How can i start bitcoin mining?

[Ataiwo913]

Bitcoin mining is the process of adding new transactions to the Bitcoin blockchain and verifying them through solving complex mathematical problems using specialized computer hardware. If you are interested in starting Bitcoin mining, here are some key properties you should be aware of:

1. Hardware requirements: Bitcoin mining requires specialized computer hardware called ASICs (Application-Specific Integrated Circuits) that are designed specifically for mining Bitcoin. These machines are expensive and consume a lot of electricity.

2. Mining software: Once you have the hardware, you will need to install mining software on your computer. There are many different mining software options available, some of which are more user-friendly than others.

3. Mining pools: Joining a mining pool can increase your chances of earning Bitcoin rewards. A mining pool is a group of miners who combine their computing power to mine Bitcoin more efficiently.

4. Electricity costs: Bitcoin mining is an energy-intensive process, and the cost of electricity can be a significant factor in determining whether mining is profitable for you.

5. Difficulty level: The difficulty level of Bitcoin mining increases over time as more miners join the network. This means that you will need more computing power to mine Bitcoin effectively as time goes on.

6. Profitability: Bitcoin mining can be profitable, but it is not guaranteed. The profitability of Bitcoin mining depends on many factors, including the cost of electricity, the price of Bitcoin, and the difficulty level of mining. It is important to do your research and calculate the potential profitability of mining before investing in hardware and software.

[FP91G]

1. Hardware requirements: Bitcoin mining requires specialized computer hardware called ASICs (Application-Specific Integrated Circuits) that are designed specifically for mining Bitcoin. These machines are expensive and consume a lot of electricity.

You don't need ASICs to mine bitcoin. You can use video cards or FPGAs and mine the most profitable coins. NiceHash and similar services will mine the most profitable coin and pay out rewards in bitcoins, or other coins from their list. You can use video cards in an apartment, unlike asics.

[safar1980]

Bitcoin mining is the process of adding new transactions to the Bitcoin blockchain and verifying them through solving complex mathematical problems using specialized computer hardware. If you are interested in starting Bitcoin mining, here are some key properties you should be aware of:

1. Hardware requirements: Bitcoin mining requires specialized computer hardware called ASICs (Application-Specific Integrated Circuits) that are designed specifically for mining Bitcoin. These machines are expensive and consume a lot of electricity.

2. Mining software: Once you have the hardware, you will need to install mining software on your computer. There are many different mining software options available, some of which are more user-friendly than others.

3. Mining pools: Joining a mining pool can increase your chances of earning Bitcoin rewards. A mining pool is a group of miners who combine their computing power to mine Bitcoin more efficiently.

4. Electricity costs: Bitcoin mining is an energy-intensive process, and the cost of electricity can be a significant factor in determining whether mining is profitable for you.

5. Difficulty level: The difficulty level of Bitcoin mining increases over time as more miners join the network. This means that you will need more computing power to mine Bitcoin effectively as time goes on.

6. Profitability: Bitcoin mining can be profitable, but it is not guaranteed. The profitability of Bitcoin mining depends on many factors, including the cost of electricity, the price of Bitcoin, and the difficulty level of mining. It is important to do your research and calculate the potential profitability of mining before investing in hardware and software.

In a similar old article, the same thing is written
6 Mining Profitability Factors
because nothing changes in bitcoin mining, except for the addition of new ASICs
You will not be able to plan for the price of bitcoins and difficulty, but only the price of electricity and the wages of workers.

[paid2]

You don't need ASICs to mine bitcoin. You can use video cards or FPGAs and mine the most profitable coins. NiceHash and similar services will mine the most profitable coin and pay out rewards in bitcoins, or other coins from their list. You can use video cards in an apartment, unlike asics.

This is wrong. To mine Bitcoin efficiently, you need ASICs.

Mining another coin on another algorithm (I mean other than sha256) and getting paid in Bitcoin is not mining Bitcoin. You won't be contributing to the Bitcoin Network's global hashrate if you are mining this way.

