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Mining For Beginners

oo7tk

So I have been buying crypto for about a year or so now and looking to maybe get into mining with some of my profits I have made to try something different..

Could someone point me in the right direction of a thread or person to learn for beginners... Also if it’s something I think I can manage who or where to buy and what to mine??

Thanks

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unkel

circadian wrote: »

Any recommendations for Eth pools? I've been hitting Nanopool the last few days and I'm about a third of my way to the first 0.05 payout. It's been years (I mean, 2012) since I've done any mining and the landscape has changed a lot since then.

Nanopool is sound. I recently tried HiveOn pool as they have zero fees (part of the HiveOS family) but I just found the whole interface not as good, also came across some downtime, which quickly eradicates any savings you might have from the no pool fees.

unkel

Akesh wrote: »

Looking to get into mining. Is it possible to get started for €500 and break-even after a year?

I've just built another miner based on an RX470 4GB card and put it up for sale for €645 - it's been running 100% stable over the last 12 hours.

Just outside your budget, but it mines about $2 per day at the moment and costs about €0.35 in electricity, so will break-even after just over a year at current crypto prices (down significantly on last week), quicker if the values pick up, slower if they go down

Linky

djan

unkel wrote: »

I've just built another miner based on an RX470 4GB card and put it up for sale for €645 - it's been running 100% stable over the last 12 hours.

Just outside your budget, but it mines about $2 per day at the moment and costs about €0.35 in electricity, so will break-even after just over a year at current crypto prices (down significantly on last week), quicker if the values pick up, slower if they go down

Linky

Not to be too snide but the above is hugely overpriced.

Given that mining a mining rig is just a normal computer and is only GPU intensive, any old motherboard/cpu/ram combo will do with a half decent supply which are coming back down to normal prices.

Given that mining can be a technical enough thing to do, for which you will need to read up on stuff. Make your own "rig" yourself from second hand parts.

Having said that, there is value to be had from consulting with someone for set up etc.

unkel

djan wrote: »

Not to be too snide but the above is hugely overpriced.

Given that mining a mining rig is just a normal computer and is only GPU intensive, any old motherboard/cpu/ram combo will do with a half decent supply which are coming back down to normal prices.

Sure. Why would you buy a rallye car for €5k if you could just use any old €500 banger? Just take out the seats and the bits that you don't need, upgrade the suspension, replace the engine with a beefier one and weld a roll cage into it, then fine tune the whole thing for speed and safety, no bother

djan wrote: »

Given that mining can be a technical enough thing to do, for which you will need to read up on stuff. Make your own "rig" yourself from second hand parts.

Having said that, there is value to be had from consulting with someone for set up etc.

Exactly. If you are handy building PCs and you like looking into how mining technically works and you don't mind making a few beginners mistakes along the way, then my rigs are not for you...

unkel

For the hell of it, I just built what must be the cheapest fully working mining rig for sale in the world, selling for €195 if anyone is interested

Using left over parts I probably have no use for, including a GTX745 4GB graphics card and running HiveOS, mining RavenCoin. I guess it will mine about 2-3 coins per week. What is it that they say? Reduce, re-use, recycle... this obviously won't make you a lot of money, it will take a long time before it pays for itself. It's mostly for educational purposes. That said, you could of course replace the graphics card with something beefier and get it to make you some money!

I'll put an ad up on adverts in a bit

Peter T

Out of curiosity what kind of internet speeds are needed to run a crypto rig ? something basic returning a few dollars per day

djan

Peter T wrote: »

Out of curiosity what kind of internet speeds are needed to run a crypto rig ? something basic returning a few dollars per day

Internet speed is not important but rather latency and stability of connection. The amount of files sent is quite little as you are just sending results of the calculations made on your machine.

unkel

Aye, just a 1 mbps connection is enough for mining. You rarely hear of anyone having problems mining because of a poor internet connection. With mining in Windows (and some Linux setups too) you could use a wifi connection, but I would recommend always using a wired connection

Also in most mining software (and / or on the mining pool interface) you will see a summary of the shares found, if you see more than the occasional stale share, it might point to a bad internet connection

Danger Fourpence

I've been looking to get started mining some Nervos CKB. I've had a look at the Hashaltcoin Blackminer F1 Mini +. It's a cheap unit but I'm not too sure if there's any profitability in it any longer. I also looked into an Antminer K5.

