A BEGININER'S VIEW ON BITCOIN MINING

[Pouvoirp]

INTRODUCTION TO BITCOIN MINING

Bitcoin mining is solving a series of complex puzzles and confirmation of blocks of transaction.  In this case, the miner gets a reward for every puzzle solved which leads to a confirmed block. This has always happened back in the early days of bitcoin. Some school of thought has it that bitcoin mining involves minting cryptocurrency and verifying or creating a new blockchain. We know that on average, every ten minutes a block is confirmed. This is one of the concepts that support the decentralization of Bitcoin or cryptocurrency in the world since no one has central authority to stop or influence the creation and verifying a blockchain.


AVERAGE COST OF MINING BITCOIN
Mining Bitcoin is very expensive and may not be profitable for an individual miner. On average, it cost over 20,000 dollars or more to set up a bitcoin mining business. An average person can’t afford this. The ranges at which the mining machine cost are:
Brand new ones: $10,000 – $20,000 and fairly used or old ones: $2000 - $8000, depending on the brand in question.


EFFECT OF AMOUNT OF ENERGY CONSUMED IN MINING BITCOIN
•   Mining bitcoin is expensive because of the amount of electricity needed to run a system or mining machine.
•   According to an article written by, Shawn Tully, 2021 states that “The report states that each Bitcoin transaction kilowatt-hours of electrcity. That’s the volume of energy that could “power the typical American home for six weeks,” the authors add. The Bitcoin mining that enables a purchase, sale, or transfer, it posits, uses a slug of electricity that costs $176. That number is based on an average worldwide cost per kWh of 9.0 cents over the past 12 months”.


SOURCES OF ENERGY USED IN BITCOIN MINING AND THE EFFECTS ON THE SOCIETY.
1.    ELECTRICITY: This is one of the most used sources of energy by bitcoin miners because of its availability and durability.


EFFECTS OF MINING BITCOIN USING ELECTRICITY:
•   It wastes a lot of energy that would have been invested in other sectors of the economy the society.
•   Depending on location and cost of electricity of the miner, mining bitcoin may not be profitable.
•   Radiation from those multiple mining systems emits a lot of radical rays which contain cancerous substances that can cause harm to society.


2.   RENEWABLE ENERGY:  These are energies gotten mostly from natural sources which are converted to one form or the other. They don’t have any harmful effects on the greenhouse(ozone layer). Examples include solar, wind, and ocean tides.


EFFECTS OF MINING BITCOIN USING RENEWABLE ENERGY:

•    It’s efficient.
•   It saves cost when compared to electricity.
•   It’s expensive to set up.
•   It is affected by the geographical location of the miners.
•   Carbon emissions are not totally eradicated.
•   It’s not reliable, because it’s based on weather and seasons.
•   It produces a safer environment for people to live in.
•   More jobs are provided for the people in society.
•   Maintenance services are low when compared to electricity.
•   Miners make more profit.


CONCLUSION
In conclusion, bitcoin mining has a lot of pros and cons varying from the cost of electricity to carbon emissions. I suggest people go into mining using a renewable energy sources. But I’m open to suggestions and questions from everyone

[odolvlobo]

EFFECTS OF MINING BITCOIN USING ELECTRICITY:
•   Radiation from those multiple mining systems emits a lot of radical rays which contain cancerous substances that can cause harm to society.

I would like to suggest reading more and posting less for now.

[Pouvoirp]

Thanks for your reply and suggestion, I'll try to read more.

On the little research, I did that's what I got. Can you please point out where I can get more accurate content?

[aysg76]

INTRODUCTION TO BITCOIN MINING

Some school of thought has it that bitcoin mining involves minting cryptocurrency and verifying or creating a new blockchain. We know that on average, every ten minutes a block is confirmed. This is one of the concepts that support the decentralization of Bitcoin or cryptocurrency in the world since no one has central authority to stop or influence the creation and verifying a blockchain.

Blockchain is a public ledger where all the transactions are recorded and on an average every ten minutes a new bitcoin block is mined which is then verified by the miners and the miners who has mined this block is rewarded with 6.25BTC which are halfed at each having.No new blockchain is created in this process so you are wrong on this part.The decentralisation comes as no single miner have the full control of network and each transaction is verified and then included in the block with thousands of nodes across the network.

An average person can’t afford this.

