Mining for beginners

[bert269]

what is the best mining strategy?

i wanna start

[FP91G]

what is the best mining strategy?

i wanna start

The cheaper the electricity, the more serious the strategy
Miners have a joke: if electricity is free, you won't incur losses.

[ANSEL_2.0]

what is the best mining strategy?

i wanna start

The cheaper the electricity, the more serious the strategy
Miners have a joke: if electricity is free, you won't incur losses.

So true, Bitcoin miners are always profitable if the electricity is free, they are not profitable only if all the profit is going into grid bill settlement.

[Mia Chloe]

what is the best mining strategy?
i wanna start

If you are 100 % new to the bitcoin ecosystem and mining in general I suggest you first do some research across the forum you'll get a lot of information here and on bitcoin wiki. The reason for this is to help you understand how mining works and what you are about to embark on and how profitable it is.

Many people give up along the line because they couldn't outsource and weigh properly if they can handle the odds. However like FP91G mentioned, the most important things are low electricity cost and cheaper but durable mining wares.

[FirmWars]

Why do you want to mine? To see how mining works? you can get yourself the cheapest nerd miner v2 if that is the case.

If you want to mine for profit sake you need to make sure that your power bill is very affordable, for example, in Ethiopia you pay nothing less than $0.01 to $0.05 per KWh so how cheap is yours?

Avoid new brand Asic miners, few of them really sucks bad, go for popular brand like BitMain.

[suzanne5223]

what is the best mining strategy?

i wanna start

Bitcoin mining is not like the early days, when there were not many miners
One of the best strategies to mine Bitcoin profitably is already stated above, which is cheap electricity.
If you don't have access to cheap electricity, don't mine Bitcoin; instead, invest in BTC during the blood bath market.
Another strategy is your government's stance/tax on Bitcoin miners; you have to consider the tax rate and the reward you're going to get if you mine BTC daily.
You can use Whattomine to do some calculations, and also get more awareness about BTC mining daily profit.

[FP91G]

what is the best mining strategy?

i wanna start

The cheaper the electricity, the more serious the strategy
Miners have a joke: if electricity is free, you won't incur losses.

So true, Bitcoin miners are always profitable if the electricity is free, they are not profitable only if all the profit is going into grid bill settlement.

You have to understand that this is a joke, first and foremost. When the police and energy company representatives catch such miners in my country, the illegal miner then faces a huge fine, significant legal fees, and criminal prosecution. If the miner is caught, it's not profitable.

[Outhue]

what is the best mining strategy?

i wanna start

The cheaper the electricity, the more serious the strategy
Miners have a joke: if electricity is free, you won't incur losses.

So true, Bitcoin miners are always profitable if the electricity is free, they are not profitable only if all the profit is going into grid bill settlement.

You have to understand that this is a joke, first and foremost. When the police and energy company representatives catch such miners in my country, the illegal miner then faces a huge fine, significant legal fees, and criminal prosecution. If the miner is caught, it's not profitable.

It don't like it when people talk about free electricity as if there is a way to get free electricity in this world, to turn wind into electricity you need wind turbine right? You use the sun energy to mine you need solar panels, how is any of these even close to been free?

There is no such thing as free electricity, unless you are one of those people doing illegal connection to power grid, and trust me your days are outnumbered, you will eventually be caught in the act and you will face the panel, if somehow you are getting free electricity, be curious to find out how and why, because someone is paying for it.

[FP91G]

what is the best mining strategy?

i wanna start

The cheaper the electricity, the more serious the strategy
Miners have a joke: if electricity is free, you won't incur losses.

So true, Bitcoin miners are always profitable if the electricity is free, they are not profitable only if all the profit is going into grid bill settlement.

You have to understand that this is a joke, first and foremost. When the police and energy company representatives catch such miners in my country, the illegal miner then faces a huge fine, significant legal fees, and criminal prosecution. If the miner is caught, it's not profitable.

It don't like it when people talk about free electricity as if there is a way to get free electricity in this world, to turn wind into electricity you need wind turbine right? You use the sun energy to mine you need solar panels, how is any of these even close to been free?

There is no such thing as free electricity, unless you are one of those people doing illegal connection to power grid, and trust me your days are outnumbered, you will eventually be caught in the act and you will face the panel, if somehow you are getting free electricity, be curious to find out how and why, because someone is paying for it.

