Bitcoin Forum

hi i never understood bitcoin mining and wnat to ask here
is bit coin mining is done by programmers?
and does this need any experiecne?
please explain for a newbie who dont nknow naything

It can be done by anyone who is willing to learn about it. You get the experience as you go along. A starting point: https://en.wikipedia.org/wiki/Bitcoin_mining

Depending on miner setup can be very easy.  The more "all in one" miners with network card that connect to pool are VERY easy to use and learn in most cases.

I don't understand either , how powerful the PC should be ? RAM , CPU etc ..?

Your average PC won't be able to generate many bitcoins at all. Any computer can mine, being profitable is another thing.
Watch this video, it should help you understand better:
https://www.youtube.com/watch?v=GmOzih6I1zs

With the current difficulty of mining I think an average pc wouldn't manage to mine bitcoin at all..you will probably need an ASIC machine.

hm I see , thanks for the help , the video really helped me .
do I need to buy on of those ships and put them on my PC ?

No, they're specialized, individual pieces of mining equipment, and they aren't cheap.

hey :) i want to know how much do i need to invest in mining to get profit... can i start whit 50€ or 500€ or... :)
thanks :)

Judging from Euros, you probably live in Europe. Then that probably means that you electricity is expensive. And that means that it won't be profitable for you.

yes im from europe and price is 0.13 per kw... i know im late for mining ... so im just asking... what about litecoin? :)

You buy equipment to mine, you use a software and you get back 30-70% of what you invested ;D

Mining equipment prices are measured in thousands of dollars. And you need cheap electricity as has already been pointed out. Visit the group buys section to get an idea of what it would cost to buy an ASIC:

https://bitcointalk.org/index.php?board=137.0

Nope. If you really want to try it out, PM me and I can recommend some equipment to try out, but it won't be profitable.

I suggest reading about equipment in hardware or group buy.  Then do some ROI math.   50 euro wont do much 500 you can get some.   One thing you will see is a lot of the miners get cheaper per GH the more GH it has (*this is not always true but a good general principle).   With big miner one controller, one network..... etc.    Then again there is the S3's you can do multiple of and are in your price range.

Okay lets say you want to learn the how to do it.  (forget profit  for now)

If you were in the USA I would say buy this

https://bitcointalk.org/index.php?topic=612390.0

the 109.99 dollar unit.   it will almost certainly not make a lot of money but you can learn about the game at a decent price .

in europe it costs more

http://www.cryptobase.co.uk/product/new-r-box-100-110-ghs-asic-bitcoin-miner/

This  is  quite  difficult   to  understand  bit-coin maning, especially for  nubers.  If  you  want  to  understand  this   posses  you   should   spend   some   time  on  this   and   read  some  forum,   some  literature  ect. It*s   new   knowledge  and   new  education! There   are  many  video  on  you-tube  and  special  community  in  internet,  so  if   you  want  you  can  get   some new knowledge  in  this  topic,  its  not   problem to  find  information! For   example   look  in  this  chart  and  you  can  see   that  any day it is  more  difficult  to mining. http://mining-profit.com/advanced-calculator. There  you  can  find  also  some  information  how  to  calculate you  time  to mine  some  bitcoins.

Well, effectively there is a big big puzzle of tiny tiles. Your computer automatically arranges this puzzle in a random way. If the resulting picture now makes sense in a certain way, you've solved a block and get a reward of 25 BTC. Because this happens extremely seldom, people join pools where they submit their results, and if someone has found such a solution, the reward will be split among everyone who contributed in trying to find a solution.
This is a very simplistic explanation, though.

Never been one to mine myself but from reading up on it I have come to realise that experience can be gained from reading up on it and trying it and that no actual experience is required for you to try. I would take a look around at as much information as you can find about mining and where to start. Also looking at the kind of setup you would need as well is wise.

But it's actually not 'hard' or anything. kingkedi makes it seem like you have to be a genius in mathematics or something. It effectively boils down to the fact that you're letting your computer or a dedicated device crunch some numbers for you, and the more numbers it's able to crunch, the more Bitcoin you get as a reward!

The only ones who are taking profits with mining are the owners of the huge mining farms, for the average Joes isn't profitable anymore.

Most arent good to mine anymore, unless you have some serious money to put in.

Just like recently the prices dropped so its best to buy when its cheap.

