Looking for an experienced miner

[Farfenkugel]

Hi there, i have a huge interest in mining and im currently looking in to it but i have to admit that it's not easy to find your way starting with zero mining experienced.

I have done some reading and i understand the basics. But i have tons of questions i cant seem to find the answers directly.

I am serious about the project if it seems profitable for me as i am living in europe with high electrical bill.

If i decide to buy setup, i can make a big investment to start with the best equipment right away.

If any experienced miner would be kind enought to help me on the way, i would be very thankfull !

Have a nice day

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[QuintLeo]

I am serious about the project if it seems profitable for me as i am living in europe with high electrical bill.

 You just answered the primary question you should be asking - trying to be profitable mining with a high electric rate is generally NOT possible for the long term, though there has been a short-term ability to do so the last 3-4 months or so due to a massive price rise on most coins coupled with production limitations making for shortages of available mining GEAR not letting the network hashrate rise anywhere near as fast - but the last couple weeks of price DROP on coins coupled with accumulation of mining gear has led to a significant drop in profitability and a high probability of "high cost electric" producers never seeing payback on anything they invest into new mining gear at this point.


 Short form - if you don't have cheap electric, you probably WON'T make enough of a profit to pay for your gear.

[mindrust]

Hi there, i have a huge interest in mining and im currently looking in to it but i have to admit that it's not easy to find your way starting with zero mining experienced.

I have done some reading and i understand the basics. But i have tons of questions i cant seem to find the answers directly.

I am serious about the project if it seems profitable for me as i am living in europe with high electrical bill.

If i decide to buy setup, i can make a big investment to start with the best equipment right away.

If any experienced miner would be kind enought to help me on the way, i would be very thankfull !

Have a nice day

If you are here because of money, don't mine. Buy and hold.

It is proven numerous times already. Mining is inferior to holding. Think about it, If you buy a miner for 2k$, you'll wait ~200 days to get your ROI back and only then you'll be making profits depending on the difficulty rates and your electricity costs. You could buy bitcoins with that 2k$ in the first place! Insta-200-days headstart for you!

Mining only makes sense If you want to have a say in the bitcoin's future and nothing else.

[Farfenkugel]

Thx for the reply guy's. It's clear to me that i better look for other ways involving btc to focus on. With all the ups and downs going on with alt coins and btc.

Thx for the insight !

[NiHaoMike]

For those who don't have particularly cheap electricity (or to a slightly lesser extent, even those who do), there are a number of altcoins that are far more profitable. In fact, HDD coins and smartphone coins are so efficient that the cost of electricity isn't even a factor. (But the hardware cost is more significant.)

[Farfenkugel]

For those who don't have particularly cheap electricity (or to a slightly lesser extent, even those who do), there are a number of altcoins that are far more profitable. In fact, HDD coins and smartphone coins are so efficient that the cost of electricity isn't even a factor. (But the hardware cost is more significant.)

The cost of equipment can be covered. Im just wondering wich miners are currently the best to mine altcoin ? Can you share more information about it ?

And how many miners do you suggest to use ?

[mindrust]

For those who don't have particularly cheap electricity (or to a slightly lesser extent, even those who do), there are a number of altcoins that are far more profitable. In fact, HDD coins and smartphone coins are so efficient that the cost of electricity isn't even a factor. (But the hardware cost is more significant.)

The cost of equipment can be covered. Im just wondering wich miners are currently the best to mine altcoin ? Can you share more information about it ?

And how many miners do you suggest to use ?

That's a very general question. There are many miners you can choose and not all miners will be able to mine every altcoin there is.

For example if you want to mine Litecoin, your only option is buying L3+ from Bitmain and their stocks are empty for a while.
If you go with the GPU's, you can mine ETH and there are numerous GPU models but GPU stocks are also nearly non-existent too.
Some people do mine alts even with their HDD's. Yes you heard that right. HDD's are being used as miners too.

First, decide which alt you want to mine and then ask again.

[Farfenkugel]

For those who don't have particularly cheap electricity (or to a slightly lesser extent, even those who do), there are a number of altcoins that are far more profitable. In fact, HDD coins and smartphone coins are so efficient that the cost of electricity isn't even a factor. (But the hardware cost is more significant.)

The cost of equipment can be covered. Im just wondering wich miners are currently the best to mine altcoin ? Can you share more information about it ?

And how many miners do you suggest to use ?

That's a very general question. There are many miners you can choose and not all miners will be able to mine every altcoin there is.

For example if you want to mine Litecoin, your only option is buying L3+ from Bitmain and their stocks are empty for a while.
If you go with the GPU's, you can mine ETH and there are numerous GPU models but GPU stocks are also nearly non-existent too.
Some people do mine alts even with their HDD's. Yes you heard that right. HDD's are being used as miners too.

First, decide which alt you want to mine and then ask again.

