Mining Newbie... looking for direction

Mining & Hardware Mining Software
#1

Hey All,

I’m a mining newbie/rookie just purchase the hardware to mine via gpu and now need some further direction- software, OS, etc.

Any one out there willing to hold my hand and give me some direction or send me to a step-by-step, mining for dummies, link suggesting the most productive and/or user-friendly guide to actually beginning to use the hardware I’ve set-up???

Thanks for the help

1 Like
#3

What hardware did you purchase? That really impacts what you should be mining. Also, what are your general goals? Best profitability or support a specific project?

#4

Thank Jeremy. I’ll check that link out.

#5

Hey InvestYG,

I’m looking to mine then stake BTC, ETH and other top altcoin. I love the idea of building a rig and hopefully making a little passive $$$ on the side. I already hold ETH and XRP and want to get more involved.

Biostar TB250-BTC-BTC
MSI 1660 Super X 2
Intel i3

#6

Well, directly mining BTC isn’t going to happen with graphics cards. You would need ASIC’s to really do that. Granted, you can get paid in BTC for mining. The simplest option would be to use a service like NiceHash, where you rent out your mining power to them and are paid in BTC.

Alternatively, you could directly mine coins, then exchange them for BTC, Eth, or whatever other coin you want to hodl, through exchanges. You would first need to pick what coin you want to mine, then download mining software for that coin to your rig.

Nvidia cards are typically less efficient right now at directly mining Etherium than AMD cards, and have higher profitability on RavenCoin from what I have heard. You can use whattomine’s calculator to get some ideas about what coins would be the most profitable for your set-up.

Each miner is a little different, but should have directions about how to configure them. You may also want to consider mining as part of a pool, rather than solo mining. This essentially combines the mining power of multiple users, and you get a share of any rewards found - which typically leads to more reliable income over time. Less exciting than actually finding a block yourself, but that is a matter of luck and can take quite some time.

Hmm, other general suggestions, go to the official coin site to find links for the mining software. Links from major pools are also typically reliable. Once you settle on a coin, there’s probably advice on their Discord sever or forum about optimizing mining for it. That’s what I can think of off the top of my head :smiley: If you have specific questions, feel free to ask.

Editing in a P.S., you should first figure out your electricity rate. You’ll need to plug that into to figure out if mining would be profitable for you, and by how much.

2 Likes
#7

Thanks InvestYG.

Do you have experience with multiminer.com?

Are you currently mining via gpu?

I like the idea of renting out the rig to NiceHash.

#8

I don’t have any experience with them, no. Yes, I recently set-up a GPU mining rig. Right now I’m renting it out on NiceHash to mine Eth (it’s four AMD RX 470’s) while I tinker with it. I may switch over to mining Eth on a pool though.

#9

Can I ask what your goals are with your rig? Continue building up rigs, staking, passive income?

#10

Well, right now it’s repaying the rig :stuck_out_tongue: After that, ideally passive income and maybe further building up of the rig. I am looking at it as more of a hobby, and maybe a challenge to try to make a positive return on my investment :slight_smile:

#11

I look at return on investment a bit differently. I assume I can resell all of my hardware when I am done for at least half of what I paid for it so I am only looking at making back half of the cost with my mining earnings before I start to look at the operation as profitable.

2 Likes
#12

Good to know! Thanks

#13

You run your rig on windows?

#14

No I am running HiveOS Unbuntu Linux. I finally got everything I need to install another hard drive so i am planning to switch to windows for BIOS modding then I may switch back I am still not sure I will decide once I can test my rigs on windows.

#15

Depends on how much rigs do you have…

#16

Why you should buy hardware to start mining crypto?did it profitable ? I’ll think you should start earn crypto not mining

#17

You can mine 0xMR with an older CPU or GPU. There are instructions on their website.

#18

Hey CryptoWolf,
I’m starting with (3) AMD RX580’s.

#19

Hey Razmanmy,

I enjoy the idea of building a rig to mine.
Why and how do you suggest earning? By stacking?

#20

Thanks Jeremy. I’ll looked into the link you sent previously.

#21

You’re welcome electricPACE