I've got nothing against using Nicehash -even if their way of playing both sides is a bit dubious- but we can't say we don't need an ASIC to mine BTC, it's a mistake.

[wanxsb]

I do not really understand what you want?

If you want to choose mining pool, I suggest you to know about f2pool, 2miners etc.
If you want to know the profitabity of each hardware, I suggest you refer to minerlist.com
If you want to know how to buy asic miner, I suggest you read about this article: https://asicfinder.medium.com/a-comprehensive-guide-on-buying-bitmain-antminer-bitcoin-miner-with-asicfinder-5d2934ea6fb4

[WayneBunbury]

I will really like to know if there are other step of mining bitcoin apart from these step?

When you choose and set up your bitcoin mining hardware.

And to create a dedicated wallet.

And as well configuring your mining equipment.

As this question has been repeated for several times but still I will say that Bitcoin mining.is not worth it what it used to be almost 5 or 6 years ago like 2017 etc when we could make 0.5 btc per month with antminer S9.

curentaly block rewards for btc is 6.25 bitcoin till the next haveing next year

coinwarz states this What date is the next Bitcoin halving?
April 26, 2024
When is the Next Bitcoin Halving Date? The next Bitcoin halving date is scheduled to take place at block 840,000 - predicted to occur on April 26, 2024 at 10:44:45 AM UTC. On the Bitcoin halving date - the block reward is scheduled to drop from 6.25 Bitcoin per block to 3.125 Bitcoin per block.

[safar1980]

I do not really understand what you want?

If you want to choose mining pool, I suggest you to know about f2pool, 2miners etc.
If you want to know the profitabity of each hardware, I suggest you refer to minerlist.com
If you want to know how to buy asic miner, I suggest you read about this article: https://asicfinder.medium.com/a-comprehensive-guide-on-buying-bitmain-antminer-bitcoin-miner-with-asicfinder-5d2934ea6fb4

Then he needs to buy an inexpensive ASIC with low power consumption
https://www.minerlist.com/miner/ipollo-v1-mini-classic-plus

Error. It says 0.0045 ETC,but in the table the price is 0.0045ETH.

And this calculator shows other data.
https://www.asicminervalue.com/miners/ipollo/v1-mini-classic-plus

The correct Revenue is approximately 0.004 ETC or 55 cents/day.
ROI of this ASIC is more than 3000 days. Bad calculator.

[umaralikhan]

Don't expect anyone to teach you everything step by step here on this forum.
Try using google, or YouTube for this general topic and I am sure you will get an idea of how to start mining Bitcoin.

Once you are aware of the basics, you should be encountering some intermediate issues and then you can refer to this forum.
People will be very happy to help you if you try to help yourself a bit.

Some popular Google results of your query:

1. https://www.investopedia.com/terms/b/bitcoin-mining.asp
2. https://cointelegraph.com/news/how-to-build-a-cryptocurrency-mining-rig
3. https://www.bitcoin.com/get-started/create-bitcoin-wallet/
4. https://www.coindesk.com/learn/how-to-set-up-a-bitcoin-miner-2/

thanks..i just like learning from already experience persons

Thank you! I truly appreciate your kind words. Learning from experienced individuals like yourself is incredibly valuable, and I'm grateful for the knowledge and insights you share.

[bettercrypto]

I will really like to know if there are other step of mining bitcoin apart from these step?

When you choose and set up your bitcoin mining hardware.

And to create a dedicated wallet.

And as well configuring your mining equipment.

Maybe it's better to read the forum first and do some research about what you're asking here. Because it's actually not easy to do Bitcoin mining, apart from the fact that it requires a lot of capital, you must also have deep knowledge about the thing you're entering it into.

It's hard to just waste your capital if you don't have enough knowledge about it. Although, this forum will help, I advise you to watch other tutorials about Bitcoin mining on youtube just to get an idea anyway and do some research on google as well.

