Mining for a newbie

[mardul]

I am new to mining and rather new to cryptocurrencies. I have an idea to add some heat to the basement of our house as well as learn more about the cryptocurrency world, and therefore I am considering to start hobby mining. I would like some pointers from you experienced people.

I figure some kind of hassle-free solution that is rather easy to set up an maintain will suit my requiremnts. I have red that a GPU rig might be a good option for newcomers, and in many cases quite a few currencies can be mined with a GPU rig.

I certainly prefer Linux before Windows, and I don't want to be locked in with a single currency.

Any pointers?

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[JayDDee]

First do more research, then give it a try. Start small, use what you already have before buying new
stuff for mining.

CPU mining is trivial and every PC has a CPU. If you already have a GPU you're all set to try that too.
The best way to learn is to work your way through the process trying to solve your own problems
along the way.

When you really get stuck ask a question that shows you made a good effort and provide all relevant
info in the post: your setup, command line options, log output, etc.

Good luck.

Fake sig: AKA joblo, not really a newbie, https://bitcointalk.org/index.php?topic=5226770.msg53865575#msg53865575

[MinerPath]

A newbie can start here: https://bitcoinminingsoftware2019.com/bitcoin-mining-beginners-guide/

What's your electricity price? It's among most important yet usually overlooked by new miners...

[mardul]

Thank your for the pointers. The electricity price is about $0.065.

[MinerPath]

Your electricity price isn't scary, but isn't cheap either. I think you need to deduct at least 30% when calculating your mining profit.

For example, if you mined with 10 x 1080Ti, you would be making $11.69 today. Yet, with your price for electricity, your actual earnings would be $8.73.

Do you already have some GPUs or you think about buying some?

[desertfox470]

Managed well which cryptocurrency you would like to mine don't calculate just for today, your return of income will depend on the price of the coin that you wanted to mine so look for a coin that you think will increase soon in order to recover your investment to your equipment also don't forget the electricity consumption for the time you have started mining.

The most profitable coin I think is the new coin since the difficulty is low but the risk is the coin might not be valuable for a long term so carefully pick a new good coin to mine.

You can mine ETH for now and hold it and wait for the ETH's value to increase.

[DDante]

I am new to mining and rather new to cryptocurrencies. I have an idea to add some heat to the basement of our house as well as learn more about the cryptocurrency world, and therefore I am considering to start hobby mining. I would like some pointers from you experienced people.

I figure some kind of hassle-free solution that is rather easy to set up an maintain will suit my requiremnts. I have red that a GPU rig might be a good option for newcomers, and in many cases quite a few currencies can be mined with a GPU rig.

I certainly prefer Linux before Windows, and I don't want to be locked in with a single currency.

Any pointers?

Mining on windows won't get you locked with a single currency in fact I prefer windows over Linux because of its simplicity, using Linux to mine will give you more headache compare to using Windows

[rdluffy]

Wow, you have cheap electricity.
We consider 0.10 cents the average of mining, if you pays more, it's very bad, if you pays less, it's good and you can keep mining even in bad times of prices

$0.065 is very good


So, you can gain money mining, start with a GPU rig, and if it's possible, with a Ryzen processor, you'll mine with GPU and CPU, this way you'll be more efficient, you'll not waste the CPU power

You can mine with Nicehash, the easiest way to mine, and if you like and want to gain more you can mine the coin directly, and tweak you card and CPU to achieve better efficiency

Windows is easier to deal than Linux

If you need help with hardware, we are here

[Lafu]

Before you start mining you should be learn maybe the Basics about cryptocurrencies and how all works !
Dont expect to make the big money fast when you start mining .
Some kind of Mining Rigs would be the best option as you wanted to doing that as an Hobby.
Also depends what coins you wanted to mine when look at a Mining Rig.

[CryptoPr0t0]

If you are new you can start with GTX 1060 because they are reasonable in cost and can perform better on GPU minable coins, you can also check all the information about how much you will make with these on what to mine.

[mardul]

@MinerPath: I don't have proper hardware and I am considering buying some. Although, I want to start rather slow. Lets say I start with a $2.000 budget. Any suggestions on hardware?

Managed well which cryptocurrency you would like to mine don't calculate just for today, your return of income will depend on the price of the coin that you wanted to mine so look for a coin that you think will increase soon in order to recover your investment to your equipment also don't forget the electricity consumption for the time you have started mining.

The most profitable coin I think is the new coin since the difficulty is low but the risk is the coin might not be valuable for a long term so carefully pick a new good coin to mine.

You can mine ETH for now and hold it and wait for the ETH's value to increase.

Very good points! It seems quite a few people here thinks ETH will be a good investment. Any pointers how to pick a new coin with low difficulty, or maybe even a suggestion of a few coins to consider?

Mining on windows won't get you locked with a single currency in fact I prefer windows over Linux because of its simplicity, using Linux to mine will give you more headache compare to using Windows

I didn't know that Windows is considered more flexible an easy to handle when mining. I am much more experienced with Linux then Windows, but of course I can handle Windows as well. As far as I can understand there are some Linux OS dedicated to mining that are free for hobby mining, but if you experienced people suggest Windows I will certainly consider Windows.

So, you can gain money mining, start with a GPU rig, and if it's possible, with a Ryzen processor, you'll mine with GPU and CPU, this way you'll be more efficient, you'll not waste the CPU power

You can mine with Nicehash, the easiest way to mine, and if you like and want to gain more you can mine the coin directly, and tweak you card and CPU to achieve better efficiency

If you need help with hardware, we are here

What hardware do you suggest if I have a $2000 budget and putting things together myself, using a Ryzen processor and a GPU rig? Do you think I also should consider purchase a complete system rather?

Nicehash seems to be a good option. I will have a look and read up on Nicehash.

