Noob questions about Bitcoin

fightingfi

2[H]4U
Joined
Oct 9, 2008
Messages
3,201
what type of pc do i need?

How do i start mining and where?

how quickly can i use my coins and where?
 

kirbyrj

Fully [H]
Joined
Feb 1, 2005
Messages
27,991
1). You don't mine BTC on your computer. I guess it's technically feasible just not economically feasible.
2). For a noob, the best place to look is Nicehash as it pretty much takes care of everything and pays out in BTC.
3). If you have a recent GPU that has at least 6GB of memory (1060 6GB or 580 8GB and above), you can probably still be profitable using Nicehash if you have the cards already. 4GB cards can mine, but they are significantly less profitable. Ryzen CPUs also can mine, but they aren't nearly as profitable either. Intel CPUs burn more electricity than they make back. You are also going to want to adjust the memory, power draw, GPU clockspeed, etc. using a program like MSI Afterburner to minimize the excess power draw.
4). Nicehash pays out 6 times a day, but there are likely minimum withdrawal limits. To convert the money immediately into USD, you're going to have to have a coinbase (or similar) account.
5). Mining has tax implications, so make sure you look into it.
6). If you are just interested in crypto, it probably makes a lot more sense to buy it outright vs. mining it unless you happen to have a lot of recent cards sitting around. Buying crypto is not a taxable event, but selling it is (either at a profit or a loss).

I hope that helps. I definitely wouldn't go crazy trying to set up a mining farm at this point, but if you have recent hardware laying around, it might be worth looking into.
 
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