How to start Mining for the Newbie

[adaseb]

If he is a real beginner then he should just buy an ASIC first.

Mining with GPUs is much more complex as requires basic computer knowledge.

After he learns the ins and outs of the mining world then he can buy more ASICs or move on to a GPU mining rig.

Most people adopt pretty quickly because mining is pretty addictive in the beginning but it's not for everybody.

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[Geraldo]

If he is a real beginner then he should just buy an ASIC first.

I'm not sure about that. The beginner can also start with GPU rig, let's say one card only, then upgrade after. Which device should choose by beginner will depend on what type of people this beginner was.

As this statement:

Most people adopt pretty quickly because mining is pretty addictive in the beginning but it's not for everybody.

[Geraldo]

One aspect I am having a little hard time to put in to perspective is the noise?  From what ive seen on you tube so far is seems the ASIC rigs are louder than GPU's. 

That's was right, ASICs noisier than GPUs rig (rigs), except mine, my R9 rig using a few PWM fan (I got it from my old Antminer S1), front and back side of my rig. Imagine! 

For noise reducing, you can build a DIY soundproof box then add some cooling system on it. 

[ruthbabe]

~snip~

Also, desktop PC or a dedicated graphics card mining rig could do it too, but not as efficient as ASIC miner. But if you still want to try mining with graphics cards, you can visit this thread, https://bitcointalk.org/index.php?topic=1972607.0

Nice share, buddy. 

But for me, Graphic cards isn't the second option as implied from what you say. ASICs or Graphics Cards have the same chance to create some profit for miners. Out there we can find a few algorithms with a lot of coin on each. In another word, coins that mineable by ASICs and GPUs, of course, ASICs will be the best choice. But coins that haven't (will never) invaded by ASICs would be different. Also, we should consider long-term potency. 

Agreed with another learning step guide that you were advising.

Thanks. Well, I do not know what other coins have not been invaded by ASICs after reading this article, The State of Cryptocurrency Mining written by David Vorick. That article was too long but I was careful to read what he was talking about. In the article, he mentioned about Secret Mining that caught my attention, and I think it's somewhat interesting to be read by everyone interested in mining cryptos. Quoted below is Monero’s Secret ASICs extracted from the said article...

A few months ago, it was publicly exposed that ASICs had been developed in secret to mine Monero. My sources say that they had been mining on these secret ASICs since early 2017, and got almost a full year of secret mining in before discovery. The ROI on those secret ASICs was massive, and gave the group more than enough money to try again with other ASIC resistant coins.

It’s estimated that Monero’s secret ASICs made up more than 50% of the hashrate for almost a full year before discovery, and during that time, nobody noticed. During that time, a huge fraction of the Monero issuance was centralizing into the hands of a small group, and a 51% attack could have been executed at any time.

[ruthbabe]

I always wondered why people mine. If you believe the a certain currency or coin will go up, just buy it!

If there are no miners what would you think will happen to bitcoin, ethereum, monero and other cryptocurrencies that requires mining? For your info, mining is the process by which transactions are verified and added to the public ledger, known as the blockchain, and also the means through which new coins are released. So, the participation of people in mining is important so as to allow coin nodes to reach a secure, tamper-resistant consensus.

[warning_btc]

To start you can mine one simple PC with only one gpu or without gpu mine cpu minable coins.
When you nunderstand all process, you can build rig or buy asic difference mine with rig not big

[Geraldo]

Thanks. Well, I do not know what other coins have not been invaded by ASICs after reading this article, The State of Cryptocurrency Mining written by David Vorick. That article was too long but I was careful to read what he was talking about. In the article, he mentioned about Secret Mining that caught my attention, and I think it's somewhat interesting to be read by everyone interested in mining cryptos. Quoted below is Monero’s Secret ASICs extracted from the said article...

That's one of the fact that miners need to face. Silent mining by ASIC manufacturer, then after, the devices spread out to the market. We have zero control over it, so let it flow. Coins are not only ETH or Monero that indicated affected by ASIC's silent mining. I believe, a half or may more miners (GPU Miner) doesn't mine solid (major) coins.

Miners with a lot of experience had own formulas to decide which coins that need to mine in the current moment and situation.

[leonix007]

New Follow up question.

Does anyone have experience that can explain Mining without a rig on Nice hash?   Called Purchasing Hashing power?

Do you just pay a BTC fee, and sort of hire direct miners with real rigs and split fees? How does that work? What are the risks -pros/cons?   Is there conditions or considerations relative to say purchasing hashing power for a new coin compared to that of a coin that has been mined for long time already?

This method I just heard of, but I have not previosly heard anyone mention this here in the forum when I initiated inquired.  I am totally lost???

This is in regards to Sha -256 coin

In addition, is one method more profitable then the other?    It seems if the former (purchasing hash power) would be ideal for a newbie with no experience (but boring).  I actually really would like to get in the trenches with a rig of my own. But want to learn all avenues. and risks to consider

Any information would be great.