If read from different people that its more profitable to use ASIC and not GPU as ASIC miners are much faster ?

I understand dogecoin, litecoin and more can be mined with ASIC. 3 different algorithms ?

As GPU has more algorithms but is much slower and uses more power ?

[NiHaoMike]

There are 4 general categories of cryptocurrency:

Those that easily mine on ASIC, such as Bitcoin and other SHA256 coins. As such, ASICs outperform anything else and are the only way to go. That means a big investment, free electricity, or both is needed to get a good profit.

Those that are ASIC resistant but not GPU resistant, such as Curecoin, Foldingcoin, and a number of other cryptocurrencies. With ASICs not being an option, GPUs become the miner of choice. Note that developments could make some coins in this category, such as Litecoin, no longer ASIC resistant. I personally like Curecoin and Foldingcoin because they can be merge mined and help find cures for cancer. If they cause an ASIC to be developed (unlikely given how diverse the task is), it would be a huge benefit for society.

Those that are ASIC resistant and GPU resistant, such as earnhoney. CPUs are then the only way to mine it, and depending on the coin, it can be mined on either desktop or mobile CPUs, the latter being more efficient but usually more expensive per computing power. I say "usually" since it is possible to find cheap smartphones (have to wait for a sale) that work out to a lower cost per MIPS than a desktop CPU along with a higher efficiency. However, with the way things are, even $20 smartphones aren't good investments nowadays.

And then there are altcoins that rely on hard drive storage for mining, the idea being that it is orders of magnitude cheaper to store tables used to calculate hashes than to recompute them every time. Burstcoin, Storj, Sia, and one new coin are currently in this category. Efficiency is on the same level as smartphone coins, but it is far easier to find other uses for a few TBs of HDDs as opposed to 10 or so cheap smartphones.

[Farfenkugel]

There are 4 general categories of cryptocurrency:

Those that easily mine on ASIC, such as Bitcoin and other SHA256 coins. As such, ASICs outperform anything else and are the only way to go. That means a big investment, free electricity, or both is needed to get a good profit.

Those that are ASIC resistant but not GPU resistant, such as Curecoin, Foldingcoin, and a number of other cryptocurrencies. With ASICs not being an option, GPUs become the miner of choice. Note that developments could make some coins in this category, such as Litecoin, no longer ASIC resistant. I personally like Curecoin and Foldingcoin because they can be merge mined and help find cures for cancer. If they cause an ASIC to be developed (unlikely given how diverse the task is), it would be a huge benefit for society.

Those that are ASIC resistant and GPU resistant, such as earnhoney. CPUs are then the only way to mine it, and depending on the coin, it can be mined on either desktop or mobile CPUs, the latter being more efficient but usually more expensive per computing power. I say "usually" since it is possible to find cheap smartphones (have to wait for a sale) that work out to a lower cost per MIPS than a desktop CPU along with a higher efficiency. However, with the way things are, even $20 smartphones aren't good investments nowadays.

And then there are altcoins that rely on hard drive storage for mining, the idea being that it is orders of magnitude cheaper to store tables used to calculate hashes than to recompute them every time. Burstcoin, Storj, Sia, and one new coin are currently in this category. Efficiency is on the same level as smartphone coins, but it is far easier to find other uses for a few TBs of HDDs as opposed to 10 or so cheap smartphones.

Thank you for your time to explain this for me.

What's your suggestion on wich miners to go for ?

A series of same types to speed up mining a handfull coins or a series of different miners able to mine all sorts of algorithms ?

Note that i can make an investment arround 4k dollars for start up. If needed i can expand in future with profits generated from mining.

[insurgus]

There are 4 general categories of cryptocurrency:

Those that easily mine on ASIC, such as Bitcoin and other SHA256 coins. As such, ASICs outperform anything else and are the only way to go. That means a big investment, free electricity, or both is needed to get a good profit.

Those that are ASIC resistant but not GPU resistant, such as Curecoin, Foldingcoin, and a number of other cryptocurrencies. With ASICs not being an option, GPUs become the miner of choice. Note that developments could make some coins in this category, such as Litecoin, no longer ASIC resistant. I personally like Curecoin and Foldingcoin because they can be merge mined and help find cures for cancer. If they cause an ASIC to be developed (unlikely given how diverse the task is), it would be a huge benefit for society.

Those that are ASIC resistant and GPU resistant, such as earnhoney. CPUs are then the only way to mine it, and depending on the coin, it can be mined on either desktop or mobile CPUs, the latter being more efficient but usually more expensive per computing power. I say "usually" since it is possible to find cheap smartphones (have to wait for a sale) that work out to a lower cost per MIPS than a desktop CPU along with a higher efficiency. However, with the way things are, even $20 smartphones aren't good investments nowadays.

