Completely new to mining and wants to learn

[kamranki]

Hello all, first post here!

Just the day before yesterday, I installed Kryptex on a friend's recommendation. My hardware is as follows:

• Intel Core i9-7900X
• Nvidia RTX 2080Ti

After installing Kryptex, I benchmarked the system and started seeing some calculations being done and a rate of around 5 dollars per day. It's been 2 days now and got me thinking if it's actually worth investing in mining cryptocurrency. But since I have no knowledge of the scene, here are some things below that I wanted to share:

• Where I live, electricity is absolutely free (it is included as part of monthly rent).
• I have a gaming PC (specs mentioned above) that I am using for nothing at all for the past year. It is just sitting idle.
  
• I have 40,000 dollars available in cash that I am interested to use as an investment.
  

From what little reading I have done, PC / GPU based mining platforms are best for mining multiple currencies. While ASIC are best for a specific type of currency. Since I have no real interest or affiliation with a particular currency, does it matter what type of currency I mine? My only interest is to get return profit on the investment. I have looked around for cost of hardware rigs for both types (GPU and ASIC) and wanted to know is it worthwhile investing in both types of setups?

For software, are there any that are better than Kryptex? If there are, what are some recommendations? My priority is easy configuration and payout process.

Also, for withdrawal of funds, is there some kind of fee that is charged by any agencies?

These are the questions I have for now. Any responses would be very well appreciated.

Thank you.

Kam

[philipma1957]

you are in the wrong section.

you belong in alt coins.  I asked mods to move this.



First question is what country are you in?

Laws and fees vary.

I also run a series of  threads in alt coins designed to help people.


this is a link to the ninth thread.

https://bitcointalk.org/index.php?topic=5144362.0

[kamranki]

I live in United Arab Emirates.

[philipma1957]

I live in United Arab Emirates.

I recommend getting a trezor

from  https://trezor.io

this allows you to hold coins safely

[kamranki]

OK thank you. I have ordered Trezor Model T.

What app would you guys recommend for GPU based mining on Windows? I have tried both Nicehash and Kryptex.

Thanks again!

[batsonxl]

OK thank you. I have ordered Trezor Model T.

What app would you guys recommend for GPU based mining on Windows? I have tried both Nicehash and Kryptex.

Thanks again!

Almost all miners works under windows you need pick one. i use phoenixminer,lolminer and teamredminer. Teamred only for amd gpus. man with 40k money it is risky to buy gpus asic right moment but choice is your ofcourse. If you are new just dont make quick decisions 1st play with small like 2-3k. if you understand in binance change you can make money more faster than mining per day 5-10$ with 2-3k investment every 3-4days playing coins around.

[kamranki]

[/quote]
Almost all miners works under windows you need pick one. i use phoenixminer,lolminer and teamredminer. Teamred only for amd gpus. man with 40k money it is risky to buy gpus asic right moment but choice is your ofcourse. If you are new just dont make quick decisions 1st play with small like 2-3k. if you understand in binance change you can make money more faster than mining per day 5-10$ with 2-3k investment every 3-4days playing coins around.
[/quote]

Thanks for the advice! So, you suggest investing 2-3k in ASIC or GPUs at the moment? Also, what do you mean when you say 2-3 investment 3-4 days playing coins around?

[adaseb]

He probably means that if you trade instead of mine you will make more money. Which is true, however most likely you will end up losing all your money trading like most people around here who try to day-trade.

Either way, back to your mining question.

Right now you can maybe earn $5/day with your GPU but it won't always be like that. ETH can lose half its value and you will make $2.50/day. The transactions for ETH can become less congested and your reward can also fall to like $2.50/day even if ETH stays at $1800.

Overtime as more and more GPUs start mining ETH, they all get a fair share of their profits. So if twice as many people start to mine ETH in the next 90 days, then your profits will be $2.50/day even if the transaction fees stay the same and ETH stays at $1800. This is called difficulty and its to keep the supply constant. Try to understand this before you spend $40K.

[kamranki]

He probably means that if you trade instead of mine you will make more money. Which is true, however most likely you will end up losing all your money trading like most people around here who try to day-trade.

Either way, back to your mining question.

Right now you can maybe earn $5/day with your GPU but it won't always be like that. ETH can lose half its value and you will make $2.50/day. The transactions for ETH can become less congested and your reward can also fall to like $2.50/day even if ETH stays at $1800.

Overtime as more and more GPUs start mining ETH, they all get a fair share of their profits. So if twice as many people start to mine ETH in the next 90 days, then your profits will be $2.50/day even if the transaction fees stay the same and ETH stays at $1800. This is called difficulty and its to keep the supply constant. Try to understand this before you spend $40K.

