what is Mining and WHAT DO I NEED

[organelles]

I'm green in the business and would like directions on what mining is all about and the requirements, any information will help

[vlom]

read this first:
$A Hitchhiker’s Guide to Consensus Algorithms
A quick classification of cryptocurrency consensus types

https://hackernoon.com/a-hitchhikers-guide-to-consensus-algorithms-d81aae3eb0e3

[rouhaud]

to create and verified transaction on the bitcoin (and a lot of other alts) you need to put power to the system with asics, cpu or GPU, This process is call mining.
Now they are different way to do it, pool mining, like hashflare.com or genesis mining, or at one with a dedicated computer (called rigs) or asics.
But for bitcoin as the network is already very powerfull, the reward if you run it without first class equipment will not get you anything

[Asian_Dynasty]

You can read all information about mining here- https://bitcointalk.org/index.php?board=14.0

[skurtsil]

Check also this article:

Bitcoin Mining Power Consumption Facts
http://bit.ly/2ESg00W

[-doubleU-]

You need a lot of money for the Mining Hardware and very low electric power price. Without anything of this, it does not pay and is only waste of time and money, unless you speculate on a rising course so you do not feel angry with short-term losses!

[MintDice]

Generally, there are 3 things you need to know when building a mining rig.

Graphics Card: This is what is actually going to be generating your coins so don't be cheap when buying a GPU

Power Supply: You will need decent power to run your rig so if you are getting 2 or more graphics cards, don’t get anything under 750w. A good one for this is the SeaSonic X Series X-850.

Motherboard: The only thing you need to look for here are the amount of PCI-E slots (or places for your video cards). Try to find one with at least 3 slots so you can expand if ever decide to. A good option is the ASRock 970 EXTREME3

Putting it all together can cost between $800-1000, depending.

In terms of software requirements, you'll need to consider these:

Mining software, such as:
CGMiner
Poclbm
Phoenix Miner (Linux)
DiabloMiner (MAC OSX)

Graphics card:
ATI card recommended

Coin Wallet:
The wallet that is specifically for the coin you are mining

Once you have it all set up, here's a link on what to do next:
http://bit.ly/MiningConfiguration

It's a lot! But if you're committed, you can do it. Exhaust your resources, and good luck! 

[chamara741]

In simplest words mining means the procedure which use to verify the transactions of a coin by solving a mathematical calculation. It is a complex process. For mining you need Good GPU (VGA Cards), Low cost but constant electricity supply & related mining software. If you think to mine coins through your normal PC without High-end GPUs, then it will be really useless because you can't get much profit with CPU. GPUs use high electricity power & emits large amount of heat. If your living in a cold environment, then it will be OK. But otherwise you'll need to A/C the room because of that high temperature. GPUs + A/C use much more electricity than you think. Because of that you need to have low cost electricity power.


If you need more details, please take a look at here: https://bitcointalk.org/index.php?board=14.0

[612manishmishra]

Now a days, mining bitcoin wont be profitable as much it used to be,
We should mine coin low price coins

[ferall]

Graphics card:
ATI card recommended

 

Why lol