Cryptocurrency Mining For Dummies - FULL Explanation
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- Опубликовано: 5 июн 2024
- In this video, I explain to you what Cryptocurrency Mining is in plain English and I also go over the main impacts on your profits, different types of rigs, and as well as EIP-1559 and ETH 2.0.
⌚ Timestamps:
00:00 - Intro
00:33 - Cryptocurrency Explained
02:10 - Mining Explained
02:23 - Proof Of Stake vs Proof Of Work
02:23 - Proof Of Work In-Depth
04:02 - Different Types Of Mining Rigs
06:04 - Different Types Of Mining Services
09:03 - What Impacts Your Mining Profits
14:50 - Giveaway Winners - CONGRATS!
16:17 - EIP-1559 & ETH 2.0
19:01 - Wrap-up & Outro
Congrats to the giveaway winners!!
⭐GPU Mining Rig Buying Guide: • GPU Mining Rig Buying ...
⭐Ways To Sell Crypto: • Selling Your Cryptocur...
⭐Ways To Buy Crypto: • Video
⭐Where To Store Your Crypto: • Where To Store Your Cr...
🔗 Links & Resources:
• BitsBeTrippin Video: • Ethereum EIP1559 Fee B...
• Vote here for the EIP-1559: / 1350005105811197952
• ASICs Profitability List: www.asicminervalue.com/
• Proof Of Stake Info: www.investopedia.com/terms/p/...
• Coins Market Cap: coinmarketcap.com/
• Mining Pool Stats: miningpoolstats.stream/
• Hashrate Explanation: coinsutra.com/hash-rate-or-ha...
• DAG Size Calculator: minerstat.com/dag-size-calcul...
• Ethereum Block Rewards: etherscan.io/blocks?p=1
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⚠️ PLEASE BEWARE OF SCAMMERS IN THE COMMENT SECTION! ⚠️
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🏬 Where I buy my Hardware From: miningchamber.com/stores
💻 Recommended Software, Wallets, Exchanges..: miningchamber.com/platforms
📹 Check Out Our Playlists: / miningchamber
🌐 Mining Chamber Website: miningchamber.com
👜 Mining Chamber Merch: store.miningchamber.com
🔥 Our Recommended GPUs - Ranked in order
[Check your local market apps for better deals!] - (Offer ups, letgo, Kijiji, Craigslist, etc.)
🟢 RTX 3060 TI | On Amazon | geni.us/PJ8kG
🟢 RTX 3080 | On Amazon | geni.us/AWiwdnC
🟢 RTX 3070 | On Amazon | geni.us/6q2IWAG
🟢 GTX 1660 Super | On Amazon | geni.us/k2G0ytP
🔴 RX 5700 XT | On Amazon | geni.us/LpPDYa
🔴 RX 5600 XT | On Amazon | geni.us/w9CmpF
🔴 RX 5500 XT 8 GB | On Amazon | geni.us/Vrxg
🔴 RX 6800 XT | On Amazon | geni.us/fpff
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If you enjoyed this video please leave a 👍 and 🖱️ on the Subscribe button!
Let us know if you have any questions in the comments below or chat with us on our Discord server.
Thank you everyone!!
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🌐 Find us on:
► Email - Team@MiningChamber.com
► Website - miningchamber.com/
► Discord - / discord
► Instagram - / miningchamber
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Disclaimer - This is not financial advice - please do your own research. Everything is for entertainment purposes and from our personal experience.
We use Amazon affiliate links. That means if you order using the link we will get a small commission with no additional costs to you! Thank you for your support!
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#gpumining #cryptocurrencymining #cryptocurrency #bitcoinmining #cryptomining #cryptominingexplained #bitcoinminingexplained #gpuminingexplained #proofofwork #miningprofits #miningexplained #appartmentGpuminingrigs #CryptoMiningAtHome #bitcoinmining #bitcoin #cryptocurrency #cryptominingrig #ethmining #RadeonVIIMiningRig #GTX1660TIMiningRig #RX580MiningRig #GPUMiningRigs #Hashrate #CryptocurrencyMiningFarm #miningchamber 
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Hey everyone! ~ hope this video helped clear out some confusion or educate in the slightest bit!