Can anyone point me in the direction of some way to estimate how I could mine this coin successfully i.e. should I look at a GPU setup or go down the miner path? Also, is there any point in mining this coin or should I basically put what I would consume in electricity into an exchange?

unkel

Danger Fourpence wrote: »

Can anyone point me in the direction of some way to estimate how I could mine this coin successfully i.e. should I look at a GPU setup or go down the miner path?

I don't know that coin, but if you find out what algorithm it uses you can check out whattomine.com to see how much you will make mining it, given your GPU(s)

Danger Fourpence wrote: »

is there any point in mining this coin or should I basically put what I would consume in electricity into an exchange?

What's your reason behind wanting that coin? Is it purely to make money, then just buy the coin. If you want to actually support the network and have the experience of mining / staking / masternoding, then go do that. Friendly word of warning though: it will take up more of your time than you think

BTW I sold that super cheap miner almost instantly

Might make another one with a P106-090 GPU that I have here (this is basically a GTX1060 3GB without graphics outputs). Will be sub €500

Danger Fourpence

unkel wrote: »

I don't know that coin, but if you find out what algorithm it uses you can check out whattomine.com to see how much you will make mining it, given your GPU(s)

What's your reason behind wanting that coin? Is it purely to make money, then just buy the coin. If you want to actually support the network and have the experience of mining / staking / masternoding, then go do that. Friendly word of warning though: it will take up more of your time than you think

BTW I sold that super cheap miner almost instantly Might make another one with a P106-090 GPU that I have here (this is basically a GTX1060 3GB without graphics outputs). Will be sub €500

The latter. Of course I don't want a hobby that eats electricity and would obviously want to make money from it in the long run but I like the project and would like to support it and be part of its growth. I don't particularly think it's a cheaper way of accumulating the coins and would mine to hold them.

EDIT: It uses the eaglesong algorithm. Also, just spotted that the Todminer C1 pro is the most profitable option at $16 per day, but at a cost of $24k!

Icyseanfitz

What are people's opinion on ethereum? Will it continue to grow in value or decline? Trying to decide whether to buy some on top of keeping what I am mining or just sell as I get

MentalMario

Icyseanfitz wrote: »

What are people's opinion on ethereum? Will it continue to grow in value or decline? Trying to decide whether to buy some on top of keeping what I am mining or just sell as I get

Personally, I think the success or failure of ETH2 later this year will make or break ETH. If it does what it's supposed to, ETH will grow in value exponentially over the next few years. I think it's undervalued right now.

Anybody got any thoughts on HNT? Helium. The idea behind it is good and they're adding partnerships regularly.

There's a few people in Ireland making a lot of money from mining over the past 12 months. It might be a case of being too late to the party now though.

unkel

Last Ethereum rig sold, I'm only mining Ravencoin at the moment

JibJabWibWab

unkel wrote: »

The only actual power consumption is at the wall. I bet it is far higher than the 765W you mention (that HiveOS is reporting). Put a wattmeter on it and report back

Just to report back on this.
I got a watt meter and it's been running with the rig for 12 days.

It's showing an actual power consumption of around 1070w, or around 25.7kWh per day.

unkel

Thanks for the update. Don't use the wattmeter permanently though, they are not designed for that and they will be a fire hazard with that much current going through them. They are just for testing consumption.

[Deleted User]

MentalMario wrote: »

Personally, I think the success or failure of ETH2 later this year will make or break ETH. If it does what it's supposed to, ETH will grow in value exponentially over the next few years. I think it's undervalued right now.

Anybody got any thoughts on HNT? Helium. The idea behind it is good and they're adding partnerships regularly.

There's a few people in Ireland making a lot of money from mining over the past 12 months. It might be a case of being too late to the party now though.

I was looking at HNT and it seemslike an interesting concept. I would expect the price of the coin to drop within the next 6 months and there's a massive lead time on the hardware. You could order a kit and get it 12 weeks later, while in the meantime HNT itself has crashed.

thunderdog

circadian wrote: »

I was looking at HNT and it seemslike an interesting concept. I would expect the price of the coin to drop within the next 6 months and there's a massive lead time on the hardware. You could order a kit and get it 12 weeks later, while in the meantime HNT itself has crashed.

Yeah I’ve also been looking at it-an interesting concept alright. From the map there looks to be approx 100 of these hotspots in Ireland. The lead in time is the concern, but the relatively low cost of these devices in comparison (Nebra is approx €350) to a standard mining rig in addition to the minimal running costs makes it a relatively low risk investment.

