Can you teach me how to mine bitcoin

droid

Well-Known Member
Joined
Feb 11, 2012
Messages
298
#1
Hello

I plan on mining with my graphics cards. I have watched a lot of videos today on Bitcoin mining but I am still unsure.
I have never mined before and know absolutely nothing.
Could you teach me.
What do I do, step by step.
Do I have to signup somewhere?
What program do I use to mine?
How do I connect my wallet to the mining setup?
How do I trade in my Bitcoin for Dollar?

Much appreciated.
 

IOPS

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Joined
Oct 2, 2016
Messages
389
#2
There are literally thousands of articles online about this, Google is your best place to start.
I'll kick it off for you though:

1) Teach yourself, it's a fun learning experience
2) You can't mine BTC on GPUs
3) If you're set on GPUs, mine a coin that is ASIC resistant
4) Find a mining pool
5) Find a wallet
6) Find an exchange
7) Don't use cloud mining, ever

I doubt someone is going to want to give you a step by step guide when all the information if already out there.
Have fun.
 

DjStyles

Expert Member
Joined
Aug 11, 2003
Messages
1,168
#3
All of the above is 100%
I would maybe suggest using Nicehash (have their own miner) as a starting point.
It will automatically mine the most profitable coin at the time and then convert and payout in BTC.
 

MightyQuin

Honorary Master
Joined
Oct 6, 2010
Messages
11,317
#7
Yes.
How else do you think transactions get confirmed?

In fact, the amount of current hash power on the network is quite impressive.
I am talking about people like the OP that wants to start mining at this late stage of the game...not about bitcoin farms in China/Indonesia.
 

IOPS

Well-Known Member
Joined
Oct 2, 2016
Messages
389
#8
I am talking about people like the OP that wants to start mining at this late stage of the game...not about bitcoin farms in China/Indonesia.
Depends on a bunch of factors. Electricity, purchase cost etc etc.
If you go out now and buy one ASIC it's probably not immediately profitable, no. Save those mining rewards though and see the price triple or rally, then yes.

Either way, mining is a really fun hobby,
 

Odracir

Expert Member
Joined
May 13, 2009
Messages
1,951
#12
Which factors would you say is going to be a big cost factor?
IOPS mentioned electricity and purchase, what else besides these two things?
 

MightyQuin

Honorary Master
Joined
Oct 6, 2010
Messages
11,317
#14
The money first time and small time miners may make, will be negated by the cost of electricity in this country.
 

IOPS

Well-Known Member
Joined
Oct 2, 2016
Messages
389
#16
The deflated/popped bubble will bounce back
There are a lot of people that are optimistic that the price will increase. Historically it's done it before, why are you pessimistic about it? I'm genuinely intrigued, not trying to be a dick :)
 

MEIOT

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Joined
Feb 27, 2018
Messages
384
#17
There are a lot of people that are optimistic that the price will increase. Historically it's done it before, why are you pessimistic about it? I'm genuinely intrigued, not trying to be a dick :)
Just going on the general consensus in the market and also the resistance from governing bodies and world governments. Not to mention the opinions from market analysts and leaders of industry.

There is a place for it, just not a replacement for currency as so many were alluding to.

Just my opinion.

Also, if I'm being honest, some of my feelings stems from pure regret. Regret from not jumping on that bandwagon earlier on and cashing out before it all came tumbling down as was inevitable :laugh:
 

IOPS

Well-Known Member
Joined
Oct 2, 2016
Messages
389
#18
Just going on the general consensus in the market and also the resistance from governing bodies and world governments. Not to mention the opinions from market analysts and leaders of industry.

There is a place for it, just not a replacement for currency as so many were alluding to.

Just my opinion.

Also, if I'm being honest, some of my feelings stems from pure regret. Regret from not jumping on that bandwagon earlier on and cashing out before it all came tumbling down as was inevitable :laugh:
Fair points. I agree that the general, albeit public, consensus at the moment is quite negative, but there are lots of really positive news stories and use cases for Bitcoin.

Bitcoin has never seen so many daily transactions as it has at the moment, Lightning is really exciting as is the overall scaling functionality.

These are all fairly short to medium term opinions though. Bitcoin is still very much in the "I'm buying because I can make x% on my investment" stage. Volatility is getting less, which is a good thing.

I'm still skeptical about it being a currency replacement. I'd love it happen, but in reality there are still governments and central banks running things. Even they're looking at Bitcoin use cases though. I could send you money via an EFT, in Rands, but maybe the actual monetary transfer happens in Bitcoin. I think some remittance companies are already doing this.

Bitcoin isn't all about the price.
 

acidrain

Expert Member
Joined
Jan 7, 2007
Messages
4,629
#19
There is a place for it, just not a replacement for currency as so many were alluding to.
Personally I think it is a bit short sighted to state that it will not be a replacement for currency. Perhaps calling it a replacement in the near future is a bit optimistic but just how the currency of today replaced metals, digital currency will replace physical currency as the primary form of exchange. Just a matter of time... how much time is unknown.
 

MEIOT

Well-Known Member
Joined
Feb 27, 2018
Messages
384
#20
Personally I think it is a bit short sighted to state that it will not be a replacement for currency. Perhaps calling it a replacement in the near future is a bit optimistic but just how the currency of today replaced metals, digital currency will replace physical currency as the primary form of exchange. Just a matter of time... how much time is unknown.
Indeed and agreed.

I should have been more succinct. I don't think currency will be deprecated any time soon (and by soon I mean in my lifetime)

Could be wrong though - I guess time will tell
 
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