I remember first hearing about Bitcoin when it was practically nothing. Everyone was too busy with other apps instead of exploring blockchain. Now I think about how rich I could’ve been. Anyway, is Bitcoin mining still a thing? What do I need to start and recover my past mistakes?
Yeah, mining difficulty is way up now. Too many folks got powerful ASIC miners, and starting out isn't cheap anymore. You definitely need ASICs, which are pricey, plus you need cheap electricity. Joining a mining pool is also recommended.
Check out that link Charles-Tim posted for solo mining setup. But if you're not loaded, just skip the mining route. The equipment costs a fortune, and electricity is the real killer. If you have cheap power though, you might get lucky.
My buddy says it’s a bad time to mine Bitcoin. It’s pretty much dominated by rich miners. As a newbie, I can't argue with that he's been around for ages. If I’m wrong, let me know. But he also mentioned mining altcoins instead, then trading for Bitcoin later.
If you feel like you missed out on Bitcoin, chill. There's still potential for growth. Plus, you don't have to mine to own Bitcoin. Consider investing slowly through DCA. Setting up a mining rig can cost you thousands, but investing might be easier. Just so you know, good rigs can go over $12k.
Thanks for the info! Quick question, how do I share a pic? I wanna show how my friend set up his mining rig. He’s being tight-lipped about it since he thinks I’m broke (can’t blame him). Someone said I need merit to post images, is that true?
Yep, you need to be a junior member to share images here. You'll need at least 1 merit and 30 activities. But no worries, post an image link instead. Try uploading it on a site like talkimg.com and share the link.
Honestly, it might be too late for you to jump into mining. It was way more profitable back in the day. Now, you need serious hash power to be competitive. Used to be possible with just a good GPU, but not anymore.
HOME MINING IS DEAD. For real, I could talk for ages about this. Best you can do at home is get a space heater. I built one for about 800 bucks, and it only brings in minimal profit unless your power's super cheap.
True, without miners, the Bitcoin network wouldn’t survive. You need to check if you can get electricity for about $0.06/kWh or lower. Otherwise, your return might take forever, depending on the future price.
If you’re really set on mining, electricity costs are your top priority. The cheaper, the better. A single ASIC miner can suck up a ton of power. I've seen friends fail because they didn’t do their homework on this.
Modern ASICs use way more than 3500 watts. Most homes can't handle that without some serious electrical work. Enthusiasts usually upgrade their wiring.
You’re right about that. I modified my house with three circuits, each handling 30 amps at 240 volts. That gives me around 7200 watts. I play it safe and derate it down.
@phil, saw your comments. Definitely complicated stuff. Have you checked out the Russian GOST? It’s pretty straightforward. We measure in kilowatts too.
Looks like the Russian way of thinking about power is different. Here, we say 3300 watts instead of focusing on amperes. We get our own safety measures in place too.