Bitcoin Forum

Hi!

   I'm going to start mining, and I thought maybe I should post about it before I start to see if I missed anything, or to get any advice.

Back in 2013 when I heard about Bitcoin (Before the $1,000 surge) it was worth under $150. I heard about this IT employee in a University, using all their computers to mine bitcoins. So, I thought I should get into it too. But, I never did.
Then Bitcoin surged to $1,000 and I decided it was time. But then, I never did, because it dropped to $200 in 2014.
Then, I thought I was going to mine and just keep my Bitcoins because it will certainly go higher again. But never started.
Now, I see the price of the Bitcoin and remember the days when $1,000 a BTC seemed outrageously high. Now, everyone wish to buy a BTC at $5,000.

Also, one reason that I never started was the cost involved. Mainly Electricity. I would have been forced to sell every month some BTC earned to pay for that cost. However, I found a very good way to get cheap electricity.
So, this time, it's decided. I'm prepared, and after all the research, even though I never posted anything, I've read a lot. It's time to start mining.
I started by buying $200 worth of Bitcoins a few weeks ago, and decided that I was going to just invest as much as possible in Mining.

My goal is to mine and keep the earned BTC for the long term.
This is not to make me a living as of right now. I already have a living, so this is more like a side cryptocurrency generator.
The stored BTC price will either soar or crash in the future. Either way, I'm prepared.

So, my initial configuration is as follow:

Asrock H110 Pro BTC+ Intel H110 LGA 1151 (Socket H4) ATX - (DDR4-SDRAM, DIMM, 2133,2400 MHz, Dual, 32 GB, Intel)  [ $153 ]
CPU Celeron G3100 [ $39 ]
SSD SanDisk 120Go [ $53 ]
12x Saphire RX580 [ $289 x 12 = $3,468 ]
1x Ram 8 Go DDR4 HyperX Savage [ $55 ]
13x Risers Ver 006C and 007S [ $8.35 x 13 = $108.55 ]
3 x PSU THERMALTAKE SMART-SE 730W [ $66 x 3 = $198 ]

I plan to add more GPUs. And after 2 or 3 months of usage, overclock them.

Electricity will cost at $0.025 / kWh (Yes, that's right) - Highly profitable.

I will post updates as I go with the project.
If you have any suggestions, or questions, please don't hesitate.

I'm very excited about this!!! :D
Have a good day!
Yome

You done good decision bro, but try to start mine the ethereum or monero that is the better go to mine with the video cards. I see that you are choosing saphire cards but the you can go to selecting the R7 580 or GTX 1070ti cards.
By seeing you are electricity cost and mentioned specification for the components you have added to the rig. I think you will be able to make around 600 USD per month.

I think you are choosing the board which is been added upto 13 cards that will allow you to earn more money according to the increase of multiple cards.

Thanks for the reply!

I chose the Saphire RX580 to keep my options opened. Many people told me to mine Ether, and that's why I chose these cards.
But I thought, I'll start with Bitcoin, and see.

Also, for the future, in about a year or two, I can always add more newer GPUs, and keep these ones to mine other easier cryptocurrencies.

And for Electricity, yeah. I never started because it was a big cost factor here in the US. But thankfully I found a great way around.

Advice: Read the forum rules!

https://bitcointalk.org/index.php?topic=2415854.msg24714338#msg24714338

I've read it already.
I posted it in general mining, instead of another, because I planned on posting updates on the general mining process. Not only one aspect of it.
Also, I'm starting with Bitcoin. Not Ether.
Unless, you wanted to point my attention on something else?

Well you didn't pay attention then.  Your talking about mining Bitcoins and altcoins with altcoin hardware.  Bitcoin difficulty is way too high to mine with GPU's regardless of your electricity costs.  Pools will ban your GPU miners because they take up the same amount of pool resources as an entire Peta-hash range ASIC mining farm with no benefit to the pool or miners.

So your best bet is to follow the forum rules and post in the altcoin section, where this thread belongs, and mine altcoins with your current hardware and then buy some ASIC's with your rewards and then start mining Bitcoin.

Good Luck.

That was fun, nobody mining bitcoin with GPU anymore only alts. Unless your talk about bitcoin gold... Buts still you better read forum rules.

So better start mining with Ether then

The rig looks fine except don't skimp on power, it's a bad idea in the long run. Not only 3* 730W PSUs is barely enough for 12 RX 580s, but these PSUs are also crap. Buy a couple of high quality 1200W+ units instead. Something like Corsair HX1200, CoolerMaster V1200, or any of the higher-end Seasonics or EVGA's PSUs.

I started mining with new technology web of "nintendo 64" ;D

I wish we had the same electricity cost. I mine with .2$ per kwh. I had to pull down the lowest electricity cost as much as possible to maximize my profit. Also going through your rig, many modding to go. I think TS will mine altcoins and convert them to bitcoin and hodl them.

i think you should build 2x rig (6 vga/ rig) ..... you have good electric price, good luck

Hey guys,

N00b here.  I built a PC a few months back with a Ryzen 1800x CPU and a mediocre $90 gfx card. It's a decent PC but I will be looking into gfx upgrades if I can get started with this mining business.

I just want to know the simple, most cost-effective steps to start mining an altcoin.  Litecoin, or whichever you recommend for a n00b like me.

I've done some lurking around online, but haven't yet found a simple step-by-step.  Do you have any suggestions or recommendations for me?

Thank you for your time.

claws ai

Good point.
I had this thought in the back of my mind, and I think I will do that.

Why 2 rigs?
What are your thoughts?

To start mining, you'll need to acquire bitcoin mining hardware. Bitcoin mining with anything less will consume more on electricity than you are likely to earn. It's essential to mine bitcoins with the best bitcoin mining hardware built specifically for that purpose.

Maybe mining altcoins then converts to bitcoin doesn't mining bitcoin using that hardware because if mining BTC using that hardware only waste your time and solve a block(BTC) too difficult using mining rig.

If you really want to, you can still earn bitcoin directly by mining using your GPUs. The way it works is that you join an mining pool like Nicehash which automatically converts the altcoins you mine directly into bitcoin. You mine alts but get paid in bitcoin. Checkout it out and do some reading on nicehash.com.

that's a general question, for not enough answers for one page but I'll be concise:

1. if using NVIDIA card can mine in Equihash algorithm.

2. AMD cards can be mined in the Ethash algorithm.

although some NVIDIA cards may mine in Ethash or vice versa. so you should describe the GPU type / series first. if you are going to mine with a CPU without a graphics card, personally, I do not recommend.

tool xmr mining update for amd, nvidia, cpu - 2018 gcc7 than 50hs/vga
https://www.youtube.com/watch?v=0Y2Oi_9QB0o&t=1s

That's a decent setup! I own 6 RX580s mining ETH, has been somewhat profitable but electricity is pretty expensive and ETH is down from it's 1500-1600 ATH. Still profitable, but less than before. I hope you the best with that cheap electricity you got and the nice investment you're making!