipped with the right and sound knowledge of how mining works so as not to get disappointed with whatever challenges they encounter in the course of action.

Although one can mine Bitcoin if they deem it fit and are financially buoyant to take up the task as long as they are ready to hire experts and coders for the job while they manage it and be open to learn how the system works.

We are not in the 20th am century but rather in the 21st century. Things are much more easier now and one does not even need to install an application to be able to make. Just like we have been seeing so many mining apps on telegram, we can always mine differently on social media trying our luck to make money, and that is if the project is a solid one and van give us huge profits. People are now finding it very convince to find and make money for themselves mining different cons. Nothing new in mining again and that is one of the reasons we have been seeing more people mining because it a safe and easily way to earn crypto without any investment. You can take a look at Notcoin and similar tokens.

CryptSafe

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I agree with you that mining is not for beginners because there is a high level of competition there and if one must be a miner, they must be equipped with the right and sound knowledge of how mining works so as not to get disappointed with whatever challenges they encounter in the course of action.

Although one can mine Bitcoin if they deem it fit and are financially buoyant to take up the task as long as they are ready to hire experts and coders for the job while they manage it and be open to learn how the system works.

Awaklara

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Quote from: BlockchainWizard on June 29, 2024, 03:32:49 AM

Mining is simply not for Beginners as all miners will face experienced industrial and professional businesses competing to mine a new Bitcoin Block.

Mining is not for beginners who don't know anything. but mining can be studied by anyone who has an interest. So actually there is no prohibition for beginners from mining, it's just that they have to have the knowledge and prepare everything needed for mining.
I just think everything is the same as investing or trading. Don't start it just because it sounds cool because it follows a rising trend on social media. starting mining, trading, or investing without sufficient knowledge is a bad choice.

SFR10

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Quote from: BlockchainWizard on June 29, 2024, 03:32:49 AM

When you look at a history chart of hashpower, it's always going up which is making mining more difficult.

I have to disagree with you on this one... Based on its "historical chart in the past three months ^{[average hashrate]}", you can clearly see that's not always the case ^{[I counted 44 days of ➹ and also 44 days of ➷]}!

Quote from: BlockchainWizard on June 29, 2024, 03:32:49 AM

and finally, maybe you won't get your initial investment back. It is huge risk and can cause huge loss.

You have a point, but as long as your mining rigs remain in good condition, you can sell them to recoup most of it.

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