The dramatic price surge in mid-April brought Bitcoin into the global spotlight. Media outlets worldwide rushed to cover the story, though most reports focused on its soaring value or speculative commentary about its future, often missing the deeper technical principles.
The Bitcoin donations received by One Foundation after the Ya'an earthquake introduced the public to a new term: "Bitcoin miner." This article offers a first-hand perspective from a miner, sharing the personal journey and challenges of this unique community. We’ll skip the technical basics of Bitcoin and dive straight into the mining experience.
Why I Call Myself a Tech Enthusiast
Many players like me share a common profile: we love experimenting with new tech and exploring unconventional setups. But limited by budget or DIY skills, we’re not quite hardcore geeks—hence the "tech enthusiast" label.
This was especially true in Bitcoin mining. Compared to top miners earning daily fortunes, my efforts felt modest at best. I was, by all means, a small-scale miner.
Getting Started: Mining for the Future
My motivation was simple: "Mine a few coins, hold them, and pass them on as a family heirloom." With a capped supply immune to inflation, Bitcoin behaves more like digital gold than traditional currency. Its value, I believed, would only appreciate over time.
After reading a few tutorials and inspired by the price surge, I decided to invest time and money into joining the mining community.
Choosing the Right Tools: A Challenge
By the time I started, mining was already competitive. Hunting for effective tools on Taobao, I found that older AMD Radeon HD 5850 or 5870 graphics cards were either sold out or priced exorbitantly. As fellow miners later confirmed, not only had graphics cards spiked in price, but even mining-friendly motherboards had become costly. A used G31 board with five PCI-E slots, once ¥50, now sold for over ¥100. Sellers capitalized on the trend, often tagging listings with "mining" to attract buyers.
The irony of Bitcoin mining tools? Older, cheaper cards often outperform newer models. Mining software thrives on the number of stream processors in a GPU, not VRAM. The ancient HD 5850, with 1440 stream processors, and the HD 5870, with 1600, were reselling for ¥600 and ¥900 respectively. In contrast, the newer HD 7850 had only 1024 processors and cost ¥1300, while the HD 7870, with 1408 processors, went for ¥1700.
Newer, costlier cards were slower for mining; older, cheaper ones were faster. Fascinating, right?
With 5850s and 5870s scarce, I opted for a new HD 7850 with 2GB VRAM, priced at ¥1399.
After some tweaks, my office PC case transformed into a mining rig.
Expanding the Setup: Chasing Higher Speed
My first ¥1399 card, gingerly plugged in, delivered a mining speed of 260 MH/s. After 24 hours, I’d mined 0.01 Bitcoin, worth about ¥5 at the time.
The return was laughable—barely covering electricity costs!
Undeterred, I bought a second HD 7850 for ¥1199. With two cards in one case, temperatures soared. The cheaper card ran hotter and louder, but the doubled mining speed brought a addictive thrill.
Emboldened, I splurged on a HD 7870 for ¥1699, boasting 1600 stream processors and a theoretical speed 1.5 times faster. It hit 380 MH/s! But soon, its fan roared like a helicopter. Placed in my bedroom, it woke me multiple nights—a costly lesson in cheap hardware.
Identical card models could have vastly different noise levels. If your mining rig sits in your bedroom, noise becomes a critical factor.
With high card costs adding up, I turned to the secondhand market, snagging a 5870 and a 6870. I installed them on an old motherboard, building a dedicated mining rig.
My total speed now exceeded 1.5 GH/s, yielding around 0.1 Bitcoin daily (worth ¥60-70).
But luck ran out: the new rig suddenly shut down and wouldn’t restart. Diagnosis revealed a burnt motherboard—caused by an insufficient power supply. Repair attempts failed, forcing a full replacement of board and PSU. A frustrating setback.
First Trade: A Sweet Reward
Though I’d started mining to hold long-term, the substantial investment shifted my goal to recouping costs. The "family heirloom" dream gave way to immediate cash-outs.
After days of non-stop mining, I accumulated 0.4 Bitcoin. Checking the market, I spotted a favorable rate: ¥970 per coin. Time to sell!
The process involved generating a wallet address on an exchange, transferring coins from the mining pool, then selling them. It mirrored stock trading: place an order, set a price, and wait. For faster sales, I undercut the market—listing at ¥960 against a ¥970 rate, selling in seconds. Later, listing at ¥880 against ¥870 took hours.
Fees piled up at every step: mining pools, exchanges, and withdrawal services all took cuts. It struck me then: miners are always exploited; the real profits go to tool providers and platforms.
Still, receiving those first few hundred yuan felt intensely satisfying.
Finding Community: The Shift to Altcoin Mining
While China has many Bitcoin miners, most technical discussions happen in QQ groups, lacking a central forum. After two weeks solo, I joined a small Bitcoin QQ group and discovered a vibrant, resourceful community.
One member worked in a data center, hosting rigs there to save hundreds monthly on electricity. Another built ultra-low-cost setups, sourcing secondhand CPUs, motherboards, and RAM for under ¥150 total—since GPUs did the real work.
To improve cooling and cut costs, many miners ran "naked" rigs: components mounted on open frames, often in unconventional spots like bathrooms.
A user’s open-air mining rig, running non-stop in a bathroom
But the hottest topic was altcoins. With Bitcoin mining increasingly competitive, rewards had dwindled. Alternatives like LTC, FTC, FRC, and CNC emerged—"山寨币" or "altcoins." Though low-value (e.g., FTC at ¥2 each), they were easier to mine, offering higher returns. My rig generated ~¥100 daily from Bitcoin but over ¥200 from FTC.
However, altcoins were volatile. Profits could plummet fast, and new coins constantly appeared. Miners became guerrillas: today mining Bitcoin, tomorrow FTC, then CNC—always chasing the best return.
👉 Explore advanced mining strategies
The altcoin landscape keeps expanding
Conclusion: Deep into the Mining Life
After investing nearly ¥6000, I was hooked. Mining and trading became daily obsessions. Regardless of public skepticism or boom-bust cycles, the life of a small-scale miner marches on.
Frequently Asked Questions
What is Bitcoin mining?
Bitcoin mining involves using computational power to solve complex mathematical problems, validating transactions and securing the network. Miners are rewarded with new Bitcoins for their efforts.
Why are older graphics cards better for mining?
Older GPUs like the AMD Radeon HD 5850/5870 have more stream processors per dollar, which are crucial for mining algorithms. Newer cards often prioritize other features like VRAM, which doesn't aid mining speed.
How do I start mining Bitcoin?
You'll need a dedicated computer with a powerful GPU, mining software, and a wallet address. Join online communities to learn about optimal hardware and current mining pools for better efficiency.
What are altcoins, and should I mine them?
Altcoins are cryptocurrencies inspired by Bitcoin. They can be more profitable to mine due to lower difficulty, but their value is volatile. Research regularly to find the most rewarding options.
How do I reduce mining costs?
Use energy-efficient hardware, leverage cool environments to avoid overheating, and consider renewable energy sources. Secondhand components and open-air rigs can also cut initial expenses.
Is mining still profitable today?
Profitability depends on Bitcoin's price, electricity costs, and hardware efficiency. While large-scale operations dominate, careful planning and altcoin shifts can still yield returns for small miners.