Hello everyone. I have nobody locally to even remotely chat to about this stuff. I’ll make it as simple as I can. I am looking to invest 5-8 grand into mining for now. I have no idea if these are stupid question or the right place. My questions:
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Btc or Eth? I know Eth is more profitable right now I believe. I would go that route for sure, for a number reasons except I’m worried about the 2.0 merge and losing the investment. Would I still be able to use the equipment for alt coins? Or would it even be worth the trouble after 2.0? I’m not sure I could make an ROI before 2.0. BTC seems more saturated but more stable since it’s staying POW.
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What would be the best miner setup for my budget, for whichever coin?
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Or would it be better to go (probably not) the GPU route? Since it’s not limited to a single algorithm for future coin? I know you can’t mine BTC with then and not ETH if you Vram is lower than 4gs.
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Don’t hate, I’m new to this. Haha thanks. I’m just tryna get started mining with the best possible route for 5-8k and don’t have alot of ability to pick brains.
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I would advise a smaller setup to get started and get learning.
A HNT miner, any brand/type . and one of the smaller “box” (mini doge size) miners. That should only be about 2K . A lot of skill and knowledge goes into a top dog setup, so It might be better to learn on a smaller scale. You kind of need to be into mining and warmed up before you can jump in the hot seat with a profitable miner at the right time.
Plenty of people get into mining and then learn new things about crypto and in the end decide mining is just a small part of their crypto ‘thing’ or not for them. Mining gives insight into trading and crypto as a whole that blows a non-miner out of the water as far as knowledge. So I think you’re on the right path. just take it cheap and slow to learn.
Go set up a couple accounts for exchanges. Maybe Binance, Kucoin, CoinBase, Kraken or Gemini. Trade, hold, transfer, download wallets and learn. I assume you already kind of have, you seems to get the points. I’m not addressing your 1-4 points because it’s all subjective and personal opinion. “best” differs person to person. I love GPU’s and even I wouldn’t exactly recommend them over a ASIC rig. Cheers.
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I understand not recommending a GPU over an asic, I only ask because, I could be wrong but it seems any new coin or alot of alt coins implements POW first for the most part which requires lower calculation power from the start. If I had (hypothetically) a few asics I’d be limted to whatever algorithm they work with right? I thought helium mining was sort of dying out so I didn’t really venture down that path.
I’m just tryna get some coin, some to sell some to hold. And tryna figure the best way to start without wasting 2 or 3k without a decent ROI. That’s why I figured something in that price range would make a decent ROI. I’ve mined a little monero. But I can’t seem to find a good way to mine that one. Seems like even the best of hardware has low H/S and not really any profit. Thoughts on that?
I’d really like to get into ETH, but from what I understand by November ETH mine will be useless. Unless there’s a decent alt coin. Idk… I’m just, a dude. Looking for some coin. Tee hee.
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My last reply was me trying to be un-bias and give general advice I think most generally would agree with. Sound advice.
In my heart, I’m bias as all heck. I love GPU mining. I believe any miner who skips GPU’s has shorted themselves of a vast wealth of knowledge to the point it’s almost hard to have a proper crypto conversation with them.
I GPU mine today (BTC 30K) at a profit. I live in SoCal with nearly the highest electric rates.
So being Devils Advocate to my last message, I would advise Yes-GPU , every miner should have a set-up/functioning GPU rig even if they choose not to run it. And as for buying an ASIC, I would directly refer you to cryptominernv a member here on the forums and an owner of an ASIC distribution company in the US. He should be able to help with the direct answers (although all crypto figures change constantly) about initial cost and supplies needed as well as a possible expected ROI .
About the Monero , hehe, I’m as big a nerd as the next guy. I mine/mined it too like everyone else. I dream of what you express in your comment. I really don’t know the answer. This is how I think it might play out. I would run a Core Wallet / CLI program. Using the CLI , I would create a local node on my own home network. (that’s how I would channel all my hash power to 1 line) . For the gear … this gets tricky and nerdy. Considering all the ways to get multiple CPU’s running on 1 power source/system, I’m lead to the conclusion to bust out the soldering gun. You can use a server board, PCI connect CPU extensions or other 1/2 ass ways of connecting my CPU’s. Sooo ( I haven’t done this, just dreamed/priced it) , order a bunch of HP laptop refurbished motherboards ($23 each), Get a carbon fiber blank board. Bust out the drill with 1/32 bit and start pulling the CPU connectors off of the HP laptop boards and building a massive CPU board on the blank. Using 1 of the laptop motherboard internal system memories/ op system / BIOS. If (big “if”) , if I could get that to power up. Then I would have to learn how to hack/custom configure the BIOS to have a primary CPU and partition the others in an attempt to load a linux OS. The goal being , multiple of the beast I describe, all mining onto the CLI program/mining node and then onto a public pool. We all look at the 1 freaking miner pulling 450kh while were pulling 550 hashes think WTF is that person doing, you’re not alone.
So again, the XMR dream, another dream, more realistic than the last. Get a Server Motherboard and 4 - 18 core I9 extreme . 18 core X4 = 72 cores, @ 550 hash per/s per core = 39,600 or 39.6Kh/s . Then buy/build an army of those. But the ROI/cost doesn’t add up.
You’re on the right thought path , IMO. And BTC being 30K is a disaster and a blessing. The ol’ fear/greed index. It must dumpeth before it can pumpth. Shitty BTC prices will lower interest and global hashrates, hopefully thus lowering the cost of mining and gear. For instance, open up e-bay and look at ASIC listings. It has exploded in the last week as ASIC miners realize they are Bust and will likely not make profit and are selling the miners. If enough miners are for sale that means there is that many less not hashing. It’s the ebb & flo of crypto.
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