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Starting In Bitcoin Mining?

Discussion in 'Beginner's Bootcamp' started by Jayko, Apr 10, 2018.

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Is ZEC mining worth it?

This poll will close on Nov 10, 2018 at 6:57 AM.
  1. Yes

    75.0%
  2. No

    25.0%
  3. HECK NO

    0 vote(s)
    0.0%
  1. Jayko

    Jayko Scholar

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    If you're new to bitcoin mining, or just mining in general, here are some helpful tips.

    1. Get a bitcoin wallet for your tokens
    The very first thing you need to do is secure a public bitcoin wallet address and a private key password. Remember that all bitcoin transaction are publicly visible on the blockchain, but just like your bank account, your wallet is yours and yours only to see.

    There are four options available to you. You can choose an online service to store your tokens, run a wallet locally on your computer, on your smartphone or buy a physical wallet similar to a hard drive or USB stick.

    Bitcoin wallets give you full control over your tokens and keep them safe and secure in the event that a crypto exchange is hacked or goes bust. You should never store your coins on an exchange.

    There are several different pros and cons to the different types of wallets, so bear that in mind when you make you choice. Bitcoin.org has a good breakdown of the various choices you can make.



    2. Get a powerful bitcoin mining rig
    Each bitcoin in existence is mined from a data set or block of intense calculations on the bitcoin network. Every time a block is successfully mined, a handful of around 12.5 bitcoin is handed out to miners as a reward.

    The blocks are broken down by power-hungry ASIC mining rigs – specialist computers built for the sole purpose of mining bitcoin.

    Just a few years ago this would have been possible with nothing more than a desktop computer or a graphics card (GPU), but the difficulty of mining bitcoin increases every four years or so, with the rewards for successful mining decreasing as well.

    There are currently about 17 million bitcoins in existence, and the mining process is already slowing down.

    Buying a mining rig can be a costly venture and with the current difficulty of mining it might not always be a cost effective method for everyone. This bitcoin mining calculator will help you calculate the costs of buying a rig now and the potential returns you might see.


    3. Find a good bitcoin mining pool
    Once you have set up your brand new mining rig, you will need to find a ming pool. A ming pool is a group of biotin miners that combine the power of their rigs to mine a block.

    Mining through a pool is usually a better idea than going at it solo because the rewards are better. In a shared pool you will receive a smaller reward for successfully breaking a block, but the rewards will be more consistent and frequent.

    The Bitcoin Wiki has a good comparison of various mining pools around the world, and the rewards they offer for joining.

    4. Find the right mining software to kickstart your mining venture
    The very last step before you begin mining for bitcoin is to find a mining client that will run for you on your computer.

    The program you use will depend on your computer make and the model of your mining rig. Some of the more popular options include BFGminer, CGminer and BTCMiner.


    5. Start mining your very first bitcoin

    There is one last thing to do before you kick back and wait for bitcoin to stream in. You need to fire off your mining rig and mining client.

    You will have to start the software of your choice and enter the address and password of the mining pool you have chosen in step 3. After that, all you have to do is wait for your bitcoin rewards.
     
    JakalCorp and SnakeGamer like this.
  2. zooo

    zooo Contributor

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    I am going to mining, so this article was really helpful!
     
  3. Gimenez

    Gimenez Beginner

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    Mining is good way to earn money but unfortunately it's waste of energy. That's why I prefer more innovative coins like Nebula network - it's decentralized storage cloud with emision mechanism tied to the supply (in form of computational power and disc space).
     
  4. geoffreycelen

    geoffreycelen Contributor

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    Mining is good but it is totally a way to waste energy.
     
  5. ViktoriaM

    ViktoriaM Contributor

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    Key features of Bitcoin: Many are looking for where to open a mining in another country, where electricity is cheap and taxing. Maybe you should read this information. It will be profitable
     
  6. David Michaels

    David Michaels Contributor

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    Explained very well though
     
  7. PasazMaly

    PasazMaly Contributor

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    Currently, Bitcoin mining is very heavy, it would be worth doing at all, and very good cost optimization is important.
     
