Am new to Blockchain/Bitcoin.

[Africana]

what am i needed to purchase to start mining Bitcoins/altcoin.
Bitcoin technology is pretty bnew in my country, i also needed how to acquire knowledge so that i can learn and also teach people around me about blockchain crtpocurrency.

thanks.

[ranochigo]

At the start of Bitcoin, users mined Bitcoin with CPUs on their computers. As the days passed, users started using GPUs to mine and it is much more energy efficient. Years later, FPGA emerged and ASICs. ASICs are designed to do a specific task and in this case, mining Bitcoins by solving complex algronithm. The mining landscape is dominated by big farms with a warehouse full of ASICs and profit is easy that way with the increasing competition. Unless you have lots of money, land and extremely cheap electricity, you are likely to make next to no profit. If you really want to mine for fun, I suggest going for Bitmain ASICs[1] as they are the best AFAIK.

[1] https://www.bitmaintech.com/

[gentlemand]

To mine Bitcoin these days you need free or negligibly priced electricity, several thousand to several million dollars to buy the specialised machinery and somewhere to keep them all. There are very few people and areas where anyone can make a go of it any more without losing their money.

[Herbert2020]

what am i needed to purchase to start mining Bitcoins/altcoin.
Bitcoin technology is pretty bnew in my country, i also needed how to acquire knowledge so that i can learn and also teach people around me about blockchain crtpocurrency.

thanks.

you need to worry about your electricity cost before thinking about anything else about mining whether it is mining bitcoin or mining altcoins.

then in the next step if you found out that you have a rather cheap electricity that makes it worth your effort then i suggest you mine altcoins that are GPU mineable. in this case you only need to buy a good GPU which you can use to do other stuff like gaming with and also mine in your off times.

check this site too it is helpfull: www.coinwarz.com


as for knowledge about blockchain/bitcoin technology use google and stackexchange and this site to find the answer to your questions and also check out bitcoin wiki at https://en.bitcoin.it/wiki

[Africana]

Sound like Bitcoin mining is quiet an expensive business to venture in- almost akin to oil drilling- Which is other way of acquiring/ buying Bitcoins and is it a sound investment-  anybody who can answer me without Sarcasm.

[Snorek]

Sound like Bitcoin mining is quiet an expensive business to venture in- almost akin to oil drilling- Which is other way of acquiring/ buying Bitcoins and is it a sound investment-  anybody who can answer me without Sarcasm.

It is because you are late. Bitcoin mining is dead for normal people. Mining is now conducted by specialized mining farm (mainly from China) with rigs worth thousands, millions of dollars.
If you are 1 man with budget of couple thousands of dollars, then it is not even worth starting. Here you will find detailed information about this topic: https://www.quora.com/Is-Bitcoin-mining-still-profitable-in-2016

[amacar2]

There are two sites i found helpful to understand bitcoin mining and bitcoin as overall. One is https://www.bitcoin.com/ and another one is https://www.bitcoinmining.com/ (they may have some banners promoting cloud mining ponzis, don't invest in cloud mining ponzi you may lost what you have invested).

I think if electricity cost is very high in your country it will be cheaper to buy bitcoin directly rather than trying to pull profit out of bitcoin mining.

[jak3]

honestly i wont advice to do mining as becuase day by day it will become harder and harder to mine ..as the difficulty will increase depending on how many miners are working on the blocks and if you go for altcoin mining then i do not have any idea what you will gain

[gentlemand]

Which is other way of acquiring/ buying Bitcoins and is it a sound investment-  anybody who can answer me without Sarcasm.

What country are you based in? That's going to decide your choices where to buy Bitcoin.

No one can tell if you if it's a sound investment. You need to decide for yourself.

[stiffbud]

what am i needed to purchase to start mining Bitcoins/altcoin.
Bitcoin technology is pretty bnew in my country, i also needed how to acquire knowledge so that i can learn and also teach people around me about blockchain crtpocurrency.

thanks.

First you need to know more about bitcoin and blockchain before deciding to invest a lot in it. Youneed to know the risk involved in investing your time and money. The forum can help you with the common knowledges you should know. Just browse thru threads and you may find good information.

[Kprawn]

Sound like Bitcoin mining is quiet an expensive business to venture in- almost akin to oil drilling- Which is other way of acquiring/ buying Bitcoins and is it a sound investment-  anybody who can answer me without Sarcasm.

Yes, you are better off buying Bitcoin with the money you want to spend on Mining equipment {Asic's} and hoarding it for a couple of months,

and then selling it, when the price increased. The difficulty is much too high for the small guys to compete with Chinese Mining farms. You could

get into some Alt coin mining, but I still feel hoarding & selling {trading} is a much better option now. 

[mindrust]

If you don't have free electricity, don't ever think about mining. It is long over for average people. Your hardware will get obsolete sooner than you reach to your ROI. Don't give your money to cloudmining businesses neither. They pretend like they are mining for you and sharing the profit but that's a lie. Be warned.

[calkob]

you are probably a bit late to be mining bitcoin unless you have deep pockets (lots of money)  you may still be able to mine some good altcoins with a decent Graphics card.   

[Shinpako09]

Was this thread belong here? I think its belong in beginners & help. Anyway its not a good idea for a newbie to just invest in mining with less information about bockchain/bitcoin. Better yet buy a bitcoin and wait until price increase.

[xylate]

Basically do your own research

[MingLee]

what am i needed to purchase to start mining Bitcoins/altcoin.
Bitcoin technology is pretty bnew in my country, i also needed how to acquire knowledge so that i can learn and also teach people around me about blockchain crtpocurrency.

thanks.

Basically if you want to find out what you'll need to buy to mine Bitcoin or altcoins you should use google, because there are far better sources on there than there are on here.

For basically your entire post I recommend using google, because if Bitcoin is available then there is more than likely google, and the information you can find will be far better than that you can find by anyone's opinion on here.

[Vodka555]

Just watch a couple of videos on YouTube if you don't like reading.

[MyBTT]

You really don't want to start mining. Mining will need a large initial investment to actually be profitable, and could burn down your house. Simple.

[darklus123]

I am not that expert in terms of mining but i saw one person before who really do mine CPU at first on his office. He is actually a techincal support on that company and at the what so called barracks. There where CPU's there being set up for their network and he used all that for mining purpose as well. Those CPU's are running 24/7 having 18 degree cel

[Dudeperfect]

I would suggest you to read, read and read more about it before spending any money. Bitcointalk is a great community where you can get more than enough information about crypto currencies and especially about bitcoin. Don’t rely on other opinions and do your own research. I believe crypto currency is a wonderful world and money 2.0 thus has great future, welcome to this amazing world.