Mining

[The-Bark]

OK, so i now understand the Purchasing of Bitcoins thanks to this Forum. But now I am wondering how to mine. Is it safe? Is it hard? If anyone can help me that would be great!

[franky1]

doing it on a normal computer wont yield anything

the current main pools are the equivelent hash power of 100,000,000,000 computers.

these days you need a special piece of equipment called a bitcoin mining ASIC
the current top rated bitcoin mining ASIC has the power of 4,000,000 computers.
which on its own is not enough to compete against the pools. as you will require about 25,000 units to equal the same hashpower as one of the top mining pools

however knowing the top pools get about 300btc a day, one asic joining a pool and getting one 25000th of that pools earnings is still better than nothing (starting at 0.012btc a day)

however here is the kicker,
with adjustments of difficulty and also competition from others. you may not break even within the year.(just based on retail price of an asic and a 5% reward adjustment for difficulty and/or competition per fortnight)
you would only really achieve an acceptable return of investment after costs if you can get the asic atleast half the retail price and also have cheap labour/building/electric costs.
so unless you are thinking of going super large and starting up a pool of your own with tens of thousands of bitcoin mining asics bought below retail prices, you would be safer to just buy bitcoin and hold it, and skip trying to mine bitcoin.

sorry if my post is not a fluffy happy reply informing you of being a bitcoin millionaire with just a small investment. but i prefer to just be frank in my posts.

[Sir Alpha_goy]

All you need to know is that the market is cornered:

http://www.bbc.com/future/story/20160504-we-looked-inside-a-secret-chinese-bitcoin-mine

Two years ago Chinese mining was just 40% of all the mining equipment in the world,” he says. “Right now it’s already 70%. So Chinese mining is very important.

[machinek20]

Mining is important in order to keep bitcoin transaction alive, then the question is it difficult to mine? not really you just need a lot of money to start and buy the equipment, but the return profit is not really good for now, so its not really recommended to start mining now

[Slark]

Although as others already stated bitcoin mining is NOT profitable anymore for normal people. There is still possibility for you to mine various altcoins.
Some of them can be mined with GPU or CPU and because they usually  have very significant hash power behind them solo mining is still possible.

Then you can convert your mined altcoin to bitcoin using services like Shapeshift.io in matter of minute.

[jacee]

OK, so i now understand the Purchasing of Bitcoins thanks to this Forum. But now I am wondering how to mine. Is it safe? Is it hard? If anyone can help me that would be great!

We have a dedicate dboard for all mining related questions and stuff here:
https://bitcointalk.org/index.php?board=14.0
Most faqs are answered in there already as how to start ad where to mine. Your question provably has been asked before. Just read.

[JeffBrad12]

OK, so i now understand the Purchasing of Bitcoins thanks to this Forum. But now I am wondering how to mine. Is it safe? Is it hard? If anyone can help me that would be great!

Probably your questions are already answered in the another subsection of mining, in this forum. but you can search for the information is you need.
Mining is safe, maybe for a newbie in here that is will become difficult for doing that. visiting the correct subforum is better for you to getting a fast in your understanding about mining.

[raphma]

there is this great tool called google, you should try it sometime.

[traderethereum]

OK, so i now understand the Purchasing of Bitcoins thanks to this Forum. But now I am wondering how to mine. Is it safe? Is it hard? If anyone can help me that would be great!

mining bitcoin is safe but its hard with high difficulty for now. but if you really want to mining, then i would suggest you to trying mining altcoin. but first you need to have the hardware like a2 terminator or others. don't even think to join cloud mining because it would be scam your money.

[Yutikas_11920]

It depends how or from where you dig. If you are using mine mining it is quite beneficial when there is a number of tools have mining, so this is not difficult and is very safe for your concluding. But you have to do a very high protection for your wallet, because usually the wallet is the most in the search by hackers

[olubams]

doing it on a normal computer wont yield anything

the current main pools are the equivelent hash power of 100,000,000,000 computers.

these days you need a special piece of equipment called a bitcoin mining ASIC
the current top rated bitcoin mining ASIC has the power of 4,000,000 computers.
which on its own is not enough to compete against the pools. as you will require about 25,000 units to equal the same hashpower as one of the top mining pools

however knowing the top pools get about 300btc a day, one asic joining a pool and getting one 25000th of that pools earnings is still better than nothing (starting at 0.012btc a day)

however here is the kicker,
with adjustments of difficulty and also competition from others. you may not break even within the year.(just based on retail price of an asic and a 5% reward adjustment for difficulty and/or competition per fortnight)
you would only really achieve an acceptable return of investment after costs if you can get the asic atleast half the retail price and also have cheap labour/building/electric costs.
so unless you are thinking of going super large and starting up a pool of your own with tens of thousands of bitcoin mining asics bought below retail prices, you would be safer to just buy bitcoin and hold it, and skip trying to mine bitcoin.

sorry if my post is not a fluffy happy reply informing you of being a bitcoin millionaire with just a small investment. but i prefer to just be frank in my posts.

