Hey! Thanks for watching, if you're just getting started , there are many different ways to mine, but the biggest are with either graphics card or ASICS, for a beginner your best way to learn is with gpu mining as most people have a graphics card in their PC. A good resource is a site called whattomine.com , which you can add your card and it will tell you how much you can make if you mine different coins. Graphics card mining is not profitable right now, but it is a good way to begin learning so you can be prepared for when it does become profitable again, I'd highly recommend watching some @redpandamining videos as he has many rig builds and tons of content.
Generally why no one talks about buying ASIC miners is because they can easily become a door stop real quick. Also generally you have to buy in bulk at a astronomically fee. ROI is a crap shoot or none existent. Resale value is a gamble.. Plus most of the "New miners are the old generation that where used by the manufacture to make the bulk of the profit to then make and updated model while they sale you the old one. Another problem is by the time you get the ASIC miner your competing with large companies that now have that miner as well. For the finisher centralisation of the miner hashrate leaves the network open for a 51% attack.. There is plenty of reasons why ASIC are terrible for mining but alas its all about the mythical bottom dollar.
Very valid points, it's a very risky gamble, as your main value proposition is that the hardware will be profitable/valuable in the next bullrun, but if a "newer" model makes it obsolete before that happens, just like you said , you'll have a shiny new doorstop.nice username btw 😂
@@miningstacker Thanks.. I know that paragraph was not structured very well but they where just ideas I wrote as they came to mind.. I have been warning people of the dangers of ASIC networks since I went to the first Litecoin conference back in 2017..
@@anythingbutASIC LOL, Satoshi designed bitcoin to be mined with ASICs. The faster we mine the more secure the coin is. This dude thinks if he buys an ASIC that will make the network LESS secure? LOL
Great video, a lot of very helpful tips for a newbie looking for my first miner! Thanks
Good to hear man, thanks for watching!
I am new up mining like to know more about it and how to get started and what to look it and where to buy them at thank you very much
Hey! Thanks for watching, if you're just getting started , there are many different ways to mine, but the biggest are with either graphics card or ASICS, for a beginner your best way to learn is with gpu mining as most people have a graphics card in their PC. A good resource is a site called whattomine.com , which you can add your card and it will tell you how much you can make if you mine different coins. Graphics card mining is not profitable right now, but it is a good way to begin learning so you can be prepared for when it does become profitable again, I'd highly recommend watching some @redpandamining videos as he has many rig builds and tons of content.
Generally why no one talks about buying ASIC miners is because they can easily become a door stop real quick. Also generally you have to buy in bulk at a astronomically fee. ROI is a crap shoot or none existent. Resale value is a gamble.. Plus most of the "New miners are the old generation that where used by the manufacture to make the bulk of the profit to then make and updated model while they sale you the old one. Another problem is by the time you get the ASIC miner your competing with large companies that now have that miner as well. For the finisher centralisation of the miner hashrate leaves the network open for a 51% attack.. There is plenty of reasons why ASIC are terrible for mining but alas its all about the mythical bottom dollar.
Very valid points, it's a very risky gamble, as your main value proposition is that the hardware will be profitable/valuable in the next bullrun, but if a "newer" model makes it obsolete before that happens, just like you said , you'll have a shiny new doorstop.nice username btw 😂
@@miningstacker Thanks.. I know that paragraph was not structured very well but they where just ideas I wrote as they came to mind.. I have been warning people of the dangers of ASIC networks since I went to the first Litecoin conference back in 2017..
@@anythingbutASIC LOL, Satoshi designed bitcoin to be mined with ASICs. The faster we mine the more secure the coin is. This dude thinks if he buys an ASIC that will make the network LESS secure? LOL