Probably answered a zillion times

[Satanasss]

Hi guys,

Sorry to ask this again but I went through the new joiners posts and still couldn't make up my mind around it and  figure out the answer.

So I would like to jump on the crypto currency boat, but I have a few questions before.

1- as I understood that bitcoin mining is becoming less profitable every day, unless you have a massive hash power, I'd like to try mining altcoins, but am I wrong thinking this is profitable ?

2- following that, are there ASIC miners (I only see those for bitcoins, unless antminers are also able to mine altcoins?)

3- last one, when scouting for a pool, would you recommend a pool/software that mines a bit of everything or a pool for each cryptocurrency I mine.

Cheers guys.

[1715454203]

1715454203

[deadsix]

Hi guys,

Sorry to ask this again but I went through the new joiners posts and still couldn't make up my mind around it and  figure out the answer.

So I would like to jump on the crypto currency boat, but I have a few questions before.

1- as I understood that bitcoin mining is becoming less profitable every day, unless you have a massive hash power, I'd like to try mining altcoins, but am I wrong thinking this is profitable ?

2- following that, are there ASIC miners (I only see those for bitcoins, unless antminers are also able to mine altcoins?)

3- last one, when scouting for a pool, would you recommend a pool/software that mines a bit of everything or a pool for each cryptocurrency I mine.

Cheers guys.

1) Profitability is directly correlated to hash as long as you are on a pool. There is no minimum or maximum hash needed to be profitable. However the most expensive/highest hashing ASIC gives you the most hashes per $$ so that reduces your ROI.

2) Correct, there are ASIC's for several coins like Bitcoin, Litecoin, Dash etc except the ASIC resistant coins like ETH, ETC.

3) Every Crypto would have its own set of pools, and one or two for each would be the best, these may not overlap. Do your research for each crypto that you are going to mine and choose from the top three pools for each.

[ahmedjamal1998]

1- as I understood that bitcoin mining is becoming less profitable every day, unless you have a massive hash power, I'd like to try mining altcoins, but am I wrong thinking this is profitable ?

Altcoin mining is actually profitable but I don't suggest joining until the middle of August as there is a lot of turbulence in prices because of some stuff in bitcoins (I just don't wanna go into details since you're new)

2- following that, are there ASIC miners (I only see those for bitcoins, unless antminers are also able to mine altcoins?)

GPUs are used in altcoin mining (ethereum, zcash etc.) ASICs are only currently available for bitcoins and litecoins (thank god )

3- last one, when scouting for a pool, would you recommend a pool/software that mines a bit of everything or a pool for each cryptocurrency I mine.

There's no such thing as a pool for everything. You choose a pool for every currency you mine (and it's not that big of a deal).
Here's what I use when I mine the following.

Ethereum - ethermine.org
Zcash     - zcash.flypool.org
Decred    - dcr.suprnova.cc
Lbry        - lbry.suprnova.cc

[vuli]

supernova.cc have many pools.
https://suprnova.cc/

[Satanasss]

Altcoin mining is actually profitable but I don't suggest joining until the middle of August as there is a lot of turbulence in prices because of some stuff in bitcoins (I just don't wanna go into details since you're new)

yeah i saw about the potential split coming, and looking at the bitcoin crash, a part of me keeps whispering "buy bitcoins...now!" but i cant figure it out.

1) Profitability is directly correlated to hash as long as you are on a pool. There is no minimum or maximum hash needed to be profitable. However the most expensive/highest hashing ASIC gives you the most hashes per $$ so that reduces your ROI.

i was planning on a GPU based rig to start with, something around 1k€ to start with.

Regarding the rig though, besides choosing the right GPUs, is the  rest of the installation relevant or can it be a bit below in terms of performance.
I mean if you play video games, you want the whole setup to work together and not having some components slowing the other. Is it the same for a rig ? because from what i got, only the GPUs will be used at full capacity, the rest is just here because it has to. Am i wrong ?

thanks guys for the answers.

[Satanasss]

Hi guys,

another question i have. I have been scouting around for components and i was wondering, is there a big difference or difference at all between brands for GPUs, like is an MSI RX580 different from an XFX RX580 or are they comparable ?

thanks guys.
cheers.

[Jdope]

Hi guys,

another question i have. I have been scouting around for components and i was wondering, is there a big difference or difference at all between brands for GPUs, like is an MSI RX580 different from an XFX RX580 or are they comparable ?

thanks guys.
cheers.

Mostly differences are for cooling and some very slight factory over clocking, mining wise this isn't massive and can be modified using a software, just pick the cheapest dual fans model you can buy, single fan models have very high temps imo.

[botmanside]

oh multiverse, whyyyyy......