Extreme noob. Help needed : Where and how to start ?!

[MysteriouS87]

Hello everyone,

So, I guess it's very obvious from the topic that I'm kinda lost around here. Honestly, I was going to give up only five minutes after I first entered this forum, I got totally overwhelmed. I also never realized how huge cryptocurrencies and mining world are. After some thinking I decided to give this a shot ergo I registered and here I am crying out for help.

I don't want to drive you away by writing too much, I just need all the help I can get. I've been reading for a few days now, and I think I have enough information to get me started. I figured Bitcoin is a lost bet for me simply because I don't have the right equipment nor the financial capability for it, therefore, I decided to focus my energy on one of two other currencies (Ethereum or Litecoin).

Now I just need some advice on how to start mining them?

As far as I understood there are two ways of doing this. One is the GPU hardware approach where I buy/assemble the needed hardware that'll enable me to start the mining process. Two is to use one of the cloud mining services such as Hashflare.

Now my questions are as follows:

• Q1: How much would each approach cost? (basic setup to start with, nothing fancy. Feel free to share more than one example/suggestion).
• Q2: Based on the previous cost estimation, how much revenue would I be able to generate on monthly basis with the setup (GPU Hardware or cloud) assuming that i'll be running 24/7?
• Q3: Does the GPU hardware approaching require any coding skills?
• Q4: Could you point me to a step-by-step guide to setting up the mining process for both currencies (Ethereum and Litecoin) with the GPU hardware approach?
• Q5: I've seen so many people displaying mining devices on youtube, how does that work exactly? is it the same with GPU or something else?
• Q6: Let's say I managed to build a 16 or 32 cluster Raspberry Pi3 machine, how powerful might the machine be VS your basic hardware setup recommendation in Q1?

I know this might be a little too much, I apologize for that, I just need all the help I can get at this stage. Please feel free to answer whatever you can, no worries if you left some questions unanswered.




Thanks a bunch,
MysteriouS87

[1714123216]

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[bigselenium]

I can't really comment bceause I lack a lot of experience with mining (virtually none other than some basic hobbyist rubbish) but I'd suggest for better help you might want to move this thread to the mining section. You might get a more direct, faster answer there Sorry I can't be of much more help than that!

[BTCforJoe]

I can't really comment bceause I lack a lot of experience with mining (virtually none other than some basic hobbyist rubbish) but I'd suggest for better help you might want to move this thread to the mining section. You might get a more direct, faster answer there Sorry I can't be of much more help than that!

Came here to say this, as well.

Before I show you how to move your topic, may I just say that I don't think it's too late for Bitcoin. While it's not cost-effective or profitable enough to mine, I still think investing and hodling is a viable solution to profiting from Bitcoin. I will continue to recommend and suggest that people invest into Bitcoin until after Wall Street dips their hands into the BTC pie and becomes publicly traded. That's just my personal opinion, but I firmly believe this.

With that said, you'll get much better answers and replies from the Mining support board. To move your topic, click on the "move topic" link, found at the bottom left corner of this page.



From there, navigate the drop down to Bitcoin > Mining > Mining support and click the submit button.

Cheers, and welcome to the forums!

[MysteriouS87]

I can't really comment bceause I lack a lot of experience with mining (virtually none other than some basic hobbyist rubbish) but I'd suggest for better help you might want to move this thread to the mining section. You might get a more direct, faster answer there Sorry I can't be of much more help than that!

No worries, thank you for the tips.

I can't really comment bceause I lack a lot of experience with mining (virtually none other than some basic hobbyist rubbish) but I'd suggest for better help you might want to move this thread to the mining section. You might get a more direct, faster answer there Sorry I can't be of much more help than that!

Came here to say this, as well.

Before I show you how to move your topic, may I just say that I don't think it's too late for Bitcoin. While it's not cost-effective or profitable enough to mine, I still think investing and hodling is a viable solution to profiting from Bitcoin. I will continue to recommend and suggest that people invest into Bitcoin until after Wall Street dips their hands into the BTC pie and becomes publicly traded. That's just my personal opinion, but I firmly believe this.

With that said, you'll get much better answers and replies from the Mining support board. To move your topic, click on the "move topic" link, found at the bottom left corner of this page.

https://i.imgur.com/ruu1uWC.png

From there, navigate the drop down to Bitcoin > Mining > Mining support and click the submit button.

