Bitcoin Mining for Beginners

[playjackpothunter]

Hi all,

I always wanted to mine bitcoin but I know it's very expensive in terms of electricity. Can someone tell me how to start one and how long for you to mine something?
If there are any other mining that can be nice to consider?

Sorry it's super super beginner level. Hope I can get some answers!

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What you will first consider is the miner that you want to buy. How much is it and what is its electricity consumption per hour. You will use that to calculate what will be the cost of the electricity it will use if you are using it to mine for certain period of time. You can see many mining profit calculator online which you can use for the calculation.

If you make the calculation and you see that you can make profit from it. I mean if you have cheap electricity, then you can consider to buy the miner or miners and setup the miners for mining. Then you will join a mining pool.

Know that ASICs are use to mine bitcoin. They are very expensive and make huge amount of noise. But there are ways you can reduce the noise.

[TheUltraElite]

Do check out the site whattomine, a simple search will lead you to website, there you can compare GPUs, ASICs to mine on specific algorithms and the coins supported on that algorithm, how they have been performing and what profits you can expect.

Dont think this to be a one shot winner thing, mining is almost a full time job if you want to be able to hit that block once a while and reap the jackpot profit. Decide on your electricity costs and maintenance costs, those go in the negatives while the return comes in the positive. A load of youtube videos are also there about mining, you can check those out too.

For beginners, I would suggest reading and learning about the process and the setup first and the costing. Its enough to throw your enthusiasm away, even though I am not trying to be mean, its the truth.

[Coin_trader]

Hi all,

I always wanted to mine bitcoin but I know it's very expensive in terms of electricity. Can someone tell me how to start one and how long for you to mine something?
If there are any other mining that can be nice to consider?

Sorry it's super super beginner level. Hope I can get some answers!

I do this kind of research way back when I’m still curious on mining because we have a free electricity coming from a neighbor that connects with us since their property can’t be processed to have their own electricity due to legal issue.

It all depends on the electricity rate cost on your country. If it’s high then don’t bother anymore doing mining because you will just get minimal profit while mining rig is expensive if you will purchase the latest better for better mining power and efficiency.

The website recommended by @Theultraelite is good for calculations about your potential profit. Check there first to determine profitability then continue about researching about your mining rig if ever the electricity cost is profitable for mining.

[NotFuzzyWarm]

Oh, perhaps checkout the Beginners & Help area of the Forum...

[philipma1957]

https://bitcointalk.org/index.php?topic=5480799.0

above is the low cost nano 3

it is decent for a beginner.

[anna_20]

Do check out the site whattomine, a simple search will lead you to website, there you can compare GPUs, ASICs to mine on specific algorithms and the coins supported on that algorithm, how they have been performing and what profits you can expect.

Dont think this to be a one shot winner thing, mining is almost a full time job if you want to be able to hit that block once a while and reap the jackpot profit. Decide on your electricity costs and maintenance costs, those go in the negatives while the return comes in the positive. A load of youtube videos are also there about mining, you can check those out too.

For beginners, I would suggest reading and learning about the process and the setup first and the costing. Its enough to throw your enthusiasm away, even though I am not trying to be mean, its the truth.

would you please tell me what did you mean by " to hit that block once a while and reap the jackpot profit" ?

[TheUltraElite]

would you please tell me what did you mean by " to hit that block once a while and reap the jackpot profit" ?

Being the one to add the candidate block to the blockchain while mining is what I meant to say there. If you are mining solo, the entire reward is yours to keep, but if you are mining in a pool, then your prize is distributed among the pool members. Some miners are mining solo or with a pool hoping they or the pool hits a block, which is rare and hence the term "jackpot".

[darrenmac]

Hi all

on this subject i recently used an app called changenowapp.uk which says you can buy minning machines using usdt
i think is a scam can anyone verify these guys.

Thanks

[naboo]

Would it be feasible to make a profit by mining crypto on PCs or laptops and not on rigs?

I am not very good with computers, hardware especially, so an option where I don't have to operate and manage these rigs would be preferable.

[TheUltraElite]

Would it be feasible to make a profit by mining crypto on PCs or laptops and not on rigs?

Nope, everyone out there is mining on ASICs and that is what you should also use if you intend to mine anything at all. Gone are the days o GPU mining on laptops with cards.

I am not very good with computers, hardware especially, so an option where I don't have to operate and manage these rigs would be preferable.

If you are planning to mine, you need to have a working knowledge of how the machines work, how the PSU works and how to manage the cables among other things. These are not difficult and can be learnt as you are working with them. The forum community here is also very helpful and you can learn a lot from the YouTube videos too if you spend some time on them.

[bitcoin_mining]

I've always had and still have an interest in mining, so I'm always trying to learn how to mine or how to start mining. Trying to learn about mining, I learned that mining requires a lot of electricity. The price of electricity in our area is very high, if a lot of electricity is needed, if I set up bitcoin mining in my area, I may not be able to make a profit from mining bitcoins. Can I mine bitcoins using solar panels as the cost of electricity is high?  Looking for expert advice on this.

[anna_20]

would you please tell me what did you mean by " to hit that block once a while and reap the jackpot profit" ?

Being the one to add the candidate block to the blockchain while mining is what I meant to say there. If you are mining solo, the entire reward is yours to keep, but if you are mining in a pool, then your prize is distributed among the pool members. Some miners are mining solo or with a pool hoping they or the pool hits a block, which is rare and hence the term "jackpot".

I understood, thank you for explaining. 

[Dragon76]

I've tried cloud mining, buy/lease schemes, and other stuff.... waste of time.

The only way that really works is owning a "real" miner that can run anywhere to start at $2k to considerably more. If you're planning to use real ASIC miners, consider working with a hosting company. They can manage energy costs, and handle the hosting and maintenance of your miner. You buy and own the miner. My experience is that the companies have new and used machines you cabn buy. This is the only way I have found to actually make money mining.

Other tip is use a  U.S.-based company. I had bad luck in China and Venezuela.

Moral of the story I was always trying to find a low cost way to do it and if I just would have spent money upfront I actually would have saved a ton and been actually making money.

I worked with Green Light Mining, though there are other reputable companies.

[Dragon76]

Would it be feasible to make a profit by mining crypto on PCs or laptops and not on rigs?

I am not very good with computers, hardware especially, so an option where I don't have to operate and manage these rigs would be preferable.

You can just work with a hosting company. I don't want to be promoting anyone but you can read my other post. You buy it they host and manage. There is a monthly fee and the bitcoin (or whatever) is deposited into your wallet from the mining pool.

Don't get me wrong, you should have an understanding of how miners work and the technology but the days of someone running a successful miner from their basement wher they do everything themselves is loooong gone unless they are dropping a lot of money. Just the heat aolne a miner puts off needs a lot of consideration. Don't forget the the power used.

[BitMaxz]

Hi all

on this subject i recently used an app called changenowapp.uk which says you can buy minning machines using usdt
i think is a scam can anyone verify these guys.

Thanks

Based on the age of the website you mention it is still new and I never heard of this website before another thing is when I check the site I don't see anything related to mining machines it is more likely an exchange site and it pushes you to download the app the weird part is instead of redirect you to apple store or play store it downloaded the app directly from their website which is we do not know how safe it is.

Be careful for me the site might be a phishing site better stay away from this site.