What is bit coin mining? How do we make money out of it ?
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7 ANSWERS
Ankit Anand
Ankit Anand, Too lazy to write
Answered Jan 8, 2017
If you want to learn about bitcoin mining in detail then I suggest you to go through this thread on the bitcoin forum The mathematical Problem behind BitCoin-Mining .

To mine bitcoins or any other crypto-currencies you need

A device to mine with - CPU, GPU, FPGA, or ASICs.
A system which will run the mining software.
A mining algorithm like Scrypt.
A mining software like CGMiner, BFGMiner etc.
A wallet to store the coins like Mycelium, Breadwallet etc.
And a mining pool.
In the current state of bitcoin mining, gaining a profit through individual mining rigs is highly improbable unless you have access to free or nearly free electricity. It is much more profitable just to buy bitcoins and hold them for a few years as an investment. The days of CPU and GPU mining are long gone, they are highly inefficient at mining bitcoins. Nowadays large enterprises invest millions of dollars on purchasing and development of ASICs. ASIC is a special CPU that does nothing but mine a particular algorithm. These ASICs are kept in large warehouses which require lot of cooling and electricity to become profitable to a certain extent. So unless you’re living in a region with cold climate, free electricity and have millions of dollars to spend, bitcoin mining wouldn’t be profitable.

But if you’re a bitcoin enthusiast or just want to mine for fun then go ahead and try it. It would be a good learning experience.

Also, If you are looking to generate a good profit then try to mine altcoins (other Crypto-currencies) that are in the initial stages of development. Who knows one of them may eventually rise to the value bitcoin has now or even go beyond it.
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Alex Attanio
Alex Attanio, Trader at Foreign Exchange Market (2011-present)
Answered Dec 18
Hey there!
Thanks for your A2A!
In fact, you can still start bitcoin mining, but it won’t be as profitable as it used to be several years ago.

Firstly, you’ll need very expensive powerful hardware.

Secondly, you’ll need to compete with bitcoin farms, there are a lot of them already.

Better pick up some other currency, i.e Ethereum
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Saraswat Pallav Aswal
Saraswat Pallav Aswal, कर्मणयेवाधिकारस्ते मा फलेषु कदाचन।
Answered Jan 27, 2016
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Bitcoin is a digital currency also called "crypto" currency.

In 2009,A person named 'Satoshi Nakamoto' published a paper having titled 'Bitcoin-peer to peer electronic payment System'.
Means satoshi is the person behind Bicoin ecosystem.Although this man real identity is still a mystery to the world.He is male or female or any terrorist group nobody knows.

We can get Bitcoin by three ways-
By providing goods and services.Ex:1bitcoin=1 4s iphone
Exchange with other currencies.Ex:120$ = 1bitcoin
& Third is by solving arithmetic calculations or mining.

Bitcoin mining
 Mining can be done in two ways are:
Solo mining in which single system required which required high quality GPU devices.so solo mining is not beneficial in case of having system with only CPU.
Second is POOL mining.

In Pool mining, mining is done in a pool(number of system collectively does mining) so that we can get the maximum hash rate as per solving the arithmatic calculation.
For pool mining we need mininer software like bfg miner,GUI miner,cg miner etc.
Before mining we need to get register ourself first in mining website.

Bitcoin wallet is also required to collect the bitcoin.we can get all software free of cost from the internet.
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Harshad Gawde
Harshad Gawde, bitcoin miner
Answered Nov 4, 2016
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Bitcoin mining in simple words means to lend you computing power to the bitcoin network and help it run, for which the bitcoin network rewards you with a few bits. The more computing power you have the more bits you earn. There are companies that set up huge computers, we can buy some computing power from them and earn bitcoins. to learn you can register at HashPoke , it gives you 20kh/s after registration. That means you have started earning. Give it a few days and see how it works..the website is very simple. Then if you like it buy more power and earn faster. Make sure you use the hashpoke calculator to predict your ROI.

Happy mining!
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Dhrumil Bhankhar
Dhrumil Bhankhar
Updated Jan 17, 2017
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Bitcoin is crypto-currency. Just like different countries have different currencies. This one is kind of digital currency.

I have written a blog (in very simple words) to explain the same. I shared all the useful information which will help you to take the decision if you want to invest in bitcoin.

All you wanted to know about bitcoin mining

I would say it is worth investing in bitcoin. Basically, if you are good with trading then you can just buy/sell bitcoins to make profit. Another way of earning bitcoin is mining. You can invest in cloud mining. Please take care that most of the cloud mining are scams. So, far I could find only 2 of them to be reliable.

Hashflare (I prefer this one more as it’s more transparent. Sign up is free and you can get panel access immediately to take a look. Then you can decide whether to invest of not. Please follow below process to get 3% discount.)

Genesis Mining ( User code mpltFP to get 3% discount on your hash-pack purchase)

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Sign up using this VIP referral link : https://hashflare.io/r/F0982FA3-...
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Thanks
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Rishikesh Ranjan
Rishikesh Ranjan, studied at DAV Public School BSEB Colony, Patna
Answered Jan 8, 2017
If bitcoin mining be really fruitful for you,I would have explained every depth of it to you(I.e. from the excact maual configuration of the machine to which pool to join)
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Shrikanth Krishnamoorthy
Shrikanth Krishnamoorthy, Wonderful gift for a good investment
Answered Jan 8, 2017
Fantastic and great explanation by all.

You can also refer Ted talks on bitcoin, which also has given a great deal of knowledge
275 Views · Answer requested by Mihir Panchal
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