Normal non tech Savy US citizen mining from home


#1

I arrived at this site 10 days ago. Completely new to bitcoin except the 4 books I have read, and with no practical experience.
I am still noob, but is it possible for a non tech savy person to set a mining system in home. Without spending thousands in electricity and data after purchase of a system.
Will the bitcoin mined be worth the time and inevitable trouble?
How long till a return of investment (ROI)?
What is the going rate for a good system? I know things have “escalated” from the beginning days of mining from a laptop.
What is the useful mining life, before the unit becomes obsolete?
Thanks for you time and patience.


#2

I would highly suggest reading the multiple threads here in the Mining and Hardware sections as some of your questions are not easily answered as it is a back and forth conversation or at worst just a subjective guess.

A non-tech savy person can easily get into mining by just using the computer they are on even if it is a mobile device.

For your first question the simple answer is yes. It seems like you have this idea that a miner needs to be one of the big sites like Genesis or any of the cloud mining sites. I have two mining rigs here at home this is how mining started people just doing it at home. I spend about $150 a month on electric for my two mining rigs and a D3 ASIC.

Question 2 - Will the bitcoin mined be worth time and inevitable trouble? - This is an opinion based question. The sentiment here at TheBitcoin.Pub is yes. The thing that needs clarified here is that with a gaming computer you will not be mining Bitcoin directly. You will mine other alternate currencies and trade for bitcoin through exchanges if you want. The other option is a service called NiceHash, you mine alternate currencies for someone else and NiceHash pays you out in Bitcoin for your hash power.

Question 3 - How long till a return on investment? There is no one answer. It depends on the price of your hardware that you buy, the price of the coins you are mining, the mining difficulty. Prior the craze almost all GPU’s had an ROI of 200 days which when BTC did its bull run it pretty much dropped to 60days. That is with out taking into account electric or the price of the other parts to make a mining rig.

Question 4 - What is the going rate for a good system? Depends entirely on if you can get GPU’s for MSRP this legitamately cannot be answered as we do not know how much effort you are willing to put into it to get one at MSRP vs buying one now.

Question 5 - What is the usefull mining life, before the unit become obsolete? Again depends on the cards and the different coins and algo that come out. Here are two examples. The 750ti is still relevant now that Raven (RVN) coin has come out this card is nearly 4 years old. I still mine on my 960’s which are two years old from my date of purchase. Or you could take a 1060 3gb that can no longer my Ethereum classic and soon not be able to mine Ethereum but it can mine Equihash coins like Zcash or Raven.

So my question is what kind of hardware do you have currently. It might be best to start trying to figure out how to mine on your current hardware. Also this can have a steep learning curve for some but for others that thought they were not tech savy found it fairly easy.


#3

I have a Mac desktop we bought about 4 years ago. Not even sure what the specs are on it. I know it is not a gaming system though. I will totally go start the reading tonight.

Question 1: Thanks for the info this gives me hope that my wife won’t freak if I start this. It is also my hope to have a simple setup that I can leave on.

Question 2: I would prefer to mine Bitecoin or Litecoin for myself. The exchanges I don’t mind. But any other 3rd parties would have to be vouched for. I am assuming that Nice Hash is trusted here
I accidentally posted this too soon, other responses coming soon. My job requires my attention


#4

Then you would need to get ASIC’s if you want to mine them yourself and they loose their value quickly as you are trying to keep up with the big boys.

I recommend you stick to GPU’s until you have enough knowledge to make the decision to go to ASICs yourself. With GPU’s they stay relevant longer and have a secondary purpose gaming, so this allows for them to be sold on craigslist if you decide to get out.

With your current situation I think it is time to upgrade your current desktop. Get a pre-built with a 1070/1080 GPU in it and start with NiceHash. This gives you a nice PC for at home and allows you to mine on it. You could even throw a second GPU in it if you wish. For someone in your position I think this provides the most value with least amount of risk and capital. I would check out ibuypower or cyberpower pc’s. Get yourself a mid range PC with upgraded GPU’s.

