Mining - where is a good place to start?

[jsh9]

Hi, i am new to crytpo mining and I'm thinking about buying a Mini Doge Miner. It mines Dogecoin and Litecoin at the same time (via scrypt). I am really new to crypto mining and i wanted to ask if people think this is a good first miner to get started with?

I wanted to get started with GPU mining but the price and availability of graphics cards has made this nearly impossible for me to build a rig. So i was thinking of buying this ASICS DOGE Miner to get started. Is this a good or bad idea do you think?

Thanks

[Lafu]

Welcome to the Forum !

First you should be learn and know the Basic things how that all is working , like : Wallets , Explorers , Mining with Mining software and Pools.
Just take a look in here and maybe use the Search function we have here in the Forum.
Also you should be know when you buy a ASIC Miner that they use a lot of Electric Power if you dont have it for free.
Maybe try it first with a GPU if you have one , learning by doing !

[jsh9]

Thanks Lafu

I know the basics, i have been reading up on mining for a few months now. I was going to mine with HiveOS but i just can't find any GPU's for a good price. Then with Nvidia releasing the LHR (low hash rate cards) it made it even more difficult because you don't know what your getting until it arrives. I know it's meant to say on the LHR on the box, but people were reporting it didn't. Also the price of RTX 3070/3080 right now is crazy.

Plus with EIP559 coming out and the ETH merge happening within the next 6 to 9 months, getting ROI on a GPU rig set up seems much more difficult right now?

That's why i was looking into the Doge/Litecoin Asics set up, it mines at 185 Mega hash and runs at 223 watts for around $700. I thought it might make a good starting miner for me as its low cost and a fairly low electric power consumption?

[philipma1957]

please link this as i am not aware of it.

I have a few small ltc/doge miners.

250/260 mh and 400 watts

It is the L3 not the L3 +

The L3 can run fairly quiet and reliable.

I am not aware of your miner and the 185 mh at 223 watts.




I think it is an okay unit for about 500 not 700.

Here is math 223 watts is 223 x 24 = 5-6 kwatts or 1.20 usd a day power cost. at 20 cent power.

[Bitfort]

Pretty sure you're talking about goldshell mini-DOGE which seems to be good miner to start learning.
Any quiet miner with low consumption is good one to start with if you get it at reasonable price (and do not expect to ROI within months).

As alternative you can search for Futurebit miners (Apollo LTC or Moonlander2 ... I'm selling both) these are also home friendly scrypt miners.
Apollo is great because it's very effective and can upgrade to fullnode (try solo mining).

The issue is ASICs market is same as GPUs (sold out or expensive) ... this is why I'm selling my scrypt miners at the moment.

[FP91G]

Buddy, you at least read some information about mining.
I would not take this ASIC, because it will become useless after the DOGECOIN price drops
https://www.goldshell.com/product/goldshell-mini-doge/
It is better to look for interesting ASIC offers for bitcoin.

[philipma1957]

Buddy, you at least read some information about mining.
I would not take this ASIC, because it will become useless after the DOGECOIN price drops
https://www.goldshell.com/product/goldshell-mini-doge/
It is better to look for interesting ASIC offers for bitcoin.

Maybe doge and ltc go up and btc drops.

[jsh9]

Pretty sure you're talking about goldshell mini-DOGE which seems to be good miner to start learning.
Any quiet miner with low consumption is good one to start with if you get it at reasonable price (and do not expect to ROI within months).

As alternative you can search for Futurebit miners (Apollo LTC or Moonlander2 ... I'm selling both) these are also home friendly scrypt miners.
Apollo is great because it's very effective and can upgrade to fullnode (try solo mining).

The issue is ASICs market is same as GPUs (sold out or expensive) ... this is why I'm selling my scrypt miners at the moment.

Thanks

I had a look at the Apollo, does this mine only LTC? I'm not sure about the Moonlander, it runs at 5 MH/s, how can this be profitable, unless you get 100's of them?

[philipma1957]

Pretty sure you're talking about goldshell mini-DOGE which seems to be good miner to start learning.
Any quiet miner with low consumption is good one to start with if you get it at reasonable price (and do not expect to ROI within months).

As alternative you can search for Futurebit miners (Apollo LTC or Moonlander2 ... I'm selling both) these are also home friendly scrypt miners.
Apollo is great because it's very effective and can upgrade to fullnode (try solo mining).

The issue is ASICs market is same as GPUs (sold out or expensive) ... this is why I'm selling my scrypt miners at the moment.

Thanks

I had a look at the Apollo, does this mine only LTC? I'm not sure about the Moonlander, it runs at 5 MH/s, how can this be profitable, unless you get 100's of them?

I gave you a merit.

This will allow you to become a junior member if you simply continue to post and ask good qustions.

We talked via pm a bit and you seem like a decent chap.