Nice
Lost me at 2:55
Great video.. But I suggest and end slide or glossary talking about the things that are new to people... I watched it once, had to go back and watch probably 3 more times to remember each term or step or variables of each step.. Then again, it made me watch the video 4 times so what do i know... 😅 lmao
This is far the best channel explaining crypto.
Now how can I start mining crypto on my phone. (That's possible right? So many people have uploaded videos about this. )
Also I'd like to get into mining, solo. And which websites can I use to mine ETH Or BTC.
Yo I subscribed as soon as I heard XXX Tentacion💔📀👑🎤
I am from America . I am really happy to see your work to expose people like this on web and make awareness among people. I havd already shared this *STRONG WIDGET* to all my foreign friends and ask them to share to others. Thank you again please keep the good work. Thank you again.
Honestly at the end of the day, it makes me so happy knowing you've lived your dream and are just doing what you want to do. No matter whether you quit or continue, i'll be cheering for you *Strongwidget* because of all the good you've done for myself and so many other people.
Thank you.
I'm sitting here in Australia with tears in my eyes from thanking so hard. This is Brilliant on so many levels. Thank you *Strong widget* on the internet.
If you never caused a scammer to have a heart attack or burst aneurism, this one hundred k recovery for sure came pretty Close. Keep it up, Please
loved *Strong Widget* on the internet way back, but seeing how he still has the same energy, and how his recovery is a perfect match, just puts a smile on my face man, It has been 8 years since this recovery agent was released yet almost everybody is talking about it. Where are y'all respect? Let's celebrate this guys eight year anniversary
I will never stop recommending you
The amount of bravery this took was INSANE. These people all had their lives in danger, but still decided to go through with the recovery for the sake of busting bad scammers. True respect *Strong widget on the internet!*
If the FBI was half as dedicated and ingenious (and honest) as you guys are, the USA would be a much safer country.
Amazing work!
There needs to be a video for REAL Dummies, because I'm still completely lost.🥴😵😭
I'm sorry I tried! It's a bit of a confusing topic but I'm sure eventually it will all click
@@MiningChamber Like I said to my last boyfriend, "It's not you it's me." ❤️
😂😂
My question is who writes the equations that are put into the block for the miners to solve or are they autogenerated by some AI program?
@@januarysson5633 you can think of it as a randomly generated password string and the miner keeps guessing until it finds that password. So it's automatically generated strings. No one is manually creating them
Honestly, he's an amazing person. He uses his time, moves and basically his life into helping people who are less fortunate. using an excellent money recovery model as well in making profits, he really is still doing it out of his own heart. you really are a saint *Strong Widget* on the internet and a Wonderful Wonderful Person. Love from England..
Please i need help, I lost tons of money on live trade, I thought is the same as demo trade because i was winning in my demo account. This is really frustrating and overwhelming. Where do i start please.
@miles walker Thank you so much for the
recommendation i appreciate
Almost 40 years ago I taught photography at evening adult ed classes. I launched into explaining cameras and their controls. From the back of the room, a hand went up. An older lady asked me, “how do you put film in the camera?”
I had my wake up call. I had shown people how to do that for years. The lesson that I learned is this; You can never back up far enough with your presuppositions about what people know, and what they need to know.
This is a lesson that this blogger needs to understand………
Lovely story sir
I agree. It is a confusing video. However, if he had to explain every word that wasn’t a common knowledge word the video would have easily been over 2 hours. If you really want to understand how crypto mining works I recommend watching this video again, and every time you dont understand a word, pause, look up the word on google, and after you understand what it means continue the video.
If you dont care about trading or mining any crypto currency, just know that it is created by people making their expensive computers solve very complex math puzzles. And it only has value because people says that it does. I hope this helps and that you understand what you were looking for.
I've been watching crypto videos for days, this is buy far the best one with the most info. Well done. Subbed and thumbs up!
