Bitcoin Forum

So, I have been creeping on here as a guest for a while and decided to dive in face first, hopefully the water isn't shallow lol.

My wife and I have been thinking about starting to mine some crypto currency for a while now and we are starting to settle on Monero. (To preface this post, neither one of us has EVER engaged in this endeavor)

We wanted to start small, maybe only spend a couple Grand on a rig and see what we can do. If it shows to be profitable, we have the means to expand to a larger operation.

So down to brass tacks...what would it cost us to buy a rig that we could (reasonably) mine Monero with, considering the current difficulty? If there are reputable persons that build them, we would love to know! Thanks!!

for monero i can suggest amd they are pretty good but you need a private miner like the oen from wolfo, to squeeze as much as hashrate as possible, and it's will cost too much, i think nwo it's better to go with nvidia they have better option than amd to mine

X11 and dash is where it's at
More profitable than monero

At least that's what I'm finding right now

You should buy two things to get started. An ASIC and a moderately cheap PC.  The idea of your early mining should be this.  First, ignore the huge, established coins.  There is simply no way that a normal person and/or household is going to plug anything into their wall and start churning out actual Bitcoins.  There may be a trickle there that seems like you have hit the bank, and then the electric bill comes and you have gone backwards.

What are these huge, established coins exactly? I'm asking coz I'm mining ETH and DCR right now.

I think the established coins would be those like bitcoin, dash, litecoin, etherium, and a few others that run on the X11, script, sha256 and quark algos

Those are all being mined heavily

So I think what the idea would be is to mine the smaller, less mined coins and hope that you can choose the ones that pick up in value in the near future


Ideally you need to purchase an asic batch 1. Before too many are released (I'm looking at you BitMain)

Watch for brand new coins and set up the PC to mine at least ten of these every month.  Download the wallet for the coin on the PC, mine when it is brand new for a couple days and you will get a good bunch of coins since the diff is so low in the beginning. 

Can you suggest one or more pages to look for brand new altcoins with low difficulty please?

Don't do it man! You will lose your money! This month NVIDIA and AMD are going to release a mining only gpu. This will be the equivalent of ASIC miner - this will kill mining as one of these cards will mine as much as 8 of normal cards so think before you dive in. This happened back in 2014 now it will have once more.

http://cryptomining-blog.com/8784-seems-like-nvidia-is-making-a-video-card-especially-for-mining/

Make sure that your mined coins are in your downloaded software wallet and shut the wallet down.  These are small files and you can store hundreds of non-running wallets on a basic computer, each with anywhere from 1000 to hundreds of thousands of coins in them.  Every once in awhile, one of those newer coins gets valued.  It may take weeks, months or maybe only a few days, but it happens.

As far as the ASIC, most of these are set up to only mine a single algo, that is why you need the separate PC.  You can hit craigslist and usually find something that will get you started for $100.  The owner bought it, didn't get rich or it was too much of a pain and now they are trying to get their money back out of it.  My first 60 GHZ ASIC cost me $20. 

Sign up for a mining rig rental site.  These sites allow others to rent your mining power from you.  You point your rig at the site, set up your pricing and then point the rental site at your chosen pool you wish to mine for yourself.  When the rig is not being rented from you, you are mining to a pool you have picked, when it is being rented your personal mining is replaced with whatever pool they have chosen and you get paid for the time it is rented.  

Do your research, pick a pool and don't waver.  It is hard to understand the payout system of mining and pool payouts are even harder to understand.  Essentially each miner is paid a portion of the rewards the pool gets based on the amount of work that miner did toward that goal. However, there are two specific things that can be important. 

It costs you almost nothing to store these and if one per month becomes worth something, then you have made a profit. Some pools pay you per "shift" and others per "block". 

Did you even read the article?

"The information that we are seeing about the GP106-100 mining GPUs mentions some numbers regarding mining performance, the following numbers are for 8x of these GPUs: 200 MHS for ETH, 2500 Sol/s for ZEC, 4400 H/s for XMR."


"

Lastly, you will learn as you go.  You have a lot of questions, but you don't even know half of the questions until you dive in, that's when the true confusion begins and we will be here to help you through.

Let's say that a Bitcoin block took 4 hours to solve...that's a long block, but hey.  Your started mining halfway through the block and stopped mining in the third hour of the block. 

Being paid by the shift means that every 20 minutes or so the work percentages were calculated, being paid by the block is very different.  By the shift, you mined for 2 hours and will be credited for the shifts that you contributed to, the other method means that your earned coins start to drop immediately when you stop mining.

You could mind for most of the 4 hours and stop at 3.5 hours and your reward could have dropped to 0 by the end of the fourth hour.