Cheers, and welcome to the forums!

Thank you for the tip, but for some reason I don't think I have access to move my thread. I even tried to delete it from this section in order to post it in the mining section but got a message saying that I can't delete my own threads in this section !





Cheers,
MysteriouS87

[gentlemand]

Quick question - why do you want to mine? In almost all cases people would've done better buying coins and waiting for them to explode.

If I had the mining gear I'd sell it. If I had the money to buy the mining gear id buy coins instead. Deeper pockets are heading to alts too which means the little guy's days are numbered for the big coins.

[MysteriouS87]

Quick question - why do you want to mine? In almost all cases people would've done better buying coins and waiting for them to explode.

If I had the mining gear I'd sell it. If I had the money to buy the mining gear id buy coins instead. Deeper pockets are heading to alts too which means the little guy's days are numbered for the big coins.

Hey gentlemand,

I understand what you're saying and I respect your prospective. But you're kinda making it sound like trading has no risks involved or whatsoever which is not true. Either ways, trading or mining risks are always there. With trading profits and losses can take some time or just happen in one day. On the other hand, if you know what you're doing mining is more of a long term process, it might take a little less than a year for you to get your investment value back and from that point you've got all profit (well not all, some parts and electricity cost is there, but you get the point).

Plus, in my case although this might sound a little geeky the prospect of building something by myself and getting it to work gets me excited, some kind of a hobby for my spare time. In addition to the fact that unlike trading, mining doesn't require my attention nor monitoring the market through out the day (or at least i think so thus far lol).




Cheers,
MysteriouS87

[gentlemand]

Hey gentlemand,

I understand what you're saying and I respect your prospective. But you're kinda making it sound like trading has no risks involved or whatsoever which is not true. Either ways, trading or mining risks are always there.

I'm not talking about trading, that's far more suicidal and I really do not understand why so many people throw it around as a viable option when almost all of them will fail miserably. I'm talking buying and holding which could be regarded as a form of trading, but a much more long term one.

A GPU rig might cost $5000 for a few cards. That's 0.5 BTC. How long would it take to mine 0.5 BTC's worth of alts?

If it's for fun then go for it. If it's a financial decision then there are better ones to make.

[MysteriouS87]

Hey gentlemand,

I understand what you're saying and I respect your prospective. But you're kinda making it sound like trading has no risks involved or whatsoever which is not true. Either ways, trading or mining risks are always there.

I'm not talking about trading, that's far more suicidal and I really do not understand why so many people throw it around as a viable option when almost all of them will fail miserably. I'm talking buying and holding which could be regarded as a form of trading, but a much more long term one.

A GPU rig might cost $5000 for a few cards. That's 0.5 BTC. How long would it take to mine 0.5 BTC's worth of alts?

If it's for fun then go for it. If it's a financial decision then there are better ones to make.

Hmmmm,

Only a little while ago Bitcoin was somewhere around $12K-13K, now it's sitting around $9k. Do you think it's a good idea to invest cash in Bitcoin at this time hoping that in six months to a year or two it'll raise up again ?

Well, everything is possible I guess.





Cheers,
MysteriouS87

[gentlemand]

Hmmmm,

Only a little while ago Bitcoin was somewhere around $12K-13K, now it's sitting around $9k. Do you think it's a good idea to invest cash in Bitcoin at this time hoping that in six months to a year or two it'll raise up again ?

Ain't got a clue. Anyone who claims they do have a clue is a bit of a twat. In general though there's no sign of Bitcoin's spread running out of steam. If you sit there long enough then the chances are good things will happen eventually.

[pixie85]

Hmmmm,

Only a little while ago Bitcoin was somewhere around $12K-13K, now it's sitting around $9k. Do you think it's a good idea to invest cash in Bitcoin at this time hoping that in six months to a year or two it'll raise up again ?

Ain't got a clue. Anyone who claims they do have a clue is a bit of a twat. In general though there's no sign of Bitcoin's spread running out of steam. If you sit there long enough then the chances are good things will happen eventually.

I think it's a good idea if you don't need money right now and you don't have to see the profits in a month or 2. Bitcoin will become worth more than it is now, if you don';t believe me, read some opinions from the well known market analysts. What we don't know is when it's going to happen. It can be a year or it can be 5 years.