I want to start Mining

[Gunday_07]

I’ve been in crypto since 2013 years or so and most people whenever they hear that I’m an expert they ask me about mining. I explain to them how you need specific equipment such as ASICS and low power costs. When they find out you make so little they either think I’m lying or just they give up.

Bitcoin and crypto is associated with the whole “get rich quick” mentality. Because when you think of a Bitcoin investor you think of someone that is wealthy. And it’s true for those that mined back in the day with their old GPUs. However many don’t realize that there is something called difficulty and that it’s vert difficult for a new comer to make decent money with mining let alone “get rich quick” type of money. If it was this easy, everybody would be mining instead of working.

You are right, I don't like wasting my time on newbies that want to have idea about crypto mining because in the end they will walk away, this isn't even about difficulty, some people are just too lazy to monitor rig, maintain them and tweak them too, they just want plug and play, I built one for a friend and he sold them a month later saying he doesn't like the idea

[mjsocool]

Perhaps mining now is no longer profitable for 2017. There have been a lot of rigs that have to be thrown away because of not enough electricity.

[Amph]

I want to start mining in profitable coin, how i start and which hardware i need for mining, please guide me.

You are aiming way too high, if you have plan to make 500$ every month wait and build for farm in bear market, you will get GPUs for cheaper price or even ASIC miners too, you could be looking into 50k for 5GH to 6GH in bear market

He wants like $500 a day..... honestly hes asking way too much. Im guessing he doesn't have hundreds of thousands $ spare.

500 in a month is actually easy with just two 3090, i doubt he is askign for 500 a day, that's stupid...

[adaseb]

$500 a month is certainly possible these days but you would be surprised how many people I know which will say “only $500 a month? I thought crypto was going to make me rich”! And even if the $500 was guaranteed with little investment most wouldn’t go for it.

The issue is in my tight circle of friends, most that made lots of money in crypto mined when mining was not profitable. One guy I know mined with an ASIC that he bought for $20 on Craigslist and he mined at a loss everyday. However he knew back in 2015 that BTC is the future and he will get at least $10000 a coin. He used like 500watta of power and he only made like 0.003 BTC a day, which was nothing but then but he kept it all forgot about it and I think he didn’t sell at $10K but sold at $3K.

How many people do you know in 2021 that will mine at a loss and hold it for $250K? Probably nobody willing to do that. They just want their $500 a day, now and that’s it.

[Refrumatrix]

Perhaps mining now is no longer profitable for 2017. There have been a lot of rigs that have to be thrown away because of not enough electricity.

If this is so true how come ETH mining difficulty is so high till date? If this is so true how come there are scarcity of GPUs around the world? If this is so true where are all the GPUs from China after their government ban crypto mining in the country? Do good research first before making statements

[cryptodude]

I want to start mining in profitable coin, how i start and which hardware i need for mining, please guide me.

Mining is the process of verifying and recording transactions on a blockchain network using powerful computers to solve complex mathematical problems. Cryptocurrency is a popular and potentially profitable activity in the digital age. You, as a cryptocurrency miner, earn newly created digital coins by doing computational work on a decentralized network. But keep in mind that cryptocurrency mining requires specialized computer hardware, electricity, and a thorough understanding of the mining process for optimal results. Moreover, market volatility, power consumption and regulation management issues should be well looked into before venturing into cryptocurrency mining.

[Dowper_]

I want to start mining in profitable coin, how i start and which hardware i need for mining, please guide me.

Mining is the process of verifying and recording transactions on a blockchain network using powerful computers to solve complex mathematical problems. Cryptocurrency is a popular and potentially profitable activity in the digital age. You, as a cryptocurrency miner, earn newly created digital coins by doing computational work on a decentralized network. But keep in mind that cryptocurrency mining requires specialized computer hardware, electricity, and a thorough understanding of the mining process for optimal results. Moreover, market volatility, power consumption and regulation management issues should be well looked into before venturing into cryptocurrency mining.

Lol, this thread is 2 years old...

[EmpoEX]

You are a newbie 😏 so I'm sure you can't even set up a mining farm correctly, why can't you start with one GPU and see how that goes? Maybe you will end up liking it or not? For a newbie setting up mining rig will be so challenging

Someone is a newbie in this forum doesn't mean they are illiterate and don't know how to set up something. Nobody learns from their mom's stomach. Everyone has to at some point. You will see a bunch of tech guy in this forum who writes code and they are newbie in this forum.

[FP91G]

You are a newbie 😏 so I'm sure you can't even set up a mining farm correctly, why can't you start with one GPU and see how that goes? Maybe you will end up liking it or not? For a newbie setting up mining rig will be so challenging

Someone is a newbie in this forum doesn't mean they are illiterate and don't know how to set up something. Nobody learns from their mom's stomach. Everyone has to at some point. You will see a bunch of tech guy in this forum who writes code and they are newbie in this forum.

All the same, for mining you need to have experience in maintaining computer equipment and a little knowledge about safety in electrics. I have seen enough articles and videos of stupid miners who themselves do not understand the risk they put their hardware at. And without experience, a beginner will not be able to prepare a room for mining himself.

