Been out of the loop since 2014, advice needed!

[linklinklink]

Hi everyone,

I've been out of the loop on Alt Currencies since 2014. My last endeavour was Monero in June 2014 but I was never able to acquire any coins from Monero Pools with my 7970 ghz for some reason. I was able to mine WorldCoin and Quark though, which are pretty much worthless now hahaha.

So now, after being told about Bitcoin in 2011 and passing it off as something that governments would step in and stop, then missing out on Monero by not sticking with it to figure out which pools to join to actually get some coins, I'm really kicking myself lol.  Cry


A few questions for those senior members who have been around since the beginning.

Is it too difficult today compared to 2014 to actually choose Alt Coins since there seems to be substantially more today?

Is it even worthwhile building a 4 card AMD rig given the extensive amount of Asic card mining that is happening in China? Is this even enough power anymore to mine coins?

How do you weed through all the Pump and Dump scams out there and identify something worth mining? (I'm not a Computer Science major but I have a technical background)


Thanks everyone, I really do appreciate your input.

[Za1n]

Monero is a good coin to GPU mine now in 2017 as well, welcome to the future!

You can also try your luck with ETH, ETC, and ZEC coins, as they are all profitable to mine with a GPU.

I would mine with your 7970 for awhile and get back into the swing of things before buying a dedicated rig, this way you can find out what coins will work out best and what pools to try.

Dwarfpool is currently the big name in pools when it come to Monero, so you might want to start mining there. I would recommend Claymore's Cyptonight miner as well for XMR (Moenero) as it is pretty stable and easy to get setup and running. Once you are again familiarized with the basics, you can try different software and pools and by then you should be able to determine if buying a dedicated rig will make sense for you, and more importantly your electrical rate, which is probably going to be the main determining factor in any coin you mine.

Most of your question about which coins to mine can be answered by visiting sites such as: http://whattomine.com/coins and inputting your hash rate.

[linklinklink]

Monero is a good coin to GPU mine now in 2017 as well, welcome to the future!

You can also try your luck with ETH, ETC, and ZEC coins, as they are all profitable to mine with a GPU.

I would mine with your 7970 for awhile and get back into the swing of things before buying a dedicated rig, this way you can find out what coins will work out best and what pools to try.

Dwarfpool is currently the big name in pools when it come to Monero, so you might want to start mining there. I would recommend Claymore's Cyptonight miner as well for XMR (Moenero) as it is pretty stable and easy to get setup and running. Once you are again familiarized with the basics, you can try different software and pools and by then you should be able to determine if buying a dedicated rig will make sense for you, and more importantly your electrical rate, which is probably going to be the main determining factor in any coin you mine.

Most of your question about which coins to mine can be answered by visiting sites such as: http://whattomine.com/coins and inputting your hash rate.

With a 7970 wouldn't I only be harvesting about 30 coins annually?

[eckmar]

Monero is a good coin to GPU mine now in 2017 as well, welcome to the future!

You can also try your luck with ETH, ETC, and ZEC coins, as they are all profitable to mine with a GPU.

I would mine with your 7970 for awhile and get back into the swing of things before buying a dedicated rig, this way you can find out what coins will work out best and what pools to try.

Dwarfpool is currently the big name in pools when it come to Monero, so you might want to start mining there. I would recommend Claymore's Cyptonight miner as well for XMR (Moenero) as it is pretty stable and easy to get setup and running. Once you are again familiarized with the basics, you can try different software and pools and by then you should be able to determine if buying a dedicated rig will make sense for you, and more importantly your electrical rate, which is probably going to be the main determining factor in any coin you mine.

Most of your question about which coins to mine can be answered by visiting sites such as: http://whattomine.com/coins and inputting your hash rate.

With a 7970 wouldn't I only be harvesting about 30 coins annually?

Radeon 7970 is old card now. It's not much power efficient with new RX cards here i would just go for RX 470 as it's best overall gpu for mining now. Is it worth building rig now, well depends if you can wait 7-8 months to ROI then yes it is profitable for you. Most altcoins are not affected by ASICs so that does not really matter. There are a lot shit coins now so just stay with what is popular and tested. You can still mine monero but if you want change it up a bit with ETH or Zcash

[Za1n]

Monero is a good coin to GPU mine now in 2017 as well, welcome to the future!

You can also try your luck with ETH, ETC, and ZEC coins, as they are all profitable to mine with a GPU.

I would mine with your 7970 for awhile and get back into the swing of things before buying a dedicated rig, this way you can find out what coins will work out best and what pools to try.

