Mining bitcoin

[VerdinaNET]

What are the first steps for a newbie to start mining ?

[merelcoin]

What are the first steps for a newbie to start mining ?

Calculating if he/she can make a profit... If you cannot make a profit with your current electricity rate, it's not worth mining.
Can you tell us your electricity rate?

[Amph]

buy a rig and mine altcoin not bitcoin, you can make profit even at 0.2 cent right now

but you need to invest something like 1k to buy your rig

[RJX]

For mining Bitcoin I'd say it's a bit late but if you are looking into mining alts then I'd say check whether you're gpu is capable of mining which, as stated above, should weighed against the cost of electricity.

[DannyHamilton]

What are the first steps for a newbie to start mining ?

You can do the smart thing:

• Step 1: Understand how bitcoin difficulty works and why.
• Step 2: Understand how many hashes per second your mining equipment can calculate.
• Step 3: Understand how much electricity your mining equipment will use.
• Step 4: Understand the real amount your electricity costs (including all taxes, fees, and additional charges).
• Step 5: Determine if you will need to run any cooling equipment to keep your mining equipment from overheating.
• Step 6: Understand how much electricity that cooling equipment will use.
• Step 7: Do some math and (unless you have really cheap electricity, really cheap cooling, and access to really cheap mining equipment) realize that you'd get more bitcoins by just buying the bitcoins with the cash instead of spending all the cash on mining.
• Step 8: Give up on mining and buy some bitcoins

Or you can do what LOTS of people do:

• Step 1: Buy some mining equipment.
• Step 2: Plug it in and ignore and configure it to start mining
• Step 3: Ignore the increased cost of electricity to run the equipment and cool it
• Step 4: Wait for the bitcoins exchange rate to go up
• Step 5: Convince yourself that since you get more USD for the bitcoins than you spent to generate the bitcoins you came out ahead
• Step 6: Live happily in your ignorance, never realizing that you would have had a LOT more bitcoins (and therefore a LOT more money) if you had just bought the bitcoins with the cash in the first place instead of trying to mine them

[odolvlobo]

What are the first steps for a newbie to start mining ?

Mining is not suitable for a newbie unless you are only mining for fun and education.

[btccashacc]

buy a rig and mine altcoin not bitcoin, you can make profit even at 0.2 cent right now

but you need to invest something like 1k to buy your rig

did you mined altcoin? what kind of altcoin ?
i have never exprienced in mining before either bitcoin or altcoin, can you tell me maybe the tips to start mining altcoin for beginner ?

[Mumbeeptind1963]

What are the first steps for a newbie to start mining ?

Buy the things that you need and you should learn how to use the mining rig.
But i suggest to you that first you should calculate the cost and the earning daily in mining.
For you to know if this mining rig gives you profit.

[ObscureBean]

Read, read, read and read more! Make sure you understand mining thoroughly before you even consider buying mining equipment. Details like power cost in your area or ventilation in the room where you have your miner might not sound like a big deal but are actually worth looking into carefully. Anything you're unsure about, ask here in the forum.

[knightkon]

Do not!!  There is not much of a profit that can be made with mining now.  The structure is too difficult in my opinion and the larger companies are all making it even more difficult to make profit because of all the large mini farms they are working on.

[LuanX3]

What are the first steps for a newbie to start mining ?

search a tutorial on youtube or blog, im my opinion it's the best way to learn

[mrcash02]

Do not!!  There is not much of a profit that can be made with mining now.  The structure is too difficult in my opinion and the larger companies are all making it even more difficult to make profit because of all the large mini farms they are working on.

Yes, you are right. Small miners can't compete with big mining businesses. They have better (and many) equipments, smallest fees, big places... I think it doesn't worth. It doesn't mean right and sure profit.

[Mastsetad]

What are the first steps for a newbie to start mining ?

Better to skip it, mining can be too complicated for a newbie as it is a very complex part of bitcoin which is not easy to be done.
And i've heard it from a lot of people that mining now a days is not so profitable until you are having a free of cost electricity.
But i would suggest you to go for something else as you are a newbie and have no knowledge about these things, so you may confuse yourself in all that.

[reee]

What are the first steps for a newbie to start mining ?

not start mining

[The Arcitect]

I would do some research into the mining program you will be using as they differ and if not tweaking, you can lose some valuable mining time if not prepared before building your rig.

[VerdinaNET]

Thank you for all your advices. Perhaps I really have to do some research above all.

[kwaasteniet]

The first and only step is:
stop with mining it is for a normal person almost impossible to mine profitable without huge investments

[wintermeasures]

What are the first steps for a newbie to start mining ?

First you could count the funds that you have to start, because we know that mining is not free. Moreover, the equipment is very expensive and not hardmining and capital estimates will be back in 3 months. I do not recommend cloud mining, because of the risk scam. thank you

[lightofheaven_clone1]

I've heard about Bitcoins for quite long time ago, then my brother in law asked me whether I heard anything about it. Because he's mining Bitcoins and still getting profit. I think one of the reason for his considerable success is he invested a lot of money (to me) about 100k USD. And of course the electricity price is quite cheap in my undeveloped country.
He asked me to play with him, that's why I join this forum and start reading.
Just my story for all of u to chit chat  Hope it helps sth.

[merclies]

What are the first steps for a newbie to start mining ?

You can do the smart thing:

• Step 1: Understand how bitcoin difficulty works and why.
• Step 2: Understand how many hashes per second your mining equipment can calculate.
• Step 3: Understand how much electricity your mining equipment will use.
• Step 4: Understand the real amount your electricity costs (including all taxes, fees, and additional charges).
• Step 5: Determine if you will need to run any cooling equipment to keep your mining equipment from overheating.
• Step 6: Understand how much electricity that cooling equipment will use.
• Step 7: Do some math and (unless you have really cheap electricity, really cheap cooling, and access to really cheap mining equipment) realize that you'd get more bitcoins by just buying the bitcoins with the cash instead of spending all the cash on mining.
• Step 8: Give up on mining and buy some bitcoins

Or you can do what LOTS of people do:

• Step 1: Buy some mining equipment.
• Step 2: Plug it in and ignore and configure it to start mining
• Step 3: Ignore the increased cost of electricity to run the equipment and cool it
• Step 4: Wait for the bitcoins exchange rate to go up
• Step 5: Convince yourself that since you get more USD for the bitcoins than you spent to generate the bitcoins you came out ahead
• Step 6: Live happily in your ignorance, never realizing that you would have had a LOT more bitcoins (and therefore a LOT more money) if you had just bought the bitcoins with the cash in the first place instead of trying to mine them

There is not much of a profit that can be made with mining now.