[EmpoEX]

You are a newbie 😏 so I'm sure you can't even set up a mining farm correctly, why can't you start with one GPU and see how that goes? Maybe you will end up liking it or not? For a newbie setting up mining rig will be so challenging

Someone is a newbie in this forum doesn't mean they are illiterate and don't know how to set up something. Nobody learns from their mom's stomach. Everyone has to at some point. You will see a bunch of tech guy in this forum who writes code and they are newbie in this forum.

All the same, for mining you need to have experience in maintaining computer equipment and a little knowledge about safety in electrics. I have seen enough articles and videos of stupid miners who themselves do not understand the risk they put their hardware at. And without experience, a beginner will not be able to prepare a room for mining himself.

I am sorry, I have to disagree. Being a newbie in this forum has no connection with his experience in maintaining computer hardware. I know some good technicians who even never heard of BitcoinTalk. Maybe some old miners do not have a BitcoinTalk account. Imagine one day a miner created a BitcoinTalk account and you judge him based on his account rank.

[arielbit]

You are a newbie 😏 so I'm sure you can't even set up a mining farm correctly, why can't you start with one GPU and see how that goes? Maybe you will end up liking it or not? For a newbie setting up mining rig will be so challenging

Someone is a newbie in this forum doesn't mean they are illiterate and don't know how to set up something. Nobody learns from their mom's stomach. Everyone has to at some point. You will see a bunch of tech guy in this forum who writes code and they are newbie in this forum.

All the same, for mining you need to have experience in maintaining computer equipment and a little knowledge about safety in electrics. I have seen enough articles and videos of stupid miners who themselves do not understand the risk they put their hardware at. And without experience, a beginner will not be able to prepare a room for mining himself.

I am sorry, I have to disagree. Being a newbie in this forum has no connection with his experience in maintaining computer hardware. I know some good technicians who even never heard of BitcoinTalk. Maybe some old miners do not have a BitcoinTalk account. Imagine one day a miner created a BitcoinTalk account and you judge him based on his account rank.

Good technicians will still learn something from mining. Like doctors with specializations, you will be dealing with heat and electrical stuff like never before in a technician's world hehe

[FP91G]

You are a newbie 😏 so I'm sure you can't even set up a mining farm correctly, why can't you start with one GPU and see how that goes? Maybe you will end up liking it or not? For a newbie setting up mining rig will be so challenging

Someone is a newbie in this forum doesn't mean they are illiterate and don't know how to set up something. Nobody learns from their mom's stomach. Everyone has to at some point. You will see a bunch of tech guy in this forum who writes code and they are newbie in this forum.

All the same, for mining you need to have experience in maintaining computer equipment and a little knowledge about safety in electrics. I have seen enough articles and videos of stupid miners who themselves do not understand the risk they put their hardware at. And without experience, a beginner will not be able to prepare a room for mining himself.

I am sorry, I have to disagree. Being a newbie in this forum has no connection with his experience in maintaining computer hardware. I know some good technicians who even never heard of BitcoinTalk. Maybe some old miners do not have a BitcoinTalk account. Imagine one day a miner created a BitcoinTalk account and you judge him based on his account rank.

I think we are talking about different things. You are not new to the forum and the rank on the forum does not indicate the qualifications of the miner.
But since any experienced miner has a lot of experience communicating with other miners, he can look at the posts of other participants and understand who has experience and who talks a lot about mining without experience.

[EmpoEX]

I think we are talking about different things. You are not new to the forum and the rank on the forum does not indicate the qualifications of the miner.

This is what I was talking about. I was telling the same thing to the user HashingTower. But you said all the same 

[fmz89]

I want to start mining in profitable coin, how i start and which hardware i need for mining, please guide me.

first how much electric cost in your place, skip if 0.1$+, from 0.05$ then starting to makes profit, remember minimum profit is 100% from electric price
at this point and for safe long term future get asic sha256 at best price/performance and check stock whic asic ready in your area living/country,
i wouldnt recomend buy asic oversea without warranty. buying gpu is safer bet if your plan fail in the future you can sell it to gamer.
asic = no resale value but at this very moment is most profitable for long term use and easy to manage,
gpu = has resale value if you bought second hand, and wait till bullrun to activate the miner, at this point you can gain knowledge and prepare for next bullrun. just try buy 2 gpus instead for learning

[FP91G]

I want to start mining in profitable coin, how i start and which hardware i need for mining, please guide me.

first how much electric cost in your place, skip if 0.1$+, from 0.05$ then starting to makes profit, remember minimum profit is 100% from electric price
at this point and for safe long term future get asic sha256 at best price/performance and check stock whic asic ready in your area living/country,
i wouldnt recomend buy asic oversea without warranty. buying gpu is safer bet if your plan fail in the future you can sell it to gamer.
asic = no resale value but at this very moment is most profitable for long term use and easy to manage,
gpu = has resale value if you bought second hand, and wait till bullrun to activate the miner, at this point you can gain knowledge and prepare for next bullrun. just try buy 2 gpus instead for learning

Why do you say that ASICs have no resale value?
The era of video cards is coming to an end, and there are many markets for used asics too. If electricity is expensive in your country, then selling a 2-3 year old ASIC is difficult, but this is not the case in all countries. Even old ASIC S9 are sold in my country for $30.