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niceperson1990
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June 01, 2018, 09:57:23 AM
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Hello guys, i am totally new to crypto mining. i am totally not aware of many things. since couple of day i been using some BTC mining sites online and it turn out to be scams. i want to learn this all cryto currency and its mining. i have intel core i5 Laptop and no graphic attached. just not intel graphics can i still mine on this too? please tell me.

i have blockchain wallet for BTC.

and how do i calculate hash rate and how to find profit from it?

what is the miner graphic card and what is Hashrate (TH/s and Hashrate GH/s) ??

i been searching on web and i came across to a site name Nicehash. can anyone tell me is this site legit?

and i have trillion more questions. but please guys guide me.
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June 01, 2018, 09:59:28 AM
Merited by blockman (1), mjglqw (1), mdayonliner (1), DdmrDdmr (1)
 #2

Hello guys, i am totally new to crypto mining. i am totally not aware of many things. since couple of day i been using some BTC mining sites online and it turn out to be scams. i want to learn this all cryto currency and its mining. i have intel core i5 Laptop and no graphic attached. just not intel graphics can i still mine on this too? please tell me.

i have blockchain wallet for BTC.

and how do i calculate hash rate and how to find profit from it?

what is the miner graphic card and what is Hashrate (TH/s and Hashrate GH/s) ??

i been searching on web and i came across to a site name Nicehash. can anyone tell me is this site legit?

and i have trillion more questions. but please guys guide me.

You are in the bitcoin mining forum, so i'll give a bitcoin mining answer: you cannot mine with a cpu or a gpu anymore. The hashrate is sooooo low compared to the network hashrate, the odds of finding even a single share on a pool are extremely small... The odds of finding a header whose sha256d hash is under the current target using a cpu are much smaller than the odds of winning the lottery... In fact, cpu mining bitcoin is just burning electricity and putting strain on your hardware.

If you have a really good GPU you can try altcoin mining, altough in my opinion, altcoin mining is more of a "hit and miss" situation... Sometimes you mine a coin that turns out to be profitable, sometimes you mine a coin that turns out to be a scam... More information can be found in the altcoin mining subforum.

Your second statement (you have a blockchain wallet for BTC): does this mean you're using an online wallet from blockchain.info? If so, do realise that if you're not the only one in controll of your private keys, you're not the only one in controll of your funds. I'd recommand a desktop wallet on a clean PC if you're just starting out, and an upgrade to a hardware wallet , paper wallet or airgapped pc wallet if you're holding more than a couple hundred bucks worth of BTC.

Your statement about "online mining sites" is correct. 99,9% of those sites are scams, the other 0.1% sells you 100% of their risk for a small part of their profits... If you use them, you're basically taking on all the risks and only get a small portion of the rewards... Doesn't sound so good now, does it Wink

Nicehash is legit, but if you're going to use it to buy hashrate, do realise that if those sellers could make more money by mining themselfs, they would do so... So if you buy hashrate from them, and point this hashrate towards a big pool, you'll probably end up losing part of your investment...

Your question about GPU hashrate can be answered by this tool i wrote a long time ago: https://www.mocacinno.com/nonspecialisedmininghardware.php


Now, these were the answers to your questions... Do you want my advice? If so: forget about mining in the beginning. Get yourself a decent wallet (not an online one, especially not an exchange wallet: these are even worse). Buy a small amount of BTC and start reading/learning. You can even try a testnet wallet first, so you can experiment without financial consequences.

IF, in a couple of months, you've gained some basic knowledge, you can start thinking about mining IF you have a very cheap electricity rate AND several thousand USD to buy some decent ASIC's... If you don't have a good electricity rate, or if you don't have some starting capital: forget about bitcoin mining.... You can dip your toe into altcoin mining if you build a GPU rig, but that's a different subforum Wink

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June 01, 2018, 10:08:16 AM
 #3

The thing is if you really want to profit from GPU mining (not CPU, it's way too slow), you need several GTX 1070s or some powerful GPU like it. So forget about that.
Another thing you can do is investing on cloud mining sites like Eobot. They'll mine for you and you'll get profit. But there's always a risk to be scammed as these websites often go down.
And the last thing is to mine any altcoin and then trade it to get bitcoins. This turns out to be profitable sometimes, as long as the coin you mine has a good future. Like there's a coin named "Electroneum" which is listed in several exchanges and you can mine (it doesn't actually "mine) it on your android! Then you send it to an exchange and trade for BTC or any other cryptocurrency.

Note: Cloud mining should be considered as a fun activity. Don't put any money here if you can't afford to lose it.
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June 01, 2018, 10:22:50 AM
 #4

since couple of day i been using some BTC mining sites online and it turn out to be scams.
You used those cloud mining websites and most of them are scams and if there's a legit one, it's rare to find.

i want to learn this all cryto currency and its mining. i have intel core i5 Laptop and no graphic attached. just not intel graphics can i still mine on this too? please tell me.
Mocacinno's right, you can't mine bitcoin with your laptop even it's an i7 or you have a graphics card. Bitcoin mining requires a powerful hardware (ASIC miner). There are some altcoins that can be suitable for your laptop but I don't think it will be good for you, you're likely to destroy your laptop if you'll use it for mining.


