waterworks
Senior Member
- Sep 28, 2013
- 1,018
- 383
This is the official thread for all questions about mining Bitcoin (BTC) and all other crypto currencies.
Beginners Guide to Mining
https://www.lifewire.com/cryptocoin-mining-for-beginners-2483064
https://99bitcoins.com/beginners-guide-to-mining/
What is mining?
Mining is a computationally intensive process that computers, comprising a cryptocurrency network, complete to verify the transaction record, called the blockchain, and receive digital coins in return.
That makes no sense. English please.
Mining needs a computer and a special program, which helps miners compete with their peers in solving complicated mathematical problems. In regular intervals, miners attempt to solve a block having the transaction data using cryptographic hash functions.
How much do you get for solving a block?
When Bitcoin was first created, the reward was set at 50 bitcoins per block mined. And, the code specified that every 210,000 blocks mined that reward would be cut in half, until it eventually is reduced to zero after 64 halving events. Other coins vary in reward amounts per block.
Can you mine other crypto coins such as ETH?
Many crypto coins can be mined, but not all. Some companies do not allow their coins to be mined.
How much will it cost me?
That is the big question and it depends on many factors. Perhaps the most important factors are which coin you are trying to mine, and what your costs for power consumption. Running a lot of computers 24/7 takes a lot of power. If you live in an area of the world where power rates are relatively cheap, this is going to be to your advantage.
How do I get started?
1. Read a beginners guide. See links at the top of this post. These will answer a lot of questions you may have about mining and what it takes it set up a mining operation.
2. Determine which coin you want to mine. The cost of mining is going to be different for every coin. Note, unless you have access to huge investment capital and resources (land, power access, etc.) to spend on infrastructure, it is no longer profitable to mine for Bitcoin.
3. Use online mining calculators to estimate your costs. Is it worth your time and effort. There are many online calculators and you'll have to search for a calculator for the type of coin you wish to mine.
Mining Calculators
There are many online calculators. You'll have to find one for the type of coin you wish to mine. Here are links to some calculators.
Pics of mining setups
Mining is not for everyone. It's complicated and generally speaking, you need a lot of capital to get started and maintain your mining systems.
Beginners Guide to Mining
https://www.lifewire.com/cryptocoin-mining-for-beginners-2483064
https://99bitcoins.com/beginners-guide-to-mining/
What is mining?
Mining is a computationally intensive process that computers, comprising a cryptocurrency network, complete to verify the transaction record, called the blockchain, and receive digital coins in return.
That makes no sense. English please.
Mining needs a computer and a special program, which helps miners compete with their peers in solving complicated mathematical problems. In regular intervals, miners attempt to solve a block having the transaction data using cryptographic hash functions.
How much do you get for solving a block?
When Bitcoin was first created, the reward was set at 50 bitcoins per block mined. And, the code specified that every 210,000 blocks mined that reward would be cut in half, until it eventually is reduced to zero after 64 halving events. Other coins vary in reward amounts per block.
Can you mine other crypto coins such as ETH?
Many crypto coins can be mined, but not all. Some companies do not allow their coins to be mined.
How much will it cost me?
That is the big question and it depends on many factors. Perhaps the most important factors are which coin you are trying to mine, and what your costs for power consumption. Running a lot of computers 24/7 takes a lot of power. If you live in an area of the world where power rates are relatively cheap, this is going to be to your advantage.
How do I get started?
1. Read a beginners guide. See links at the top of this post. These will answer a lot of questions you may have about mining and what it takes it set up a mining operation.
2. Determine which coin you want to mine. The cost of mining is going to be different for every coin. Note, unless you have access to huge investment capital and resources (land, power access, etc.) to spend on infrastructure, it is no longer profitable to mine for Bitcoin.
3. Use online mining calculators to estimate your costs. Is it worth your time and effort. There are many online calculators and you'll have to search for a calculator for the type of coin you wish to mine.
Mining Calculators
There are many online calculators. You'll have to find one for the type of coin you wish to mine. Here are links to some calculators.
Pics of mining setups
- Genesis Mining Farm
- Bitcoin ASIC Miner
- Messy Monster
- Mining Towers
- ETH Home Built
Mining is not for everyone. It's complicated and generally speaking, you need a lot of capital to get started and maintain your mining systems.
