Quote from: protrader786 on September 03, 2020, 05:55:04 PM

Hello,

Most of us have a question, how to obtain a good quantity of BTC quickly and from a reliable source. One such way of doing so is by mining it.

This will be a quick walkthrough without much technicalities for beginners.

What is mining of BTC

https://i.ibb.co/j6SM0xv/images-7.jpg

Just like mining(searching) for natural resources such as coal, gold etc, this a type of mining done using different electronic devices.

Mining is the process of adding transaction records to Bitcoins public ledger of past transactions. You are rewarded BTC for contributing, legitimising, and for monitoring the bitcoin network and it's Blockchain.

What do I need to do this type of mining

https://i.ibb.co/8bh5FMx/images-8.jpg

Did you know, in the beginning years, you could just mine hundreds of Bitcoins with a normal computer or laptop without the use of much resources.

Nowadays, the competition is tough, everyone knows that this is a good way of earning Bitcoins and hence are investing a lot of money and resources into it.

Things you would need are :

A lot of powerful GPU's
Or
Specialised mining hardware know as the ASIC miner
With the combination of a pc or a laptop and a software that helps you to connect to the network.

I would like to let you know that, all these products consume a lot of electricity and mining using GPU's is no longer suggested or profitable for BTC since you would never end up finding a block and validate it to recieve a reward.

What will I get if I find a block after all this fuss

https://i.ibb.co/56TCkx2/images-9.jpg

You will currently get 6.25BTC if you succeed in doing so.

Ok, so how many times in a day is this reward dropped

You get it everytime a new block is mined, approximately once every 10 minutes approx.

Is it worth investing money on mining and it's hardware

Like I said earlier, there is a lot of competition, there are big organisations that have most of this hashing power, buying one or two equipments won't get you anywhere.

You could however join a pool with your device and try to contribute, if you are lucky, who knows, you may be rewarded.

What is this pool

Like I mentioned earlier, unless you are contributing to the system/trying to mine using a large number of your own hardware, chances of you finding any reward are 0.

So, to make the most out of what you got, there is this pooling

You can either try to mine individually
You can contribute your hashing power and combine it with someone else doing the same task and share profits if you manage to mine a block

What not to do

On the internet there are a lot of websites that offer you to do mining just by downloading thier software or by asking you to register or by asking you to put in your private keys in their website in return of fixed return. Never go into any of those, these are the ways to scam.
Never try to invest money into cloud minig unless you know what you are doing and the whereabouts of the company where you are trying to buy some hash power. There are a lot of scam sites, duplicate sites, sites with fake reviews, sites that offer tons of interest on your deposits, sites that promise fixed returns. Remeber mining cannot give you fixed returns and most likely it's a scam.

I hope I haven't bored you guys yet. There may be many mistakes in the topic too, please help me correct them. I haven't gone into technicalities as anyone relatively new would not even understand it and tried to keep it as breif and simple as possible.

Thank you

The walkthrough was quite insightful but in case you have some disposable income, here is an alternative, I would suggest you to go for cloud mining. Companies like RRMines and Bitdeer offer such services and this investment is definitely worth it.

I’ve been using this method for the past 2 years now and hopefully saved myself from the wrath of the market destabilization and older mining techniques. I use RRMine for this. They’ve a variety of products, lock-in period of 30 days, 90 days, 180 days are also available. After the end of the lock-in period, users can freely trade or renew their computing power contracts. The contracts can be transferred to other users or repurchased by platforms then users can recoup their costs for buying contract.

You can also pay $13.99 for 7 days, the mining profit will cover your cost for purchasing the computing power

A fixed investment will get you a more stable income, and you can choose to sell mined BTCs when the price is right for you. Also you do not need to know how to set up, operate and maintain a crypto farm, these companies will take care of them all for you, it’s more of an investment instead of a technological challenge.

You can easily register on their websites and RRMine also has a mobile app, I don’t about other but I find this very handy.

Hope you found value in this answer.

Karanpq

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