With mining difficulty being increased and mining pools implementing heavy GPU in mining process it's nearly impossible for solo miners to mine bitcoin block but there are some  rare chances

But you can join mining pool and use your hash power mining jointly with them and if you succeed you will get rewards according to it.

EFFECT OF AMOUNT OF ENERGY CONSUMED IN MINING BITCOIN
According to an article written by, Shawn Tully, 2021 states that “The report states that each Bitcoin transaction kilowatt-hours of electrcity. That’s the volume of energy that could “power the typical American home for six weeks,” the authors add. The Bitcoin mining that enables a purchase, sale, or transfer, it posits, uses a slug of electricity that costs $176. That number is based on an average worldwide cost per kWh of 9.0 cents over the past 12 months”.

There are many such articles and do you think they are solely right about it? They are published by the government media to defame the image of bitcoin and this electricity consumption has always been issue to them whereas the other banking sector consume way more energy then bitcoin but they only have problems with it.Moreover if you check miners are also using green energy and it's shifting to renewable energy sources but they will not show you truth and you have to check it for yourself.

EFFECTS OF MINING BITCOIN USING ELECTRICITY:

Radiation from those multiple mining systems emits a lot of radical rays which contain cancerous substances that can cause harm to society.

Could you please tell the source where you have find about this radiation concept related to bitcoin mining as there is no chemical experiment going in the factory so don't know where you have read about this.

And as suggested the more you research about bitcoin the more you will learn about it and having newbie view on anything is not good until you have deep research about it and if you want more information about mining then visit https://bitcointalk.org/index.php?board=14.0

Hope you understand it....

[Maliceprime]

If Bitcoin is really a new miner's target you don't have to buy special equipment to mine BTC, there is another way around all this, buy a graphic card, from 400$ to 1500$ you can get yourself a good Graphic card or more if you can but my point here is you dont have to spend thousands of dollars on BTC miners aka Asic miners, get GPU and use Nicehash pool, get paid in BTC every 4 hours.

[mk4]

If Bitcoin is really a new miner's target you don't have to buy special equipment to mine BTC, there is another way around all this, buy a graphic card, from 400$ to 1500$ you can get yourself a good Graphic card or more if you can but my point here is you dont have to spend thousands of dollars on BTC miners aka Asic miners, get GPU and use Nicehash pool, get paid in BTC every 4 hours.

Done are the days where you can profitably mine bitcoin using a graphics card. Today, you're just going to lose a crap ton of money (unless you have free electricity or something). Either you go with ASICS, or go mine something else and just exchange the mined coins into BTC.

[Maliceprime]

If Bitcoin is really a new miner's target you don't have to buy special equipment to mine BTC, there is another way around all this, buy a graphic card, from 400$ to 1500$ you can get yourself a good Graphic card or more if you can but my point here is you dont have to spend thousands of dollars on BTC miners aka Asic miners, get GPU and use Nicehash pool, get paid in BTC every 4 hours.

Done are the days where you can profitably mine bitcoin using a graphics card. Today, you're just going to lose a crap ton of money (unless you have free electricity or something). Either you go with ASICS, or go mine something else and just exchange the mined coins into BTC.

@mk4 you don't read my comment very well, I asked OP to buy graphic cards and mine on Nicehash because this platform pays out in BTC, it's just like mining Ethereum and exchange to BTC every 24hours, I make 15$ per day mining Ethereum and I swap it to BTC.

[Stalker22]

OP, this article is wrong on so many levels. I do not know where you got the information from, but I suggest you check your sources.
 
Some examples:

ELECTRICITY: This is one of the most used sources of energy by bitcoin miners because of its availability and durability.

One of the most used sources of energy? Are there others? Furthermore, where do you get the idea that electricity is durable?

EFFECTS OF MINING BITCOIN USING ELECTRICITY:
•   Radiation from those multiple mining systems emits a lot of radical rays which contain cancerous substances that can cause harm to society.

WTF are "radical rays which contain cancerous substances"? Do you have any scientific article on this topic that you can recommend?

[decodx]

On the little research, I did that's what I got. Can you please point out where I can get more accurate content?

There are thousands of resources online where you can learn everything you need to know about Bitcoin, blockchain, and mining. Even this forum is a valuable source of information about Bitcoin mining, how it works, and the trends of the industry. And, since this is a discussion platform, you can even ask questions and get answers from other people, and participate in the discussion of these topics as well.

One thing I don't understand, however, is why you chose to post this at all, since you have no experience with the subject. It is not a good idea to try to discuss something you know nothing about. Just saying.