[FP91G]

I will really like to know if there are other step of mining bitcoin apart from these step?

When you choose and set up your bitcoin mining hardware.

And to create a dedicated wallet.

And as well configuring your mining equipment.

Maybe it's better to read the forum first and do some research about what you're asking here. Because it's actually not easy to do Bitcoin mining, apart from the fact that it requires a lot of capital, you must also have deep knowledge about the thing you're entering it into.

It's hard to just waste your capital if you don't have enough knowledge about it. Although, this forum will help, I advise you to watch other tutorials about Bitcoin mining on youtube just to get an idea anyway and do some research on google as well.

A large investor capital is not enough for mining without access to cheap electricity. It is not difficult to buy several ASICs for yourself, making a rosette for them, but mistakes on a large farm will take a lot of profit due to breakdowns, because each new ASIC is expensive today and staying asics even in warranty repairs also deprives you of profit.

[TrickyViking]

It's unlikely that anyone will teach you because it's a competition. I can only advise you to study in more detail the very nature of Bitcoin and how mining works. It may be possible to find some videos but don't get your hopes up for practical advice. It is better to try, to start with a little, and then you will understand as you go.

[FP91G]

It's unlikely that anyone will teach you because it's a competition. I can only advise you to study in more detail the very nature of Bitcoin and how mining works. It may be possible to find some videos but don't get your hopes up for practical advice. It is better to try, to start with a little, and then you will understand as you go.

You don't have to learn a lot because you can use ready-made containers or cooling systems and mining management systems. Miners will help you with this, but you need to find cheap electricity. And you need to change the location, then the container can be prepared for mining faster.

[Z-tight]

It's unlikely that anyone will teach you because it's a competition. I can only advise you to study in more detail the very nature of Bitcoin and how mining works. It may be possible to find some videos but don't get your hopes up for practical advice.

The competition in BTC mining is to determine who is going to add the next block into the blockchain, not against the entry of new miners, the system is open source and permissionless, so as many miners can join without anybody's permission, you only become a strong competitor if you generate enough hashrate.

It is better to try, to start with a little, and then you will understand as you go.

Importantly what you need in order to mine is Asics and cheap electricity, if you start small you'll not make any profit, so rather than being a solo miner without enough hashrate, it's better you join a mining pool and contribute what you can, to get revenue on your contribution.

[safar1980]

It's unlikely that anyone will teach you because it's a competition. I can only advise you to study in more detail the very nature of Bitcoin and how mining works. It may be possible to find some videos but don't get your hopes up for practical advice.

The competition in BTC mining is to determine who is going to add the next block into the blockchain, not against the entry of new miners, the system is open source and permissionless, so as many miners can join without anybody's permission, you only become a strong competitor if you generate enough hashrate.

It is better to try, to start with a little, and then you will understand as you go.

Importantly what you need in order to mine is Asics and cheap electricity, if you start small you'll not make any profit, so rather than being a solo miner without enough hashrate, it's better you join a mining pool and contribute what you can, to get revenue on your contribution.

A large hashrate makes it more likely to find new blocks, and the arrival of new miners reduces the share of your pool in the total hashrate.
But we have seen cases of luck when solo pools with a small hashrate are mining blocks, so solo mining is not dead.

[paid2]

A large hashrate makes it more likely to find new blocks, and the arrival of new miners reduces the share of your pool in the total hashrate.
But we have seen cases of luck when solo pools with a small hashrate are mining blocks, so solo mining is not dead.

As it is random, solo mining will never be really dead.

It's sure yeah ; the more the global network's hashrate is increasing, the more the difficulty will increase too as it is directly correlated, but it doesn't mean that there is a competition sentiment, like "against" new miners.
Those who have a real hashrate and real infrastructures will adapt themselves to the increasing difficulty by increasing their own hashrate, and if they don't, it means they just have a strong confidence in the rising of BTC's value to compensate the drop of income related to the increase of the difficulty.

