Learn basics of mining

[expert4knowledge]

Hello, I am not sure if this is the right place for my question but I want to know the basics of mining here, I see every day many new miners coming with more efficiency. Can you please let me know more about this.

[unholycactus]

To answer your question properly, we'll need to know what you're looking for.

It depends if you want to know how to mine by yourself (setting up a miner physically, network, pools, etc.) or if you want to know how mining works theoretically.

If you want to learn both, I suggest you start with https://en.bitcoin.it/wiki/Mining.

[paka]

You might want this to move into the mining section because most of the mining pros are in there and they might not read your topic in here.

[notlist3d]

You might want this to move into the mining section because most of the mining pros are in there and they might not read your topic in here.

It's fine here since really new question.  OP you need to tell us a lot more also you will have to do some research.  To ask about learning all mining... huge topic cant really teach you it all.

If your wondering on profit what is your electricity price? (after taxes and fee's, make sure to include).  Once you know that your a big step closer to knowing if profitable.  Also do you have a Import or VAT tax?

[DannyHamilton]

Hello, I am not sure if this is the right place for my question

This place is fine.

but I want to know the basics of mining here,

Wonderful.

Basics are that some people that have access to inexpensive enough resources run equipment that hashes bitcoin block headers.  Mining pools rent this hash power from them for a small amount of money.  If the person running the equipment spends too much on resources then they earn less than they spend so they lose money.

I see every day many new miners coming with more efficiency.

Every day?  That's unlikely.  It happens often, but I don't think it happens every day.

Can you please let me know more about this.

Sure. What would you like to know?

[avw1982]

Hello, I am not sure if this is the right place for my question but I want to know the basics of mining here, I see every day many new miners coming with more efficiency. Can you please let me know more about this.

Many new miners we can see nowadays But to be successful in mining We need to start as largescale mining business Else We can’t see good profit due to electricity consumption. And We can find Solar power miner in market Better buy and use for mining I think that will be helpful for the new miners.

[Amph]

efficiency is not often, it's probably every 6 months-1 year time if tech can permit it

last time was with the s5 then the s7 come out many months later almost one year or more, and it was only double of that

the consumption of the s7 is only $45(with an electricity of 0.05 cent per hour) and the s5 was double of that, so in one year they only saved $45 in the consumption, and this value in the future will matter less and less...

[Jet Cash]

I started a thread about mining basics in the the forum, but it got moved. As I understand it, if you only have a basic system, you are too small to be accepted by a mining pool, so if you want to learn about mining, you have to start as an independant miner. Of course you have no chance of making any money, but it should be a good way to learn about mining in depth.

Please contradict me if I am wrong.

[DannyHamilton]

if you only have a basic system, you are too small to be accepted by a mining pool,

This is not true.

so if you want to learn about mining, you have to start as an independant miner.

This is also not true.

Of course you have no chance of making any money,

This may or may not be true depending on the cost of the resources you have access to.

but it should be a good way to learn about mining in depth.

A better way would probably be to read about it from things written by knowledgeable people, and avoiding things written by people that have no idea what they are talking about.

Please contradict me if I am wrong.

I have.

[target]

I wanna start mining altcoin as well, probably just the new ones and trade them when i have a good volume. I just don't have the right hardware, is having a nice looking 1gb of graphic card able to mine?
Which script can GPU mine?

[Amph]

I wanna start mining altcoin as well, probably just the new ones and trade them when i have a good volume. I just don't have the right hardware, is having a nice looking 1gb of graphic card able to mine?
Which script can GPU mine?

everything, you need ccminer or sgminer, depend if the card is gpu or nvidia, but 1 giga card, unless we are talking about the old good 750ti, i don't think it will be profitable

you need nvidia 970 at least or the new amd series

[funkydog]

I wanna start mining altcoin as well, probably just the new ones and trade them when i have a good volume. I just don't have the right hardware, is having a nice looking 1gb of graphic card able to mine?
Which script can GPU mine?

everything, you need ccminer or sgminer, depend if the card is gpu or nvidia, but 1 giga card, unless we are talking about the old good 750ti, i don't think it will be profitable

you need nvidia 970 at least or the new amd series

Really? Is it that cost efficient?

[expert4knowledge]

To answer your question properly, we'll need to know what you're looking for.

It depends if you want to know how to mine by yourself (setting up a miner physically, network, pools, etc.) or if you want to know how mining works theoretically.

If you want to learn both, I suggest you start with https://en.bitcoin.it/wiki/Mining.

Thanks for introducing that link, I checked it and some of references such as the one's in which hashcash or proof of work was introduced, it a bit technical, but I think it gave me at least good idea now

[expert4knowledge]

Hello, I am not sure if this is the right place for my question

This place is fine.

but I want to know the basics of mining here,

Wonderful.

Basics are that some people that have access to inexpensive enough resources run equipment that hashes bitcoin block headers.  Mining pools rent this hash power from them for a small amount of money.  If the person running the equipment spends too much on resources then they earn less than they spend so they lose money.

I see every day many new miners coming with more efficiency.

Every day?  That's unlikely.  It happens often, but I don't think it happens every day.

Can you please let me know more about this.

Sure. What would you like to know?

I like the way that you answer the questions and thanks for your response, now I want to know what does hash bitcoin block header mean that you used in your sentence?

[expert4knowledge]

efficiency is not often, it's probably every 6 months-1 year time if tech can permit it

last time was with the s5 then the s7 come out many months later almost one year or more, and it was only double of that

the consumption of the s7 is only $45(with an electricity of 0.05 cent per hour) and the s5 was double of that, so in one year they only saved $45 in the consumption, and this value in the future will matter less and less...

Thanks from your response, the number that mentioned 45$ is for 900 hours of usage? What will happen after paying 45$ will we have a bitcoin in the average?