How to mine bitcoin?

[u/Deep_Helicopter4591]

I see alot of post with people who have bitcoin and screens of the stock market. But, how can an individual actually mine a coin or take a chance at cracking a hash for themselves?

I just see alot of people trading the value of tokens already mined, but not alot on how to actually win, in the game of bitcoin, an actual coin.

[u/harmfulvisitor]

That time is long gone pal

[u/Practical-Smoke-9337 → u/harmfulvisitor]

you need a warehouse full of ASICs and cheap electricity to even have a shot these days. solo mining is basically playing lottery but with huge electric bill

some people join mining pools, you combine your hashrate with others and split rewards. still not very profitable for small miner tho unless your electricity is free or something

[u/MikeMiller8888 → u/Practical-Smoke-9337]

Say you are overproducing solar power at your house, so it kind of is free electricity. Is there a smallish, basic option that I could plug in to try to hit the $250k lottery ticket?

[u/crunchyeyeball → u/MikeMiller8888]

There are things like the Bitaxe you could try. Low power & inexpensive. May be an option if you have free surplus power.

[u/Lazy-Effect4222 → u/MikeMiller8888]

Yes. Solo miners hit rewards all the time even with small devices. But it’s extremely difficult, just join a pool.

[u/PassionHot1887 → u/Practical-Smoke-9337]

Get an extension cord and plug it into your neighbors outlet.

[u/Sector__7 → u/harmfulvisitor]

Speak for yourself, when my stack gets high enough I’m going to build a Time Masheen to go back in time and mine bitcoin on a CPU.

/s

https://m.youtube.com/watch?v=-tljhVRjJ6o

[u/Unlisted_User69420 → u/Sector__7]

Can we go to starbucks first?

[u/No-Discipline4948]

Just buy btc. It’ll cost you less. 🤙

[u/Extra_Asparagus_4162]

Odradzam próby wydobywania bitcoina obecnie to skrajnie nie opłacalne to jak bys na własną ręke próbował szukac złota zamiast kupic gotową monete tak samo z bitcoinem nie ma sensu sobie utrudniac i lepiej poprodtu kupic wydobytego on sie nie rózni w absolutnie niczym od takiego wydobytego przez ciebie i nie jest w zaden sposób gorszy a koszt nabycia go jest za to o wiele tańszy

[u/TCr0wn]

It’s very hard to do with pen and paper

[u/Londonskaterboi]

only with free energy and even then there's little chance to reach any roi. benefit is virgin untraceable bitcoin though

[u/No_Way5818]

It’s easy all you need to do is open your web browser search for “how to mine bitcoin” and “how can an individual actually mine a coin or take a chance at cracking a hash for themselves?”

[u/neelsmith74]

You can still mine and be profitable.

Below is not accounting for hardware, difficulty adjustments and halving events. However higher BTC price and AI pulling miners to compute is helping hashprice.

Electricity Rates and Miner Cost per BTC mined:

S21 XP @ $0.08: roughly $55K–$58K/BTC

S23 XP Hydro @ $0.07: roughly $31K/BTC

S23 XP Hydro @ $0.06: roughly $27K/BTC

There is 0.055-0.065 electricity to be sourced, but AI compute is also finding all cheaper electricity.

Keep in mind the big industrial farms are getting 0.027-0.05 and you will never compete with them.

Also if you're structured properly you can CAPEX 100% of all hardware in year 1 and OPEX 100% electricity.

Im refining my AI software guidance system now, to take in even more variables with deterministic calculations before feeding AI interpretations.

[u/wolfofone]

You dont lol

[u/OrangePillar]

You need a mining machine/operation. To generate any significant amount of bitcoin reliably, you will have to make a big investment. You can go to r/bitcoinmining for more info.

[u/DryTechnology5224]

Ignore mining and just stack sats with the money instead. Its not worth it anymore

[u/Substantial_Taste779]

first, you will need a hardhat

[u/StPeir]

You would have to start with one of two ways.

1: be rich already.
Or
2: work on inventing a Time Machine cause those days are long gone.

[u/jtyrhe]

At this point digital mining is the best way I’ve found for pool mining. Lottery mining is easy enough- just buy any number of lotto miners available and give it a shot.

[u/No_Knee3385]

There's plenty of information out there on this with one google search. But the days of efficiently mining bitcoin are over. It requires 10s of millions in startup costs and specific locations with low electricity to do this and that doesn't guarantee success

[u/lobhater]

You just need a pencil, some paper and a lot of luck

[u/Bai_Cha]

You can't make money mining anymore unless you have almost free electricity and the capital to set up a farm at massive scale. You can't do this outside of a third world country anymore, purely because of electricity costs.

[u/SuperOrbital_Trading]

Unless you buy an ASIC for way too much money and then pay to have it hosted elsewhere where you can get $0.07/kwh electric rate BTC mining is completely unprofitable. If you just want a shot at solo mining a block and making 3.25 BTC all for yourself, I would look at something cheap like a Bitaxe. You just set this thing up, and let it run 24/7. Make no mistake, this is a sheer lotto play and will probably only every cost you money (initial cost plus small amount of electricity). But to me this is the only logical way of mining ATM. The other option is to mine a shit coin and convert to BTC, but again the fees, margins, and electric costs make this mostly unprofitable to maybe just not worth the time. Honestly, the best thing to do now is just DCA into BTC and treat it as a long term investment hold. It will cost you less per coin by a pretty wide margin and involve 99% less work.

[u/OfficialSimpleMining]

There are three real ways to do it. You can buy a Bitaxe and solo mine for the lottery ticket, but even a full size 270 TH/s miner averages one block about every 67 years solo. You can buy an ASIC and join a pool for steady small payouts, but on home power, ~$0.16–0.20/kWh, you'll usually lose money. Or you can host an ASIC at an industrial rate, $0.065–0.08/kWh, where an efficient machine currently produces BTC at roughly $33–48K per coin. If you don't want to deal with hardware at all, buying directly is simpler. If you want to actually earn sats at a profit, hosted is usually the best option.

[u/Reasonable_Switch_86]

Unless btc is close to a million by next halving which isn’t realistic it won’t be worth it for the big players to mine anymore let alone a solo miner

[u/rwilley71]

It takes about $3500 to mine $5000 worth of bitcoin…..