Here in USA I would say a decent guy.

The apollo is not the best choice and the moonlander is less of a choice.

The good thing about the apollo is you can mine and hodl the coins.
It is not super costly.

It does not use a lot of power.

[jsh9]

Buddy, you at least read some information about mining.
I would not take this ASIC, because it will become useless after the DOGECOIN price drops
https://www.goldshell.com/product/goldshell-mini-doge/
It is better to look for interesting ASIC offers for bitcoin.

Thanks, The bitcoin ASICS miners are really expensive, i don't think i'd like to spend that much for my first ever miner. I'd like to go smaller, work my way up and gain more knowledge and experience along the way.

I understand what you say about dogecoin, and i was wanting to mine a more solid coin with good utility use. Obviously with ETH going to proof of stake soon, it's not going to be possible for me to mine that. But what other coins are there? Everyone is goign to switch to Ravencon or Ergo when ETH goes, and the difficulty will go up a lot i think.

Maybe i should look for a LTC- Litecoin only miner?

Can you mine LTC with a GPU rig too, or is it only ASICS miners that do LTC?

Thanks

[FP91G]

Buddy, you at least read some information about mining.
I would not take this ASIC, because it will become useless after the DOGECOIN price drops
https://www.goldshell.com/product/goldshell-mini-doge/
It is better to look for interesting ASIC offers for bitcoin.

Thanks, The bitcoin ASICS miners are really expensive, i don't think i'd like to spend that much for my first ever miner. I'd like to go smaller, work my way up and gain more knowledge and experience along the way.

I understand what you say about dogecoin, and i was wanting to mine a more solid coin with good utility use. Obviously with ETH going to proof of stake soon, it's not going to be possible for me to mine that. But what other coins are there? Everyone is goign to switch to Ravencon or Ergo when ETH goes, and the difficulty will go up a lot i think.

Maybe i should look for a LTC- Litecoin only miner?

Can you mine LTC with a GPU rig too, or is it only ASICS miners that do LTC?

Thanks

ASICs for Litecoin or Bitcoin are very noisy, it is better not to use them in the apartment.
Look for a graphics card for your computer. You can still mine Ethereum before mining ends.
ethermine pool allows you to withdraw 0.005 Ethereum through L2 Polygon (matic).
You can play games on a video card or sell it if mining is not profitable.

[jsh9]

Pretty sure you're talking about goldshell mini-DOGE which seems to be good miner to start learning.
Any quiet miner with low consumption is good one to start with if you get it at reasonable price (and do not expect to ROI within months).

As alternative you can search for Futurebit miners (Apollo LTC or Moonlander2 ... I'm selling both) these are also home friendly scrypt miners.
Apollo is great because it's very effective and can upgrade to fullnode (try solo mining).

The issue is ASICs market is same as GPUs (sold out or expensive) ... this is why I'm selling my scrypt miners at the moment.

Thanks

I had a look at the Apollo, does this mine only LTC? I'm not sure about the Moonlander, it runs at 5 MH/s, how can this be profitable, unless you get 100's of them?

I gave you a merit.

This will allow you to become a junior member if you simply continue to post and ask good qustions.

We talked via pm a bit and you seem like a decent chap.

Here in USA I would say a decent guy.

The apollo is not the best choice and the moonlander is less of a choice.

The good thing about the apollo is you can mine and hodl the coins.
It is not super costly.

It does not use a lot of power.

Thanks mate, really appreciate it!

That was my plan, to HODL. I want to ROI and then cash out and after that HODL everything i make. It just hard to know which coins to mine now. But i guess every miner in the world has the same problem once ETH goes to PoS!

[Bitfort]

...
I had a look at the Apollo, does this mine only LTC? I'm not sure about the Moonlander, it runs at 5 MH/s, how can this be profitable, unless you get 100's of them?

Moonlander is for scrypt (LTC) as well.
Some people use them as a lottery (solo mining, if lucky enough to hit a block within couple years you can get nice profit ... of course the chances are slim).
One of mine MLDs was solo mining almost two zears but as expected no hit.
To compensate this "iddle time" I'm using miningrigrentals to rent it when demand for scrypt is high.
Couple times received quite lucrative rate (like 0.005 LTC for one day mining ...that's almost tenfold the regular earnings).

...
Maybe i should look for a LTC- Litecoin only miner?
...

There is no "ONLY LTC" miner. These are all scrypt miners (you can mine e.g. digibyte as well). DOGE is actually sort of extra reward for LTC miners.
But there are ONLY LTC pools (e.g. litecoinpool.org)  ... they are mining DOGE but turning them into LTC for payouts.

NOTE: You can do similar thing with any algo.
No need to limit yourself earning/holding only the coin you have miner for.
At some pools (zpool, prohashing...) you can mine e.g. LTC (scrypt) but can get paid in BTC (sha256)

Maybe try to search for reasonable priced offers rather than algo specific miners.