Use Whattomine.com to get an idea of what GPU’s you want and their estimated earnings.


#5

Dude you the man! I like the general plan you laid out. I am open to alternative. I am just excited about getting bitcoin.
Am sure my kids would not mind a gaming computer in the house a few years.

I would be will to probably pay close to MSRP for some new and super useful, once I research the cost. I like the thought of starting with a good gaming computer and learning about mining, while being able to build a bitcoin stash.

I will here post later with other questions as I investigate more.

Thanks again for your help!


#6

NP. MSRP is the reason I am suggesting buying a pre-built it is the easiest way to get a GPU for MSRP.


#7

Good bet. Definitely wouldn’t use the Mac I attempted to use mine a few months ago after running for 48 hours straight I had mined 24 cents worth of Monero lol. I’d consider doing some serious research maybe outside the pub before hoping in. Mining is extremely competitive and you often need several gpus to be making more than a few dollars a day.


#8

Mining XMR on low end CPU’s really isn’t profitable to begin with. At 200w’s yeh it cost you to 96c to mine 24c worth of Monero. GPU’s are not in this situation. All GPU’s of this last and previous generation on NiceHash make a profit.

A single 1070 or 1080 like I mentioned above will net a few dollars a day so you do not need multiple GPU’s to make a few dollars a day. Your payout with multiple GPU’s of the same type scales linear so if you are not doing it for cash flow (as in paying employee’s) scale is irrelevent.


#9

Yea a 1080 which will net 2-3$ a day still isn’t worth it in my opinion.


#10

same thing they told me when btc was 80 usd… i could have mined 100s upons 100s of btc btw… and i didnt. because it was " Unprofitable"


#11

oh wait… I would be up 1000s of % off the hardware from back then (crappy) :stuck_out_tongue:


#12

Hey Nekko,

I’ve noticed a lot of people seem to prefer 1070/1080 compared to others like RX 580s (8gb)… Any idea why? For me I think the MSRP/Hash is better on the RX 580… But I guess that depends on MSRP.

Also, the 1070s and 1080s also are pretty high in cost (albeit better expected performance).


#13

Most of the time my interaction here is with people that are new to mining. I generally advise against AMD for your first rig as the learning curve can be steep getting into mining. AMD increases that curve due to needing to mess with BIOS modding and undervolting. Nvidia removes the BIOS modding portion and makes undervolting or lower the power usage to the point of a slider switch on all cards. AMD some of the cards you need to do this with the BIOS and memory straps.

Currently any card at MSRP is a great card but know what you are getting into if you choose AMD.


#14

That is $2-3 a day you didn’t have before.


#15

I won’t give Nvidia one cent. Horrible company for open source …


#16

To each their own. I am sure we give money all the time to companies that are horrible in one persons view point or another.


#17

Ah OK I see… I thought it was something to do with the life of the card e.g. 1080ti 11gb therefore should last until 2023 vs 8gb cards

Yes I found out that rx580s do not respond to smos undervolting


#18

That does come into play but it is only really relevant to the 2gb and 3gb cards on the Ethhash algo. Those cards can still mine other algo’s like x16r or Equihash.


#19

@R_TP You’re right that AMD cards can often hash better for cheaper than the higher priced Invidia cards, but there are a couple of reasons why people still choose Invidia:

1 - They are better for some algorithms than AMD
2 - They use less power than AMD
3 - You can control them via software and don’t need to do a BIOS mod via Windows to optimise them.

I’ve personally also found that some motherboards will happily run 6 or 8 of them where they struggle to support more than 3 AMDs.


#20

Real talk, I understand little to nothing in much of the post above. I have much to read and learn.
I have finished most of my initial investment. It is pretty much DCA from here.
My next step is to continue soaking up as much crypto knowledge as I can. But it is time for me to learn about creating a “full node”. I assume a miners rig would accomplish this. Please correct if I am wrong. I probably won’t go live with this until Jan/Feb of next year.
My true goal is not to make a ton of profit, but to strengthen the network. The hope is fees will offset some the cost.