[Z-tight]

A large hashrate makes it more likely to find new blocks, and the arrival of new miners reduces the share of your pool in the total hashrate.

What you're saying is correct, but my point is that there is no competition against the entry of new miners, everything about the BTC network is permissionless, so older miners cannot stop new miners from mining, they can only adapt by trying to increase their own hashrate, that is even if the newer miners come in with significant amount of hashrate.

But we have seen cases of luck when solo pools with a small hashrate are mining blocks, so solo mining is not dead.

I know that solo mining isn't dead, but how often will a solo miner with a small hashrate get lucky to mine a block!

[KFC786]

I will really like to know if there are other step of mining bitcoin apart from these step?

When you choose and set up your bitcoin mining hardware.

And to create a dedicated wallet.

And as well configuring your mining equipment.

I think that this question has been repeated for several times but still I think that there are Asic miners where you can mine Bitcoin and crypto and that is super easy. And also I can say that by having a mining rig is a good thing.

[safar1980]

A large hashrate makes it more likely to find new blocks, and the arrival of new miners reduces the share of your pool in the total hashrate.
But we have seen cases of luck when solo pools with a small hashrate are mining blocks, so solo mining is not dead.

As it is random, solo mining will never be really dead.

It's sure yeah ; the more the global network's hashrate is increasing, the more the difficulty will increase too as it is directly correlated, but it doesn't mean that there is a competition sentiment, like "against" new miners.
Those who have a real hashrate and real infrastructures will adapt themselves to the increasing difficulty by increasing their own hashrate, and if they don't, it means they just have a strong confidence in the rising of BTC's value to compensate the drop of income related to the increase of the difficulty.

With the growth of the Bitcoin hashrate, solo miners will also have to increase the number of ASICs. With one or two ASICs, solo mining will be long, and an ordinary miner who can use several kilowatts in hour of electricity at home or in an apartment will not participate in solo mining.

[RewFrew]

You can find good information on how you can start Bitcoin mining on various popular search websites. And all those websites are very well mentioned how you can start bitcoin mining. To start Bitcoin mining you will first need some Bitcoin mining equipment. First of all you need a good quality computer for mining, secondly you need to install a good mining software. Bitcoin wallet will be required and you will need electricity for mining and some other necessary items you will need to collect for mining.

You don’t need a good quality computer to mine bitcoin, because any office computer or an inexpensive laptop is enough to set up ASICs.
Asics need a special room, because mining is not possible in an apartment. Noise can be overcome with water cooling, but getting the necessary power in the apartment is already a problem. Even if you install ASICs instead of electric stoves, you will have very large electricity bills

Thankyou for your useful information. Because till now i know for bitcoin mining we need best configuration computer or laptop wven server computer. Without it impossible bitcoin mining. But i know now don’t need high quality device to mining bitcoin any suitable device is enough to set up ASICs. But it is really true Asics need special room like Calm and quiet office where has no any noise. And we have to ensure uninterruptedly electricity. And it is highly cost. If anyone considering thats things he will start mining.

[Z390]

To start Bitcoin mining, you will need a Bitcoin wallet,a ledger is the best choice, mining software, and mining hardware,asics are expensive. you will need to download and install mining software on your computer. Once you have the software, you can start mining by using your computer's processing power to solve complex mathematical problems that validate Bitcoin transactions and earn new Bitcoin. You will also need to build or purchase a mining rig(asics), which is a computer specifically designed for mining cryptocurrencies. It's important to note that Bitcoin mining can be a competitive business, but the equipment can be a lot expensive

Ledger is not the best option, there are many other hardware wallets too but, this is Bitcoin not altcoins that's full of closed-source wallets in the space, any open-source, non-custodial wallet will be fine, like Mycelium and Electrum wallet, I have never had any problem using these two Bitcoin wallet, seriously hardware wallet add more security but most Wallets that have problem are those that are not open source, Bitcoin wallets are always safer than multi-coin wallets like Coinomi and Trust wallet.