Bonanza

[MineSweep]

Hey Talk,

I'm a miner wanting to ask how you cope with the stress of price changes. For me, I've been accustomed to lifting weights, exercising frequently and keeping to a ketogenic diet. For me, I've played football for eight years. I first found out about bitcoin when I just began playing and its been a hobbyist activity ever since. I've grown accustomed to studying and lifting weights That's mostly what I've done to cope with stress. So now moving into mining I wanted to ask Talk what you dawgs do for changes. Football, I picked up a N.W.C.C eighth grade title and have a state ring under my name. Hope to see mining be for me.

[WLColsher]

First, know you will never "get rich" using household/hobby mining hardware.

What you will do is acquire a hobby that has the potential to motivate you to learn a *LOT* of mathematics, much about the how the internet works, software development, and most of all patience (possibly the most important skill for any investor). At some point you'll even learn a bit of electronics, at the very least the relationship between volts, amps, and watts (and what the latter cost).

Meanwhile, think of investing as developing strength (or losing weight). You don't test everyday; you develop a plan and stick to it. Then at intervals you test (your plan) and make any changes you need.

Good luck!

[Coinfarm ventures]

First, know you will never "get rich" using household/hobby mining hardware.

What you will do is acquire a hobby that has the potential to motivate you to learn a *LOT* of mathematics, much about the how the internet works, software development, and most of all patience (possibly the most important skill for any investor). At some point you'll even learn a bit of electronics, at the very least the relationship between volts, amps, and watts (and what the latter cost).

Meanwhile, think of investing as developing strength (or losing weight). You don't test everyday; you develop a plan and stick to it. Then at intervals you test (your plan) and make any changes you need.

Good luck!

Correct. Mining is a chicken-and-egg problem. You need money to make money.
If you want to become rich off of nothing, I suggest becoming a software developer and helping mining farms optimize their operations. You could profit off the 'suckers' entering the market. Of course, the failure rate is 80-90% for software companies, so be prepared to spend up to 10 years throwing ideas at the wall to see what sticks. When one does succeed, the payoff will more than compensate for the 10 or so failures.

[MineSweep]

First, know you will never "get rich" using household/hobby mining hardware.

What you will do is acquire a hobby that has the potential to motivate you to learn a *LOT* of mathematics, much about the how the internet works, software development, and most of all patience (possibly the most important skill for any investor). At some point you'll even learn a bit of electronics, at the very least the relationship between volts, amps, and watts (and what the latter cost).

Meanwhile, think of investing as developing strength (or losing weight). You don't test everyday; you develop a plan and stick to it. Then at intervals you test (your plan) and make any changes you need.

Good luck!

Hobbyist mining seems appealing to me. What kind of math is bitcoin?

[MineSweep]

First, know you will never "get rich" using household/hobby mining hardware.

What you will do is acquire a hobby that has the potential to motivate you to learn a *LOT* of mathematics, much about the how the internet works, software development, and most of all patience (possibly the most important skill for any investor). At some point you'll even learn a bit of electronics, at the very least the relationship between volts, amps, and watts (and what the latter cost).

Meanwhile, think of investing as developing strength (or losing weight). You don't test everyday; you develop a plan and stick to it. Then at intervals you test (your plan) and make any changes you need.

Good luck!

Correct. Mining is a chicken-and-egg problem. You need money to make money.
If you want to become rich off of nothing, I suggest becoming a software developer and helping mining farms optimize their operations. You could profit off the 'suckers' entering the market. Of course, the failure rate is 80-90% for software companies, so be prepared to spend up to 10 years throwing ideas at the wall to see what sticks. When one does succeed, the payoff will more than compensate for the 10 or so failures.

Software companies for bitcoin? What are they?

[Coinfarm ventures]

Software companies for bitcoin? What are they?

BraiinsOS, various mining pools, a stratum proxy optimizer or two, GPU management platforms (Minerstat/SMOS/HiveOS), energy price curtailment, blah blah...

The key is to develop a killer product nobody ever thought they needed.

[altair_tech]

The key to stress free operation is minimizing your operating cost. A lot of the operating cost is power, so getting cheap power is critical. 
If you are a low cost producer of bitcoin due to cheap power and efficient mine management, you are not all that affected by price fluctuations.
Difficulty adjusts with price and when price goes down, its usually the high cost producers of bitcoin that are forced to stop mining.

[WLColsher]

First, know you will never "get rich" using household/hobby mining hardware.

What you will do is acquire a hobby that has the potential to motivate you to learn a *LOT* of mathematics, much about the how the internet works, software development, and most of all patience (possibly the most important skill for any investor). At some point you'll even learn a bit of electronics, at the very least the relationship between volts, amps, and watts (and what the latter cost).

Meanwhile, think of investing as developing strength (or losing weight). You don't test everyday; you develop a plan and stick to it. Then at intervals you test (your plan) and make any changes you need.

Good luck!

Hobbyist mining seems appealing to me. What kind of math is bitcoin?

Bitcoin (and all cryptocurrency) is based in cryptography. There are tons of articles available online that explain things fairly simply, e.g. this one on Investopedia: https://www.investopedia.com/tech/explaining-crypto-cryptocurrency/

Obviously you don't have to understand it to mine successfully, but it is something more or less useful to know and gaining some mastery of the field could lead to opportunities in the software side of the industry.