Hey kingkedi, try this 5 minute tube (https://www.youtube.com/watch?v=l9jOJk30eQs).
 

You might like to read the following to understand Bitcoin mining in simple terms...


What a miner is doing when it's running is generating millions of hashes every second. A hash looks something like 00000000000000000b8cd4a8a7752ff8785f66232359273f619f6a6cb28d4644. A hash is always 64 characters long. Each block has a 'target' hash, which looks similar to the string of characters above. When the hash that your miner generates has a lower value than the target hash, you win the block. An example with smaller numbers would be a target hash of 0017b5 (note that this isn't an actual hash for bitcoin as it isn't 64 characters long, this is just an example). If your miner generates the hash 0017a5, you win the block. However, if it generates the hash 0017c5, you don't win the block. The order of the 'value' of the characters from lowest to highest value are 0, 1, 2, 3, 4, 5, 6, 7, 8, 9, a, b, c, d, e, f (which is actually hexadecimal no. system). As the difficulty increases, the 'value' of the target hash becomes lower, as more zeroes are added on to the beginning. This makes it harder for your miner's hash to have a lesser value than the target hash, so it gets harder to win the block. Notice how the example target hash above had 17 zeroes at the beginning, while the target hash of the first ever mined block (https://blockchain.info/block-index/14849) had only 10 zeroes at the beginning.

Mining is done by your  computer, and mining makes bitcoin possible. you give your computer power to run the net

Its easy. How do we make it so ever btc is unique and every transaction is secured and against multi spending glitches? solving unique math problems. These algorithms need computing power = these people providing the computing power to keep these operations of confirmation and btc creation = miners.

it's easy but the equipment is expensive.

and europe has ridiculous prices for electricity (which is mostly tax, of course). If you really want to make profit with mining, you probably should live somewhere in asia or a developing country where power is dirt cheap.

The miner programs (like cgminer and bfgminer) are created by programmers. But to run the programs, you don't need any programming skills but just need some suitable hardware.
You should be able to get your ASICs working very easily and quickly.

You have no need to understand. Just leave it and think about BTC trading.

If you want to know more about bitcoin mining, you can take a look at the following article. http://www.coindesk.com/information/how-bitcoin-mining-works/

You can also take a look at the bitcoin wiki https://en.bitcoin.it/wiki/Mining

Looks like people trying to do this alone is impossible or let me rather say, not profitable.

Are there still people doing this on their own? And are they making any money or are they doing this as a hobby?

Most of the mining is now done by large companies with huge datacentres, since they can get cheaper electricity and wholesale price for equipment.

For the majority, bitcoin mining is not profitable. But still some are mining for various reasons IMO.

Some are doing it for fun.
Some expect the difficulty will go up at a slower rate in the future.
Some have very cheap or free electricity.
Some have no idea how to calculate mining profit.

hey OP,
check out documentary thread (https://bitcointalk.org/index.php?topic=268955.msg2876960#msg2876960),
you will find a lot of useful vids that explain all the fundamentals of bitcoin.

imo best in-depth vid is:
http://www.youtube.com/watch?v=Lx9zgZCMqXE
(20min)

Don't mine, it's addicting, and makes the electric bills go up  ;)

Bitcoin mining isn't that profitable with a normal computer anymore or even with a tricked out one. I would recommend you go on and mine yourself some Alt-coins..trade those against Bitcoins, if you would like to get a couple of Bitcoins. Or get yourself an ASIC miner.

In how much time to get your investment back? how do you calculate this depending on your hardware hashing power but difficulty changes to so..??

You can profit with mining if you are an asic maker :)

If you do not have the means to buy the coins, mining isn't that bad profit wise.

If you wanted to just play around with it, just get one of the usb mining sticks like the antminer u1 or u2. It wont generate much, but they are fairly cheap. You could get a good return if the price goes up!

Look for miners on ebay

I am bad with e-commerce ahahaha.

I have note for "Bitcoin Mining Pools".. you can see  :'( :'(

Starting to mine with a pool: You need to create an account on the pool's website, which is just like signing up for any other web service. Once you have an account, you'll need to create a ‘worker’. You can create multiple workers for each piece of mining hardware you’ll use. The default settings on most pools are for workers to be assigned a number as their name, and ‘x’ as their password, but you can change these to whatever you like.

I also want to get started.Thanks for sharing your idea here.

dont even start with bitcoin minig lol.