What is Bitcoin Mining? How Does it Actually Work? (2020 ...
5 Best Bitcoin Mining Hardware ASIC Machines (2020 Rigs)
[uncensored-r/Bitcoin] starter mining rig
The following post by slaycrazed is being replicated because the post has been silently greylisted. The original post can be found(in censored form) at this link: np.reddit.com/ Bitcoin/comments/7jqyzt The original post's content was as follows:
I live in the mountains of central Pennsylvania and heating is very expensive for my apartment in winter. In January and February for example, it costs me $400 per month for electric heat. What ASIC miner would you recommend as a good space heater? Bitcoin profitability is preferred (11 cents per KWH) but it's not required because I waste a lot of money heating anyway. I can mine Bitcoin or alts. Any recommendations for a specific rig setup or starter kit? I have a $2,500 budget to work with, but I can cash out my HODL for more. I would prefer to buy a lot of small ASIC miners than to buy one big expensive one. How much bandwidth would I need for internet? I have 50 megabits now but can go up to 1 gigabit.
[PSA] Money saved = money earned? Use bitcoin to save money if you shop on amazon.
I was reading a couple threads on this subreddit and some people are taking a hit when buying gift cards with bitcoin where they only get 80% of the value of the bitcoin transferred to the gift card. People also seem to struggle converting bitcoin to cash. Here's a few things with some referral linkssorry to assist people with these issues. For starters, egifter and gyft are pretty useful. I use them pretty often for things when I am in a rush and can't find any other options to save using bitcoin to buy things. It's also really handy for gifts for birthdays/christmas for those folks that live far away. If you want to throw me a bone for telling you about egifter, shoot me a pm and I can add you as a referral. The referral program isn't sexy, but egifter does give you points for using bitcoin that can add up to savings on future orders. If you want to convert bitcoin to fiat, I highly recommend getting a bitpay debit card. Bitpay is fast and easy and comes in pretty handy. You could also consider localbitcoins. Using that site you can charge a small fee for the transaction. Just simply look at the current rates in your area and match it. Match the rate based on the amount you're selling. Example, currently preev has the bitcoin price at $2632 usd per 1 btc and the going rate in my area is roughly $2785. That's a 3-4% fee. You can also transact here in cash with no id. I just recommend meeting somewhere safe. I also recommend keeping an eye on /BitMarket. I stumble across deals there from time to time. That subreddit is a pretty decent place to sell some stuff for bitcoin if your are interested in that sort of thing. There are a couple of places that I've found online that are auction type sites like ebay for bitcoin, but they are pretty shady in general and I'd rather not be the guy that points people to them. I have gotten some great deals on them, but I play it extremely safe. If it seems to good to be true or the seller has no ratings or feedback, I don't touch them. Same goes for the subreddit here, check the users profile and attempt to use escrow when doing any trades there. Now, my favorite thing to do when not using bitcoin directly on sites like newegg is to use purse. referral: nonref: Purse is a service that offers a 5% discount immediately for shopping on amazon. If you already shop on amazon and aren't using this, you are wasting money. Purse can save you 10-20% when purchasing if you are patient. Here's how it works. Say you want to buy a new item that cost $100 on amazon. You list the item in a public wishlist, make an offer of say $80 or $85 in bitcoin for the item and you pay purse.io the bitcoin. Purse then acts as an escrow between you and whomever accepts your offer and buys the item. The item is shipped directly to you and you then notify purse and they release the escrow to the buyer. I usually start out my offers at 20% and if no one bites after 24to 48 hours, I lower it to 15%. Cool little side hustle here: I have friends and family that I told about this and they don't want the headaches of dealing with bitcoin. So what I do is let them order through me. Say you mom wants that new tablet or whatever. I tell her I can save her 5% and order the item. If I get 15% off I pocket the 10% as profit for the 10 mins of work it took me to do the listing and stuff. It's a decent way to flip btc to usd for fiat and profit. For example, a recent purchase I did. I ordered the new kindle fire, childproof case, cover, headphones and all for my friend for her daughter. Everything together was like $145. I listed it for $115 (Cause I like round numbers). I put the bid up and it was accepted in under an hour. That usually doesn't happen. But I was able to flip $115 worth of bitcoin out and got back $135 and some stuff from her garden. Not a bad deal for 10 minutes worth of "work"... What I do is scaled up because I've traded bitcoin since 2012 and I currently have a few mining rigs, so I always have extra bitcoin laying around to do this. But even if it helps someone a few times a month or something it adds up. Hope this helps, if you have any questions/suggestions let me know.
