This is Anav from texas. I am planning to start mining and went though few videos and made my note. I want to start with only one mining first to see how does it go. I am interested in either etherium or Bitcoin as a beginner. Here are few questions I have which will help me to start -
What is the minimum requirement for cpu or laptop in order to a start mining?
Suggest me few miners that can be installed and used easily as a beginner. Also it will be great if they are not expensive as commercial set up. Feel free to share video links also.
What are the key things electrician should check before doing the set up? I will set it up at residential.
There is no minimum, as low and slow as you can go or as blazing fast as you want. Start by looking up XMR-Stak and consider mining Monero with it on your computers CPU (mining program, wallet, exchange, gear, ect). With that program (xmr-stak) you can also GPU mine other coins. (to pitch a couple to look into CCX and XEQ). [note : laptops are famous for overheating and dying while mining, so don’t kill your laptop]
2.https://whattomine.com/ <use that website to learn about mining programs and machines per crypto type. They list them with links. Just to pitch an idea, it’s cheap and easy to run. You need to start somewhere and this is an OK miner to start with.
3 . You have a ways to go before electric limitations become an issue. In the end you want 240V and as many amps as you can get (600AMP). Realistically a 120V 200AMP house will run many miners before issues start. Around the time you need more electricity you will also be maxing out your internet connection. Roughly estimated- 10amps is 1,000 watts.
If you are going to begin hobby mining with a PC which is a great entry as most people have a decent enough PC. I would look at starting with something as simple and versatile as NiceHash. Right now I would need to double check if their Lite miner works with CPUs or if you need the more full version. I am also assuming a windows mining at this time as well. The small home/hobby ASICs like the G1 Mini are great but do require more knowledge particularly if you aren’t interest in many alt coins. I would say maybe consider a mini doge ASIC as DOGE and Litecoin(LTC) are more mainstream coins and a Mini DOGE will merge mine LTC and DOGE. Merge mining means you are rewarded in both coins for the mining work. I would honestly avoid Etherium(ETH) even though I believe I saw a bit about the switch being delayed further it is still planned to be switch to a Proof of Stake which will make it no longer mineable.
If you are looking to make money I would never get a mini doge miner as it will never make you money. Or any Goldshell LTC miner as they will never make a profit. The L7 from Bitmain is the only viable LTC miner if you want to eventually make a profit. You still will want a good deal. The L7 with its extremely high hashrate has destroyed the profitability on all other LTC miners
I checked just about a week ago and calculators were showing the Mini was profitable but I do see it isn’t currently profitable at the coins current values. It still doesn’t make it terrible for an entry into the space just not one to profit on until market values start trending back up.
I totally disagree. If you want to spend 699 on a miner that even if the market goes up double you net 50 cents a day. It will still take you 4 years to make your money back. Do some simple math and stay away if you want to make money. Don’t take advice from someone who can’t use a calculator. These miners only have a 6 month guarantee good luck getting it to last 4 years. Box miners are a novelty and soon will be obsolete as the difficulty increases with the L7’s and the 6 series Stop being a Goldshell Shiller.
For beginner mining it is hard to not include types of miners that can run on standard power. The real problem is the limits in who even makes such equipment and also in what coins can be mined on such equipment. I wish there was more and with OP wanting to limit to more mainstream coins it makes a home miner like theirs more worth mention. Futurebit’s Apollo is also worth mentioning but not sure when anyone will really be able to get their hands on it. There is the Helium but like the G1 mini not a mainstream coin so until learns more about mining and trading it kind of takes those off the list. Sadly that leave only 1 reasonably available mainstream coin mining home ASIC. I wouldn’t suggest a beginner, particularly one who mentions mining with a PC, buy anything as expensive as an L7 along with the fact any large miner will require electrical work for most people who aren’t already into this. For me I wouldn’t mind getting my hands on a G1 Mini as it is more profitable and while I personal am not interested in the GRIN token I could setup to mine and earn into BTC or something more desirable for me.
It depends if you are interested in making money or not. I think most people join mining for the passive income opportunity. If you don’t want to make money they should follow your advice. If they want to follow math then they should follow my advice. You can’t make numbers out of thin air. Yes the market will come back but along with that comes mining difficulty. This is reality. People are blinded by greed wake up.
When the panic sets in and there are more sellers than buyers this is the time to buy. Miners are still too expensive because of greed by all
I also am one who believes that coins like DOGE and LTC will rise back up and effectively make that miner profitable. I do understand and agree that its ROI even if the profitability returns is pretty poor.
If you are waiting on a correction in price of miners as the same degree in coin correction you may miss the next bull run with what then will be viewed as cheap miners…me personally I’m rolling the dice buying what I can for the cheapest price mining and staking for the next bull run and then enjoying the gains