Thank you so much!!
Facts 💯- #newsubscriber
@@freepromoninja576 💙⛏️
honestly happt i clicked on this vid outta all the ones that came up, here's an algorithm bump, like and comment boys, girls, and all
Thank you
@@JuanPablo-id4eu Instagram
@@JuanPablo-id4eu True
Honestly... just learning about Crypto and this allowed me to continue pushing forward!
it's just boys and girls.
I'm happy after seeing comments. I thought I was dumb 😭
Me too
I am dumber
I’m probably the dumbest tho
what language is the guy in the video speaking because I don’t understand
Gotta understand my tv remote first
This is an complete, simple also full a lot of information in just one video, for a newbie as me.. a single video that filled my mind what exactly i searching for. Thank you so much for this richful videos
This is a really well-made and easy to understand video. I appreciate how you're straight to the point and don't dwell too much on the more technical stuff. 10/10!
Thank you! Don't mind the other guy commenting with the same name, an impostor 😓
20 minutes taught me more than what 9 years of school did... Great video i subscribed!
Hello
👍F R E E mine from your 📱
PI network👍
Invitation code Thongkt
Keep buying and investing in stocks or crypto and in the end you will enjoy your rewards. Soon BITCION $100,000
The market is getting really interesting lately, and how do I go about this? since I heard it comes with losses just like what is happening now with me, although I'm optimistic about the next step
My only problem with a decentralized system is that governments don't want that....I'm not saying it's not possible but it's just unlikely...I personally believe government's will bring the hammer down on Bitcion because it's attacks their ability to mismanage the current
Omg this is so thorough, excellent information and explained to detail video. So greatly appreciate
finally...I still don’t know enough to validate/dispute everything you said but it at least makes sense to me. Thank you 🙏🏾
Glad it does! It's a field full of complexity absolutely, don't blame you at all ⛏️
My friend. You have the right equipment, knowledge and ability to teach. This channel is going to be big.
As lucrative as crypto business many are still ignorant due to lack of financial information
My first crypto mining video. You did a very good job of explaining it. I look forward to more of your videos. Thanks,
you've been putting the work in, and it shows!! keep it up
Thank you Vosk! 💙⛏️ Likewise!
You don't know how refreshing it is to see a clean comment section, thank you! So many bots out there
Ehh bots 😓
I’d like to talk to you about your cars extended warranty
@@justinkolster7188 I need all your credit card info pls and thank
@@justinkolster7188 what?
@@sunnydecree8410 get a real job bot
Awesome overviews .... I am glad I came to your video's first. Direct and to the point. Thank you
Crypto is the future of the world trading system...hope you learnt a lot also focus on spot trading. You can make a better profit from there
Why does this comment section look like it was wrote by bots
Ikr 😂
I see that
beware of crypto scams
Because it is. I've seen it on a lot of mining chamber videos. Irritating when you're actually trying to read actual feedback about the video content.
Congrats to the WINNERS! Great stuff @Mining Chamber.
Wtf i won thanks you. Plz video on cpu mining future XMR 👌
Btc 50k now on this bull run
Thank you Panda!! And congrats ok 3. Listen if BTC is not 50K.. I will find you 🙂
@@MiningChamber I wish I can join . 😩
Does anyone know hasrate for nvidia tesla k80 24gb for ether mining?
Dude, what an awesome video! I truly appreciate your knowledge!
Thank you!!
Awesome video. Very easy to understand. I guess people will start to mine some other cryptocurrency when PoS starts if not profitable anymore...
Thanks a lot for sharing the information ❤️
Thank you brother! And yes exactly haha. Il make a deep dive video about it soon
GJ on the content guys, cheers for the shoutout. Lots of editing work there.
Thank you so much BBT! Keep up the awesome work!
