New to Mining, Bitcoin currency, and how it works

[nomansland]

Hey guys i'm pretty new to the whole bitcoin or mining in general. i guess my question would be everything. How do i mine? People say you can use your pcs Gpu, other say you need a special miner and they're only available for certain amount of time and cost usually hundreds of dollars. How do you know what currency to mine? How do you know what trader to go through? How do you setup your wallet, and is it different depending on what your mining? Do you need to go through a node or join a node if you're not mining by yourself, and how do you know what nodes to join? How viable is this whole process to get into for newcomers?

So i've got some understanding but not near enough and every time i look at this whole process i honestly get overwhelmed, look at some of stuff out there wondering if its real or a just a rip off. And i guess thats another thing is knowing what's a scam or what's not. The one guy i was talking to was telling me for his operation what he did is he had a bunch of the big miners setup, would secure his account info on a stick, store that in a safe, bought a special router to maker sure his has the best protection not to get hacked. I mean jeese i look at that and think Is all this really worth it or is this just like any investment where you could get lucky or end up losing it all? I don't know i'll let you guys answer and see what you say i tried looking into this myself and i thought  well i don't have the money to buy a big separate miner and to be honest idk if my pc could even break even with the specs i have to mine they are as i'll list them.

Processor: AMD Fxtm 6300 Six Core processor 3500 mhz 3 cores 6 logical processors
OS: Windows 10
Ram: 8 GB
GPU: Nividia GTX 670

so i know its a lot of text to take in but let me know what you guys can help with or if this is even viable.
  

[HabBear]

Nomans,

Welcome to the forum and Bitcoin.

Mining is tough, it's just not profitable (like in any way possible) unless you're going to employ 1000+ machines and make it a real, full time operation.

There's a Mining section on this forum, find it here: https://bitcointalk.org/index.php?board=14.0

Go to that section, read the threads, then read more threads. If you have questions get very specific with them. Mining was profitable for the masses back in 2010/2011...a long time ago. SO if you don't get specific with your questions you're going to get few or sarcastic answers. Don't take it the wrong way, it's just that for most people on this forum Bitcoin isn't new.

All of that said, don't let me keep you from chasing some block rewards as a miner. We all appreciate you helping confirm the transactions (if you get in to it.)

[Nagadota]

Right, let me clear it up about your GPU and mining from your PC.

Mining Bitcoin was originally done with your CPU and/or GPU.  As the value of miners' rewards increased, so did the computing power that they were willing to dedicate to the network.  Eventually specialised machines called ASICs began to dominate the market, so currently you need to buy these and handle them properly to make any profit from them.

But the reason that people mentioned mining with your PC now is because you can "mine Bitcoin" indirectly by mining other cryptocurrencies and then converting them to Bitcoin.  Many of these cryptocurrencies have different mining algorithms which means that ASICs have not been developed for them yet - furthermore, many of the mining algorithms are designed to make ASICs hard to develop.

I know mining altcoins and converting them to Bitcoin sounds hard but it's not.  Search for services like Nicehash, where you can buy sell hashrate for different mining algorithms and you can automatically mine the most profitable coin to receive Bitcoin.

[odolvlobo]

Mining is tough, it's just not profitable (like in any way possible) unless you're going to employ 1000+ machines and make it a real, full time operation.

That is a common myth.

It is possible for some to mine bitcoins profitably with a single device. The major factor is cost of electricity. Other factors are the cost of the equipment, cooling, and noise. While there might be some economies of scale in mining with 1000 machines, it is not a major factor.

Mining was profitable for the masses back in 2010/2011...a long time ago.

That is another common myth.

Even back in the days of CPU and GPU mining, mining was unprofitable for most users because the value of the mined bitcoins was so low.

[bbcwholesell]

mining equipment costs how much please?

[lasthero]

its funny how this is all very reminiscent of the gold rush.  You used to be able to mine with your two hands and now its all machinery not too different from cryptocurrency.

[Amph]

That is another common myth.

Even back in the days of CPU and GPU mining, mining was unprofitable for most users because the value of the mined bitcoins was so low.

i bet it was not the same at the beginning, because you could mine with just one cpu that consume nothing per month and do 1000 coins a day

mining equipment costs how much please?

the antminer s9 was priced $1161, not long time which is a really good deals, but now you need $2k, isee this price on many website

the value of a single coin is very high it make sense, to have that price, or roi would be ridiculous fast

[odolvlobo]

That is another common myth.
Even back in the days of CPU and GPU mining, mining was unprofitable for most users because the value of the mined bitcoins was so low.

i bet it was not the same at the beginning, because you could mine with just one cpu that consume nothing per month and do 1000 coins a day

In the earliest days when a single person could mine 1000 BTC each day (14% of the hash power, btw), bitcoins were worthless. So even mining on a cpu, which might cost $1-$2 per day, was mining at a loss.

[yoseph]

Hey guys i'm pretty new to the whole bitcoin or mining in general. i guess my question would be everything. How do i mine? People say you can use your pcs Gpu, other say you need a special miner and they're only available for certain amount of time and cost usually hundreds of dollars. How do you know what currency to mine? How do you know what trader to go through? How do you setup your wallet, and is it different depending on what your mining? Do you need to go through a node or join a node if you're not mining by yourself, and how do you know what nodes to join? How viable is this whole process to get into for newcomers?

So i've got some understanding but not near enough and every time i look at this whole process i honestly get overwhelmed, look at some of stuff out there wondering if its real or a just a rip off. And i guess thats another thing is knowing what's a scam or what's not. The one guy i was talking to was telling me for his operation what he did is he had a bunch of the big miners setup, would secure his account info on a stick, store that in a safe, bought a special router to maker sure his has the best protection not to get hacked. I mean jeese i look at that and think Is all this really worth it or is this just like any investment where you could get lucky or end up losing it all? I don't know i'll let you guys answer and see what you say i tried looking into this myself and i thought  well i don't have the money to buy a big separate miner and to be honest idk if my pc could even break even with the specs i have to mine they are as i'll list them.

Processor: AMD Fxtm 6300 Six Core processor 3500 mhz 3 cores 6 logical processors
OS: Windows 10
Ram: 8 GB
GPU: Nividia GTX 670

so i know its a lot of text to take in but let me know what you guys can help with or if this is even viable.
  

Though the specs of your computer is very good, it's really nothing when used to mine bitcoins and you will end up even damaging your PC cos its going to overheat, get yourself one of these antminers and get more money mining.