Basic Mining Questions (New Miner Here)

[nono5551212]

Hello,

I configured a few of my computers at home to mine using NiceHash.

I left all 3 computers run for about 12 hours a day over 3 days, and earned about $5 in BitCoin, which nice hash will dump into my GreenAddress.it bitcoin wallet as bitcoin....

I realize GPU/CPU mining is dying and ASIC is the way to go.

I purchased X4 Innosilicon A4 Dominators (was told I might be able to upgrade to A4+ .

My questions
  Am I right to say... when I am using NiceHash I am not mining but just getting paid to rent out my processing power?
  My greenaddress.it wallet seems to be just bitcoin.. If I learn how to mine will I need seperate wallets for Bitcoin, litecoin, etherium etc?
  What is the best way or sites for wallets? Is there anything I should know about wallets?
  Will my A4 Dominators mine more than LiteCoin?
  Lets say I start making a few hundred dollars a month in BitCoin how can I convert it into dollars? Is there a website?
  Lets say I have a Bitcoin, Etherium, & Litecoin wallet will I be able to convert them all into dollars?

Sorry if my questions do not make sense.. I just heard of mining 5 days ago....

hopefully soon I will be able to understand how to use the whattomine...com website

Thanks in advance for your help...


 

[1713555224]

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[1713555224]

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[1713555224]

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[os2sam]

I realize GPU/CPU mining is dying and ASIC is the way to go.

CPU Mining died 6 years ago and GPU mining died 4 to 5 years ago.  Most ASIC's are obsolete now.

Also this is the Bitcoin forum so you may want to post in the altcoin section.

Also Nicehash has a support thread.

https://bitcointalk.org/index.php?topic=893133.msg9835458#msg9835458

[rockie2000]

Hi,
Let me try to answer your questions:
 
Huh Am I right to say... when I am using NiceHash I am not mining but just getting paid to rent out my processing power? -> It's quite similar, you get paid for your processing power. The only difference is your get BTC from Nicehash.

 Huh My greenaddress.it wallet seems to be just bitcoin.. If I learn how to mine will I need seperate wallets for Bitcoin, litecoin, etherium etc? -> Yes, you'll need separate wallets for each coin you're going to mine.

 Huh Lets say I start making a few hundred dollars a month in BitCoin how can I convert it into dollars? Is there a website?

 Huh Lets say I have a Bitcoin, Etherium, & Litecoin wallet will I be able to convert them all into dollars? -> localbitcoins.com or many online exchanges

Hope that helps!

[nick_2017]

Hello. Could you you tell me about one thing? How can I start mining in my own flat? Which configuration of computer I need? Maybe I need any specific devices?

[Beefcake]

Hello. Could you you tell me about one thing? How can I start mining in my own flat? Which configuration of computer I need? Maybe I need any specific devices?

Hi, before you buy any hardware there are a few things to consider:

-Mining produces a great deal of heat and noise.  How will you deal with this?
-Setting up the miner might be technically difficult.
-Some miners have specific power requirements that may need additional electrical systems installed.  Can your power grid run the miner, and if not is it cost effective to have new systems installed?
-The major limiting factor is cost of electricity.  Where I live electricity is so expensive, that even if I got a new asic for free, I would still lose money every day just because electricity costs far more than I could ever make from mining.

There are lots of things to consider so read before you get stuck with a $5000 paperweight.  Good luck!

[NotFuzzyWarm]

READ Bitcoin Mining 101
Then decide.