The crypto community is just not a friendly bunch; We like playing the guard at the gate
There’s a contradiction at the heart of Asia’s cryptocurrency community that few people have acknowledged, much less addressed: While cryptocurrency enthusiasts want digital currencies to succeed, their behavior toward beginners — the people needed for any coin to reach critical mass and adoption — is generally apathetic, if not outright hostile. You can witness this gate-keeping on any online forum, first-hand if you so dare. Pose any question that a beginner might ask — such as where you can buy Bitcoin, whether X coin is a sound investment, or how to safely store your digital currencies — and you’re sure to receive an avalanche of answers, most unhelpful and many sarcastic. Some might argue that such a response is well-deserved, since the vast majority of these inquiries can be answered with a simple Google search. But the same could be said of any intro-level questions related to most tech fields, and many of them still boast of online boards, forums, and communities that are beginner-friendly, as experts understand that many novices like getting information directly from trusted peers rather than search results. There is thus no other way to put it: The crypto community is just not a friendly bunch. We like playing the guard at the gate. Gatekeeping is crypto is problematic because the tech still has such a long way to go. To this end, a study by Invest in Blockchain found that 64% of cryptocurrency projects do not have a working product, while less than 1% of people in the world own any cryptocurrency. Crypto, in short, is at this stage more still an idea than it is an actual innovation. For companies to succeed in creating viable coins and crypto products, and for consumers to use and adopt them, the community, as it stands now, needs to change its orientation toward beginners. We need to be more welcoming toward anyone who has an interest in crypto, operating under the understanding that people who have little-to-no understanding now may grow to become key stakeholders. The developers new to blockchain and crypto tech may one day create an important industry innovation. The consumers who want to invest in a digital currency today may one day be the largest backer of another coin in the future. The individuals still learning how to store their coins now may one day be important power users and ambassadors tomorrow. And even more important than the individual contributions that newcomers will inevitably make, as a whole, a rapidly growing community will show that crypto will indeed change the world. Also read:For crypto and blockchain to get mainstream appeal, we need to look beyond our own closed communities A community, of course, cannot change overnight. How we act, speak, and teach beginners — or “newbs” as they are still often disparagingly referred to — is deeply ingrained. What we can do now is take the time to introduce anyone in our own personal social network with an interest in crypto through a virtual and real-world tour of its imprint in Asia. This ask is at least easier than helping strangers online, as we have an immediate connection and a vested interest in winning them over. It would be akin to a Googler showing a friend around the Googleplex in Mountain View: You want them to believe. Fortunately, Asia’s cryptocurrency community is thriving: There are many successes you can point to in order to orient an interested friend and persuade them to actively participate in the community. For starters, you can help them open a digital wallet and purchase crypto, choosing from the numerous reputable providers and marketplaces there are in Asia, such as ANXPRO (Hong Kong), Coinhako (Singapore), BitoEx (Taiwan), BitBit (Philippines), Bitcoin Cambodia, and many others. After you help them purchase their first crypto, you can take a step back – much like how the first imperative of the aspiring filmmaker is to hear director commentary or go-behind-the-scenes of an actual production – by showing them how crypto is mined. If you have connections, you might be able to take them to one of the industrial mining operations that dot Asia, most of which are in rural China where electricity is cheap. But you’ll most likely have to show them someone who has a small-scale mining rig, often using miner’s from China’s Bitmain. The sight of miners mining crypto in someone’s living room or bedroom will explain the power of decentralization better than anything else: Cryptocurrency really does portend major changes in how currency is created and maintained. But the biggest way to ease friends into the cryptocurrency world is by demonstrating that it can be used to transact in the real world. CoinMap provides an overview of places that accept cryptocurrency, but many of these transactions are done manually and are thus clunky. A better bet is to take them to any venue that accepts crypto via a PundiXPOS, which is manufactured by the company of the same name out of Indonesia. They are currently deploying 100,000 of these devices across the world, including FAMA Group eateries in Hong Kong and even Ultra Taiwan 2018. Also read:How Pundi X plans to help Indonesians buy Bitcoin “as easy as buying a bottled water” Pundi’s XPOS devices are a strong statement in favor of cryptocurrency because of their ease of use, as they operate much like a normal credit card reader or POS terminal. Consumers just use their XPASS card at the XPOS, and then they’re free to use their crypto to pay for goods or services. This kind of demonstration is important for beginners, as the heart of cryptocurrency, after all, is currency. People are more likely to believe in crypto once they see its utility as a means of payment.
