Hi New to Bit Coins

[malace]

Hi My name Malace and i am new to Bit Coins ect,

I am Looking to make some money out of bit coin and crypto currency.
So far i have got a Rig built and all of this advise has come from a friend.

I have got:

1475 Power Supply
16 Gigs of Ram
Gigabyte 990FXA-UD7 Rev 3.0 AMD 990FX Motherboard
AMD Bulldozer FX-4 Quad Core 4130 3,80GHz
Kingston 60GB SSD
X4 Sapphire Radeon R9 290X "BF4 Edition" 4096MB GDDR5.

I am Getting 884.24K / 884.0 Khs per GPU. With my set up

What amount of bit coins should i be making ?
Where should this be paid into ?

At the moment this gets paid into http://middlecoin2.s3-website-us-west-2.amazonaws.com/ (then this gets paid into) https://cex.io
and i then i buy GHS with my BTC middlecoin pays me.

Any advise anyone could give me to explain this would be helpful.

[FalconFly]

My Advice :

Get the heck out of cex.io and let that "Middlecoin" Service pay directly to a Bitcoin wallet you control (Multibit or comparable).
Cex.io usually will slowly burn your money almost every day, it's a money-losing machinery if you rent their hilariously overpriced GHs with the intent of mining.

What you'll do with those BTC you gain from the conversion of your Scrypt mining is entirely up to you then (?)

Other than that, your setup looks okay (the rig certainly didn't need 16GB of RAM though but they don't hurt of course).

PS.
Since that service apparently will mine various AltCoins, it's near impossible to calculate the amount of BTC it will pay out to you.
You'll have to look at the currently mined AltCoins and check their conversion value yourself, then do some checkup calculations to see if they're in the expected region.

[scranagar]

My Advice :

Get the heck out of cex.io and let that "Middlecoin" Service pay directly to a Bitcoin wallet you control (Multibit or comparable).
Cex.io usually will slowly burn your money almost every day, it's a money-losing machinery if you rent their hilariously overpriced GHs with the intent of mining.

What you'll do with those BTC you gain from the conversion of your Scrypt mining is entirely up to you then (?)

Other than that, your setup looks okay (the rig certainly didn't need 16GB of RAM though but they don't hurt of course).

PS.
Since that service apparently will mine various AltCoins, it's near impossible to calculate the amount of BTC it will pay out to you.
You'll have to look at the currently mined AltCoins and check their conversion value yourself, then do some checkup calculations to see if they're in the expected region.

I can´t understand why so many people hate Cex.io.
The user should focus on trading, not on mining. The mining profit is "just" a bonus. Yes, it´s a bear market. But with daytrading it´s easy to increase your BTC. Wait for the crash, buy in, and later the day when the price is up again, sell your ghash. That´s all. You increased your BTC by trading AND mining profit.
But if you buy ghash and let them mine for month, then you probably would waste money. 

[FalconFly]

I can´t understand why so many people hate [Referrer Spam removed].
The user should focus on trading, not on mining. The mining profit is "just" a bonus. Yes, it´s a bear market. But with daytrading it´s easy to increase your BTC. Wait for the crash, buy in, and later the day when the price is up again, sell your ghash. That´s all. You increased your BTC by trading AND mining profit.
But if you buy ghash and let them mine for month, then you probably would waste money.  

He's clearly up to mining, hence no use to use a manipulated trading platform. Mining @ cex.io is not a profit, unless you count buying heavily overpriced rental GHs with less than 50% ROI a profit.

I agree buying after a solid price crash is a somewhat good advice, but that's a trade every 2 weeks or so at best (a distinct price crash on high volume with decently predictable recovery).
Plus, making a trading mistake just once - there goes your profit.
(keep in mind their 250% overpriced GHs may crash by >30% - but still be way overpriced, always carrying a heavy latent risk... Technically speaking, there is no such thing as buying "low" @ cex.io, as their prices have never ever dropped into competitive regions. Every trade @ Cex.io hopes they manipulate the ludicrous prices back up again - which they may or may not do)

[Foysal]

the ghash.io pool isn't too bad, they mine the most blocks I think, so pointing your hardware there will do, you can use that to build your virtual gig with cex.io and daytrade.

~Foyz

[krampus]

I can´t understand why so many people hate [sleazy referral link removed].
The user should focus on trading, not on mining. The mining profit is "just" a bonus. Yes, it´s a bear market. But with daytrading it´s easy to increase your

For every individual that makes a profit, someone else takes a loss. And since the overall trend of GHs on cex.io is downward, more people will lose than will win.

If you want to day trade, go play on the stock market.