Dwarfpool is currently the big name in pools when it come to Monero, so you might want to start mining there. I would recommend Claymore's Cyptonight miner as well for XMR (Moenero) as it is pretty stable and easy to get setup and running. Once you are again familiarized with the basics, you can try different software and pools and by then you should be able to determine if buying a dedicated rig will make sense for you, and more importantly your electrical rate, which is probably going to be the main determining factor in any coin you mine.

Most of your question about which coins to mine can be answered by visiting sites such as: http://whattomine.com/coins and inputting your hash rate.

With a 7970 wouldn't I only be harvesting about 30 coins annually?

I was simply suggesting to use what you already own to get a feel for the current state of mining before spending a bunch of money. You indicated in the OP you had a 7970, which while not modern will allow you to experiment around and work out the kinks in mining, as you also indicated you had troubles with before. This will allow you to mine the various coins on different pools and work up some profitability figures based on your electrical rates, etc. Once you have all this and you think you can make it work, then go ahead an invest in new cards.

I agree as far as new equipment and AMD, the RX470 is probably the sweet spot right now for dedicated mining.

[linklinklink]

Monero is a good coin to GPU mine now in 2017 as well, welcome to the future!

You can also try your luck with ETH, ETC, and ZEC coins, as they are all profitable to mine with a GPU.

I would mine with your 7970 for awhile and get back into the swing of things before buying a dedicated rig, this way you can find out what coins will work out best and what pools to try.

Dwarfpool is currently the big name in pools when it come to Monero, so you might want to start mining there. I would recommend Claymore's Cyptonight miner as well for XMR (Moenero) as it is pretty stable and easy to get setup and running. Once you are again familiarized with the basics, you can try different software and pools and by then you should be able to determine if buying a dedicated rig will make sense for you, and more importantly your electrical rate, which is probably going to be the main determining factor in any coin you mine.

Most of your question about which coins to mine can be answered by visiting sites such as: http://whattomine.com/coins and inputting your hash rate.

With a 7970 wouldn't I only be harvesting about 30 coins annually?

Radeon 7970 is old card now. It's not much power efficient with new RX cards here i would just go for RX 470 as it's best overall gpu for mining now. Is it worth building rig now, well depends if you can wait 7-8 months to ROI then yes it is profitable for you. Most altcoins are not affected by ASICs so that does not really matter. There are a lot shit coins now so just stay with what is popular and tested. You can still mine monero but if you want change it up a bit with ETH or Zcash

Thanks for getting back to me, ROI isn't important to me short term. I'm in a financial position where this is a hobby rather than income, harvest and hold is my gameplan.

I totally agree with the bolded statement, which is why I'm looking for advice. ZCoin seems interesting and is still early in harvesting but it's only CPU mining from what I can tell.

[Ambros]

Thanks for getting back to me, ROI isn't important to me short term. I'm in a financial position where this is a hobby rather than income, harvest and hold is my gameplan.

I totally agree with the bolded statement, which is why I'm looking for advice. ZCoin seems interesting and is still early in harvesting but it's only CPU mining from what I can tell.

Yeah, it is only CPU. Or at least there are no GPU public version.

The coin is good, but I personally do not trust developers.
I'm currently mining ZEC and ETH

[linklinklink]

Thanks for getting back to me, ROI isn't important to me short term. I'm in a financial position where this is a hobby rather than income, harvest and hold is my gameplan.

I totally agree with the bolded statement, which is why I'm looking for advice. ZCoin seems interesting and is still early in harvesting but it's only CPU mining from what I can tell.

Yeah, it is only CPU. Or at least there are no GPU public version.

The coin is good, but I personally do not trust developers.
I'm currently mining ZEC and ETH

Why don't you trust developers? What's the difference between developers and how other coins are developed?

[linklinklink]

Sorry I know I sound ignorant of what's going on, I'm trying to catch back up from 2/4 years of absence and when I browse the forum all I see is a lot of kids $h!t talking each other without any actual information or useful advice.

[Tmdz]

I'll make it simple

ETH/Monero/Zcash

Look up those coins and download the miners, then the pools and config your miners.

Jaxx wallet will store btc, zcash and eth just fine, mymonero.com or an exchange wallet for monero.

For a rig build a Rx 470 rig, 4 card will make about $120 a month so expect 1 year turn around with all the extras you will need to get it going.

As for which of those coins to mine I would choose ETH as it is more profitable and trade the coins for whatever you feel like investing in.  I have personally mined all 3 coins depending how the profit is but ETH has been the coin that single handily put gpu mining back in business.  90% of the growth you see in gpu mining today did not exist ~8 months ago.

[Ambros]

Thanks for getting back to me, ROI isn't important to me short term. I'm in a financial position where this is a hobby rather than income, harvest and hold is my gameplan.

I totally agree with the bolded statement, which is why I'm looking for advice. ZCoin seems interesting and is still early in harvesting but it's only CPU mining from what I can tell.

