REAL REAL NEWBIE DESPERATELY NEEDS HELP ON MINING

[Jehannesdndeuper]

Hi Everyone and sorry to bother you.
im a #cryptoinvestor since past november since I have invested 200 dollars into my bitter account
I aint gettin the same profits as all these you tubers get but okay maybe trading isn't my thing
Why did I make this thread? Becausee I am thinking about mining but really have no idea where I need to begin
i have like 1300 dollar spare and I want to mine so please is there someone out there who wants to help me out with advice on what I should have
to begin mining and when can I expect to have my investment to pay it self back

im sorry for my bad English I hope theres some one out there that wants to help me

[GabryRox]

To be honest, $1,300 is not enough to get into GPU mining at present time. Mainly, this is because of a severe shortage of GPU, which means many top mining models like Vega, 1070ti, even RX 570 are either not available at all or you will have to pay 2-3x retail to get one. Therefore, until supply opens up and prices of GPUs drop, you simply will not be able to build a decent rig for $1,300.  If you had twice that, you could probably throw something together but in all honesty, if you pay current prices for GPUs you are likely to never ROI them.

As far as trading goes, I assume you meant that you loaded $200 in BTC to Bittrex and bought some other coins there that havent done well?  Honestly, if you put $200 into almost any coins last Nov you should have seen moderate to huge profits but maybe you are just unlucky. If I were you, I would do some research and try to find a few very cheap coins that are promising tech but haven't blown up yet.  Lately I've been looking for coins at 1 or 2 cents or less and if their project seems legit, I buy in.  This trend has held true lately because many people new to crypto would prefer to buy 100, 1000 or 10000 of something rather than .02 BTC lol. 

One I can tell you to check out is KIN.  This is the native token of the KIK app that already has millions of users. I bought into it about 10-12 days ago and it is already up 4x. But you can still like 25 for a penny i believe.  Check that out and maybe something like BitBean.  Other than that, if you really wanna try some kind of mining, you could probably get into BURST decently for about $1,300.  Assuming you already have the PC, you could get probably close to 50TB of HDDs, which at current rates would make you maybe $60-$80/week.

[wacko]

To be honest, $1,300 is not enough to get into GPU mining at present time. Mainly, this is because of a severe shortage of GPU, which means many top mining models like Vega, 1070ti, even RX 570 are either not available at all or you will have to pay 2-3x retail to get one.

This doesn't make much sense. Sure, the GPU prices are higher due to shortages, but it has nothing to do with "$1300 not being enough to get into GPU mining". You can buy a used 280x for $100 and start mining cryptonight or equihash with it just fine. And with $1300 there's lots and lots of options to start with.

Other than that, if you really wanna try some kind of mining, you could probably get into BURST decently for about $1,300.  Assuming you already have the PC, you could get probably close to 50TB of HDDs, which at current rates would make you maybe $60-$80/week.

That's a very questionable advice to give to a newbie. Considering the BURST history and its extremely low mining profitability for the most part of this coin's life, plus the fact that there are no other PoC coins out there, you're setting up the OP with a bunch of useless HDDs he won't know what to do with. 

[Jehannesdndeuper]

Thank you both for the reactions.
like you said I bought around november bitcoins and my initial investment in bitcoin tripled but at that time I started learning how to trade on bittrex and bought in on some coins when they were high got rid of my ripple way to early but those are mistakes I can live with and I see them as part of my learning process.
to be honest I don't know whether it is smart to discuss my portfolio here but I now own a couple of redd and doge in the case they might moon.
seeing all the gains that people are making now with tron I like to get involved in that coin as well but don't know yet if im a do It or not since I already made the mistake of buying things to high

so what you try to say is that with my financial status at the moment it s not very profitable to mine
I live in Europe and I can get a msi gt 1060 for around 3 4 hondred euros
but I can't just simply plug those into my Macbook I saw a couple of videos where they said it isn't that good of a mining laptop

Thanks again for your time in trying to explain these things I really appreciate it

[wacko]

but I can't just simply plug those into my Macbook I saw a couple of videos where they said it isn't that good of a mining laptop

Yeah, you don't plug graphics cards into laptops (except some exotic external boxes that make little sense for mining), you'd need to build a rig based on a desktop/server motherboard.

[Marvell2]

To be honest, $1,300 is not enough to get into GPU mining at present time. Mainly, this is because of a severe shortage of GPU, which means many top mining models like Vega, 1070ti, even RX 570 are either not available at all or you will have to pay 2-3x retail to get one.

This doesn't make much sense. Sure, the GPU prices are higher due to shortages, but it has nothing to do with "$1300 not being enough to get into GPU mining". You can buy a used 280x for $100 and start mining cryptonight or equihash with it just fine. And with $1300 there's lots and lots of options to start with.

Other than that, if you really wanna try some kind of mining, you could probably get into BURST decently for about $1,300.  Assuming you already have the PC, you could get probably close to 50TB of HDDs, which at current rates would make you maybe $60-$80/week.

