Bitcoin Forum

what am i needed to purchase to start mining Bitcoins/altcoin.
Bitcoin technology is pretty bnew in my country, i also needed how to acquire knowledge so that i can learn and also teach people around me about blockchain crtpocurrency.

thanks.

At the start of Bitcoin, users mined Bitcoin with CPUs on their computers. As the days passed, users started using GPUs to mine and it is much more energy efficient. Years later, FPGA emerged and ASICs. ASICs are designed to do a specific task and in this case, mining Bitcoins by solving complex algronithm. The mining landscape is dominated by big farms with a warehouse full of ASICs and profit is easy that way with the increasing competition. Unless you have lots of money, land and extremely cheap electricity, you are likely to make next to no profit. If you really want to mine for fun, I suggest going for Bitmain ASICs[1] as they are the best AFAIK.

[1] https://www.bitmaintech.com/

To mine Bitcoin these days you need free or negligibly priced electricity, several thousand to several million dollars to buy the specialised machinery and somewhere to keep them all. There are very few people and areas where anyone can make a go of it any more without losing their money.

you need to worry about your electricity cost before thinking about anything else about mining whether it is mining bitcoin or mining altcoins.

then in the next step if you found out that you have a rather cheap electricity that makes it worth your effort then i suggest you mine altcoins that are GPU mineable. in this case you only need to buy a good GPU which you can use to do other stuff like gaming with and also mine in your off times.

check this site too it is helpfull: www.coinwarz.com


as for knowledge about blockchain/bitcoin technology use google and stackexchange and this site to find the answer to your questions and also check out bitcoin wiki at https://en.bitcoin.it/wiki

Sound like Bitcoin mining is quiet an expensive business to venture in- almost akin to oil drilling- Which is other way of acquiring/ buying Bitcoins and is it a sound investment-  anybody who can answer me without Sarcasm.

It is because you are late. Bitcoin mining is dead for normal people. Mining is now conducted by specialized mining farm (mainly from China) with rigs worth thousands, millions of dollars.
If you are 1 man with budget of couple thousands of dollars, then it is not even worth starting. Here you will find detailed information about this topic: https://www.quora.com/Is-Bitcoin-mining-still-profitable-in-2016 (https://www.quora.com/Is-Bitcoin-mining-still-profitable-in-2016)

There are two sites i found helpful to understand bitcoin mining and bitcoin as overall. One is https://www.bitcoin.com/ and another one is https://www.bitcoinmining.com/ (they may have some banners promoting cloud mining ponzis, don't invest in cloud mining ponzi you may lost what you have invested).

I think if electricity cost is very high in your country it will be cheaper to buy bitcoin directly rather than trying to pull profit out of bitcoin mining.

honestly i wont advice to do mining as becuase day by day it will become harder and harder to mine ..as the difficulty will increase depending on how many miners are working on the blocks and if you go for altcoin mining then i do not have any idea what you will gain

What country are you based in? That's going to decide your choices where to buy Bitcoin.

No one can tell if you if it's a sound investment. You need to decide for yourself.

First you need to know more about bitcoin and blockchain before deciding to invest a lot in it. Youneed to know the risk involved in investing your time and money. The forum can help you with the common knowledges you should know. Just browse thru threads and you may find good information.

Yes, you are better off buying Bitcoin with the money you want to spend on Mining equipment {Asic's} and hoarding it for a couple of months,

and then selling it, when the price increased. The difficulty is much too high for the small guys to compete with Chinese Mining farms. You could

get into some Alt coin mining, but I still feel hoarding & selling {trading} is a much better option now.  ;)

If you don't have free electricity, don't ever think about mining. It is long over for average people. Your hardware will get obsolete sooner than you reach to your ROI. Don't give your money to cloudmining businesses neither. They pretend like they are mining for you and sharing the profit but that's a lie. Be warned.

you are probably a bit late to be mining bitcoin unless you have deep pockets (lots of money)  you may still be able to mine some good altcoins with a decent Graphics card.   ;)

Was this thread belong here? I think its belong in beginners & help. Anyway its not a good idea for a newbie to just invest in mining with less information about bockchain/bitcoin. Better yet buy a bitcoin and wait until price increase.

Basically do your own research

Basically if you want to find out what you'll need to buy to mine Bitcoin or altcoins you should use google, because there are far better sources on there than there are on here.

For basically your entire post I recommend using google, because if Bitcoin is available then there is more than likely google, and the information you can find will be far better than that you can find by anyone's opinion on here.

Just watch a couple of videos on YouTube if you don't like reading.

You really don't want to start mining. Mining will need a large initial investment to actually be profitable, and could burn down your house. Simple.

I am not that expert in terms of mining but i saw one person before who really do mine CPU at first on his office. He is actually a techincal support on that company and at the what so called barracks. There where CPU's there being set up for their network and he used all that for mining purpose as well. Those CPU's are running 24/7 having 18 degree cel

I would suggest you to read, read and read more about it before spending any money. Bitcointalk is a great community where you can get more than enough information about crypto currencies and especially about bitcoin. Don’t rely on other opinions and do your own research. I believe crypto currency is a wonderful world and money 2.0 thus has great future, welcome to this amazing world.

just AVOID mining, it's not easy money, it's just headache.

