Help for a beginner

[shinratensei_]

The key is when you are having 120 amps that are heavily subsidized. for new small miners and that will be a difficult thing.
But for a small or even personal miner and to choose those coins which were having a lot of big miners is the worst story. We burned our GPU before we can touch 50% of our ROI. OP forget it and try another way.

The OP asked if it was a good idea to invest in a mining rig.  Maybe it is, maybe it isnt...I was really just trying to help him answer that question for himself as I can't answer it for him.  

Indeed OP is the only who can answer his question correctly. Various indicators must be analyzed, and mining can be profitable and not depends on your signs to determine if that will be very profitable for us or not. It's a little bit similar to gambling.

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[naufals4]

Hello

I ordered a new GPU MSI Gtx 1060 Gaming X 6gb and im thinking, if I start to mine with my computer, what kind of profit im looking at per day?
I already looked the site www.whattomine.com and put my price/kWh and number of GPU's on 1060 (1), and it tells me that best profit would be around 0.27$,
so is estimate value of 24 hours of mining?
One guy from youtube is seemingly making 1.6$ per day with the same card, so im a bit confused

My electricity is 0.0575eur/kWh and I live in a apartment building which can get pretty cold specially at winters -- would it be a bad idea to invest in a mining rig these days? It could warm up this flat im living in at the same time

Comp specs:
Mobo: Gigabyte GA-Z77M-D3H
CPU: Intel i5 3570k 3.4Ghz
Memory: Adata 2x4gb @1333mHz + G.Skill 2x4gb @1333 coming soon
GPU: MSI GTX 1060 Gaming X 6gb
SSD: Samsung 860 EVO 250gb coming soon
HDD: 2x1Tb and 1x2Tb (4Tb total)
PSU: Corsair vx 450

if you want to mine some cryptocurrency I don't recommend you mining with just one graphic video, you have to buy a lot like 4 to 6 because what you are looking for from mining is a big profit. if you only use 1 graphic video, the electricity price will not be proportional to the profit you get

[r32godzilla]

Hello

I ordered a new GPU MSI Gtx 1060 Gaming X 6gb and im thinking, if I start to mine with my computer, what kind of profit im looking at per day?
I already looked the site www.whattomine.com and put my price/kWh and number of GPU's on 1060 (1), and it tells me that best profit would be around 0.27$,
so is estimate value of 24 hours of mining?
One guy from youtube is seemingly making 1.6$ per day with the same card, so im a bit confused

My electricity is 0.0575eur/kWh and I live in a apartment building which can get pretty cold specially at winters -- would it be a bad idea to invest in a mining rig these days? It could warm up this flat im living in at the same time

Comp specs:
Mobo: Gigabyte GA-Z77M-D3H
CPU: Intel i5 3570k 3.4Ghz
Memory: Adata 2x4gb @1333mHz + G.Skill 2x4gb @1333 coming soon
GPU: MSI GTX 1060 Gaming X 6gb
SSD: Samsung 860 EVO 250gb coming soon
HDD: 2x1Tb and 1x2Tb (4Tb total)
PSU: Corsair vx 450

If you are looking to mine something to get the profit, you should buy more graphics to get more hashing power, you have nice configuration but not for mining, but for gaming.

[joseph32]

To start mining this is the right way. Install nicehash, check them a few days and try to understand how this all works. Check the mining software used for the coins, check which coins are the top5 for you. And then, if you want more: Get the AwesomeMiner and do it all by yourself. you will learn every day. And with the money more cards will follow if you invest your earnings (and more money). So you can build your private farm step by step.

If the next run starts, your earnings will explode. I remember times when a 1080 Ti and Vega 64 pulled in 10$/day.

[giletto]

I'd imagine the youtube video of the guy making > 1.00 per day on a 1060 is rather old, or he's valuating his average per day based on what he gets when he converts the obscure spec coin he's mined at an opportune time later on when it lists and pumps.  If you are just going to mine on it when you arent using it (turning on a miner when you are away, using cudominer to start up when its idle, etc) you wont be getting the .27 either. 

Is it worth buying a mining rig now?  I'm still building more of them, so for me the answer is yes.  Your answer may be different.

1) Do you believe in the big-picture idea of cryptocurrency?  If yes, maybe.  If no, probably not.

2)  Are you financially able to withstand the build out costs, maintenance costs (shit breaks), and electrical costs without taking immediate profits?  If yes, maybe.  If no, probably not.

