Newbie Interested on Mining

[MattDylanBashedon]

Hi, i am new on this forum.. i dont know much about bitcoins but i been watching some videos already on Youtube.
And i am interested to learn more about Mining.
can anyone give me some advice on how to start?

[theflyingfury]

Hello,

First you need to decide upon which coin you want to mine because every coin acts upon different algos.

[MattDylanBashedon]

Thanks, Please if you can provide me some links to study on the types of coins to mine.

[mcs_john]

Hello,

A good place to start for beginners is NiceHash. You will in fact sell your hashing power to buyers and you will get paid in BTC. Another place like this is minningpoolhub.

[MattDylanBashedon]

Thank you @mcs_john, I'll check it out..

[bitcoin_green]

Hi, i am new on this forum.. i dont know much about bitcoins but i been watching some videos already on Youtube.
And i am interested to learn more about Mining.
can anyone give me some advice on how to start?

Mining is quite easy to do at the lower level (you can mine on your computer/laptop) but it gets quite complicated when scaling up. You can mine somewhat efficiently on a powerful gaming computer. But then there's real miners. It requires a large industrial space to run miners. Miners are very loud and require massive amounts of electricity. To do it at this level you need a warehouse, electrical work, and a proper cooling system.

[BTCMILLIONAIRE]

Make sure to check your electricity price first. If it's above ~5 cent per KWH you won't be competitive in the long run. In the short term you'd be fine even with 20-30 cents, but that can change very quickly.

Keep in mind that you can very easily brick your hardware if you don't know what you're doing, which could end up losing you GPUs before you even created any profit from them. Read up as much as you can and then do the Math to see if it's worth to start mining for you or not.

[ThreeForty]

Make sure to check your electricity price first. If it's above ~5 cent per KWH you won't be competitive in the long run. In the short term you'd be fine even with 20-30 cents, but that can change very quickly.

Keep in mind that you can very easily brick your hardware if you don't know what you're doing, which could end up losing you GPUs before you even created any profit from them. Read up as much as you can and then do the Math to see if it's worth to start mining for you or not.

If your not familiar with overlooking your PC, then I would highly suggest doing a quite a bit of reading, along with some trial and error. I have burned up a cpl processors back in my early days with not having proper cooling.

[BTCMILLIONAIRE]

Make sure to check your electricity price first. If it's above ~5 cent per KWH you won't be competitive in the long run. In the short term you'd be fine even with 20-30 cents, but that can change very quickly.

Keep in mind that you can very easily brick your hardware if you don't know what you're doing, which could end up losing you GPUs before you even created any profit from them. Read up as much as you can and then do the Math to see if it's worth to start mining for you or not.

If your not familiar with overlooking your PC, then I would highly suggest doing a quite a bit of reading, along with some trial and error. I have burned up a cpl processors back in my early days with not having proper cooling.

Cooling usually won't be a concern (unless you live in the desert) with mining rigs, because it usually involves undervolting to save on electricity bills. If you do it in too large steps you can still fry your cards though.

[beambee18]

hello, in my own opinion, you really need more knowledge about mining or else you will end up losing your hardware, and you need big capital in order to run mining.

[MattDylanBashedon]

Hi, beambee18, we are both newbies on this forum and both interested on mining..
all of them are talking about consumption on electicity..
i did a little bit of research, and found out that most of the sites on mining provides calculator that gives you the idea on how much you will get at the end.


see below link as sample:
https://www.cryptocompare.com/mining/calculator/eth?HashingPower=20&HashingUnit=MH%2Fs&PowerConsumption=140&CostPerkWh=0.12&MiningPoolFee=1

[Crytptohack]

Mining POW coins/tokens requires a lot of energy as your pc(s) need to be running 24/7. There are specific mining rigs like the antminer that you can purchase, but many are expensive. (Some are even sold out)

You can generate coins another way with coins that are Proof of Stake (POS). You purchase the coins and leave them in your wallet with your PC running. It will generate additional coins based on how many you have.  So in essence, they are dividend paying coins.

It is one way to generate a passive income that does not use a lot of electricity other than leaving your pc on. (Which is not trying to execute algorithms to complete a blockchain)

[mcs_john]

Hi, beambee18, we are both newbies on this forum and both interested on mining..
all of them are talking about consumption on electicity..
i did a little bit of research, and found out that most of the sites on mining provides calculator that gives you the idea on how much you will get at the end.


see below link as sample:
https://www.cryptocompare.com/mining/calculator/eth?HashingPower=20&HashingUnit=MH%2Fs&PowerConsumption=140&CostPerkWh=0.12&MiningPoolFee=1

You can also check https://whattomine.com/ which provides information on profitability for different GPUs and algorithms, including power costs. Another place to check can be nicehash profitability calculator.

[LtMotioN]

If  you want to mine an actual altcoin and not indirectly mine BTC via nicehash https://whattomine.com/ is a good place to check whats best to mine for what hardware you have.

Like the other guys said, cooling is very important.

[darkangel11]

Hello,

A good place to start for beginners is NiceHash. You will in fact sell your hashing power to buyers and you will get paid in BTC. Another place like this is minningpoolhub.

Cloud mining isn't mining! It's about time people stopped inviting others to join this unprofitable business that's taking advantage of people who can't do math and are too lazy to do some research.

If  you want to mine an actual altcoin and not indirectly mine BTC via nicehash https://whattomine.com/ is a good place to check whats best to mine for what hardware you have.

Like the other guys said, cooling is very important.

Oh yea, another one...
Indirectly mine? Meaning you give your money to someone else and believe that person is going to mine for you. How is that different from gambling?
First rule of cryptocurrencies - you control your private keys.

OP if you want to mine yourself try something that's cheap and easy like HDD -based cryptocurrencies. For example burst. THe setup won't cost you much and won't consume a lot of power. If you like the idea you'll easily be able to increase your mining power or sell the equipment and buy a gpu rig or anything else.

[maskal89]

checkout butst coin, proof of capacity mining. it saves electricity.

[munir15]

Hello im new in this forum i need help how can i do in mining and what shoul i do first before go to mining.thank you

[siagh357]

You must aqcuire the hardware for mining, acquire knowledge in mining setups while preparing yourself to pay huge electricity cost for mining. You will need to join a mining pool and pay a fees and the same time maintain the mining hardware. As individual, mining isnt profitable and is never recommended if you don't have the required knowledge to make things work.

[amzad]

Bitcoin is the currency of the transaction. In 2008, Satoshi Naakamoto introduced this coin. He called this currency as peer-to-peer transaction. Bitcoin transactions are protected by a server named Bitcoin Miner. If there is a bitcoin transaction between peer-to-peer communication systems in multiple computers or smartphones, its central server user laser updates. As soon as a transaction is completed, new bittacquines are produced. By 2140 new bits of bits will be reduced to half every four years. After 2140, 21 million Bitcoins will not be produced and no new bits will be made.
Feeling very difficult? There is no problem. If you know how much a bitcoin is equal to dollar, you will get crazy to earn Bitcoin. The current price has decreased some 1 BTC = 10832 $

[neo444]

For mining you must to have a strong pc and you must to becareful of scam mining sites you can visit that site badbitcoin.org to make a verification before mining