Minning | Bitcointalksearch.org

philipma1957

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'The right to privacy matters'

Quote from: gunhell16 on July 08, 2023, 03:38:43 AM

Quote from: philipma1957 on July 06, 2023, 06:46:14 PM

Quote from: promisedtech on June 27, 2023, 04:31:35 AM

but there's no way for those with little or no funds to purchase hardwares,also ,i browsed alot until i came accross nicecash what's your review about that

nicehash is okay for some.

many people rent there and point it at solo pool by ck.

it is essentially gambling at slightly unfavorable odds.

https://bitcointalksearch.org/topic/yh-solockpoolorg-2-fee-solo-mining-256-blocks-solved-5237323

read the link

If in these times, do you think it is good to do solo mining now? Honestly, I haven't tried it, because I had been thinking that it will also be seasonal. But I'm not sure if I am right about this thing, that's why I asked you.

And about nicehash do you think it's a good start to solo mining in these times while we're bullish? Thank you for the answer to my question, God bless you Wink

Do I think it is okay to gamble at slightly unfavorable odds?

Yes if you don't have a gambling problem.
No if you do have a gambling problem.

You can spend as little as 0.001 btc to rent the gear to try to win a block.

But you can spend way more which is an issue if you have a gambling problem.

Only you know if you have issues with gambling.

if the odds were true 0.001 btc means about 6250 to 1 shot at a block

with fees and high rent demand the odds are not true which is why it is gambling not investing.

I would estimate your odds are about 7200-7500 to 1 and you get paid 6250 to 1.

So with "normal " luck you lose.

paid2

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Quote from: gunhell16 on July 08, 2023, 03:38:43 AM

If in these times, do you think it is good to do solo mining now? Honestly, I haven't tried it, because I had been thinking that it will also be seasonal. But I'm not sure if I am right about this thing, that's why I asked you.

And about nicehash do you think it's a good start to solo mining in these times while we're bullish? Thank you for the answer to my question, God bless you Wink

It's up to you to decide how much risk you're willing to take. The difficulty is very high, so solo mining is currently difficult, but we could also assume that in a long term perspective the block reward will inevitably decrease, and the difficulty will increase, so right now could be a rather interesting period.

It depends on the price of your electricity, your hashpower, your ability to pay electricity bills without getting anything in return.
Every situation is different.

You can calculate your chances of finding a block based on the block difficulty, your hashrate (rented from Nicehash or from ASICs if you have any), look at how long it would take you to solve a block, and know whether you're willing to pay the price (electric or Nicehash) of such a lottery ticket, it's up to you. In any case, it's totally random, so the probabilities calculated are only indicative. You could find a block in 10 minutes if you're the luckiest man in the world, or never find one at all.

gunhell16

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Quote from: philipma1957 on July 06, 2023, 06:46:14 PM

Quote from: promisedtech on June 27, 2023, 04:31:35 AM

but there's no way for those with little or no funds to purchase hardwares,also ,i browsed alot until i came accross nicecash what's your review about that

nicehash is okay for some.

many people rent there and point it at solo pool by ck.

it is essentially gambling at slightly unfavorable odds.

https://bitcointalksearch.org/topic/yh-solockpoolorg-2-fee-solo-mining-256-blocks-solved-5237323

read the link

If in these times, do you think it is good to do solo mining now? Honestly, I haven't tried it, because I had been thinking that it will also be seasonal. But I'm not sure if I am right about this thing, that's why I asked you.

And about nicehash do you think it's a good start to solo mining in these times while we're bullish? Thank you for the answer to my question, God bless you Wink

dansus021

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Part of AOBT - English Translator to Indonesia

Yes there is actually one but for education only here the video - Mining Bitcoin with pencil and paper - https://www.youtube.com/watch?v=y3dqhixzGVo

philipma1957

legendary

Activity: 4102

Merit: 7765

'The right to privacy matters'

Quote from: promisedtech on June 27, 2023, 04:31:35 AM

but there's no way for those with little or no funds to purchase hardwares,also ,i browsed alot until i came accross nicecash what's your review about that

nicehash is okay for some.

many people rent there and point it at solo pool by ck.

it is essentially gambling at slightly unfavorable odds.

https://bitcointalksearch.org/topic/yh-solockpoolorg-2-fee-solo-mining-256-blocks-solved-5237323

read the link

FP91G

legendary

Activity: 1610

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Quote from: ?? on ??

Mining for this moment can using Cloud. so, you buy cloud server or hosting and you can get mining like you want.

There are a lot of scammers in random mining. To understand the real profit of mining companies well, you will need to study their financial statements. All scammers usually have more profit than real miners and the bitcoin hashrate is constantly growing.

RewFrew

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Chainjoes.com

Without hardware mining is not possible i think. I couldn’t think mining without hardware. Because people know mining is a process which solve problem mathematics. So it need hardware.

There are many company’s are showing us they are mining bitcoin through internet. Most of them are scam. For real need a setup there need a powerful computer / a good computer, internet, Quiet and peaceful place, like a good office. Then mining will be smooth.

promisedtech

newbie

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Merit: 0

Quote from: joniboini on June 28, 2023, 11:04:28 PM

Quote from: promisedtech on June 27, 2023, 04:31:35 AM

but there's no way for those with little or no funds to purchase hardwares,

I mean, that basically applies to anything. People don't expect to earn money without doing anything, you can't run a business if you have no tools and capital to do it, and so on. Hoping to earn block rewards but not spending the capital to do so is quite unrealistic. Unless you want to mine not for profit but to do something else.