Great explanation! Good job my man
you really make good explanatory videos which are easy to understand. you earned a sub
Shubham
👍F R E E mine from your 📱
PI network👍
Invitation code Thongkt
Awesome content. I don't have a mining rig yet but I hope to get on a next level someday. Btw you now have a new subscriber 😎
Thank you very much! And welcome to the community ⛏️⛏️
Awesome video, learned a great deal and you’re doing great work here. Hadn’t even finished watching the video and I was already discussing the info I had absorbed within my club
Thank you very much, glad it helped!
I swear every time I look this up I leave more confused than I started
The gpus are like your calculator that solve your maths equation, the only difference is you don't punch the numbers that do it themselves. The application that you use for them to work with are the ones that gives them the equation to solve it. It takes long time for them to solve it because unlike your college maths they are way more complex. After they get the final answer you will be rewarded with either bitcoin or etherium etc anyone of them you mine. The whole process is called mining. Literally it should be called calculating.
@@olatunjigidado3845 I get how it works I don’t know things lie setting up a wallet or even what site to go to
@@johndia5 To set up a wallet you can go to the coin you want to mines website. They have steps that are pretty clear to follow. You can download any mining software. They are several. Example unmineable, ccminer, minersgate and more complex ones like hiveos for your rigs.
@@olatunjigidado3845 bro I’m not buying a new computer til I know exactly what I’m doing I wish someone would do a full step by step video and use basic English
@@johndia5 you can let mining chamber know am sure he will find time to break things down to the very simple English so you can understand. Wish you success in your mining.
Thanks so much for making this video, it has really helped me in my quest to learn how to mine crypto.
This was really helpful to me thank you!
Thanks for the clear info and sharp explanation. It helped me understand it even better. I don't own a mining rig or else, but I want to invest in cryptocurrency. Not a big invester, but I am so interested in getting a rig (hopefully someday). Subscribed already.
By the power of GOD ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- HUBCRYPTOTECH on !NSTAG you shall always be blessed in Jesus name , you have helped me begin preparing better for my future and I owe all of that to you
Fantastic video tutorial on mining - great primer for the curious
Thank you sooooo much for this nice and perfect video. It gives us perfectly pictures of the mining and how to start. I liked and following your channel from today and looking forward to learning more about mining for first time. 👏👏👏👏👏💪💪👍👍
By the power of GOD ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- HUBCRYPTOTECH on !NSTAG you shall always be blessed in Jesus name , you have helped me begin preparing better for my future and I owe all of that to you
Thx for the video for dummies like me, who are late to the game. I subscribed immediately to your channel
Jonathan
👍F R E E mine from your 📱
PI network👍
Invitation code Thongkt
Thank you brother So Helpful Love you lots!
Glad it is! Much love 💙⛏️
Definitely more lost than before but I appreciate you putting this video together.
Same
😔 I must do better
🤣🤣🤣
Me too 🤦🏽♂️
@@MiningChamber I feel the same as those above, but I feel its bc I know so little about the topic rn. I think if I understood the general concept of crypto mining, then this vid would be AMAZING.
Excellent video, covering the mining basics so clearly and yes it will be great to have a separate video on mining post Ethereum 2.0 as it will happen, just a matter of when! Keep up good work!
Thank you!! And il do a video on that then ;)
Great explanation Thank You 😊
Alsyifa
👍F R E E mine from your 📱
PI network👍
Invitation code Thongkt
A LOT of useful information here, thanks!
I came to now about crypto today and searched on youtube…..i have watch your full video and you explained well🙂… thanks
Glad it helped ;)
Wow super informative video. Thank you this helped alot
Ronald
👍F R E E mine from your 📱
PI network👍
Invitation code Thongkt
You should try [cloud computing] mining. You have the money, I need the customers, we all benefit
Thank you very much, your chanal is a very big help for a starter miner :)
And yes, I'd love to hear more about what to mine after ETH 2.0 implementation.
Keep up the best work!
Thank you brother!
@@MiningChamber as a beginner how much do you think is needed to start crypto mining?
SUPER HELPFULL i think i might start doing this mining stuff soon :)
It’s real thanks bro i never knew it would work fr fr 🤩
Super!! You're good at explanations, man. Congratulations on your hard work. I really appreciate that you share this activity with many others and it is transparent.