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btcprospecter
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June 01, 2018, 11:22:38 AM
 #5

I don't know how much hashrate you will get from your laptop. You could try nice hash also bear in mind that they have a minimum withdrawal so it will also depend how much you mine before you can withdraw the btc you have "mined".
As for electroneum I would sidestep mining that it isn't profitable just now so unless you are optimistic about it. I would leave it.
If you can find a cheap gtx 1060 that could be a good place to start and if it doesn't work out you have a semi decent card for gaming or resell.

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June 01, 2018, 05:21:28 PM
 #6

Your second statement (you have a blockchain wallet for BTC): does this mean you're using an online wallet from blockchain.info? If so, do realise that if you're not the only one in controll of your private keys, you're not the only one in controll of your funds.

That seems to be a common misconception. Blockchain.info does not control your private keys, and they have absolutely no access to them. They do store them for you in encrypted form, but only you have the password to decrypt them.

Note that blockchain.info is an exception. All exchanges and nearly all other custodial wallet sites store your bitcoins their wallets and give you an account, which is just an entry in their database.

Buy bitcoins with cash from somebody near you: LocalBitcoins
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June 01, 2018, 06:31:07 PM
 #7

Your second statement (you have a blockchain wallet for BTC): does this mean you're using an online wallet from blockchain.info? If so, do realise that if you're not the only one in controll of your private keys, you're not the only one in controll of your funds.

That seems to be a common misconception. Blockchain.info does not control your private keys, and they have absolutely no access to them. They do store them for you in encrypted form, but only you have the password to decrypt them.

Note that blockchain.info is an exception. All exchanges and nearly all other custodial wallet sites store your bitcoins in private keys in their wallet and give you an account, which is just an entry in their database.

I've never used blockchain.info simply because at the time I was reading about them (many years ago), iirc they did admit to storing your key in an encrypted form (like you already mentioned).

I do not trust any thirth parties... In blockchain.info's case there are several things that can go wrong and which I have no control over (ranging from blatantly lying about the encryption of your keys to running on boxes whose os kernels have not been patched against meltdown attacks).
I'm not accusing them of foul play, I'm just saying that even in blockchain.Info's case you have to trust them on their word and trust their competence.

I'd rather recommend a desktop wallet whose source code has been properly vetted vs trusting the word of a private company. I do realise exploitable bugs have been found in desktop wallets, but at least I would have been able to find them had I invested a lot of my time...
 
Next to this I'm receiving soooo many phishing mails trying to make me log in to "my" blockchain.info wallet and I've seen so many newbies running into problems when they tried to restore wallets or sign messages.... No, i won't recommend any online wallets, not even blockchain.info... But that's just my personal opinion tough, you're entitled to have your own idear about this matter Smiley

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June 01, 2018, 06:38:53 PM
 #8

hello i am also new here good to be here

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niceperson1990
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June 03, 2018, 05:49:01 PM
 #9

The thing is if you really want to profit from GPU mining (not CPU, it's way too slow), you need several GTX 1070s or some powerful GPU like it. So forget about that.
Another thing you can do is investing on cloud mining sites like Eobot. They'll mine for you and you'll get profit. But there's always a risk to be scammed as these websites often go down.
And the last thing is to mine any altcoin and then trade it to get bitcoins. This turns out to be profitable sometimes, as long as the coin you mine has a good future. Like there's a coin named "Electroneum" which is listed in several exchanges and you can mine (it doesn't actually "mine) it on your android! Then you send it to an exchange and trade for BTC or any other cryptocurrency.

Note: Cloud mining should be considered as a fun activity. Don't put any money here if you can't afford to lose it.



Thanks for replying, yeah i have heard of these sites but i am still in learning faze and i have very much to learn. and it will be helpful if you recommend me some of these type of sites so i can get started a bit. thanks
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June 03, 2018, 10:45:51 PM
 #10

Your second statement (you have a blockchain wallet for BTC): does this mean you're using an online wallet from blockchain.info? If so, do realise that if you're not the only one in controll of your private keys, you're not the only one in controll of your funds.

That seems to be a common misconception. Blockchain.info does not control your private keys, and they have absolutely no access to them. They do store them for you in encrypted form, but only you have the password to decrypt them.

Note that blockchain.info is an exception.

i think bitgo and greenaddress both offer a similar online wallet solution where you solely access the decrypted private keys.

and how do i calculate hash rate and how to find profit from it?

this is a good resource to start delving into mining profitability: https://whattomine.com/

i been searching on web and i came across to a site name Nicehash. can anyone tell me is this site legit?

i know many people who use them. keep in mind, they were hacked last december and lost about 4700 bitcoins (belonging to customers). they are slowly repaying everyone back---as of june 1st, they have repaid 45% of the lost funds.

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June 08, 2018, 04:19:21 PM
 #11

You can not mine on a laptop, no matter if you have graphics card and all that. Even if you can it wouldn't be worth it. Also, you should do some research before you start buying all kinds of crypto because you should understand what exactly you are buying.
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June 08, 2018, 04:28:52 PM
 #12

Well I am really excited to join and read from this thread. It is really educative. I really had no idea of wat bitcoin mining is. The terms were too technical for my comprehension. But I think I am getting there.
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June 08, 2018, 05:32:23 PM
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Hello mate nice to see you here and I am also new here.Hope everybody will like me and help me.
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