The hash rate renting service you see is basically trying to make additional profits from the mining they already did from your pocket. If your capital is limited, why not just buy coins directly and do DCA instead? You can at least own and store your coins on your own if you do that. Renting those hash rates doesn't guarantee profit anyway and you can still lose your money. CMIIW.

tell me more about dollar cost averaging

promisedtech

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Quote from: bettercrypto on June 28, 2023, 07:52:56 PM

That's not possible, most people here know that Bitcoin mining is a process of solving math problems to verify your transaction. When you don't use hardware or don't have it, it's also clear that you can't earn anything from it, it's just that simple to understand.

understood

KiaKia

sr. member

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Quote from: promisedtech on June 27, 2023, 03:31:20 AM

i believe someone has an idea on basic mining process without using any hardware, i need to know more about it

I was a living victim to scam mining online, some call this strategy cloud mining and some call it Ponzi, to me it looks a lot more like a Ponzi scheme because even these so-called platforms have no real hardware for mining.

I will like if you listen to this warning because there is no other way to mine Bitcoin than buying the actual mining equipment.

If there is someone telling you anything else, do not believe, I lost money to few online cloud mining, they would keep you in check with a few payments first and later they will stop paying and probably exit scam on you.

joniboini

legendary

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Quote from: promisedtech on June 27, 2023, 04:31:35 AM

but there's no way for those with little or no funds to purchase hardwares,

I mean, that basically applies to anything. People don't expect to earn money without doing anything, you can't run a business if you have no tools and capital to do it, and so on. Hoping to earn block rewards but not spending the capital to do so is quite unrealistic. Unless you want to mine not for profit but to do something else.

The hash rate renting service you see is basically trying to make additional profits from the mining they already did from your pocket. If your capital is limited, why not just buy coins directly and do DCA instead? You can at least own and store your coins on your own if you do that. Renting those hash rates doesn't guarantee profit anyway and you can still lose your money. CMIIW.

bettercrypto

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★Bitvest.io★ Play Plinko or Invest!

Quote from: promisedtech on June 27, 2023, 03:31:20 AM

i believe someone has an idea on basic mining process without using any hardware, i need to know more about it

That's not possible, most people here know that Bitcoin mining is a process of solving math problems to verify your transaction. When you don't use hardware or don't have it, it's also clear that you can't earn anything from it, it's just that simple to understand.

What mining are you referring to? did you buy mining? is that brand new or secondhand Bitcoin mining? Your question seems to be lacking.

paid2

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Quote from: BitMaxz on June 27, 2023, 06:41:19 AM

Actually, there are still some legit seller who sells hashrate check the list below

- Nicehash
- MiningRigRentals
- Binance Cloud mining

Currently, only those 3 that I know legit who sell hashrate but Binance hashrate is sold out.
The only problem with buying a hashrate we do not know if it's profitable or not because they also ask for maintenance and electricity fees.

Yeah, Nicehash or MRR can be excellent solutions for mining without owning infrastructure and hardware. However, I think it will be difficult to get access to attractive prices. If I depended on such systems for mining, I would personally stop and buy coins directly, I think it would be more profitable.

MiningRigRentals is really expensive, even more than Nicehash. And Nicehash has the disadvantage of an auction system that makes renters against each other. This makes the hashrate unstable and sometimes extremely expensive (especially when the mining difficulty drops a little, which is rather frustrating for renters).

If ever, OP, I can rent you P2P hashrate. If you're interested, we can agree on a price per share or per hashrate for a specific period of time.

promisedtech

newbie

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alright

BitMaxz

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Block halving is coming.

Quote from: hosseinimr93 on June 27, 2023, 04:18:08 AM

Mining without any hardware? That's not possible at all.

Take note that anyone claiming that you can mine bitcoin without any need to hardware and just with going to a website, running an application, etc. is a scammer.
There are also services called cloud mining that claim that they sell you mining power. They are scam too.

Actually, there are still some legit seller who sells hashrate check the list below

- Nicehash
- MiningRigRentals
- Binance Cloud mining

Currently, only those 3 that I know legit who sell hashrate but Binance hashrate is sold out.
The only problem with buying a hashrate we do not know if it's profitable or not because they also ask for maintenance and electricity fees.

Quote from: promisedtech on June 27, 2023, 04:44:50 AM

if i may ask, what's the least affordable price of a mining hardware

If you are looking for an affordable price you can buy 2nd hand units like Antminer s9 only if you have a very cheap electricity rate or have free power. Because old Bitmain units are not profitable unless you have free/cheap power.

promisedtech

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if i may ask, what's the least affordable price of a mining hardware

FatFork

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Quote from: promisedtech on June 27, 2023, 03:31:20 AM

i believe someone has an idea on basic mining process without using any hardware, i need to know more about it

What specific information are you looking for? Mining without using any hardware, or without software? As hosseinimr93 said, mining Bitcoin without hardware is indeed impossible. Additionally, mining software is necessary to manage and monitor the mining process. So, both hardware and software are vital components for Bitcoin mining.

promisedtech

newbie

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but there's no way for those with little or no funds to purchase hardwares,also ,i browsed alot until i came accross nicecash what's your review about that

hosseinimr93

legendary

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Mining without any hardware? That's not possible at all.

Take note that anyone claiming that you can mine bitcoin without any need to hardware and just with going to a website, running an application, etc. is a scammer.
There are also services called cloud mining that claim that they sell you mining power. They are scam too.

promisedtech

newbie

Activity: 19

Merit: 0

i believe someone has an idea on basic mining process without using any hardware, i need to know more about it

Topic: Minning (Read 270 times)