Is it idealistic to expect crypto enthusiasts to help along interested friends or colleagues in their social network? I hope not. The cumulative effect of patiently exposing peers to every part of the industry, from mining, purchasing crypto, and even transacting is substantial. It may win over more people to the community, combat the negativity that our online community often tends to exhibit, and ultimately add value to your own digital currencies as more people adopt and use them. The act of patiently introducing friends to crypto may be one situation, then, where the saying “pay it forward” make take on a literal meaning. full article: https://sg.news.yahoo.com/call-end-gatekeeping-asia-crypto-community-072239662.html
Hello, fellow crypto enthusiasts. I heard in many channels that bitcoin mining has become a headache for starters, so it'd be better for them to just buy and hold. What're your thoughts? Should the beginners bother about bitcoin mining these days, or not? Let's a starter has $3k. What's better, to just buy BTC or think or building a rig? Thanks!
Pro and Con for getting payout in Litecoin and then converting to Bitcoin?
I'm about to start mining for the first time. My goal is to use my revenue to purchase additional GPUs to expand my starter rig. I'm thinking of having MPH convert everything to Litecoin since it has a very low transaction fee for the payout. I could then exchange it to Bitcoin and then I could spend that Bitcoin at NewEgg. Is this a good way to do it? 1) Does the MPH payout transaction fee cover the miner transaction fee for transfering to another wallet? Or is that extra? 2) Is converting to Litecoin, transferring to a wallet, converting to Bitcoin going to have lower total fees than just converting to Bitcoin and transferring to a wallet?
! New Miner Alert ! - My friend got this house with free electricity
Howdy guys, so the story is... someone who isn't me, came to have an open door in the house where by random chance there's an awesome electricity grid installed when it was built... (there used to be an oven for baking ceramics here) and also by random chance the house has free electricity... now I am a newbie in Bitcoin and mining, but I'm not technically illiterate person... but still... there's a lot of information to go over... so I was wondering for starters: What rig would you recommend for someone who doesn't need to keep his electricity bill in check...? Would mining SHA-256 or Script have more sense...? Would buying old rigs that are not profitable for others be profitable for my friend...? Thanks in advance, SuperMario ;)
SmartCash Reddit Mods Deleted this post. Why invest in SmartCash?
