Bitcoin mining

[Bradders]

Hello there, Im very new to bitcoin infact i barely know what it is or how I use or get it. Would someone be able to tell me about bitcoins, how to mine them and if its even worth it'

 

Ta!

 

[Redicat]

Would not really recommend you anything at all unless you really have cheap power and money to burn return of investment is very long can take year(s)

[JaegerB]

Not to mention gamers will hate you for taking their cards

[BluJay614]

16 minutes ago, JaegerB said:

Not to mention gamers will hate you for taking their cards

Hate is a strong word, but alot of us will and probably do. Price inflation and the severe lack of availability is a pain when trying to build a new rig.

[Hereby]

2 hours ago, BluJay614 said:

Hate is a strong word, but alot of us will and probably do. Price inflation and the severe lack of availability is a pain when trying to build a new rig.

I do.  

[pat_13b]

All the above it true but don't let it discourage you. It's an interesting feild with lots of potential. 

 

Take a look at bitcointalk.org for more info and get involved.

[Orangeator]

Bitcoin mining is one of those things where you have to have a lot of money to start off with... It's a large upfront investment with the likely possibility of never turning a profit. If that sounds like your kind of thing, then just quote me and I will give you the run down of how it works.

 

But for simplicity sake's, mining is wear you use your GPU's to crunch numbers pretty much which helps run the network of the crypto-currency you are "mining" for. In return for letting them use you to make transactions, they pay you a small reward directly related to the amount of work your computer is getting done for the network. So faster the GPU/GPU's (higher the hash-rate) the more you make per x amount of time. 

[Unimportant]

5 hours ago, JaegerB said:

Not to mention gamers will hate you for taking their cards

Bitcoin mining on GPU is so 2013. You need dedicated mining hardware these days to even have the slimmest chance of eking out  a profit.

 

@Bradders

Some altcoins can be mined profitably on a GPU perhaps. The question is : do you want to mine for the fun of it or to acquire coins? In case of the latter,don't forget you can simply invest in the coin you believe in directly.

[JaegerB]

18 hours ago, BluJay614 said:

Hate is a strong word, but alot of us will and probably do. Price inflation and the severe lack of availability is a pain when trying to build a new rig.

A company that just made dedicated mining GPUs would be great for everyone.

[BluJay614]

1 minute ago, JaegerB said:

A company that just made dedicated mining GPUs would be great for everyone.

What company did that? I know some companies where talking about making Nvidia dedicated mining cards using specifically made versions of the same GPUs as the gaming versions, but none that ever made it to release that I know of

[JaegerB]

Just now, BluJay614 said:

What company did that? I know some companies where talking about making Nvidia dedicated mining cards using specifically made versions of the same GPUs as the gaming versions, but none that ever made it to release that I know of

I'm not saying any companies do, just that it'd be great if they did

[BluJay614]

1 minute ago, JaegerB said:

I'm not saying any companies do, just that it'd be great if they did

That's actually been a topic for debate. For example:

-Would it effect production of the gaming cards?

-Would there be enough produced to keep up with the already insatiable demand?

-Would minors care, being as it would make the card harder to resell when they decided to bail?

There are lots of questions that are to be had if it would or wouldn't be bad.

[JaegerB]

1 minute ago, BluJay614 said:

That's actually been a topic for debate. For example:

-Would it effect production of the gaming cards?

-Would there be enough produced to keep up with the already insatiable demand?

-Would minors care, being as it would make the card harder to resell when they decided to bail?

There are lots of questions that are to be had if it would or wouldn't be bad.

Well, it wouldn't have any effect on gamers if the processors themselves were from a new company (not nVidia or AMD). If the processors and cards were from a whole new company they could be specifically produce cards that fit the needs of miners unlike gaming cards which have some but not all of the features miners need. Actually I think gigabyte makes a dedicated mining card, but I don't think it's too popular. https://www.gigabyte.com/Graphics-Card/GV-NP106D5-6G-rev-10#kf

[BluJay614]

3 minutes ago, JaegerB said:

Well, it wouldn't have any effect on gamers if the processors themselves were from a new company (not nVidia or AMD). If the processors and cards were from a whole new company they could be specifically produce cards that fit the needs of miners unlike gaming cards which have some but not all of the features miners need. Actually I think gigabyte makes a dedicated mining card, but I don't think it's too popular. https://www.gigabyte.com/Graphics-Card/GV-NP106D5-6G-rev-10#kf

https://www.vali.bg/en/product/10780/Видео-карта-GIGABYTE-GV-NP106D5-6G-Mining-6GB-GDDR5-192-bit-no-video-output?

It looks like it made it to a bulgarian e-retailer, but that's about it. It seems like that kinda answers the idea of the current two companies having any actual interest in mining cards. As for if a third supplier came around..... They would have a fun time just getting into the scene. Nvidia and AMD have enough of a hold on the market that it would be extremely difficult to squeeze their way in.

[JaegerB]

Just now, BluJay614 said:

It looks like it made it to a bulgarian e-retailer, but that's about it. It seems like that kinda answers the idea of the current two companies having any actual interest in mining cards. As for if a third supplier came around..... They would have a fun time just getting into the scene. Nvidia and AMD have enough of a hold on the market that it would be extremely difficult to squeeze their way in.

True, it'd be difficult. But as a gamer it's something I'd like to see, even if it only minimally alleviated the market's strain from miners.

[BluJay614]

Just now, JaegerB said:

True, it'd be difficult. But as a gamer it's something I'd like to see, even if it only minimally alleviated the market's strain from miners.

That also brings in the question as to if it could accelerate the issue. Prices drop, it's suddenly easier to get in.