Google something about bitcoin/blockchain and start reading, that's the best way to keep yourself uptodate!

Yeah OP need not to do any research especially on bitcoin when he is in the forum. If he just go through the threads in the forum itself enough to learn on that. He can find works in service section via his abilities and he can work on it.

just register on one of the exchange sites that you like or is giving service to your country and then buy bitcoin. and yes it is a sound investment but like any other investment it has risks which you have to accept before buying it.

Your rank is newbie here and you already in some campaign, so you are making bitcoins here. And for my taste bitcoin talk is the best place for making bitcoins. It is not so risky as gambling or investing (you can try those both as well to see how it works and does it bring you some extra money) and with rising your rank you are dubbing your earnings. Tell everybody who are interested to start they bitcoin activity here, it's gonna be the first saved step, and after every one will decide what step is gonna be next.

thanks Dude, i appreciate such an advice from the heart.

According from your title, please don't directly for aiming doing a mining in this time, you can learning bitcoin before. the simple answe you can try for visiting a various thread and section, reading them. the knowledge is already providing from this place is more than enough. blockchain is the system is used by the cryptocurrency.

For me mining it looks like quite difficult for new people know bitcoin, because I think in your country tools for mining are not yet available. Maybe you can try altcoin mining because it can use in your PC, but the GPU is used for altcoin mining should be good.

You can  find a lot, a lot of guides, tips, how to's and everything you need to know about mining just by googling it. Just type mining hardware in google and you'll see all kinds of hardware.

How to sign a message at blockchain.info in the new version?
Please help me. Thank you.

pretty easy to find if you just google it. Is this what you're looking for ? https://forum.bitcoin.com/technical-support/how-to-sign-verify-message-in-new-blockchain-wallet-t9736.html (https://forum.bitcoin.com/technical-support/how-to-sign-verify-message-in-new-blockchain-wallet-t9736.html)

I just recently started mining and got the fever. I started with Altcoins but a friend is giving me a great deal on a S9.  My power costs are negligible as I have solar here in Arizona.  I hope its not as doom and gloom as most have indicated.  Based on current BTC pricing I'd recoup my investment in a few months.

Google is your friend :)

Look at bitcoin on wiki learn what it is and follow links from there.
Google altcoin guides from bitcointalk.
First learn the basics then you come with questions not come with questions before even trying.

It's not a good idea. The machines you will need are expensive and the electricity probably is expensive too. You won't make much profit with this. On the past I think so, but not anymore.
Spread the word about cryptocurrency to your people, but forget about mining.

Its  not really a bad  idea  to aim  on  mining  bitcoin  because  if  you  do have  the  passion on   mining  and have  exact  knowledge  with it and also have  an amount to spend  on then you should  proceed as  long   you  know on what  you are doing and  you also  know the  important things  to consider  to have a  bitcoin miner. If you seems   that you are profitable to  mine  bitcoin then dont hesitate,

I agree. If you really fascinated and interested in learning about bitcoin and blockchain technology then you must have to grab knowledge which can give you more freedom comfort and confidence for better implementation of Bitcoin and blockchain.

You can simple google it for "Pocket Bitcoin Guide" to know brief information about bitcoin and its accessibility better.

I would advise to you to buy a strong PC , like Intel 6th generation motherboard (which can support up to 3 GPU-s at minimum) , for this you need a case from Corsair, a power supply from Corsair which needs to be about 730-1000 watt and lastly 2 or 3 RX Gpu( RX 480 is highly recommended for Altcoin GPU-mining).

Do not do all these after checking how much can you earn by GPU-mining a specific altcoin like Ethereum for example.

Can check in this website here to have a beginning idea of what to expect:

https://badmofo.github.io/ethereum-mining-calculator/

For example here you can make 55 USD with only one RX 480 AMD GPU card. With 3 you can make 165 USD per month which is not bad.

However as a downfall the cards will burn up in 6 months to 1.5 years as a maximum, so take into consideration even this before jumping in.

I would not touch bitcoin hardware mining for the moment as is not profitable unless you have free or nearly free electricity.

Mining is not an effective way at the moment....you could use signature campaigns, they are very effective...though you have to do your own research and for best results you need to be a full member here atleast.

Hope that helped. You can contact me via personal messaging for further information..

Also, just a note, even if you have a very powerful computer with great GPU and CPU, like I do, you aren't likely even then to get profits while mining. It could effectively ruin your computer with too much resource usage, nowadays, specially, as Bitcoin blocks are getting harder to find as time goes.

Forget about it. The crypto-currency profit won't come from mining. You need a big investiment to make it worth, a real big investiment. Offer your services on the internet and be paid in BTCs for it. And join a signature campaign here on forum when you can.

Learn more about crypto-currency here on forum and teach your people around you.

Learning about bitcoin is really amazing things. Because bitcoin is a digital currency where you can love, share, buy and sell. Bitcoin has one of the best commodity right now many people are using for their trading and for there services. It will take time to learn but simple terms you have learn is satoshi, mining, cpu mining, gpu mining, solo mining, pos , pow, block size, block reward. these are some of technical term before learning the bitcoin. Best of luck.