It seems like you’d easily break even well within a year (or 7 days as it is currently!)

randombar

Hi Guys,

Looking to get a couple of components, currently have an old proliant tipping away as my media server and I thought I might as well expand it to dip my toe in mining while I'm at it.

Looking at the following hardware:

https://www.amazon.co.uk/ASUS-ROG-Z490-G-motherboard-Ethernet/dp/B08826PLTH/ref=sr_1_1?crid=2L2H3H8XKIMTN&dchild=1&keywords=asus+p8h61-m+le%2Fcsm+r2.0&qid=1621249547&sprefix=ASUS+P8H61%2Caps%2C166&sr=8-1
https://www.amazon.co.uk/Antec-EarthWatts-Cooling-Modular-Warranty/dp/B077G9V84S/ref=sr_1_2?dchild=1&keywords=antec+true+power+650w&qid=1621249595&sr=8-2
https://www.amazon.co.uk/ASUS-Radeon-Strix-Graphics-Card/dp/B07XH69LKM/ref=sr_1_4?dchild=1&keywords=RX470&qid=1621249636&sr=8-4

Does this look like the right direction? Does the mobo look ok?

ThomondBardamu

GaryCocs wrote: »

Hi Guys,

Looking to get a couple of components, currently have an old proliant tipping away as my media server and I thought I might as well expand it to dip my toe in mining while I'm at it.

Looking at the following hardware:

Does this look like the right direction? Does the mobo look ok?

What are you looking to mine?

randombar

ThomondBardamu wrote: »

What are you looking to mine?

Open to anything really, just dipping my toe in the water.

unkel

Did you try adding that GPU to your cart?

randombar

unkel wrote: »

Did you try adding that GPU to your cart?

In my cart ok?

JibJabWibWab

GaryCocs wrote: »

In my cart ok?

There's a worldwide shortage of GPU's, you won't be able to buy them easily...

randombar

JibJabWibWab wrote: »

There's a worldwide shortage of GPU's, you won't be able to buy them easily...

That's fair enough.

But if I could buy the above list would that be suitable? Hard to find the right answers.

ThomondBardamu

GaryCocs wrote: »

Open to anything really, just dipping my toe in the water.

Personally I'd mine Monero, given its inherent resistance to ASIC mining.

There are a number of pools you can join such as xmrpool.eu. (minimum payout threshold is 0.07XMR which is €21.3 at current market prices).

Tbh have been debating trying to set up a rig but given the cost of the components and the fact that the market will probably peak between September and January I feel I probably have missed out.

randombar

ThomondBardamu wrote: »

Personally I'd mine Monero, given its inherent resistance to ASIC mining.

There are a number of pools you can join such as xmrpool.eu. (minimum payout threshold is 0.07XMR which is €21.3 at current market prices).

Tbh have been debating trying to set up a rig but given the cost of the components and the fact that the market will probably peak between September and January I feel I probably have missed out.

With Monero it's all about the chip I guess, so the better the chip the more you can mine?

Re setting up a rig, I said I missed the boat 3 years ago and never started, I'll keeping missing boats the way I'm going.

Re the above card, can anyone let me know if that's a good one to order? Real newbie here at this stuff.

[Deleted User]

GaryCocs wrote: »

With Monero it's all about the chip I guess, so the better the chip the more you can mine?

Re setting up a rig, I said I missed the boat 3 years ago and never started, I'll keeping missing boats the way I'm going.

Re the above card, can anyone let me know if that's a good one to order? Real newbie here at this stuff.

Looks like you'll get a hash rate of around 30MH/s according to this. That works out to around 3 dollars per day in my experience, not taking into account cost of electricity.

unkel

Apologies, I shouldn't have put up that smartass post. But that card would cost you €900 incl. shipping, which is insane. It will make a bit over $3 per day in Ethereum, but this could well go down after EIP-1559. And that's before all your other costs, mining pool fees, dev fees, electricity and depreciation

I bought several of those cards, even as recently as 4 months ago for around the €90 mark. The current second hand value of them is around €350. For crying out loud, don't spend €900 on one.

randombar

unkel wrote: »

Apologies, I shouldn't have put up that smartass post. But that card would cost you €900 incl. shipping, which is insane. It will make a bit over $3 per day in Ethereum, but this could well go down after EIP-1559. And that's before all your other costs, mining pool fees, dev fees, electricity and depreciation

I bought several of those cards, even as recently as 4 months ago for around the €90 mark. The current second hand value of them is around €350. For crying out loud, don't spend €900 on one.

Nice one, wasn't sure what your point was

I see you're selling a few bits