3)  Time: Do you enjoy tinkering with computers?  And by "tinkering" I really mean regularly diagnosing why _insert_something_here_ suddenly stopped working?  If yes, maybe.  If no, probably not.

Finally, assuming you made it this far having answered yes to the above: 4)  Is it for some reason (be it personal, professional, or regulatory/whatever) more convenient for you to mine coins rather than start dollar cost averaging in by just buying the coins directly?  If yes, then absolutely.  If no, then...maybe.

This made mining look quite sophisticated. Maybe it explains why it's hardly obtainable is western parts of the African continent except South Africa. The demerits outweighs the merits for folks in that region

[crossabdd]

do you mining for invest? or mining for learning bitcoin? or maybe you mining just to get profit?
if you mining for invest, then i recomended for it better you buy bitcoin right now and invest it for 5year.
if you want to learning just buy 1 card, try it yourself by diffirent algorithm
and if you want to get profit, is not easy as you think, calculate your electric cost, calculate your maintenance cost and of course you must try diff algorithm to get "perfect profit" like mining when new coin release and hodl it.

[lornadane]

My electricity is 0.0575eur/kWh and I live in a apartment building which can get pretty cold specially at winters -- would it be a bad idea to invest in a mining rig these days? It could warm up this flat im living in at the same time

Yes, it's bad idea. I wouldnt advise anyone to start mining, especially if you have no experience.
Another thing, if you get for free or very cheap the equipment or its part . Otherwise, it will end up selling your farm

That's the perfect answer! People should come out from thinking that mining is an easy way to earn money! Mining has a lot of things to know! Therefore it is not safe for everyone! Without proper experience and guide, anyone can get harm to the house or people! I will never forget what my fellow friend did! Now, Mining bitcoin is like a nightmare for him! So, I would suggest too that if you don't have mining equipment then don't buy, but if you get from someone then spend 6 months to 1 year to know its proper usage!

[jonas5222000]

Hello, honestly im a beginner for mining and i hope that i will get respect and knowledge here in this thread because sometime professional was the one who bring down for new comers,by the way your post was totally bring me extra knowledge about mining,hoping to your another post,thanks!

[crossabdd]

To start mining this is the right way. Install nicehash, check them a few days and try to understand how this all works. Check the mining software used for the coins, check which coins are the top5 for you. And then, if you want more: Get the AwesomeMiner and do it all by yourself. you will learn every day. And with the money more cards will follow if you invest your earnings (and more money). So you can build your private farm step by step.

If the next run starts, your earnings will explode. I remember times when a 1080 Ti and Vega 64 pulled in 10$/day.

nicehash is easy and simple, but we cant trust nicehash again, after hack announcement in last year, he never pay like his promised, im miner too i lost arround 0.0xxxx bitcoin at nicehash during hasking attack. if i check nicehash im still see pending payment

[starkovblue]

do you mining for invest? or mining for learning bitcoin? or maybe you mining just to get profit?
if you mining for invest, then i recomended for it better you buy bitcoin right now and invest it for 5year.
if you want to learning just buy 1 card, try it yourself by diffirent algorithm
and if you want to get profit, is not easy as you think, calculate your electric cost, calculate your maintenance cost and of course you must try diff algorithm to get "perfect profit" like mining when new coin release and hodl it.

There are many promising projects which, if it is good to mine in ten years, will cost a lot. Starting from veil and grin and ending with ravencoin and beam. It's never too late to start.
The main thing is to correctly calculate and understand technology.

[Skarner21]

~snip~
so is estimate value of 24 hours of mining?
One guy from youtube is seemingly making 1.6$ per day with the same card, so im a bit confused

Did you check the video owner if when he publish his video in youtube?
Before you can make $1.6 usd per gtx 1060 but right now you can't make this daily and it seems that you are paying high electricity rate in eur so for me it is not good to mine with this card with your electricity rate unless if you believe on the coin that the price will be increase more in coming months.

I suggest you to wait more months if the bitcoin value increase around $8k mining altcoin with this card might be profitable depends on the difficulty because I'm sure there many investors are waiting in mining to become profitable again.