All the best to you!
Thank you!! It is an honor to make content that you guys enjoy⛏️⛏️
Made some good money from the gme squeeze and this looks totally fun to get into!!! Thank you for the guide
Is that over and done with? The gme squeeze?
@@mavrk.d def still squeezeable but I made my money and left
@@shmeatzz Wow this such a nice video but why wasting you time watching video and doing nothing..... Am so grateful 🙏 to my uncle who introduce me to Expert Cook his a man of integrity I invested $500 and I got $3,000 in my BTC WALLET
*Love this video, very nice explanation & I appreciate how simple you make it to understand.* I don’t know that crypto/nft’s/digital currency are necessarily “the future” but I believe that everyone should become more educated on this stuff and that people need to become more financial literate.
Great video, helped me understand why my projected daily coins mined increased after the selling spree.
Sithis
👍F R E E mine from your 📱
PI network👍
Invitation code Thongkt
Great idea, @Sithis, can we link up for networking?
Based on this video i completely changed my mind about mining. So much info i just got lost halfway thru.
@@kimberlywhite7312 lmfao get out
Glad to see a fellow Canadian, can tell from the bills
Good to hear
Avoid waste on energy: the nearby islands in The Philippines are ideal for solar or aero blades mini windmills for pennies while you got simple living.
We can arrange for long-term lease (& corporate set-ups) when you relocate as expat to this tropical haven.
I taught this was a scam !! , but I was flabbergasted when I receive the 6 btc into my coin base continue the good work
New to all this, will have to watch this vid several times to get the whole concept. Thank you!!!!
My pleasure!! Welcome to the community
Been amazing trading with pro trader Mr Corey for months now, he is the best and I must recommend him because he has helped me earn lots of profits trading bitcoins
@@diegohernandez4525 Trading with Mr Corey has been my best decision so far I’m earning enormously in bitcoin and I would advice beginner traders to do same because I think he’s the best
Thanks for an interesting video. However, I would appreciate if you could find some time to answer my questions: 1) Who would be the right person in terms of specialization to build a ring? 2) How many times a human interference is needed per day to check the system? 3) What is the best crypto you would suggest to start mining? 3) What type of premises mostly recommended for mining farm? 4) I couldn't catch the issue of halving 5) What if the electricity interrupts for a few minutes, even seconds of an hour? 6) Does it mean that I have to sell or keep the crypto I have earned from mining and then transfer it to my card as real currency? 7) What is the best GPU configuration you would suggest? Thanks a lot in advance.
This is the best video I have seen on Cryptocurrency.
You make it look easy 👌
Mark
👍F R E E mine from your 📱
PI network👍
Invitation code Thongkt
This is really useful, thank you! 😇
Excellent video thank you so much !!
we need a video on what should we do after ethereum 2.0 and what coins should we start to look for ?
Coming soon!
@Frak Cadillac still waiting )
This channel is underrated IMHO.
Brilliant video. Thank you! ✊
Thank you very much!!
This is a great video! Thank you!!
Shashank
👍F R E E mine from your 📱
PI network👍
Invitation code Thongkt
Subscribed. Great content, thank you.
Awesome video....but let's say for us newbies, once who start in January 2021...if ETH really goes down, what other cryptocurrency do you believe could be the one to mine next? Thx for the excellent video :)
Thank you! And il make that part of the upcoming eth 2.0 video ;)
Thank you so much. Very informative suggestion
By the power of GOD ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- HUBCRYPTOTECH on !NSTAG you shall always be blessed in Jesus name , you have helped me begin preparing better for my future and I owe all of that to you
Thank you so much for this great details! helpful.
nice one!
Wow I just realized I can use free electricity and money to throw away being in the army.. I should’ve done this way sooner.
That is a smart idea!!
And you’ll still be able to buy that camero
@@whoreheysilver8664 😂😂😂😂😂
Your act of kindness and service shows how big of a heart you have for others thanks for the $13k you such amazing @nelson_hack_01 on !instagram
The barracks are finally good for more than just revolving door rats
great video, easy to follow!
