Not sure if this topic's been covered already, but I've done some digging here and elsewhere. Couldn't find this exact title, though I did see some related threads about crypto or bitcoin mining, but they were all pretty different. Crypto or Bitcoin Mining has been on my mind lately, so I looked into it to get a better grasp. I ended up with a bit of knowledge, but honestly, I still struggle to explain it clearly to others when they ask. That's why I'm posting here, hoping an expert can shed some light on it.
From my research, I learned that Bitcoin Mining is about creating new Bitcoins and processing transactions. But I'm still confused about it all. I’d really appreciate if someone could break down the differences between crypto mining and bitcoin mining for me. Also, I’d like to know how I can actually start mining bitcoin.
Understanding Crypto Mining
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coin_sigmaLegendary
Posts: 1275 · Reputation: 5553
#2Jan 14, 2021, 06:31 AM
Why not read some courses instead to learn more about Bitcoin and Crypto as a newbie it won't be easy to understand but if you keep reading and using them you will fully understand how these work.
Check these sources and look for some free courses out there
- https://github.com/yjjnls/awesome-blockchain
- https://github.com/igorbarinov/awesome-bitcoin
- https://github.com/Helmi/awesome-crypto
First of all, I am not a forum expert. But, I myself mine ETH For a year now. So, I guess I can share my experience with you.
Bitcoin is also crypto. But, JayJuanGhee disagrees with this. According to him, Bitcoin is Bitcoin.
You don't have to be an expert to mine Bitcoin. You can start mining Bitcoin using ASIC Miner if you have general knowledge.
There is not much difference between Bitcoin mining and Crypto mining. The only difference between Bitcoin mining and other crypto mining is on Hardware.
Bitcoin
Bitcoin can be mined using ASIC Miner OnlyBitcoin has a limited supply. Only 21 Million Bitcoin can be mined.
Crypto Mining (Alt coins)
Some Altcoins can be mined using GPU, CPU, Even HarddriveSome altcoins don't have supply limits (ETH For example)
Bitcoin and ETH Both are crypto in general.
Another Post from jackg might be helpful for you.
The competitive process verifies and adds new transactions to the blockchain for a cryptocurrency that uses the proof-of-work (PoW) method. The miner that wins the competition is rewarded with some amount of the currency and/or transaction fees.
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bull_sigm4Member
Posts: 2 · Reputation: 100
#5Jan 16, 2021, 10:37 PM
Bruce Hardy's has a different perception on crypto mining.
https://truththeory.com/canadian-man-using-bitcoin-mining-power-aquaponic-garden/
He developed a way to utilize the heat from his ASICS miners to warm a building for early stage plant growth and sells them to local farmers. He uses his own style of aquaponics to create a sustainable environment for fish and plants.
Can you give me a link to a good mining site?
lynx_rocketSenior Member
Posts: 232 · Reputation: 1450
#7Jan 18, 2021, 11:14 AM
There is no mining website out there, what's left are online mining calculators e.g whattomine and mining pool like Nicehash and others, if anyone ever told you about a website where you can mine with no miner e.g asic Miner or gpu it's a scam they are running, it's better to close such website and look for legit way of mining Bitcoin and altcoins.
Find money and buy asic miners like s19 but first check your power bill, if it's costly or not, because many people did this mistake and they end up selling the asic miner back for a lower price.
Crypto mining and Bitcoin mining are related concepts. but they are not exactly the same. Bitcoin mining is a subset of crypto mining and focuses on mining Bitcoin only. Crypto mining is a broader term that explains the process of validating transactions.
Here
https://www.nicehash.com/
There are articles, a blog, mining calculators and links to other communities. Until you write down the cost of your electricity, I can't help you. I consider now the maximum ceiling of 6 cents per kilowatt, if your electricity is more expensive, then do not start mining now.
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