Bitcoin Forum

Hey guys! I'm a newbie, so I do not know much about bitcoins. Anyways, I was wondering how you mine bitcoins. Could someone please let me know. Thanks.

With an abacus.
Takes a while.

what is an abacus? could you please elaborate.
sorry i am completely new to this.
could someone kindly walk me thru every step needed to mine bitcoins.
thank you.

Hi.

Mining bitcoins is quite difficulty right now.

If you are new to bitcoin it would probably be wise to tell you it's "almost" too late to mine bitcoin.

Your best bet is to buy some bitcoins with your money and keep them, hoping it will take some value.

(A small advice : Don't invest in cloudmining or ponzi websites : you will lose your money or at best won't make any profit).

i suggest you to forget about mining bitcoins coz mining isn't profitable nowadays and you'll only lose money for it. if you really want to test how mining works, you can rent a mining rig from https://www.miningrigrentals.com/ and point it to your desired mining pool like f2pool or antpool

more info here: https://www.bitcoinmining.com/getting-started/

Since you are a newbie im aware you dont have a mining rig and if you are asking is how to mine without a rig then back off you wont get a good profit from cloud mining and to warn you most of cloud mining sites are ponzi scheme so please take time to study about it before involving to any of these.

Renting normally costs more then mining itself in current one.  If your looking at renting unless your trying a lot of hash to hit a block, I would just buy btc.  I think your better off buying btc vs renting to mine btc.

And most common is probley nicehash/westhash.  If you really do want to mine through rental.

The process that 99% of miners that don't bother to understand the mathematics and economics behind bitcoin before they get started:

Step 1. Purchase $2500 worth of mining equipment.
Step 2. Choose a mining pool, and configure your mining equipment to mine for the pool.
Step 3. Pay $120 per month in increased electricity usage to operate and cool the equipment.
Step 4. After 6 months, discover that your equipment is outdated and no longer efficient enough to mine effectively with.
Step 5. Sell your outdated equipment for $250.
Step 6. Notice that you have spent $2970 and managed to mine 6.5 BTC.
Step 7. Realize that you just wasted 6 months of time and effort to spend $2970 on bitcoins that you could have simply purchased today for $2600.
Step 8. Subtract $2600 from $2970 and realize that mining bitcoins took you start up capital, time, effort, and still cost you $370 MORE to get the same amount of bitcoins that you could have gotten today without all that trouble.

The process for the 1% of miners that actually realize that they are getting involved in a VERY competitive business, and that they won't do better than just purchasing bitcoins unless they have a very specific competitive advantage:

Step 1. Spend a lot of time and effort figuring out how to get the most efficient mining hardware as cheaply as possible to reduce the up-front capital costs.
Step 2. Be located in a climate such that cooling can be accomplished with minimal energy use.
Step 3. Be located in a region that provides access to very cheap electricity.
Step 4. Be in the first group to have access to purchase the newest most efficient equipment, and purchase as much of it as you can afford.
Step 5. Run that equipment, from the moment you receive it, continuously until better equipment becomes available (it would be best to have the technical skills to repair minor electronics issues you may encounter).

If you are newbie first you need to know about asic miner because without this machine you can't mine bitcoin. Also if you are planning to mine right I think its not the best time to start mining and iys not profitable because of difficulty...

i live in an apartment so electricity is free for me :)

If want to reduce the electricity price means just buy a solar mining machine, that is available in online shops as well. Go with good one.

before buy check the reviews also because duplicate products also in market.

I'm sorry but he said electricity is free for him not how to reduce the electric bill. But, op still need to calculate the cost of rig hardware

When the owner of the apartment discovers that his electricity costs are suddenly $100 or more higher per month than they used to be, you might find that they are not very happy about having you as a renter.  Might find it difficult to renew your lease. I doubt that the owner of the apartment is interested in subsidizing your purchase of bitcoins.

I never use hardware, but if joined Cloud mining based on PONZI i already join it, i'm sure that web will not stay alive for a long time.

So you mean better to join a ponzi scheme than finding other profitable but legitimate ways of earning a bitcoin

you need a dedicated machien called asic, that mine only sha256 coin, so you cna mine other altcoin with that algorithm if you want, but they are not profitable

so better focus on bitcoin, with bitcoin you need to purchase a S7 at this point, anything else is wasting your money, then you need cheap electricity, max = 0.05kw/h

that's it