Slammin 👍F R E E mine from your 📱
PI network👍
Invitation code Thongkt
Awesome video! Thanks a lot
Would love to hear of some examples where your 'investments' haven't paid off or have fallen through and how you managed it and what you learnt from it. I think that would be really helpful!
Hola, podrías hacer un vídeo explicando cómo configurar las gpu según cada algoritmo o moneda a minar?
Hello, could you make a video explaining how to configure the gpu according to each algorithm or currency to be mined?
new to mining hoping it is not to late to join the community, thank you for the video learned and will continue to learn more
so with the new Ethereum literally down the road what now?
i love these videos keep up the good work :)
Why is it called mining? Is there crypto just floating around on the internet or are you buying the crypto?
Bitcoin is a very exciting development; it might lead to a world currency. I think over the next decade it will grow to become one of the most important ways to pay for things and transfer assets.
Bitcoin is a very exciting development; It might lead to
A world currency. Over the next decade it will grow out to become one of the most successful/important ways to pay for things and transfer assets
this video helps me out a lot thank you so much
Really appreciate the care in explanation here!
Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere?
Great video! I'd be glad about having you talking on GPU mining after Etheurium. Tks!
For a reliable account manager and a reliable trader
+*1**7**1**6**9**1**9**7**7**7**2
“Thanks” is too long to spell out or what? Or is that how cool people spell thanks? 😂
You should try [cloud computing] mining. You have the money, I need the customers, we all benefit
You and your team and your associates are absolute legends.
Thanks so much for the work that you've all been doing *Strongwidget on the internet.*
Keep up with the great work, you've been doing!! Thank you for saving and protecting millions of Americans from this heartless people... 😔
What comes around, goes around!!!!! Let them have it!!
God bless your heart for helping us the victims...🙏🏼🥰❤️
This helped me a lot thanks for everything and keep good my your doing great
thanks so much for the video, this really helps me understand how bitcoin works a little bit better
Brown
👍F R E E mine from your 📱
PI network👍
Invitation code Thongkt
easy to understand, thank you for the video
awesome video, now make one on how to acquire a gpu at msrp in 2021 lol
😂😂 that is a dream isn't it
remember they buy from scalpers too
@@SpoopyMoth then i'd be a gamer and not a miner ;)
Iv always been interested in this mining stuff. But this video has melted my mind, I’m sure if I had more experience and a better understanding in crypto I would of been able absorb more of this info.
An Awesome Video.
Everyone needs more than than a Basic Income to be Financially Secured in this present time that there's an Economic Decline
⬆️⬆️ send a direct message on how to mining your coins we will assistant you in whatever way you need assistance...
For Capex, how much does it cost for the computation capacity vs the electricity costs?
A good explanation for the N00Bz 👍
Who you calling noobz- manboobz!
Aye yo intro go hard bruh 🔥rip jahseh
very clear video. great job
Oh so these are are the people who make the gpu prices go up and out of stock wow thxxxx guys
"these are the guys" yes. We buy gpus to make money. Not sure how that's bad ;)
Yep u and ur fortnite are gonna have to wait for mass gpu availability
@@xKINGY well i have a core i7 and a 2060 but the next time i get a pc ima have to wait lol
Partly, but a lot of it is Covid. Every Video card has semi conductors and there is a general shortage of that across the board because the manufacturers shut down at the start of the pandemic. Covid has driven the demand for PC's through the roof and so has the demand for more computer centric cars. Even with the manufacturers running at 100% and new factories being built, it will take until 2023 before the available supply meets demand.
@@xKINGY i mean it will be good when everyone can just say fuck it and raise that hashrate :)
Great video. I have a question though, would mining on a single GPU be profitable enough to the point it's worth doing? Or is it heavily recommended that I use a mining rig?
Watch my latest videos for mining on your pc I cover that there with a single gpu
😃Great Video! Keep up the great work!!