How to mining bitcoin simple explanation
How To Mine Bitcoin - Easy & Simple
Timecodes:
hey friends welcome to the noobs guide
to start learning how to mine bitcoin
cryptocurrencies are reaching an
all-time high which has led to resurged
interest in everything that's going on
bitcoin has been down from its high of
40 000 but still teetering at 37k while
ethereum is sitting high
at an all-time high of 1500 bucks this
has led to a large resurgence of
interest in the topic of bitcoin mining
so we wanted to cover that for you here
today
because some things have changed since i
did my first video on this back in 2017.
but before we get started i just want to
ask that you smash the like button it's
right down there you can do it it's
completely free
so before we get into how to do this
let's talk about the things that you're
going to need number one you're going to
need a relatively decently powerful
cpu or gpu in order to make any sort of
profit you can use older computer
hardware in case you want to but when it
comes to mining it's essentially an arms
race whenever there's a brand new
technology it can run
at a faster rate meaning that the
difficulty goes up and making it so that
everybody who's running on older
hardware
has less of an advantage the only
reasons why you would want to use older
hardware is if you're not actually
looking to make a financial profit but
instead want to mine the actual
cryptocurrencies which i presume if
you're watching this video
that's not specifically what you're
going for you're just looking to make a
cash return and we'll leave links in the
video descriptions to certain websites
that show you whether or not a specific
product that you have
might be profitable whether it's an rx
580 a gtx 1060
maybe you're still using a gt 1030 you
can check these websites to see
would you actually make a profit enter
your electricity cost or if you have
none
then you're just going to have to worry
about whether or not there's going to be
enough return for it to be worth your
while so once you have the hardware
completely established and you know that
your computer is going to actually turn
a profit the other thing that you're
going to need is a wallet
a while it's essentially like a bank
account number for your cryptocurrency
so that whatever service you're using
can actually deposit it to you and you
get credit for all the cryptocurrency
that you're mining
like when your employer does direct
deposit to your bank account now wallets
can be stored on the internet or
in physical hardware also known as cold
storage so that way they aren't
susceptible to being hacked
remember you're dealing with things that
have financial value so that people
might potentially want to get in on this
and steal it from you so having it
loaded offline
is the safest thing to do but also not
the most convenient i'll leave some
links in the video descriptions going
over the benefits versus online and
offline storage of your crypto wallets
but suffice it to say you're going to
need that before you even begin this
journey but before we get started i also
want to introduce you to some warnings
and things you should think about before
you get into mining as a hobby or even
potentially a full-time thing
mining is really compute intensive which
means your computer is working at 100
load a lot of the time which leads to
things burning out
most likely your fans however there's
also more recent reports that the rtx
3080 and 3090 don't have sufficient vram
cooling and those memory chips are
actually burning up because of mining so
just make sure to respect your system
but also just as a no cryptocurrency as
a whole
is a wildly volatile market whether it
be the prices or the amount that you're
going to earn from mining due to
difficulty
wildly changes just like a bitcoin it
was 20 000 in december of 2017 but a
year later in december 2018 it was worth
four thousand dollars
just make sure you understand the risk
before you get started because things
can change and do change quite quickly
one of the other things to note about
mining is that it's hot and i don't mean
that it's popular but it's going to dump
a lot of heat into whatever environment
you have the computer in your cpu and
gpu can run at up to 80 to 90 degrees
celsius which means that you're going to
warm up the ambient temperature meaning
that whatever room you have it in is
going to be noticeably warmer this could
be great news in case you're trying to
heat your house for the winter or if
you're trying to warm up your garage or
just some other enclosed space
but in case you want to keep
temperatures down this might not be
something that's going to suit your
environment so let's get started
with the general topic at hand here how
do you mine bitcoin as a noob slash
beginner coming into the scene the truth
is you actually don't mining bitcoin is
actually a really expensive thing that
requires specialized machines that cost
thousands of dollars in order to achieve
so what we're going to do is introduce
to you how to mine other
cryptocurrencies using your gaming
system but then have them converted into
the more stable more well-known
bitcoin however in case you want to mine
other cryptocurrencies like we mentioned
and not convert them to bitcoin we're
not really going to be covering that
here however note that is a possibility
but strictly speaking we want
you to convert your gaming rig into
bitcoin that's the general idea of what
we're going to be covering today in this
video so
up first we actually have two different
programs that are actually super simple
to get set up
get installed and get you on your way of
mining bitcoin with your gaming pc
one of them is the same one that i
covered back in 2017 which has gone
through some dips and some valleys
but has actually stayed the course and
is still a really reputable program here
in 2021
the other is another program that i'm
highly familiar with and could easily
recommend to anybody who's looking to
get started so let's go ahead and start
off
with nicehash this is the program that i
recommended back in 2017 because it is
just so easy to use you used to be able
to just download the miner but now they
require that you register with
them first this is coming after they've
made a lot of changes
especially after they had a major hack
back in 2017 where they lost 4 500
bitcoin however it's been noted that
within the last couple of months they've
paid that back completely and they no
longer on the hook for anything that got
lost there but we'll talk about how you
can mitigate the risk of your bitcoin
getting stolen
especially with services like nicehash
so the easy part here is that you
register your account you download the
software you get it set up and installed
it does say that you might need to allow
certain portions through windows
defender
because it might recognize it as a virus
this is going to be on your own personal
risk tolerance as to whether or not you
want to do it
however if you go on many forms you can
see that it's actually typically well
trusted
and this is just a false flag by windows
defender but i'm not saying that you
have to override it if you're not
comfortable with that however once you
get it installed all you need to do is
get the bitcoin wallet that they
supplied to you enter into the field
that they need
and then you just benchmark your pc and