Why invest in SmartCash? To start, I found about SmartCash when I was mining at Zpool. Awesome miner keeps on mining a Keccak coin and that I will be earning 10x of what I’m supposed to have. For starters, it could be a glitch, so I switched to Nicehash, still the same. So instead of mining through these auto-exchange pools, why not mine the coin directly? Zpool stated that the coin for Keccak is Maxcoin same as what Nicehash has listed. Checked Maxcoin in CoinMarketCap, saw the price doesn’t make sense. I setup my rig, pointed to a working Maxcoin pool, and it’s not the same. So tried searching further, found a list of coins with Keccak used as an algorithm.. then found SmartCash. I went to the SmartCash website and saw that they have a lot of “community” projects being done. Youtube videos also explained how good the “community” is. The website also offered what’s called SmartRewards, you save a minimum of 1000 Smarts before the 25th of the month, leave it there until the 25th of the next month then get paid with the current percentage of what is showing in the SmartRewards calculator. Pretty enticing, because it is one way to “stabilize” the price. In order to get a headstart, I pointed my rigs to their “Official SmartCash Pools”, then hashed away. After a few days, I was able to amass around 300 Smarts. So, I planned to mine a bit more looking forward to getting the SmartRewards. As per “mining” goes on, a lot of things happened. The zcoin exploit, exchanges being disabled, difficulty rising exponentially and worst is, the exchange rate rose up to $3.20/Smart to a low $0.81 in a span of two days. Two (2) days, of disabled exchanges due to the zerocoin exploit. The Zerocoin exploit allowed 23.4 M SmartCash ($ 6.5 Million with current exchange rate at that time) was sent to a specific wallet. What makes the matters worse, they did ask the exchanges to “DISABLE” the SmartCash wallets. This is to prevent deposits and withdrawals, smart? Nope. It didn’t stop there. The Zerocoin exploit occurred Jan 8th-9th. The exchanges were disabled around that time. But if you look on the dates Jan 8th to 19th, stocks.exchange had their DEPOSIT option enabled. And then from there, you could see a literal price increase to a dump. Price went up to $3.45/SmartCash on Jan 13th and decreased drastically from there. Stocks.exchange showed a very huge sell order starting from Jan 18th. Eventually, the “supposedly stolen” SmartCash was sold for Bitcoin. Thinking that Exchanges we’re disabled at that time. A lot of us miners, didn’t find out about it and was wondering why “DEPOSIT” is enabled, while withdrawal isn’t. Simple, if you’re a coin developer or part of the project. You have the authority to tell the exchanges to enable deposits and/or withdrawal or both. Smart right? Well, it doesn’t end there. The so-called SmartCash whales did a tipping spree on Discord. People got SmartCash for free. A lot were able to setup their own SmartNodes and move on. The news spread across reddit, twitter and even steemit. People started joining the SmartCash discord, and then it went on from there. People are begging for Smartcash, people are asking for tips for some unknown or weird reason, some are even there who are just in for the free money. Sad to say, the SmartCash team found out about the tipping spree and changed the tipbot rules. Fact of the matter is this: 1. SmartCash has 70/30 Block Reward Split; 70% goes to SmartHive Community, 30% goes to SmartNode owners, SmartRewards and the Miners. 2. SmartCash team has more than coins locked on their repository, and yet the price is too low for the volume. 3. SmartNodes are around 6-7k count or more. Price is still low 4. Mining pools are having constant problems With all these four (4) reasons taken in account, why invest in SmartCash? There are a lot of coins out there where you could earn more decently and honestly. Denarius is one. Why keep on pushing on to invest in SmartCash? Is it because of the SmartRewards? It still didn’t help. Is it because they have 6-7k SmartNodes with 10000 Smarts locked? Nope, not either. Do the math, if you’re reading this, you should be good at it. Imagine locking 10000 Smarts on 7000 SmartNodes = 70000000 SmartCash (LOCKED). Yet, still the price is not on what you should expect. If you read clearly, exchanges were disabled when the exploit happened, but still a huge dump occurred even before they announced that withdrawal/deposit are working. Oh, and yeah.. they “asked” cryptopia to delist them. Or should I say, Cryptopia delisted them. Think twice before you invest in SmartCash. Be Smart. Smartkonnnneeeeeeeeeeeekkkkkkkkkkkk!
I was a Bitcoin Idiot. Mined 10BTC in 2010 and blew it on Microtransactions.