In my country, there are many ways to get free electricity. You're right that it would be illegal, but the production costof a kilowatt of electricity is $0.005, and consumers pay an average of $0.05-0.07 per kilowatt.
Many miners disagree and continue to use free electricity. If you consume tens of kilowatts illegally, it will most likely be detected by the power company. If you consume a small amount, up to 5 kilowatts, it's very difficult to detect. And no one will pay for this; these expenses will be written off by the company as electricity transmission losses.

[retaur]

If you just want to do a test, there's likely still GPU and CPU mining software out there (check their reliability first though - some might contain malware since they're not very profitable as software anymore apart from proving it can be done).

It don't like it when people talk about free electricity as if there is a way to get free electricity in this world, to turn wind into electricity you need wind turbine right? You use the sun energy to mine you need solar panels, how is any of these even close to been free?

There is no such thing as free electricity, unless you are one of those people doing illegal connection to power grid, and trust e your days are outnumbered, you will eventually be caught in the act and you will face the panel, if somehow you are getting free electricity, be curious to find out how and why, because someone is paying for it.

Ok but in a lot of places you can plug that turbine with a few transformers and potentially an inverter directly into the grid and make money off it that way, and the turbine and solar panels are still worth something on their own.

I've seen it suggested somewhere before that second hand solar panels are a lot cheaper than new ones and can be equally effective (think people that change their mind about getting solar panels in the first place).


Since there are now electric car tariffs in countries with expensive electricity and electricity that's cheap in other places all the time we might actually start seeing a more globally diversified mining landscape. I get why there aren't that many setups using renewables and plugging them straight into miners (often because they don't generate a stable amount of electricity) but there might still be some profit in a hybrid approach..



All this said, you're better off only getting into mining when the competition isn't as rife as it will be now, we're nearing an ATH and that usually means a lot of miners come back on (even older and less efficient ones) to try to generate something.

[FP91G]

If you just want to do a test, there's likely still GPU and CPU mining software out there (check their reliability first though - some might contain malware since they're not very profitable as software anymore apart from proving it can be done).

It is very difficult to check mining software for viruses, because many antivirus programs give signals that this software contains viruses.
I usually use the tried and tested HiveOS and RaveOS operating systems, but if that's not enough for you, check out safar1980's list.
https://bitcointalk.org/index.php?topic=5405491

[ByteGuardian]

what is the best mining strategy?

i wanna start

The cheaper the electricity, the more serious the strategy
Miners have a joke: if electricity is free, you won't incur losses.

exactly!! the cheaper the electricity, the better your chances of making a solid profit. it's basically the secret sauce to a good mining strategy. that's why finding low-cost hosting or cheap power rates is key to long-term success.

[SuperBitMan]

what is the best mining strategy?

i wanna start

The cheaper the electricity, the more serious the strategy
Miners have a joke: if electricity is free, you won't incur losses.

Yeah you are right, one needs steady power supply, and if in his or her country getting power is costly then it's a big problem Because he or she will spend a lot of money, for me I think the first thing to consider is electricity of you don't have steady electricity it will be difficult to succeed in mining.
Yeah you are very correct FP91G if electricity is free in your country or the place you stay you won't incur losses, hardly to see a place where electricity is free however in my hometown we have a multinational oil company called Total E & P Nigeria Limited they operate in my town and they give us electricity for free we don't pay for electricity and we usually have steady power supply if someone is mining in a place like that it will be more better.

I will also advise the OP to make good search about mining before starting, you need to know all the requirements and make sure they are in place before starting.
Goodluck OP I wish you success in your journey.

[FP91G]

what is the best mining strategy?

i wanna start

The cheaper the electricity, the more serious the strategy
Miners have a joke: if electricity is free, you won't incur losses.

Yeah you are right, one needs steady power supply, and if in his or her country getting power is costly then it's a big problem Because he or she will spend a lot of money, for me I think the first thing to consider is electricity of you don't have steady electricity it will be difficult to succeed in mining.
Yeah you are very correct FP91G if electricity is free in your country or the place you stay you won't incur losses, hardly to see a place where electricity is free however in my hometown we have a multinational oil company called Total E & P Nigeria Limited they operate in my town and they give us electricity for free we don't pay for electricity and we usually have steady power supply if someone is mining in a place like that it will be more better.

I will also advise the OP to make good search about mining before starting, you need to know all the requirements and make sure they are in place before starting.
Goodluck OP I wish you success in your journey.

This is a good practice if an apartment or house consumes 300-1000 kilowatts per month. But imagine what would happen if consumption increased 10-20 times. Your transformers would burn out from overheating or you would experience constant power outages.