And then there are altcoins that rely on hard drive storage for mining, the idea being that it is orders of magnitude cheaper to store tables used to calculate hashes than to recompute them every time. Burstcoin, Storj, Sia, and one new coin are currently in this category. Efficiency is on the same level as smartphone coins, but it is far easier to find other uses for a few TBs of HDDs as opposed to 10 or so cheap smartphones.

Thank you for your time to explain this for me.

What's your suggestion on wich miners to go for ?

A series of same types to speed up mining a handfull coins or a series of different miners able to mine all sorts of algorithms ?

Note that i can make an investment arround 4k dollars for start up. If needed i can expand in future with profits generated from mining.

There's no "best". You have to decide what kind of strategy you want to use. Much of that is going to be decided after you're already up and running due to trial and error. This isn't something anyone can answer for you. Also, 4k is not even a "start". You are going to need to put about 30k into this before its something serious. You may be better off looking at trading or investing that 4k in crypto instead of taking up mining.

[QuintLeo]

Those that are ASIC resistant but not GPU resistant, such as Curecoin, Foldingcoin, and a number of other cryptocurrencies.

 Curecoin has a component that is ASIC mined, for blockchain security - the rest of it IS NOT A CRYPTOCURRENCY at all, the rest of it is a reward for doing Folding@Home work.

 Foldingcoin is not a cryptocurrency at all.

 Bad examples there.


 Better examples would be Ethereum, ZCash, DGB, and such that actually ARE cryptocurrencies.

[Liquid71]

Just partner with the pros, https://giga-watt.com/ https://www.gigawatt.sg/shop/
Read about their CEO history in the mining industry searching his name on coindesk https://www.coindesk.com/?s=dave+carlson
Check out their instagram see build out progress https://www.instagram.com/gigawatt_mining/
They have open houses so you can tour the facilities if you are anywhere near Washington state might be worth checking into
You gotta buy their tokens to buy miners right now, sale ends in couple of weeks. http://alturl.com/ugese
Upside to the tokens is 3.3c kwh and you can rent them out to other miners for 36% return at minimum rental rates or just sell them to recoup your investment, my guess is they'll sell for a lot more on the open market so you'll probably profit if you sell them if you decide you're done mining and don't' want to rent them out. 
Downside is less money to spend on miners, or higher upfront costs if you buy the same amount of mining gear you were going to anyway but still need to buy the tokens.
If you do it on yoru own I'd suggest focusing on altcoins, and sell them for Bitcoin. Less competition from mega chinese farms in altcoins so you have a better chance at success and not losing money. Buy a few GPU's and once you figure it out buy some more. With Bitcoin to be successful you really need low power costs so unless you have 3.3c kwh power I'd go with Giga Watt or use GPU's point them at nicehash and get paid in Bitcoin.

[QuintLeo]

That's a very general question. There are many miners you can choose and not all miners will be able to mine every altcoin there is.

For example if you want to mine Litecoin, your only option is buying L3+ from Bitmain and their stocks are empty for a while.
If you go with the GPU's, you can mine ETH and there are numerous GPU models but GPU stocks are also nearly non-existent too.
Some people do mine alts even with their HDD's. Yes you heard that right. HDD's are being used as miners too.

First, decide which alt you want to mine and then ask again.

 Innosilicon A4 is also a Litecoin miner - but like the L3+ it's currently out of stock.
 Lower cost per miner and higher reliability but less efficient and lower performance per miner.

 Many options for GPU mining, and most of them are more profitable than ETH on most GPUs most of the time over the last few months.

 HDD mining - is not working well right now, BURST has been suffering some major assaults on it's infrastructure and the other HDD-related coins were far less profitiable - and even before the recent BURST issues the profitability per $ of investment was noticeably lower than GPU or most ASIC mining. Up side is the low electric usage per $ of income when it WAS working.

[jk_14]

If you live in Germany or something like that you have almost no chance of GPU mining profitably. You would need to run in the range of 100 miners to get good enough electricity prices, which would cost you around 250-300k Euros in hardware alone. Then you would need to rent out a large enough space, and also need to consider insurance in case your hardware breaks down or gets stolen.

Check out things like BurstCoin, SiaCoin, etc. and calculate if those could make you profit. Electricity is pretty much irrelevant with HDD coins, as already mentioned. But I'm not sure how profitable those currently are. The last time I checked it could take well over a year to get your money back.

[brindhacute]

Hi there, i have a huge interest in mining and im currently looking in to it but i have to admit that it's not easy to find your way starting with zero mining experienced.

I have done some reading and i understand the basics. But i have tons of questions i cant seem to find the answers directly.

I am serious about the project if it seems profitable for me as i am living in europe with high electrical bill.

If i decide to buy setup, i can make a big investment to start with the best equipment right away.

If any experienced miner would be kind enought to help me on the way, i would be very thankfull !

Have a nice day

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