Getting Started with Mining: Need Some Help

Hey folks. I'm completely new to mining and have no clue where to begin or what I need. If anyone could provide some guidelines or methods, it would be super helpful.

Read the pinned threads on the mining board and child boards. Especially these ones: https://bitcointalk.org/index.php?board=40.0 https://bitcointalk.org/index.php?board=41.0 I will advice you to use the mining profitability calculator to calculate if bitcoin mining will be profitable for you or not. Also check the prices of ASICs to know if you will be interested because they are very expensive. Another important thing is electricity as it has to be cheap.

In addition to the points in the thread that act has linked. I briefly want to look at these points when you are doing reading - learn about the different miners and they type that fits your needs. It is not any type of miner that you need. Power, Electricity needs and noise type are some factors to consider. I should have mentioned this but if you don't know how to send and receive crypto and know about crypto, you should update knowledge on it. I added this last point because I am assuming that since you didn't say it in your OP, you may be a newbie. The links are very helpful too.

Just as an addition to the other posters: make a business plan and let somebody with sufficient knowledge verify your plan (or post your plan here, so we can have a look at it). Make sure you get everything right: how much do you pay for power? How much import tax? Shipping and handling? Shelves? Cooling? Support staff? etc, etc,... Next to the financial aspect, factor in noise, heat, time,... Don't be disappointed if it turns out you cannot mine profitable. Most people can't. Mining is no longer what it used to be, it's either a hobby that will probably cost you money, or it's big business.

Basically, to do mining only requires 2 things such as Devices and internet connection, while for the procedure it requires a guide, and in this forum there are many who discuss how to do mining. However, I will still tell you how, and before you start, it's a good idea to know how much profit you can get when mining, because it is necessary to have this calculation to avoid the risk of loss, such as maintenance costs for devices, and electricity costs. For beginners, you can try to see how on the Nicehash or Unmineable site, on the site also has an application designed to make it easier for new users to do mining without having to configure it in a complex way, for details visit: - Unmineable / Nicehash For mining profit calculations, you can see the following site: - Whattomine / Nicehash - Porfitability Calculator

Honestly, mining Bitcoin is not as hard as you think. Once you buy ASIC hardware, it should be plug and play what you need is the pool where you want to mine and set the pool configuration and that's it. The only problem is that these ASIC units are not for home because the noise of these units is pretty loud and it requires so much power, so the first thing you need to check is if you are allowed to run a machine in the area of your choice with loud noise and if you have a cheap or free electricity rate. Because if it's not allowed and your power is not cheap, then you better invest in other things, like bank savings with interest. Also take note that newer Bitcoin ASIC units are power hungry; you might need to consult an electrician if your house outlet can handle 5000w+ because the normal amps usually is 20amps. And Bitcoin ASIC units are expensive. Since you are a newbie, I think if you don't want to spend much and don't know how exactly mining works, I suggest start to look for BitAxe it is a low-power unit they are going to release a new one this year, the BitAxe Touch, which only consumes 22w with 1.6TH/s Setting it up should be easy, and the included manual should be your best guide.

How far down the rabbit hole do you want to go? In your house you can't do much as they are hot and loud and most homes do not have cheap power. A bitaxe for shits and giggles https://altairtech.io/product/bitaxe/ a Canaan for a space heater https://altairtech.io/product/canaan-avalon-mini-3/ a bitchimney for a space heater https://altairtech.io/product/bitchimney/ all of the above are kind of okay for a home and they will lose money unless weird shit happens. Now if you heat your house with electrical heaters and you absolutely need and use a space heater those space heater options are kind of okay. I won't get into commercial mining except to say it is a fucking grind and power needs to be at 5 cents a kwatt to be fairly certain you make money