[Disconnecting]

Why do you want to mine? To see how mining works? you can get yourself the cheapest nerd miner v2 if that is the case.

If you want to mine for profit sake you need to make sure that your power bill is very affordable, for example, in Ethiopia you pay nothing less than $0.01 to $0.05 per KWh so how cheap is yours?

Avoid new brand Asic miners, few of them really sucks bad, go for popular brand like BitMain.

I completely agree with you that electricity cost is a big factor in Bitcoin mining. If I talk about myself, I don't just want to learn mining but I also want to seriously understand how to get a profitable income from it even on a small scale. The price of electricity in my area is certainly not as low as in Ethiopia, but even then it is possible to make a good profit if you adopt some tricks. And I don't know much about brands, for example, I have heard the name of bitmain from many people, so I thought I would try bitmain too. And I will avoid those brands that I don't know for now. For now, I will start on a small scale, then I will consider what to do later after seeing my electricity cost here and the amount of return on the investment. And thank you for your advice.

[uefbv]

what is the best mining strategy?

i wanna start

①Consider the electricity cost.②Then consider whether you can bear the worst-case scenario.③Make a good mining strategy.④Start choosing a mining pool.⑤Configure the mining machine.
Note: Also learn how to operate and maintain the equipment.

[FP91G]

Why do you want to mine? To see how mining works? you can get yourself the cheapest nerd miner v2 if that is the case.

If you want to mine for profit sake you need to make sure that your power bill is very affordable, for example, in Ethiopia you pay nothing less than $0.01 to $0.05 per KWh so how cheap is yours?

Avoid new brand Asic miners, few of them really sucks bad, go for popular brand like BitMain.

I completely agree with you that electricity cost is a big factor in Bitcoin mining. If I talk about myself, I don't just want to learn mining but I also want to seriously understand how to get a profitable income from it even on a small scale. The price of electricity in my area is certainly not as low as in Ethiopia, but even then it is possible to make a good profit if you adopt some tricks. And I don't know much about brands, for example, I have heard the name of bitmain from many people, so I thought I would try bitmain too. And I will avoid those brands that I don't know for now. For now, I will start on a small scale, then I will consider what to do later after seeing my electricity cost here and the amount of return on the investment. And thank you for your advice.

Have you tried using a mining calculator?
https://www.asicminervalue.com/
It's not 2017 anymore, and energy company controllers have long known all the tricks. It's very difficult to install multiple ASICs in an apartment or even a house.

[Joy- maker]

what is the best mining strategy?

i wanna start

Bitcoin mining is not like the early days, when there were not many miners
One of the best strategies to mine Bitcoin profitably is already stated above, which is cheap electricity.
If you don't have access to cheap electricity, don't mine Bitcoin; instead, invest in BTC during the blood bath market.
Another strategy is your government's stance/tax on Bitcoin miners; you have to consider the tax rate and the reward you're going to get if you mine BTC daily.
You can use Whattomine to do some calculations, and also get more awareness about BTC mining daily profit.

All you said above makes sense, because OP might be thinking that Bitcoin mining is easy and profitable as it was in the early days, without knowing that a lot of things have changed. But Advising OP to invest in bitcoin instead of mining Bitcoin for me it might make he or her feel discourage, and make him or her to give his/her dream.
Please don't get me wrong am not saying that your advice is bad, investing in bitcoin is good and profitable, and Bitcoin mining is also is also good profitable if the minier is living in a country were he or she can get access to a cheap electricity. So in my own opinion if OP can get access to cheap electricity he/ she can get started provided all the required tools are available to start his or her Bitcoin mining journey, because I believe OP really want to go into Bitcoin mining that's why he or she is looking for the best strategy to get started with his or her Bitcoin mining journey so let's not discourage OP and make him or her abandone his or her dream.

[FP91G]

the early days are definitely long gone and i think it is important to be realistic with beginners so they dont get frustrated and leave the community altogether, if they have cheap power then sure go for it but that is a huge if for most people living in modern cities, to be honest i think the best strategy for a beginner is to spend a few months just reading the mining section here before buying a single piece of equipment, it is kind of ironic that the best way to support the network as a small player might just be holding your coins and running a full node instead of trying to compete with the big asic warehouses xd

What's the point of running a full node if it doesn't make money?
Mining requires not only cheap electricity but also the ability to mine at the location. To give you an idea, consider a garage cooperative. While mining is possible there, installing multiple ASICs will create problems for the entire cooperative because the wires and switches aren't designed for such loads.