Part 1:
Mining | What you need to know – Basics

Theory no practice, the practice comes in the following videos. In these 30 minutes I explain the basics you should know if you are interested in mining and want to start with it.

More links to the individual parts:
Part 2: Mining | UnMineable Mining with user Software | Beginners
Part 3: Mining | NiceHash Mining with User Software | Beginner
Part 4: Mining with CLI (Command Line Interface) | Beginners

What is mining and how does it work

Mining is the term used in IT to describe the mining of cryptocurrencies. Most people think it’s complicated but you get rich quick.

You don’t get rich quick no matter what you are promised. It always comes down to profitability and/or personal attitude. For most it will be unprofitable, but many mine anyway, why ?!!! It is the Personal Attitude and the belief or knowledge that the coins will one day be worth more than what it cost to acquire them.

High or low price, you mean Coints and not a FIAT currency like EUR, USD, YEN or Ruble ! The price is interesting when selling ! Nobody tells you that you have to sell the meant coins directly after mining, cheap. You are free to sell the coins in 10 years for 100.000 $ each – should the price develop accordingly.

Don’t forget to take into account the cost of electricity and hardware. Well I for one don’t care about the cost of electricity as I usually run most of it on solar. However, that only works because I mine with notebooks and need correspondingly less electricity. On the other side I achieve with notebooks/mini PC’s not so high hashrates. In any case, the hardware costs should be taken into account. Solar system, High End Gaming Notebook and, Mini PC, Gaming PC, Rig or Miner.

Mining type

There are two types of mining hardware you can use:

CPU = Processor Mining, the faster and the more cores the better.

GPU = graphics cards mining with “AMD” or “NVIDIA”, it also go several graphics cards in one rig. Graphics cards like Intel.- MSI etc. are not suitable for GPU mining.

Combining GPU and CPU mining, simultaneously, is possible.

Stay up to date

Polls, coins and miners can change. Nothing about mining is constant, you should always be aware of that. Pools may yield less, another may yield more. Changing miners can also be interesting and it may be more profitable to mine another coin and then trade it in.

General information can be found in the Bitcoin Magazine (Englisch) or in the BTC Echo (German).

Orientation Coins, Pool and Hachrates at 2Miners.

If you google a bit you will find tons of information. Therefore I do not give any further recommendations here. Everybody selects the most understandable material for himself.

Which pool do I take ?

First the question “do I need a pool” ? Yes you need it ! Alone you would probably not earn a single coin. The pool, however, bundles the computing power of the individual miners and divides the profit among the mines.

Which pool or provider do I take ? Yes, this is a matter of decision. You should always pay attention to the following points.

First, use a calculator to find out your “probable” hashrate. You can skip this step, I don’t use the calculators either. I use what other miners who use about the same hardware as I do, as a guideline. The hashrate I see then in the miner 😁

Inform yourself about the pool fees and “this is very important” the minimum payout amount. With the calculated hashrate you can then calculate how long you need to make the coins payable. Under the minimum payout amount you can not pay out the coins ! With many providers this is quite high, and it takes a long time to exceed the limit. I leave the coins with most providers and stay above the minimum payout amount (e.g. unMineable). With NiceHash, for example, you can choose the desired amount to be paid out, so you can leave the minimum payout amount.

An alternative is to use the software provided by a provider (e.g. NiceHash or unMineable). Which are generally well suited to start and have been on the market for a long time, with a good name. The mining fees are human, you should also pay attention to the minimum payout amount, depending on what you want to mine.

Which Coins or Token Mines ?

Well as mentioned above always stay up to date. Coins, pools or conditions can change. For example, the hashrate of a pool may drop making it unattractive or there may be a new coin that yields more which you can then exchange for bitcoin or another currency.

You may also prefer to mine tokens to stack something, like higher cach back or something. Not everyone is into bitcoin.

Virus software 😁😂

Most programs for mining are detected as virus, trojan or the like, but are not harmful. You still have to teach that to your virus or security program. We go into this in the first video on mining software.

You can mine under any operating system

All you really need is a miner like: LOLminer, T-Rex Miner, Phoenix Miner etc. the list is long. In the end, the miner you are interested in is the one that runs best on your system, the coin you want to mine and of course the pool.

Note that not every pool supports every coin and not every miner supports every pool. Read posts in the provider’s forum, there you will find the best combinations, also the parameters for the miner to work without errors. Miners are generally helpful and will answer your questions if you don’t understand something or your miner doesn’t work the way you want it to.

If you want to use Linux or MacOS for mining, you can also use providers. The start of the miner is then done with the parameters that you set in a script. But this is not witchcraft and comes in a later video to the turn.

Then you need a wallet, on which your meant Coints are to be credited. In addition I have 3 videos that present 3 different wallets.

You can find them under: Introducing | 3 Wallet’s for Bitcoin & CO

Of course you can use any other wallet you like. Pay attention to the security when choosing a wallet, after all, you warn your crypto currencies in the wallet.

Mining Types

Cloud Mining: Means, you buy computing power in a cloud in which you can then mine.

Pool Mining: You run the mining with your own computing power and electricity.

Browser Mining: behaves like Cloud Mining

Mobile Mining: Yes there is something, but more useless stuff than use. “Pi” is an exception among the providers, because I(we) have been running it for two years now. But we will get to that in a later video.

Conclusion: Mining providers

There are many providers for mining, and you can also mine black sheep 😂 Promotional offers to become a member are many, if the welcome bonus is over $10 i would be cautious, usually there is only a discount through a referral code that lowers the Minig fees.

You are in good hands with providers or pools that have been on the market for a long time.

---

Link to support / donation for the channel
PayPal Link
Bank transfer, Bitcoin and Lightning

#Mining #Crypto #CryptoCurrencies #unMineable #NiceHash #2Miniers #LOLminer #TRexMiner #NBminer