I see. This is new for me. So the best thing wouldn't be to invest as much as I can right now and make some money quickly while the sun shines? Once the rate drops below a profitable amount, just sell the cards or donate them to some university is what I was thinking.

Anyways, what is the biggest difference between GPU based mining vs ASIC based? Which one of them provides a higher earning generally? I have also seen different cryptocurrencies listed on mining websites. Is there any reason to mine a specific one over the other?

Thanks a load everyone.

[ImThour]

Hey buddy,

I would recommend by starting slowly and estimating your ROII (Return on Initial Investement).
I have started GPU Mining last month and taking consideration into the hardware price right now, I will get my money back in 6-8 Months.

Also, EIP-1559 will affect the overall earnings for a miner starting from July.
Kindly do not invest blindly just because you are earning money currently. In the past, the ETH mining was not this profitable at all.

Good Luck!

[batsonxl]

He probably means that if you trade instead of mine you will make more money. Which is true, however most likely you will end up losing all your money trading like most people around here who try to day-trade.

Either way, back to your mining question.

Right now you can maybe earn $5/day with your GPU but it won't always be like that. ETH can lose half its value and you will make $2.50/day. The transactions for ETH can become less congested and your reward can also fall to like $2.50/day even if ETH stays at $1800.

Overtime as more and more GPUs start mining ETH, they all get a fair share of their profits. So if twice as many people start to mine ETH in the next 90 days, then your profits will be $2.50/day even if the transaction fees stay the same and ETH stays at $1800. This is called difficulty and its to keep the supply constant. Try to understand this before you spend $40K.

Yes trading not everyone can handle thats why i said IF you understand in trading. We dont know for how much you can get gpus? For example rtx 3060ti,3080,rx5700 there? Maybe there is still left some good prices

[adaseb]

I think if you are a miner, then mine. If you are a trader then trade. Don't mine and then trade all your profits unless you are maybe selling ETH for BTC. I've been around bitcointalk and crypto twitter and trollchats on exchanges and I've seen many profitable miners which end up losing everything.

Usually this happens during bull markets. They make like $100 a day mining but get jealous of all the $10K a day profits that some leverage day traders are flashing, so they open up a Bitmex account and trade some high leverage like 10x-25x and basically get lucky a few times and then the inevitable crash and boom... accounts liquidated.

[kamranki]

I think if you are a miner, then mine. If you are a trader then trade. Don't mine and then trade all your profits unless you are maybe selling ETH for BTC. I've been around bitcointalk and crypto twitter and trollchats on exchanges and I've seen many profitable miners which end up losing everything.

Usually this happens during bull markets. They make like $100 a day mining but get jealous of all the $10K a day profits that some leverage day traders are flashing, so they open up a Bitmex account and trade some high leverage like 10x-25x and basically get lucky a few times and then the inevitable crash and boom... accounts liquidated.

My interest is to mine and ultimately cash it. I still need to find out a company that will buy Bitcoin here in the UAE and for a decent fee. Usually, how much do companies charge as their fee?

Also, GPU vs ASIC mining: which is better to mine quicker?

Thanks again all.

[kamranki]

Hey guys, some silly questions:

• If I am getting around 58.5 Mh/s while using a single RTX 2080 Ti and installed another RTX 2080Ti, will it double to 117 Mh/s? Also, will the daily profitability rate of 5.5 USD double as well? I know it should be like this but I am not so sure!

Thanks again all of you.

[adaseb]

Hey guys, some silly questions:

• If I am getting around 58.5 Mh/s while using a single RTX 2080 Ti and installed another RTX 2080Ti, will it double to 117 Mh/s? Also, will the daily profitability rate of 5.5 USD double as well? I know it should be like this but I am not so sure!

Thanks again all of you.

Yes pretty much. If you got 10 of them you would get 10x the hashrate and 10x the amount of profits. When you add more and more GPUs to a single rig you reduce your overall consumption per GPU because 30-40 Watts is used by the SSD, Motherboard, CPU and RAM. So one GPU can use like 200 Watts but 2 GPUs the average can be like 185 Watts since its split between them. If you got 5-6 GPUS then the average is going to be even lower.

Hence why you see people going all crazy with risers and cables hanging everywhere. Because the more GPUs means more profits pretty much. Its a perfect linear curve pretty much. Good luck in your mining career. Its addicting be warned. First we start with  1 GPU, then 2 GPU, then 5 GPU, then we got like a basement filled with 50 GPUs.