Yeah, it is only CPU. Or at least there are no GPU public version.

The coin is good, but I personally do not trust developers.
I'm currently mining ZEC and ETH

Why don't you trust developers? What's the difference between developers and how other coins are developed?

They are known as scammers, they argue between them often.
IMHO they will not hesitate to dump everything they have when they are satisfied about the price

[Amph]

I'll make it simple

ETH/Monero/Zcash

Look up those coins and download the miners, then the pools and config your miners.

Jaxx wallet will store btc, zcash and eth just fine, mymonero.com or an exchange wallet for monero.

For a rig build a Rx 470 rig, 4 card will make about $120 a month so expect 1 year turn around with all the extras you will need to get it going.

As for which of those coins to mine I would choose ETH as it is more profitable and trade the coins for whatever you feel like investing in.  I have personally mined all 3 coins depending how the profit is but ETH has been the coin that single handily put gpu mining back in business.  90% of the growth you see in gpu mining today did not exist ~8 months ago.

on what universe 4x470 will net you $120 a month? even assuming 120MH on etheruem with 4x470 you are netting $100 at 0.1 cent electricity, electricity lower than that is not common, i'm not taking it in consideration, free electricity is scamming instead...

[adaseb]

You are really late in the game. Just keep your 7970 and mine ZEC or XMR (not ETH) and then either sell those for BTC or ETH. The speed are identical to the 470s just uses slightly a little more power but the power savings doesn't justify buying an entire new card unless you live in like Hawaii and pay $0.50/kwh.

[Tmdz]

I'll make it simple

ETH/Monero/Zcash

Look up those coins and download the miners, then the pools and config your miners.

Jaxx wallet will store btc, zcash and eth just fine, mymonero.com or an exchange wallet for monero.

For a rig build a Rx 470 rig, 4 card will make about $120 a month so expect 1 year turn around with all the extras you will need to get it going.

As for which of those coins to mine I would choose ETH as it is more profitable and trade the coins for whatever you feel like investing in.  I have personally mined all 3 coins depending how the profit is but ETH has been the coin that single handily put gpu mining back in business.  90% of the growth you see in gpu mining today did not exist ~8 months ago.

on what universe 4x470 will net you $120 a month? even assuming 120MH on etheruem with 4x470 you are netting $100 at 0.1 cent electricity, electricity lower than that is not common, i'm not taking it in consideration, free electricity is scamming instead...

WHY should I subtract the costs of power when I don't even know what he pays?

The OP can figure that out himself...

[linklinklink]

Thanks for getting back to me, ROI isn't important to me short term. I'm in a financial position where this is a hobby rather than income, harvest and hold is my gameplan.

I totally agree with the bolded statement, which is why I'm looking for advice. ZCoin seems interesting and is still early in harvesting but it's only CPU mining from what I can tell.

Yeah, it is only CPU. Or at least there are no GPU public version.

The coin is good, but I personally do not trust developers.
I'm currently mining ZEC and ETH

Why don't you trust developers? What's the difference between developers and how other coins are developed?

They are known as scammers, they argue between them often.
IMHO they will not hesitate to dump everything they have when they are satisfied about the price

So would ZCoin be a perfect example of scammers instead of developers in your view?

[eckmar]

Thanks for getting back to me, ROI isn't important to me short term. I'm in a financial position where this is a hobby rather than income, harvest and hold is my gameplan.

I totally agree with the bolded statement, which is why I'm looking for advice. ZCoin seems interesting and is still early in harvesting but it's only CPU mining from what I can tell.

Yeah, it is only CPU. Or at least there are no GPU public version.

The coin is good, but I personally do not trust developers.
I'm currently mining ZEC and ETH

Why don't you trust developers? What's the difference between developers and how other coins are developed?

They are known as scammers, they argue between them often.
IMHO they will not hesitate to dump everything they have when they are satisfied about the price

So would ZCoin be a perfect example of scammers instead of developers in your view?

Yeah. It's not that hard to spot scam coins. They often offer exactly same things and focus on "anonimity". When you see that facebook ad it almost sure scam. They won't focus on their coin in long term they just want to pump the price and dump coins as soon as possible

[Ambros]

......
They are known as scammers, they argue between them often.
IMHO they will not hesitate to dump everything they have when they are satisfied about the price

So would ZCoin be a perfect example of scammers instead of developers in your view?

Yeah, exactly.
Even though they are good with code, they are only interested in monetise fast and get out ASAP.
You can still invest some money, maybe there will be a pump (as in last few days), but i will not go for zcoin as long term investment

[linklinklink]

Looks like we were all wrong about ZCoin

I thankfully mined 40 while I still could