@Lafu: I am in the procsess to read up on cryptocurrencies, but feel free to suggest some good neewbie reading.

If you are new you can start with GTX 1060 because they are reasonable in cost and can perform better on GPU minable coins, you can also check all the information about how much you will make with these on what to mine.

GTX 1060's is about $200 here and that seems reasonable to me.

[MinerPath]

@MinerPath: I don't have proper hardware and I am considering buying some. Although, I want to start rather slow. Lets say I start with a $2.000 budget. Any suggestions on hardware?

Buy everything used, but with some warranty if possible.

Most CPUs are very expensive compared to how much they can mine. I'm a fan of buying cheap processors and not seeing it as time waste(since it's very cheap).

For my picks on CPU and Mobos, take a look here:
https://bitcoinminingsoftware2019.com/bitcoin-mining-beginners-guide/best-bitcoin-mining-hardware/

For my picks on GPUs, take a look here:
https://bitcoinminingsoftware2019.com/bitcoin-mining-with-gpu-top-choices-for-2019/

The numbers change with time and price changes, but should give you some overview.

On more up to date numbers, take a look here:
https://www.kryptex.org/en/best-gpus-for-mining

I like that the last table can be sorted by profitability, payback and even various coins.

[Tyttifructawy Anus]

You can join IDENA scam project
https://bitcointalk.org/index.php?topic=5194871.msg54159291#msg54159291

It's very easy to mine because it doesn't requires CPU or GPU.
Only launch the wallet - activate invitation - pass 1 validation and start mining.
But it's scam.
But you can try.

[Kvalentine]

Mining aren't profitable for those who doesn't have enough money like thousands of dollars, it won't worth the stress if you plan to go with a card or two.

My second point is to focus on new coins, they are easier to mine and if you are lucky they can increase in price in future

[LaaMos Seeth]

Mining aren't profitable for those who doesn't have enough money like thousands of dollars, it won't worth the stress if you plan to go with a card or two.

My second point is to focus on new coins, they are easier to mine and if you are lucky they can increase in price in future

How many cards enough?
I have Vega56*8.
What coin is more profitable ? ETH ?

[adaseb]

Go to,

https://whattomine.com/

Put in $0.065 as your electricity costs, select RX 570 as your main GPU. Currently with your power costs it nets a dime a day after electricity.

The RX 570 8GB is probably your best bet since your budget is small. You can get them second hand on eBay or Craiglist for like $100. So get 6 of them for $600, add a $200 PSU, add a motherboard+ram+cpu+ssd for $200 and maybe $10 for some wood and screws for your wooden openair case and you are at $1010. So you can build maybe 2 of these rigs for $2K.

So $0.10X12GPUs= $1.20 net profit per day.

Will take almost 2000 days to ROI, or maybe 1000 days if you resell this equipment in the future. Its your decision if its worth it.

[desertfox470]

Go to,

https://whattomine.com/

Put in $0.065 as your electricity costs, select RX 570 as your main GPU. Currently with your power costs it nets a dime a day after electricity.

The RX 570 8GB is probably your best bet since your budget is small. You can get them second hand on eBay or Craiglist for like $100. So get 6 of them for $600, add a $200 PSU, add a motherboard+ram+cpu+ssd for $200 and maybe $10 for some wood and screws for your wooden openair case and you are at $1010. So you can build maybe 2 of these rigs for $2K.

So $0.10X12GPUs= $1.20 net profit per day.

Will take almost 2000 days to ROI, or maybe 1000 days if you resell this equipment in the future. Its your decision if its worth it.

That's assuming also that they have a low power cost of 6.5 cents per kWh. I live where wind power is very common and it's still almost 9 cents per kWh. In the close city, it's about 10 cents per kWh. Most likely op will make nothing. I get it was theoretical but something for everyone to understand. Also the 2k days for ROI I get your point of not being reasonable. Miners should think of future value.

[iHODL4]

Just wondering if it's feasible to use other alternative sources of energy (like solar panels) and if it's cost-effective or even possible to actually do so?

[JayDDee]

Just wondering if it's feasible to use other alternative sources of energy (like solar panels) and if it's cost-effective or even possible to actually do so?

Alternative energy sources is often discussed but off topic for this thread. If you can't find what you're
looking for you should start a new thread with your question.

[adaseb]

Go to,

https://whattomine.com/

Put in $0.065 as your electricity costs, select RX 570 as your main GPU. Currently with your power costs it nets a dime a day after electricity.

The RX 570 8GB is probably your best bet since your budget is small. You can get them second hand on eBay or Craiglist for like $100. So get 6 of them for $600, add a $200 PSU, add a motherboard+ram+cpu+ssd for $200 and maybe $10 for some wood and screws for your wooden openair case and you are at $1010. So you can build maybe 2 of these rigs for $2K.

So $0.10X12GPUs= $1.20 net profit per day.

Will take almost 2000 days to ROI, or maybe 1000 days if you resell this equipment in the future. Its your decision if its worth it.

That's assuming also that they have a low power cost of 6.5 cents per kWh. I live where wind power is very common and it's still almost 9 cents per kWh. In the close city, it's about 10 cents per kWh. Most likely op will make nothing. I get it was theoretical but something for everyone to understand. Also the 2k days for ROI I get your point of not being reasonable. Miners should think of future value.

He did state earlier that it was his electricity cost, which is considered below the average. I think the average is like mine 10cents and its not worth mining currently. And there are some places where its like 20-30 cents such as certain european countries or maybe Hawaii in the USA.

In my opinion this topic should just be locked because when I first replied I didn't notice that the OP hasn't replied since Feb 22 and most likely won't come back. Then all of a sudden it was pumped by some newbie and people started replying again saying the same stuff pretty much.