Hello, I would like to document my journey in Mining and receive possible support from the community a long the way. I think a big problem with bitcoin is that everyone is looking to simply buy when the people who benefit, and should, are the miners. I always liked the idea of passive income using technology. If this persists we are only further creating our own economy and infrastructure… one that no one can really manipulate directly and that is indirectly what everyone is trying to find. Please if you have any recommended Mining builds or information on stable Crypto to mine, post a informative post. Thank you.
A lot of that depends on you, and where you’re at. Crypto mining can be anything from using your gaming computer to full scale warehouses in Iceland.
In general, the most stable cryptos are the larger ones.
Are you currently mining?
What are you looking to mine, I’m looking to start mining myself, gpu mining for etherium to start with, then diversify to other cryptos.
VoskCoin on YouTube should get your feet wet
BitesizeMining and BitsBeTrippen are also very good sources.
Here is a good resource link with brief descriptions located in one spot.
Yeah I agree 100%, well to start I am in the south so electricity and utilities are not the problem. Mining equipment is up in price but In my honest opinion the profit margin beats an expensive graphics card. I am going to be mining in the next couple of months (2-4) and I will be updating this thread with my progress. I hope everyone will get a helpful understanding a long the way. I will be recording and posting on YouTube etc.
What GPU would you guys recommend for mining ETH?
Eth is cool. But I hear Monero is really nice as well.
Well, the first thing is not to buy hardware based off recommendations. I’d use math.
Here are some calculators to get you started.
This one tells you which CPUs and GPUs earn the most per day.
If you want to get fancy, you can compare the purchase price with earnings, and also compare the earnings with power consumption.
Then you need to decide if you want to trust Nicehash or not. I’ll make both cases.
They’ve been around a long time and their marketplace helps to maximize profit.
Simply install their mining program and let it do everything for you.
Don’t trust Nicehash
They just got hacked and people haven’t got their money back
Now, you have to decide which coin you’re going to mine. This site shows the CURRENT profit for popular cards. Please note, this changes all the time, like every hour.
Once you decide what you want to mine, get some software to mine it. A good place to start is with Claymore.
That should get you started, good luck.
Might sound stupidly obvious, but best bang for money in terms of, lowest upfront cost, highest hashing power Vs lowest wattage.
I’m looking at second hand HD 7950 can be clocked to mine near 22-25mh, power consumption not so good compared to New more expensive cards around 135watt. Vs say 112 watts from gtx 1060 also mining at 23mhs.
Price difference is the deal breake, you can buy 2-4 second hand HD 7950 on eBay for the price of one gtx 1060.
You never mine for the coin, you mine for maximum profits.
Guy A mines 1 Ethereum a month.
Guy B mines an alt coin and cashes out the alt coin daily on exchange and then trades for Ethereum, and ends up with 2 Ethereum by the months end.
Mine for profit. Not for coin. Even if it’s a cheap coin. Do t mine it, trade for it. Don’t take a loss today when you don’t have to.
Maximum profit > coin you like
Thank you good sir this will be much appreciated.
Thank you for the heads up, I was considering this strategy but wanted to get my feet wet mining a stable Crypto. I will go ahead and go for the big bank though.
3 mining type
- nicehash mining
-easy to use
-auto switch Algorithm for maximum profit
-paid in bitcoin
-bad for small miner, take forever to get payout
-Algorithm switching may mine low profit coin
- mining for maximum profit > your choice of coin
-MAXIMUM PROFIT and coins
-constant checking of mining profitability
-need to hop from one coin to another for maximum profit
-some pool require certain amount of mining duration before payout is available
- mine the coin that you wanted
-set it and forget
-support the coin network
-less profitable , lesser coin
I’m really grateful for this threat haha I also hope to soon jump on board with mining because my fiat wont be able to supply me forever lol
Depends on what you call a small miner. I consider my self a small miner with two rigs and I am paid out daily.
…to a Nicehash local btc wallet? Or to an external wallet?
Nicehash wallet and then on Friday transfer to Coinbase
Those who do not own mining rig, but mine on home pc /mining only have few gpu
3 gpu, daily profit of 12+$ will take more then a week and half for payout ( this is with btc price stay the same in the week)
I understand but when we use terms like small we need to define them because as you can see here I am a small miner in the grand scheme of things but several orders of magnitude larger than someone using a gaming PC as their only miner.
Taking longer than a week for a payout is not a bad thing either. If you are in the US a payout once a week in my opinion is preferred as there is less paper work to do for taxes.