[kamranki]

Hey guys, some silly questions:

• If I am getting around 58.5 Mh/s while using a single RTX 2080 Ti and installed another RTX 2080Ti, will it double to 117 Mh/s? Also, will the daily profitability rate of 5.5 USD double as well? I know it should be like this but I am not so sure!

Thanks again all of you.

Yes pretty much. If you got 10 of them you would get 10x the hashrate and 10x the amount of profits. When you add more and more GPUs to a single rig you reduce your overall consumption per GPU because 30-40 Watts is used by the SSD, Motherboard, CPU and RAM. So one GPU can use like 200 Watts but 2 GPUs the average can be like 185 Watts since its split between them. If you got 5-6 GPUS then the average is going to be even lower.

Hence why you see people going all crazy with risers and cables hanging everywhere. Because the more GPUs means more profits pretty much. Its a perfect linear curve pretty much. Good luck in your mining career. Its addicting be warned. First we start with  1 GPU, then 2 GPU, then 5 GPU, then we got like a basement filled with 50 GPUs.

50 GPUs! I could drink to that mate! Thanks so much. I think I might get one more GPU just to wet my feet.

[adaseb]

Hey guys, some silly questions:

• If I am getting around 58.5 Mh/s while using a single RTX 2080 Ti and installed another RTX 2080Ti, will it double to 117 Mh/s? Also, will the daily profitability rate of 5.5 USD double as well? I know it should be like this but I am not so sure!

Thanks again all of you.

Yes pretty much. If you got 10 of them you would get 10x the hashrate and 10x the amount of profits. When you add more and more GPUs to a single rig you reduce your overall consumption per GPU because 30-40 Watts is used by the SSD, Motherboard, CPU and RAM. So one GPU can use like 200 Watts but 2 GPUs the average can be like 185 Watts since its split between them. If you got 5-6 GPUS then the average is going to be even lower.

Hence why you see people going all crazy with risers and cables hanging everywhere. Because the more GPUs means more profits pretty much. Its a perfect linear curve pretty much. Good luck in your mining career. Its addicting be warned. First we start with  1 GPU, then 2 GPU, then 5 GPU, then we got like a basement filled with 50 GPUs.

50 GPUs! I could drink to that mate! Thanks so much. I think I might get one more GPU just to wet my feet.

Yes 50 GPUs I think is considered a medium type of farm at least it was back in the 2013 and 2017 days. The issue right now is mostly due to the very high cost of GPUs. Back in 2013-2017 the most I paid for GPUs for $200. So having 30 GPUs only cost $6000 plus maybe another $1-2K for the rest of the hardware.

Now the issue is that a single GPU costing close to $1000 would make the same setup cost about $30000 plus $1-2K for rest of hardware. The initial investment is much much higher these days. Not a good combination of chip shortage plus miners buying out all available GPUs everywhere.

[Hotdog Vendor]

Just want to add if he was spending 40k like months ago when gpus where cheaper it would be much less risk.
Now however you will get a lot less for the money. Where I live I pay us$0.28c per kw so mining for me barely makes any money.
I also have solar panels which helps lower it slightly. Tbh the power company making just as much as me from it.....
I recently just dropped almost 6k on 3x 3070 and 1x 1070 to run 24/7 and 6800xt in main rig running 50% of time.
The 2 gpus I ordered last week already gone up again.
Im using all hardware I already had, the only thing extra Im buying is larger PSU, 4x risers and a wire shelf unit to cable tie stuff into.

Really all im looking at doing is getting the hardware for free over a year as I was looking to invest the same amount buying BTC and ETH, instead im just mining it.
Also I see it as diversifying (don't like all my savings sitting in a bank account at this point).

[kamranki]

Noob question: I have noticed that for the past 2 days the earning is quite low. Is it because of the recent slump in Bitocoin market price (in wake of Elon Musk's tweet)? My rig is as follows:

• 1x RTX 2080 Ti @ 55 MH/s
• 2x RTX 3080 each @ 92 MH/s

Giving me a total of approx. 240 MH/s. Hash rates seem to be fine to me.

But since 2-3 days, the dollar rate has been quite low and currently hovers around $25-28/day. Is that the normal rate for everyone?

[Hotdog Vendor]

Read the part under the calculator, it states what the current variables are and used. Block reward is basically at 3.
So yes everyone is getting low pay.
Just be thankful your not paying us$0.28c per kw like me....

https://www.cryptocompare.com/mining/calculator/eth?HashingPower=60&HashingUnit=MH%2Fs&PowerConsumption=300&CostPerkWh=0.124&MiningPoolFee=1.65