Thank you

You will be called as a Buyer

Procedures are on their site page

https://www.nicehash.com/help/how-to-start-as-a-buyer

Risk? you're in a crypto world, you're already in a high Risk

you may not get what you expect, or may not get any profit from it, worst you won't get any out of it.

but might be profitable if you know what you're doing.

[Geraldo]

New Follow up question.

Does anyone have experience that can explain Mining without a rig on Nice hash?   Called Purchasing Hashing power?............

Most of your question has answered by Leonix. 

There was a good method with renting hashrate, but seem like I'm too lazy to write here. Don't worry, I found a good post that may almost similar to the method that I was talking about.

Maybe it can be your reference:
https://bitcointalk.org/index.php?topic=2564130

[Alexbenua97]

To start mining, your status is not important. Learn first information about what mining is. Then buy equipment and you will be happy. Good luck

[jekanmasin]

i always want to make a mining rig. wacthing over and over youtube on how to setup all thing but it was way to much for me to catch up. to buy a complete mining is not safe as to many scammer out there. that why i just forget about mining and do only trades. but i will do trying if i have someone to teach and help me out.

[edwardceng]

i always want to make a mining rig. wacthing over and over youtube on how to setup all thing but it was way to much for me to catch up. to buy a complete mining is not safe as to many scammer out there. that why i just forget about mining and do only trades. but i will do trying if i have someone to teach and help me out.

Some tips if you want to learn about mining and the building of mining rig:
1. Must focus on what you first want to learn and then practice because every intelligence everyone is different there are people with multiple topics to be studied simultaneously but there are people can to study one by one.

2. Buying in the online store with good reputations and trusted it's reducing you become a victim of fraud

[Shef198911]

xopoшиe coвeты, cпacибo

[Bob-Bit]

I'd be happy to offer you some advice. Remember that at first it will be a learning experience, so you will not make as much money untill you gain knowledge, but you are buying an education. There are a couple of ways you can go to start. For the ultimate ease of operation an ASIC is easier to configure. The downsides are they can become obsolete quicker, they use more power, and they are loud. Now if you are comfortable with building a computer, a GPU rig could be a better option. They can mine multiple algorithms which keeps them from becoming obsolete. They are quiet, they don't use as much electric, and they can be used for other things. Also they keep their value much longer because they have other uses besides mining. Now as far as models, for ASICS, I would say either BTC or L3++ by bitmain would be good. For GPU rigs, I'd suggest you start with Nvidia as it's easier. I'd go with either 1080 or 1080ti since they do the most algorithms, and should hold value the longest time. If you find the idea of mining with GPU attractive but you don't feel comfortable building a computer you could start with buying a complete system with one or two GPUS (Newegg might have something acceptable, but their deals change daily, you'll have to check the site) Later if you like it you could build a second more serious rig and use the first one to monitor your operation (dual use). Remember just don't expect that the first thing you buy is going to make you rich. There is a learning curve, and no matter how much you read, you just have to jump in at some point to start learning for yourself from direct experience. Good luck to you, and if there's any way I can help, let me know!

[realaccountakira]

-snip-

Some tips if you want to learn about mining and the building of mining rig:
1. Must focus on what you first want to learn and then practice because every intelligence everyone is different there are people with multiple topics to be studied simultaneously but there are people can to study one by one.

2. Buying in the online store with good reputations and trusted it's reducing you become a victim of fraud

I partly disagree, when you say "buying from an online store" do you mean you are buying already assembled mining rigs? For your information, that is a big NO-NO. Buying a pre-assembled rig is not only more costly but also risky because they have less (and more difficult to claim) warranty. It's actually pretty simple to build your own mining rig (just search google) and I strongly advise anyone who wants one, to build it themselves.

Not so sure it is a good time to start mining though..

[ra213]

If you don't have any experience I would start off by just downloadinga miner software and use your standard gpu. Just to get a feeling how it works, the noise it will make, the heat it will produce and also how much power you will need (there are cheap measuring instruments available). Then you can decide if you want to invest in a dedicated rig.

Don't underestimate the effort which is needed to setup a rig and to maintain it. In addition I would recommend to use a linux distribution to have a more stable environment without any forced reboots. My hashrate is also bit higher compared to a windows machine.

[edwardceng]

I partly disagree, when you say "buying from an online store" do you mean you are buying already assembled mining rigs? 

No,
Actually, I bought all hardware of mining in the online store or offline store in a way part by part, I never bought in a way the package (that have been assembled).

[madlen2018]

First you need to decide what to start mining (ASIC or video card). Find out the amount that will bring mining. Calculate flow and return on investment. And we must not forget all the calculations today may not correspond a few days later. As the price of the cryptocurrency changes frequently.

[strtype]

I partly disagree, when you say "buying from an online store" do you mean you are buying already assembled mining rigs? 

No,
Actually, I bought all hardware of mining in the online store or offline store in a way part by part, I never bought in a way the package (that have been assembled).

try to find used and cheap mobo, ram, and hdd etc. they do not make much difference on mining speed. keep them "bare bone". The less spending, the faster roi.

[goovsy]

 almost started mining for a few times, but "buy and hold" is still more attractive for me...also ICO and speculation will be more profitable than mining...sorry if it holywar theme =)