Youve given a very elaborate explanation even though frank as it may be but youve not only enlightened op but me too because I come across all this cloud minning stuff and I asked myself if its even possible as they turn into scam at the end of the day... But I would want you to explain if cloud minning is even possible? Am asking as a rtesult of curiosity...

[chaser15]

OK, so i now understand the Purchasing of Bitcoins thanks to this Forum. But now I am wondering how to mine. Is it safe? Is it hard? If anyone can help me that would be great!

You understand how to purchase bitcoin by reading on this forum. You missed the Mining section?

Let's get to the point, if you really want to do it you can take others response but for me I have to say that forget bitcoin mining and just do accumulation of bitcoin by purchasing it.

[~Bitcoin~]

Mining used to be profitable in past even when you are using your computer to mine bitcoin. But now after lots of giant company have already started mining with their big mining rigs costing in thousands, difficulty level is in top. So even you buy some mining device and start mining it will not be profitable.

And actually if you think price can go up in near future, than better you purchase bitcoin direct from market than buying device and trying to get your ROI back for years.

[coindancer]

Mining used to be profitable in past even when you are using your computer to mine bitcoin. But now after lots of giant company have already started mining with their big mining rigs costing in thousands, difficulty level is in top. So even you buy some mining device and start mining it will not be profitable.

And actually if you think price can go up in near future, than better you purchase bitcoin direct from market than buying device and trying to get your ROI back for years.

mining must be profitable at least to some or else why would you mine. so the question is when it is a good idea to mine.
you need room where you can be loud, also you need a place where the price for electricity is low and you need the right hardware which is pricey.

[magemist]

i would only believe in hardware mining and not in cloud mining from all the horror stories you see about those fly by night companies.

[krishna1]

Yes mining is safe and yes it is hard too but buy a good mining rige is hard not mining with it.mining is just a process in which you use your machine power to solve some of the encrypted mathamatical problems(network blocks) and gets bitcoins in return

[wintermeasures]

OK, so i now understand the Purchasing of Bitcoins thanks to this Forum. But now I am wondering how to mine. Is it safe? Is it hard? If anyone can help me that would be great!

I Suggest You That Don't Try Out Mining Now A Days Because Mining Is Not Profitable At All For Normal People Because Of the Halving Passes This Year.....
Instead Of Mining You Can Start Trading With Your Bitcoins Because It is Much Profitable as Compare To Mining Now A Days.....

[Kray]

OK, so i now understand the Purchasing of Bitcoins thanks to this Forum. But now I am wondering how to mine. Is it safe? Is it hard? If anyone can help me that would be great!

Buy hardware and then mine this coin.

Is it safe to mine ?? yes
Is it hard to mine ?? yes, and it depend your hardware and coin to mine

[Decoded]

Is it safe?
Depends. You could technically melt/fry your laptop or computer's chipset while mining, so i'll recommend not to mine on a computer. Only on ASICs (Which aren't resistant to heat, mind you)

Is it hard?
Yes. The current network hashpower is about 1.6 exahashes. Your computer may only output a few megahashes, while an ASIC maybe close to 10 terahashes. Your odds are literally a billion to one.

TL;DR: Don't do it unless you have an ASIC.

[jonahmarieaton101]

OK, so i now understand the Purchasing of Bitcoins thanks to this Forum. But now I am wondering how to mine. Is it safe? Is it hard? If anyone can help me that would be great!

Probably your questions are already answered in the another subsection of mining, in this forum. but you can search for the information is you need.
Mining is safe, maybe for a newbie in here that is will become difficult for doing that. visiting the correct subforum is better for you to getting a fast in your understanding about mining.

Yes thank you for the information coz im a newbie in bitcoin. I will just visit the correct subforum so that i will pretty sure understand and get some information about mining.