...
Can you mine LTC with a GPU rig too, or is it only ASICS miners that do LTC?

If you going to find an old mining software which has the GPU support you can.
But please don't ... I think with GPU you could get something around 0.5 MHs at 100 W.

[joniboini]

Look for a graphics card for your computer. You can still mine Ethereum before mining ends.
You can play games on a video card or sell it if mining is not profitable.

Just in case OP is interested, keep in mind that GPU market sucks right now. Even if you can get one and use it to mine, the time to get your money back still depends on the market. So if the market drop hard, who knows how long will you be able to earn a profit. Selling GPUs are not as easy as it sounds too. So don't be too optimistic. Calculate everything before you start. If you can't risk more than $2k then don't go overboard.

[FP91G]

Look for a graphics card for your computer. You can still mine Ethereum before mining ends.
You can play games on a video card or sell it if mining is not profitable.

Just in case OP is interested, keep in mind that GPU market sucks right now. Even if you can get one and use it to mine, the time to get your money back still depends on the market. So if the market drop hard, who knows how long will you be able to earn a profit. Selling GPUs are not as easy as it sounds too. So don't be too optimistic. Calculate everything before you start. If you can't risk more than $2k then don't go overboard.

Over the past few days, market prices have plummeted. They're not perfect, but you can find the PTX 3070 at a good price.
With ASICs, the situation is also no better.
The video card has more advantages.
If my strategy were to HOLD, I would mine Ethereum as long as possible, not DOGE coins

[jsh9]

Thanks everyone for your replies. I can't multi quote (for some reason) and im still limited in how quickly i can reply, so apologies for not quoting you all individually!

BITFORT:

"NOTE: You can do similar thing with any algo.
No need to limit yourself earning/holding only the coin you have miner for.
At some pools (zpool, prohashing...) you can mine e.g. LTC (scrypt) but can get paid in BTC (sha256)"

I assume i can't switch to any algo with an ASICS miner though, is that right? They are stuck on the scrypts that are loaded onto them, or is that incorrect?

"Maybe try to search for reasonable priced offers rather than algo specific miners."

You are talking about GPU mining here, right? Because i thought all pre-built ASICS type miners are limited to whatever scrypts the manufacturer puts on them



FP91G

"ASICs for Litecoin or Bitcoin are very noisy, it is better not to use them in the apartment.
Look for a graphics card for your computer. You can still mine Ethereum before mining ends.
ethermine pool allows you to withdraw 0.005 Ethereum through L2 Polygon (matic).
You can play games on a video card or sell it if mining is not profitable."

Thanks, noise is one thing i did consider, the mini doge miner is supposed to be very quiet, which was another advantage of it. Because at first, whatever miner i build (GPU) or miner i buy (ASICS type) will be going into my bedroom with me! Since that is where the router is located and until i figure out where else in the house to re-locate my set up.

Playing video games on GPU'S and the value of being able to sell them afterwards is defintely and advantage for building my own rig for sure. I know you said in your 2nd post that the 2nd hand market has come down for these GPU's but i jsut feel the process of trying to buy 6 GPU's (for a full rig) right now is so tough. I tried for over a month and i couldn't even get one card close to MSRP. Unless im looking in the wrong places!

Also the time it'll take for me to build out a rig and with EiP1559 + the merge happening soon, i don't think its possible for me to mine much ETH before that happens. I feel like im late to that party?


joniboini

Thanks, i agree. Although, i guess it's the risk anyone is taking right now by getting into mining. I kind of have to be prepared to lose it all to take the risk, or atleast expect an extremely slow ROI. But yeah, the GPU market does suck right now, it has done for about 9months+!

[Bitfort]

...

"NOTE: You can do similar thing with any algo.
No need to limit yourself earning/holding only the coin you have miner for.
At some pools (zpool, prohashing...) you can mine e.g. LTC (scrypt) but can get paid in BTC (sha256)"

I assume i can't switch to any algo with an ASICS miner though, is that right? They are stuck on the scrypts that are loaded onto them, or is that incorrect?

Correct.
Scrypt ASIC can solve only scrypt algo based coins ... btw there were also multilago ASICs  ( Baikal )

"Maybe try to search for reasonable priced offers rather than algo specific miners."

You are talking about GPU mining here, right? Because i thought all pre-built ASICS type miners are limited to whatever scrypts the manufacturer puts on them

Don't mix "scrypt" and "script".
"script" is program (doing something) and "scrypt" is algorithm (set of rules)


No, I mean to buy any ASIC you find with price that fits your ROI policy (beside scrypt there are miners for sha256, blake, kadena ... check ASIC overview: https://www.asicminervalue.com )
Use it to mine on pool which allows you to choose payouts in other currency and receive coin you intend to hodl.