That's a very questionable advice to give to a newbie. Considering the BURST history and its extremely low mining profitability for the most part of this coin's life, plus the fact that there are no other PoC coins out there, you're setting up the OP with a bunch of useless HDDs he won't know what to do with. 

burst is trash its like hard af to get working i bougt 5 drives 10gb  and mapped them took days and still could not
get mining to work fuck that sorcery

[wacko]

burst is trash its like hard af to get working i bougt 5 drives 10gb  and mapped them took days and still could not
get mining to work fuck that sorcery

The worst part is that when you figure it all out, build a proper plotting system (GPUs plot a lot faster than CPUs), run the best miner and find a good pool (or mine solo if you have enough TB) — then you'll see that your expected ROI is a lot longer than it is with GPU mining. And then you ask yourself: "why did I bother will all this crap?".

[gotminer]

To be honest, $1,300 is not enough to get into GPU mining at present time. Mainly, this is because of a severe shortage of GPU, which means many top mining models like Vega, 1070ti, even RX 570 are either not available at all or you will have to pay 2-3x retail to get one. Therefore, until supply opens up and prices of GPUs drop, you simply will not be able to build a decent rig for $1,300.  If you had twice that, you could probably throw something together but in all honesty, if you pay current prices for GPUs you are likely to never ROI them.

I wouldn't say $1300 isn't enough to get into GPU mining.  You could always put together a good one or two card rig.  It isn't optimal, but you can still get into it.

And Seriously?  Lol ... Do you think I may never ROI on my Vega 56 rig that I paid 525/gpu for 6 weeks ago?  Do you think I may never ROI on my 1070ti rigs that I paid 500/gpu for 2 weeks ago?  Sure, if btc drops to 1K and we have a 3 year bear market, I might not.  But I've made well over $1300USD on my Vega 56 rig in the past 30 days.  It costs me 80/month in electricity to run and I built it for under $3800.  My 1070ti rigs cost me less than that to build and they don't generate quite as much profit, but anyway ... ROI is going to be based on what the coin you are mining does and when you cash out.

Don't pay $1200 for a Vega 56 to these idiots on Amazon and eBay ... Just wait until reputable dealers have the card in stock and use profitability calculators to judge whether or not the price is right for you.

[Jehannesdndeuper]

Thank you all again for your time
I read your advices and Im thinking of building a rig as well and try to put in a bit more money since the prices are higher as expected.
I saw that you also build one yourself out of the rx Vega 56
lets say for example im building a mining rig with these rx Vega s you told me about.
does it matter what the brand of these are because im seeing a couple from a company named GIGABYTE and also another one named MSI?
and after I found myself some graphic cards I need A server Or a computer I read in one of your posts could you please specify a little bit in terms of the requirements
does a 5 year old desktop do the trick or do I need to look for something more specific?
I also saw that there is a rx Vega 64 does it mean that this one is better?and do they have the same requirements as the Vega 56s?

Other than of course electricity and internet what are the others thing I need to have im hearing thing that they can turn pretty warm what kind of cooling do you guys recommend

Sorry for all the questions I know im a noob in the mining world but I really like to learn more on this so any help or suggestions are welcome.

[gotminer]

I stay away from Gigabyte cards.  You'll be fine using desktop hardware.  You just need a motherboard with multiple pcie slots.  Open air frames are fine and if you're just building one rig, you won't need additonal cooling.  If you start packing several six gpu rigs into a small room, then you might have to do something about all of that hot air, but one rig at room temp is going to be fine.

[wacko]

I saw that you also build one yourself out of the rx Vega 56
lets say for example im building a mining rig with these rx Vega s you told me about.

Pick some other cards, Vega is not a very good choice right now. They're only really good for Cryptonight algo and are pretty average for everything else. Might be ok if they were selling for the original announced price, but AMD doesn't produce a lot of them so the supply is short and they're grossly overpriced. Polaris cards (rx 570/580) are still the best choice for AMD.

Sorry for all the questions I know im a noob in the mining world but I really like to learn more on this so any help or suggestions are welcome.

Mining is a vast topic and there's lots of things you'll have to research before diving in. No one's obviously going to explain it all to you personally in this thread since there's a gazillion of mining guides out there, covering all the basics in detail. Read some of those first and then come to forums with more specific questions.

[gotminer]

Yeah what he said ... If you're interested in building a Vega rig, don't pay insane prices for the card.  I paid $525 per card for my Vega rig.  No one has them in stock and the small timers who are selling them on Amazon and eBay are price gouging based on the shortage.  There aren't any reputable dealers, in the USA at least, that have a ton of them in stock.  Most have zero right now.

[practicaltexan]

One I can tell you to check out is KIN.  This is the native token of the KIK app that already has millions of users. I bought into it about 10-12 days ago and it is already up 4x. But you can still like 25 for a penny i believe.  Check that out and maybe something like BitBean.  Other than that, if you really wanna try some kind of mining, you could probably get into BURST decently for about $1,300.  Assuming you already have the PC, you could get probably close to 50TB of HDDs, which at current rates would make you maybe $60-$80/week.

GabryRox.

I have been trying to buy KIN for over a week on ether delta and/or parity and still waiting.  Ugh.   

My parity wallet is stuck syncing and on ether delta I had put in enough gas I thought but the transactions on etherscan showed up on my address ...oh...about 2 hours ago showing pending.  Progress...but crap missed the initial wave.

Couldn't they get into mining cheaper by building a rig with expandable GPU and start with something lower cost like a 1050 and buy 1-2 of them and as scale up? You can find those. 

On nicehash the profitability is only about $50/mth but a new one costs like 250 vs. the 1080 TI which is 900+ (albeit does make $400+ on nice hash per month)