When I was young and foolish, I heard of Bitcoin over some IRC channel I used to idle in. So I bought myself an AMD 6770 just to try this out and then I joined Deepbit where I just let it mine. Anyway eventually I managed to accumulate 10BTC, but then I stupidly kept it on a desktop app and not a USB stick in cold storage. So there it was, just sitting there, easily accessed. Eventually I found a crappy web game that gave me something new to play, but it had payment options to "get ahead." Starter packs and such. See, back then I only had a dumbphone, so I had no idea what a "Microtransaction" is. So I spent a single bitcoin on a starter pack. Which I lost to a battle. Then another, and another and another... Eventually I realized I blew through all the hard-mined 10BTC that I made over weeks and months. Then I was, like... Eh, I guess it's ok. Then I stopped mining for some reason. Then I sold the rig I made for a Playstation Vita in 2011 (what an idiot, I know, right?) then forgot about Bitcoin until it was too late to start mining again because of difficulty. My life is so full of regrets, I tell you. I graduated from College but my engineering degree was a paper that didn't land a job so I just do odd jobs here and there and then do Youtube as a side project. I lost so many relationships because I had to work for crappy little side-jobs and had no money to go out, and travel and such. So much of my life would have been different if either I kept mining or I bought early, but I've always missed opportunities. 1Jgoxze7Ad9JzgchZ2LSK9ooB6YUBagaGn
Hey guys, was up til 4am reading posts on here, still kind of confused though. I've been invovled with Bitcoin for a few years, attempted to mine on my pc which I realize is pointless. I'm not super tech saavy but have a buddy who is tech saavy but not BTC saavy. I get free electric at my work so was wanting to setup a miner here to mine some BTC. Honestly for starters I'm not looking to spend thousands. Is it even worth buying a miner for just a few hundred bucks? Which mining rig is the best bang for your buck at say $500 or less? Also I've scoured the net but is there any good how to guide I can pass along to him so he can educate himself on how to set all this up? Sorry I know all this has been asked but after hours of browsing the forum I'm still lost. Thanks guys!!!
Website displaying current average hashrates per GPU
Hi guys, Looking into building my first mining rig. Nothing too fancy, just a starter rigs to learn the ropes. I saw a website a while back that had current average hash-rates per GPU and GPU rankings. Does anyone know this website? Second Question - Mining Bitcoin directly is not a good idea with a GPU correct? It's better to mine etherium or some other currency. Is this a correct assumption? Is this because of the emergence of new hardware designed specifically for mining bitcoin that is making it less feasible for GPU miners? Thank you!
Is DogeCoin mining as profitable or is it not worth it like BitCoin?
Hey there everyone! Im totally new to this CryptoUniverse, and I chose to try Dogecoin as a starter currency. I'm really enjoying it here and have made a few doge from faucets and 2 people actually tipped me on /DogeCoin! I was thinking about starting mining on a computer so before I start, I was wondering if it is worth it to mine DogeCoin. I know that is it extremely hard to make anything Mining BitCoin if you don't have a dedicated BitCoin rig. Thanks!
Unlimited electricity and internet, need a mining rig
I am living in a college dorm, so I basically have unlimited internet and electricity that I would like to use to mine bitcoin. What are some recommendations for starter mining rigs or rigs to use in my scenario?
I am looking to build a mid-ranged starter mining rig with room to expand in the future as I am able to gather more funds. I was never able to get into mining back when Bitcoin and Litecoin were introduced. For some reason Dogecoin was able to push me into the mining scene. Now I am interested in building a mining rig so that I can gain Doge from mining as well as buying, because just buying them is simply not enough for me! I want to know, what motherboard is recommended for GPU mining? I plan on going with R9 270X. Going to start off with one, but hopefully looking to expand up to 4 in the future. Will also be going with a 1000W 80 Plus gold quality PSU. I have seen that the asrock h81 pro btc is probably one of the best mobos for GPU mining but they're out of stock everywhere (I am from Canada). Ebay has it for ridiculous mark up. Looking for recommendations for alternative motherboard.
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Vosk reviews how to build the best beginner mining rig with a cost of ONLY $1400-2000 dollars depending on the price of parts when ordered. Today Vosk builds... 5Gh/z in hashing power, just added another mining rig, A very compacted set up, currently with 3 system it only takes up 3 x 3 x 2 feet. I have 8x5870 and 4x... SUBSCRIBE FOR MORE HOW MUCH - http://shorturl.at/arBHL Nviddia GTX 1080 Ti - https://amzn.to/2Hiw5xp 6X GPU Mining Rig Case - https://bitcoinmerch.com/produc... Check out my course here: https://kevin-talbot.teachable.com/p/kev-s-ebay-course 30 day No QUestions asked money back Guarantee (if you have completed under ... How To Build A Mining Rig [Step By Step] Do you want to learn how to build a mining rig step by step? In today's episode, I'm doing an over the shoulder mini...