Mining Equipment

[Ctstrphy]

Good day. May I ask how mining really works technically? And what is the composition of the mining equipment? What is the difference in mining equipment of bitcoins and altcoins? I would like to learn how to make one, just for the learning and fun. Thank you.

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[1715057127]

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[1715057127]

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[kolloh]

Good day. May I ask how mining really works technically? And what is the composition of the mining equipment? What is the difference in mining equipment of bitcoins and altcoins? I would like to learn how to make one, just for the learning and fun. Thank you.

Mining equipment is just specialized hardware to solve the mining problem. Different altcoins use different algorithms and may require different hardware which is why Bitcoin ASICs won't work a lot of altcoins.

Designing your own mining hardware is a large undertaking and won't be easy unless you just plan to make a PC with a bunch of GPUs to do some altcoin mining.

[Ctstrphy]

Good day. May I ask how mining really works technically? And what is the composition of the mining equipment? What is the difference in mining equipment of bitcoins and altcoins? I would like to learn how to make one, just for the learning and fun. Thank you.

Mining equipment is just specialized hardware to solve the mining problem. Different altcoins use different algorithms and may require different hardware which is why Bitcoin ASICs won't work a lot of altcoins.

Designing your own mining hardware is a large undertaking and won't be easy unless you just plan to make a PC with a bunch of GPUs to do some altcoin mining.

I am planning to mine coins that I think it will have a good potential value in the future. I think I am too far behind to build my own rig on mining BTC so I am trying to get some information on how it would work similarly with altcoins. Does it need a special software to mine coins?

[kolloh]

Good day. May I ask how mining really works technically? And what is the composition of the mining equipment? What is the difference in mining equipment of bitcoins and altcoins? I would like to learn how to make one, just for the learning and fun. Thank you.

Mining equipment is just specialized hardware to solve the mining problem. Different altcoins use different algorithms and may require different hardware which is why Bitcoin ASICs won't work a lot of altcoins.

Designing your own mining hardware is a large undertaking and won't be easy unless you just plan to make a PC with a bunch of GPUs to do some altcoin mining.

I am planning to mine coins that I think it will have a good potential value in the future. I think I am too far behind to build my own rig on mining BTC so I am trying to get some information on how it would work similarly with altcoins. Does it need a special software to mine coins?

Yeah, special software is needed that can take advantage of any customized hardware. Most altcoins already have software that can do the mining with CPU or GPUs but if you plan to use some specialized hardware like an ASIC for example, you would probably have to add support for it yourself.

[Ctstrphy]

Well, thanks for the info. Is it still cost-wise to mine new altcoins provided the risk that it would be worthless?

[xypos]

Good day. May I ask how mining really works technically? And what is the composition of the mining equipment? What is the difference in mining equipment of bitcoins and altcoins? I would like to learn how to make one, just for the learning and fun. Thank you.

The times when you could have use your own desktop PC to mine bitcoins and stay on profit, has passed and will never be back.
You just simply pay more for the electricity, than the bitcoins mined will be worth To obtain some of this great cryptocurrency not through any kind of exchange, but just through mining it then you will need to buy some specialized machines for tha, called the mining rigs.
Their prices are usually kind of high, and the whole business won't be worth to start if you dont have really cheap/free electricity in your region.

As i can see that you have newbie rank, i would recommend you just not thinking about mining any bitcoins, if you really want to get involved in that, then go with altcoins (unless you are able to pay a lot to start mining bitcoin)

[pixie85]

Well, thanks for the info. Is it still cost-wise to mine new altcoins provided the risk that it would be worthless?

Yes it is. It's a risk, but the possible gain is much greater. When a new altcoin comes out you should first observe the ANN thread and decide if the devs are trusted and dedicated to the project. If you decide the coin is worth a try simply spend a couple days mining it and the cost of such operation for a small home setup will be small. You'll spend maybe $10 on something that could be worth $100.

[hardtime]

Well, thanks for the info. Is it still cost-wise to mine new altcoins provided the risk that it would be worthless?

Some people have conflicting views on all of this, I personally would say that it is still worth it and you'd be buying GPU's that you'd be able to sell anyway and get back a good amount of your investment so you should be able to make some sort of profit if you live in an area with cheaper electricity and you set up the rig right.

There is some sort of risk but you can mitigate this by converting the altcoins into bitcoin on a sort of time basis, be it daily, weekly, monthly, etc etc.

[italianMiner72]

Good day. May I ask how mining really works technically? And what is the composition of the mining equipment? What is the difference in mining equipment of bitcoins and altcoins? I would like to learn how to make one, just for the learning and fun. Thank you.

hi Ctstrphy !
Basically, are all the same: you need a machine suitable for Heavy calculation.
then, you can have 2 big Group of miners
1) ASICS
2) all the Others, mainly GPU/CPU, and HDD

ASIC, is suitable to do just one thing, but very welland fast
All the Others, can be used for mining and other things...
another big big difference between the two groups, is who when you stop mining, ASIC will be used just as door stoppe or if you prefer as paperweight
CPU, GPU, and hdd, can be reused or reselled...