it will start mining whatever is the
most profitable cryptocurrency algorithm
for you
currently with me running my 10 900k and
rtx 3080 system a very high-end system
i'm making about seven dollars
and 85 cents per day if you convert the
cryptocurrency on mining into bitcoin
and then you convert that
bitcoin into just plain cash at this
point however it does have a few options
that make things a little bit easier and
better on your wallet such as the fact
that it won't mind if you're below a
certain profit margin so in my
case when i only had my gpu mining and
while i was doing a screen recording
which was taking some of the gpu
horsepower i set it to five dollars and
you can see it
instantly turned off the mining because
my profitability was under that five
dollar mark again because i was taking
resources in the order
even to show you this but once
profitability goes up above five dollars
it would just automatically resume
however one of the neat things is that
it also allows you to provide your
electricity costs so that it can know
whether or not you're making an actual
net profit or if you're just making a
gross profit on it before you deduct the
electricity costs and it also has some
other nice features such as the fact
that if you leave your pc idle for a
minimum amount of time it will then
start mining but then when you resume
activity it will stop mining so that
you're not taking any of your cpu or gpu
horsepower and putting it towards mining
when you might actually need it for
video gaming now let's get back to how
you could potentially be
safe with regards to nice hash with the
bitcoin wallet address that they provide
to you
that's stored with nicehash and that's
how the 4500 bitcoin were stolen back in
2017
somebody was able to access those crypto
wallets and then
able to transfer it into their own so
the way to mitigate this is to get your
own bitcoin wallet that you actually
manage and you have all the private keys
for whether that be on another website
or it be a physical hardware wallet like
this trezor one which we have a link to
in the video description that makes it
so that you offload some of the risks so
that if nicehash does
potentially get hacked again you're not
going to be offloaded like everybody
else because your wallet's not stored
with them so that was nice hash it's
actually been a bit better to work with
over the last four years and still
really enjoyable and easy
for any beginner however let's talk
about the second option and that would
be awesome miner it's actually a pretty
easy one to set up as well but then it
has more scaling options
for you in case you want to be managing
multiple rigs across your local network
or across the internet itself however if
you don't want to deal with any of that
it's actually just
also really simple you can start with
the profit miner which makes it so that
you're just going to mine whatever is
most profitable and you can adjust it
later on in case you want to add more
complicated components to it such as
choosing your own minor choosing your
own pool choosing your own wallet all of
that you can take care of that but in
case you just want the bare bones you
just set up to run a profit miner you
enter your bitcoin address into the
pools that are potentially available for
to mine from
and then you're ready to go you hit
start and it just goes off mining
whether it be your cpu
or gpu it can get all established on
awesome miner pretty simply it has a
couple little extra basic features like
a graph of your temperatures and your
hash rates which nice hash doesn't so
easily provide so i do like awesome
minor
just a little bit better for that reason
but they're both pretty good at just
doing what they say that they're doing i
will note that also minor has had a
history of
overstating my profitability to some
extent where i haven't experienced that
with nice hash as i mentioned
my nice hash profit was seven dollars
and 85 cents per day whereas on awesome
minor it was saying my profit was 8.75
cents per day however once the day is
over
i look at what i got from the pool what
actually ends up in my wallet and it
turns out that it's usually
more closer to what nice hash quotes and
not necessarily
awesome minor quotes so just keep that
in mind as you're mining
even though it might look like you're
more profitable on awesome miner
it's not necessarily the case however if
you want more than just the basic setup
also miner also gives a paid version
that can give you access to more than
just two things mining at a time whether
that be your cpu or gpu you want
multiple gpus and multiple cpus running
you can do that as well as cloud
management for all that you're doing i
wouldn't necessarily recommend it
because i haven't tried it out myself
but the paid version
is there so that's all you need but
let's go ahead and review the points
that i went across number one you're
going to need the hardware to actually
physically mine on and make sure that
it's going to be profitable in order for
it to even be worth your while
number two you're going to need a crypto
wallet where they can actually deposit
the cryptocurrency
that you're mining nice hash provides
one for you that's a little bit more
risky whereas awesome miner has you
input your own number three you download
one of the two programs that i mentioned
today you get it installed
set up and you just click start and it
runs by itself
and that's essentially where the base
level of the mining world starts you use
your gaming rig and convert it into
bitcoin however it can get a lot more
complicated and nuanced than that if you
do your research you'll start getting
into things like undervolting your gpu
reducing the graphics frequencies trying
to optimize performance per watt doing
bios flashes on your gpus in order to
get optimization set and then you can
start looking into the world of asics or
dedicated miners or even building out
your own mining rig complete with a
whole bunch of cards
however i would probably recommend that
if you are building a mining rig you
don't mention in front of gamers because
they tend to get really salty after what
happened back in 2018. so that my
friends is the basics of bitcoin mining
it's actually super simple to get
started if you already have the computer
hardware
but it can get a lot more complicated in
case you get interested it's kind of
attainable for a lot of people so we'll
leave all the links of everything we
talked about
in the video description nothing that we
mentioned today has any sort of paid
affiliation with the companies
nice hash nor awesome minor have ever
been financially contracted with us
this has just been from personal
experience that i've been recommending
it
the only affiliate link we'll have down
below is the one for the amazon wallet
because we have an affiliate program
with amazon but again check out the
links in the video description to get
started to get understanding in case you
want to know but you can just
not know anything and get started pretty
easily as well and with that being said
i'm brett this has been your noob's
guide to bitcoin mining let me know what
you thought of it down below in the
comments don't forget
to smash that like button my friends and
i'll catch you guys in the next video
[Music]
cheers
uh
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simple explanation of bitcoin mining