[krampus]

The pool is good

Oh look, another sleazy referral link in your sig.

[malace]

I am making from 0.03 (btc) at worse to 0.08 at best from middle coin.

Thank you for all you post so far and advise it dose help.

And can any one advise me a good wallet i seen https://blockchain.info seems to look good is it ?

[scranagar]

For every individual that makes a profit, [sleazy nonsense removed]

No, they don´t lose. They just don´t win as much as they could. Everyone who trades decides BY HISSELF when to buy or sell.

If you want to day trade, go play on the stock market.

Why on the stock market and not on Cex? I have been quite successfull daytrading on Cex.io.
It sounds like you lost some money by daytrading. Losing money usually happens if someone is to greedy.

Are you blaming Las Vegas for it´s Casinos? Most times the bank wins. Las Vegas MUST be evil! And manipulated!

[krampus]

Why on the stock market and not on Cex? I have been quite successfull daytrading on Cex.io.
It sounds like you lost some money by daytrading. Losing money usually happens if someone is to greedy.

I don't do a lot of day trading, and I certainly haven't lost any money at it. But then, I can do math, so that works against me.

Also, your insistence at putting your sleazy referral link in at every opportunity makes it clear that your primary motivation in this conversation is to gain more referrals. Kinda douchey, IMHO.

[malace]

Doing well i think so far 21 days into my mining made around 0.80 of a bin coin

I am using CG miner Version 3.7.2  and Middle coin Just easy for me as i don't know the markets as i am trying to learn in my free time.

Once more this is my rig
475 Power Supply
16 Gigs of Ram
Gigabyte 990FXA-UD7 Rev 3.0 AMD 990FX Motherboard
AMD Bulldozer FX-4 Quad Core 4130 3,80GHz
Kingston 60GB SSD
X4 Sapphire Radeon R9 290X "BF4 Edition" 4096MB GDDR5.

I am Getting 884.24K / 884.0 Khs per GPU.

I am thinking of taking these bit coin and going cloud mining are there any good cloud sites anyone would advise ?

[Gravy]

Doing well i think so far 21 days into my mining made around 0.80 of a bin coin

I am using CG miner Version 3.7.2  and Middle coin Just easy for me as i don't know the markets as i am trying to learn in my free time.

Once more this is my rig
475 Power Supply
16 Gigs of Ram
Gigabyte 990FXA-UD7 Rev 3.0 AMD 990FX Motherboard
AMD Bulldozer FX-4 Quad Core 4130 3,80GHz
Kingston 60GB SSD
X4 Sapphire Radeon R9 290X "BF4 Edition" 4096MB GDDR5.

I am Getting 884.24K / 884.0 Khs per GPU.

I am thinking of taking these bit coin and going cloud mining are there any good cloud sites anyone would advise ?

bravo, i need to do this

[Rias]

Doing well i think so far 21 days into my mining made around 0.80 of a bin coin

I am using CG miner Version 3.7.2  and Middle coin Just easy for me as i don't know the markets as i am trying to learn in my free time.

Once more this is my rig
475 Power Supply
16 Gigs of Ram
Gigabyte 990FXA-UD7 Rev 3.0 AMD 990FX Motherboard
AMD Bulldozer FX-4 Quad Core 4130 3,80GHz
Kingston 60GB SSD
X4 Sapphire Radeon R9 290X "BF4 Edition" 4096MB GDDR5.

I am Getting 884.24K / 884.0 Khs per GPU.

I am thinking of taking these bit coin and going cloud mining are there any good cloud sites anyone would advise ?

cex.io is probably the biggest cloud mining site but also the most expensive one. You can try to start there and then continue somewhere else

[Sonny]

Doing well i think so far 21 days into my mining made around 0.80 of a bin coin

I am using CG miner Version 3.7.2  and Middle coin Just easy for me as i don't know the markets as i am trying to learn in my free time.

Once more this is my rig
475 Power Supply
16 Gigs of Ram
Gigabyte 990FXA-UD7 Rev 3.0 AMD 990FX Motherboard
AMD Bulldozer FX-4 Quad Core 4130 3,80GHz
Kingston 60GB SSD
X4 Sapphire Radeon R9 290X "BF4 Edition" 4096MB GDDR5.

I am Getting 884.24K / 884.0 Khs per GPU.

I am thinking of taking these bit coin and going cloud mining are there any good cloud sites anyone would advise ?

cex.io is probably the biggest cloud mining site but also the most expensive one. You can try to start there and then continue somewhere else

I agree with FalconFly that cex.io is highly overpriced, and buying hashrate there for cloud mining is not profitable at all.
You may check the profit calulator on cex.io yourself
https://cex.io/calc