Topic: Mining is not for beginners - page 2. (Read 370 times)

Is it due to the competiton involved with bitcoin mining, among miners, that makes it not for beginners or what? Or, it's the fear of starting as a beginner against already existing miners in the industry that you're emphasizing on mining not being a beginners thing or that beginners do not make success going into bitcoin mining?

 IMO, for it is good a thing that there exist some competition, not monopolized, if a beginner gets determined to understudy and acquire the needed knowledge and technicalities for a mining expertise, and is with the  financial strength to provide mining equipments to get started, it's just in a matter of time he get adapted to those experiences he lacks that makes him a beginner. Bitcoin mining shouldn't be presented to appear scary.

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

Love this wall of text, half of it is garbage about the phrase with "experienced" people.
I have a better idea, how about you let people who are actually minining talk about this?


Because ..... experienced business and coders.
In reality, any newbie with 100k in his pocket and access to 2 cents/kwh cheap energy would beat the crap out of all those when it comes to returns. You can have all the experience you want, good luck selling more Ferraris in Bamako in Mali than in San Francisco.

mining is easy if you have funds, it depends on what are you going to mine, but sadly there are not lot to mine today unlike 5-8 years ago or earlier where its a lot easier, at the same time tutorials are all over the internet you just have to find and follow the guide.

Yeah, that are some concerns that need to take note by a beginner that's aspiring to start mining. And that's part of the research that he needs to do so that he'll get to understand whether he's on the right area for mining.

Or, if he's ready to take the risk and start mining and can manage all of those factors just as the other big miners are doing.

Yes, anyone can do it but just a few can get profit from it. As you said, you need knowledge and capital, and beginners usually lack both. And profitability relies in many factors that are beyond one's reach even if you have both factors, for example if you live in a jurisdiction with regulatory burdens, or where the energy needed to mine is more expensive than the value of the outcome.

Mining is not for beginners agree but you can start mining too with the cheap miner from the internet only for educational purposes.

To be honest mining is very easy nowadays what you do is only register in pool and start pointing your mining machine into that pool with you credential and that it.

Tho I also agree if you say that mining is very competitive because most miner today are farmer with huge of data center and run hunder or even thousand mining machines at the same time

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.

Why wouldn't a beginner try mining, maybe even Bitcoin? What is important is that you have money for the investment, and that you have the desire to try out how the whole thing works - and sometimes profit in all this is not the primary goal.

I haven't followed the Mining board too much, but I remember seeing that there are solo miners who managed to mine a block for themselves (and not so long ago). Of course, with time it becomes more and more difficult, but there is always a chance.

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

Mining is not more competitive cause you are up against experts or coders but because a solo miner is up against pools with a big percentage of the hashrate. Having a larger hashrate gives them a mathematical edge to get more blocks than others with lower. A solo miner depends on luck entirely and will not be able to sustain the rig for long enough.

Anyone new to mining can educate themselves on how to get started and then join a pool.

- Jay -

Bitcoin mining is not rocket science. It might be technical or complicated but every professional in mining started as a beginner. Just like other businesses beginners need to do research and also gain experience from mentorship or apprenticeship. With dedication and continued learning a beginner can start mining. He might make some mistakes but if he is dedicated it will be a worthy experience to keep improving. Even with the stiff competition in the mining sector, there are still means to make a profit from the business.

But I will discourage any newbie who is not willing to patiently learn and gain experience about mining before investing in the business. Some people just think that they can invest in the business without adequate knowledge and still make a profit. When people focus on profit-making without basic knowledge of the business, they will end up losing money.

So I encourage newbies who are interested in Bitcoin mining to always visit the mining board to gain necessary support. You can also connect with Bitcoin miners in location and gain firsthand knowledge.

After Bitcoin is already very established in 2024, it is not a niche anymore where we can make a profit easily, like from mining. In all belongs, current miners have to compete against highly competitive experts to get a new block.

Mining itself is a big competition

Mining by itself is designed as a big competition: who will find and mine a new Bitcoin Block next? It is an essential question for mining because if you get a new Bitcoin Block mined, you are eligible for Bitcoin Block Rewards. Block Rewards are 3.125 Bitcoin per Block currently and it will get reduced to 1.5625 BTC pro Block in 2028.

But here it is getting tricky: mining is a challenging competition and miners are top competition of professionals.

Mining is done under a very harsh competition where we need to compete against experienced businessmen and experienced coders

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.

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.