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Title: Bitcoin Mining 101 Just The Basic Facts (2017) Post by: Flying Hellfish on June 02, 2017, 01:02:49 AM 1) CPU and GPU Bitcoin mining is dead, you will never mine anything but dust and will never receive a
payout from a pool. 2) Bitcoin difficulty will adjust, meaning so will your income. Difficulty long term trend has been a steady increase for the last few years. Of course difficulty could drop, it has before, but its rare when it does and even more rare is a drop that is meaningful. 3) Bitcoin miners in general produce significant heat loads and you will have to deal with it one way or another. 4) Bitcoin miners can take significant electrical resources to power them. You should know 100% if the circuits powering your miners are rated for the load you're putting on them. If you don't you should get professional assistance. 5) Bitcoin miners in general are LOUD! As in vacuum cleaner to hair-dryer loud. Thanks to NotFuzzyWarm for #5 Title: Re: Bitcoin Mining 101 Just The Basic Facts (2017) Post by: User365 on June 07, 2017, 02:23:31 PM 2) Bitcoin difficulty will adjust, meaning so will your income. Difficulty long term trend has been a steady increase for the last few years. Of course difficulty could drop, it has before, but its rare when it does and even more rare is a drop that is meaningful. why would it drop? I mean how, difficulty gets more, the more blocks are mined, isnīt it? Title: Re: Bitcoin Mining 101 Just The Basic Facts (2017) Post by: VRobb on June 07, 2017, 08:28:22 PM How? By having > 10minutes per block average during the 2016 blocks generated (number, not year) as below:
Code: Date Difficulty Change Hash Rate There's a few in there with negative diff adjust! That being said, the long term trend is up, up, and away...!! Title: Re: Bitcoin Mining 101 Just The Basic Facts (2017) Post by: NotFuzzyWarm on June 08, 2017, 05:28:52 PM 2) Bitcoin difficulty will adjust, meaning so will your income. Difficulty long term trend has been a steady why would it drop? I mean how, difficulty gets more, the more blocks are mined, isnīt it?increase for the last few years. Of course difficulty could drop, it has before, but its rare when it does and even more rare is a drop that is meaningful. The network tries to hold an average of 10 minutes per-block. If more/faster miners are hashing and blocks are solved too fast, diff goes up to increase time to solve a block. If the diff correction is too much or miners are taken off line/throttled back (say in summer) and it takes longer than 10 min on average, then the diff goes down. edit: In addition to the OP's 4 points there is one more that certainly must be in the list: 5) Bitcoin miners are LOUD! This is because the fans run at fairly high speeds to move enough air against high back-pressure to dissipate the 1-1.5kw of heat produced. As in vacuum cleaner to hair-dryer loud. No you cannot change fans to quieter ones -- they cannot move enough air against the back-pressure inside the miners. Title: Re: Bitcoin Mining 101 Just The Basic Facts (2017) Post by: johndoe784r on June 13, 2017, 04:31:01 AM 4) Bitcoin miners can take significant electrical resources to power them. You should know 100% if the circuits powering your miners are rated for the load you're putting on them. If you don't you should get professional assistance. I am living proof that the above is a good point for all new miners to really focus on! I thought I had it all figured out (cost, return on investment, mining difficulty, the market, etc) then when my S9 came in the mail I discovered that I COULDNT EVEN USE IT!!! The circuitry in my old house couldn't have safely handled the load... Thankfully a kind person from this very board helped me out with hosting it for me - but new miners please please don't fall into the same trap I did! Make sure your electrical circuit can handle it - or perhaps lose a lot of money being forced to sell it at a loss and not ever even get to use it...... Just wish I had done a bit more research on circuits before investing. Lesson LEARNED! Won't ever be making that kind of mistake again ::) Title: Re: Bitcoin Mining 101 Just The Basic Facts (2017) Post by: jpouza on June 13, 2017, 02:13:59 PM Bitcoin mining will became more and more difficult with time, it is really a good point o view what you have listed here, mining btc is headed now for professionals and big companies, also the ASIC mining efficiency must always increase, if not, that would be a huge problem to power those electricity hunger miners.
Title: Re: Bitcoin Mining 101 Just The Basic Facts (2017) Post by: Hailey2017 on June 14, 2017, 01:51:10 AM this is the effect of bitcoin increasing price in the market you guys should pray it will go down for quite a while to make mining function again.
Title: Re: Bitcoin Mining 101 Just The Basic Facts (2017) Post by: NotFuzzyWarm on June 14, 2017, 03:50:42 AM ^^ ::)
BTC mining works just fine and as it is designed to. Diff going up is all part of it and not something bad nor unexpected. Hellfish: Perhaps time to lock this thread before it diverges too far from its '101' theme?? Title: Re: Bitcoin Mining 101 Just The Basic Facts (2017) Post by: Flying Hellfish on June 14, 2017, 12:02:44 PM ^^ ::) Hellfish: Perhaps time to lock this thread before it diverges too far from its '101' theme?? Agreed, I've locked it to keep it clean. The thread was not meant to discuss the viability of mining but to give basic (think universal) mining info to anyone thinking of starting to mine BTC. Deciding to mine or not, or if BTC is borked or not all have MANY multiple threads where these can be discussed to death. I am going to add NFW's #5 to the list. Now that the thread is locked anyone else that has a BASIC rule about mining in 2017 can feel free to PM and if I agree it's a basic rule than I will add it to the list. |