  8. GuardianofCrypto

    GuardianofCrypto Master of Trolls Staff Member Super Admin

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    If you don't want your equipment to overheat, go mine in the colder regions.
     
  9. ViktoriaM

    ViktoriaM Contributor

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    In 2017, the increase of the bitcoin price reached 900%. Despite the subsequent slight decreases, it is bitcoin that still remains the most popular cryptocurrency. So, what is bitcoin and how is it mined?

    When hearing the term ‘bitcoin’, one usually means cryptocurrency in general, since it was bitcoin that started the cryptocurrency development. Bitcoin as we know it, as well as its system of functioning and encryption, was created by Satoshi Nakamoto (or a group of people who used this name). Why should one invent other virtual currencies? Bitcoin and other types of cryptocurrencies have a number of features that differ this very type of money from other electronic monetary units (webmoney and others).
    Features bitcoin are as follows:

    · It doesn’t have a physical appearance.

    · The cost is determined by demand.

    · Emission (maximum – 21 million coins).

    · Decentralization and system security.

    · Anonymity.

    · Possibility to mine cryptocurrency independently.
    What is bitcoin mining and who to deal with it? So, cryptocurrency mining means the use of the technical power of the computer and components (in particular, video cards) to receive a reward. The machine records the transactions made in the system, for which the miner receives a reward.
    How to mine bitcoin
    Volumes and capacities of bitcoin mining in the modern world are growing. Once, only a PC was needed to mine cryptocurrency, but today, people wishing to figure out how to mine bitcoins and start doing it, should have high-power computing.
    The nature of cryptocurrency mining is as follows: computers or entire computer networks (mining farms) located around the world, solve certain tasks, the result of which is the creation of cryptocurrency. Many users compare the principle of mining with the distribution of files on the torrent tracker. A lot of users take part in the transaction confirmation (and verification of previous actions on the network), providing operation of the whole system, receiving in their turn a reward – cryptocurrency
    In order to get profit, it is necessary to comply with two conditions: verification of transactions on 1 MB and to be the first among miners to find a confirmatory hash using the computing power. The speed of its detection depends directly on the power of the equipment.
    So, what is needed to mine bitcoins properly? First, technical capabilities. It is either video cards or special ASIC devices (only for bitcoin mining). The latter are quite expensive – their price can reach several thousand dollars. It is also necessary to take into account the cost of electricity in the region where mining will be conducted. There is a special rating of the countries, where it is most profitable to mine cryptocurrency (according to the International Business Times study).
    Those who have such an opportunity, unite all their technical capacities in farms for bitcoin mining – it can be one computer with several graphics cards, or a dozen. But the hardware and the cost of electricity for its stable operation can be quite expensive, so that large farms are affordable not for everyone. Therefore, to increase the chances of getting cryptocurrency, many users get together in so-called pools. All the produced coins of such farms are divided among the participants, depending on their technical contribution to the computing process.
    Another possible option is cloud mining, when it is not necessary to acquire hardware: the user leases computing power from special remote centers. This is suitable, in particular, for those who live in regions with a very high cost of electricity. This option will also save from the extra headache those who don’t want to deal with the technical nuances of bitcoin mining.
    As when buying equipment for your own mining farm, it is worthwhile to calculate the profitability before cloud mining of cryptocurrency as well. You can start cloud mining free of charge using the so-called ‘cranes’ – services for mining cryptocurrency with free access. However, it is unreal to earn money in this way.
    Currently, bitcoin mining is one of the most promising types of investments, if choosing an optimal region and calculating possible financial risks.


    Source:© Blockchain & Bitcoin Conference France
     
  10. Beloweris

    Beloweris Contributor

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    have you ever thought that it is difficult right not to pass the block, do not you think that the cost for power will be more than you will earn with mining?
     
  11. alexp

    alexp Contributor

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    I read the opinions that mining is now completely unprofitable. I do not know about you but I do not have all the powerful equipment to mine. Buying it is an investment, and it is probably better to invest in altcoins such as FTO. In addition, BTC is in decline, so do you really want to mine it?
     

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