[oixh]

so..... if wanting to get into gpu mining... bit of advice.. where you need to be looking is multiple cheap cards.. stay away ether and that mess.. unless you have 8gb cards or higher and those 8gb are gonna be too small soon too. so if you are going to focus on the 1060 6gb you are going to want to look for multiple used ones for cheap. and run them into the ground. i did that the last wave.. but with 1060 3gb.  still have 4 of those and 2 of the 6gb.  1 is limping tho.. lol. limping bad. but. the 6gb are decent enough if you have many.  I have been thinking about doing a shit rig. get like 10 of the 3gb or 20 of the 1050   USED im sure i can find for in the range of 75 -150 a piece. i think 150 is on the high side but people tend to over value things. then focus on the dying coins. mining is a hunt.. its not just set it to the popular coin at the moment and walk away rich. you work.. you research.. you dig.. till the network hash rate and difficulty are low enough that the profit to power consumption  cost is worth turning them on and then you have earned the reward. and yes i had to say all that to let you know that today mining with one evga 1060 mini i earned approx 15000 satoshis  bismuth


and before i take into consideration of power cost. and bismuth is pretty active.. not dying. i want that clear too. i mine it cause i want it.

[kotikadze]

There are many promising projects which, if it is good to mine in ten years, will cost a lot. Starting from veil and grin and ending with ravencoin and beam. It's never too late to start.
The main thing is to correctly calculate and understand technology.

Tell me how to choose or guess these projects? After all, there are no guarantees that modern projects will cost something in a few years.

[Lucasgabd]

There are many promising projects which, if it is good to mine in ten years, will cost a lot. Starting from veil and grin and ending with ravencoin and beam. It's never too late to start.
The main thing is to correctly calculate and understand technology.

Tell me how to choose or guess these projects? After all, there are no guarantees that modern projects will cost something in a few years.

it's not that much about guessing but more about analysis.
cointrader_nic has extensive material on the topic,I suggest you to check his PDF
The Definitive Guide To Altcoin Selection: The 23 Criteria I Filter For Prior To Entering A Position

(way more material on the extensive list I keep here: http://bit.ly/goodbitcoinarticles )

[dentolas]

You have very cheap electricity!!
A friend of mine is mining with 3x 1050Ti rigs (6 GPU rigs) and he is paying electricity at 0.15/kw.... he's still making profit but he needs to work hard to find good projects to mine, and  of course, your game needs to be accumulation instead of daily selling.
This guy also has the 3 rigs on his own bedroom (T0), exactly to keep him warm during winter time... the noise is not much, maybe similar to an old desktop PC
On summer time, he moves the rigs due to excess heat...
Having profit in mining is possible... hell, more than possible... but it takes hard work and strategy to acomplish!!
And don't forget that a lot of people here are miners, and they often try to keep difficulty low by scaring away other potential miners...
 

[starkovblue]

There are many promising projects which, if it is good to mine in ten years, will cost a lot. Starting from veil and grin and ending with ravencoin and beam. It's never too late to start.
The main thing is to correctly calculate and understand technology.

Tell me how to choose or guess these projects? After all, there are no guarantees that modern projects will cost something in a few years.

it's not that much about guessing but more about analysis.
cointrader_nic has extensive material on the topic,I suggest you to check his PDF
The Definitive Guide To Altcoin Selection: The 23 Criteria I Filter For Prior To Entering A Position

(way more material on the extensive list I keep here: http://bit.ly/goodbitcoinarticles )

Thanks for the links.
In general, it is necessary to look not only at the project metrics, but at who is in development and what funds are invested.
Usually it is for good developers with excellent funds that everything ends up as it should.

[swogerino]

Your electricity can make you a good amount of crypto profit in the end of the month but you should try to mine Ethereum related coins like Ubiq and Music or something like that for 3 Gb cards but since you have a 6 Gb card the best option I think is Ethereum classic.

[TheHas]

The prices you noted on whattomine are about right with your electricity prices.

It is simple enough setting up mining with your gpu. If you just want to trial, you could go to Ethermine, follow the download miner steps and run it for a day.

Also highly recommended msi afterburner and drop your power use percent to 70 and your memory overclock by 500 plus. It will be more efficient and generate less heat.

There are plenty of mining resources but happy to answer any questions.

[Saugani]

- how hot is it here, will it need refrigeration?

An alternative to air cooling cards is water or immersion ones. Due to its use, it is possible to increase repeatedly the density of the card installation as well as reduce the cost of electricity at least four times.

well, I agree with your. that cooling it is very important if our friend above would like to have many hardware mining (RIGs) which much more.

preferably, need to consider the cooling I think the air conditioning is not enough to cover the damage on your RIGs

[shaheer001]

I will not recommend you mining as you are beginner and now a days mining is difficult due to high electricity price and bearish season, You will never get handsome return so leave it and start trading on small bases.