Hi, I am brand new (like fresh out the box) to mining, it’s been a vert prevelant interest of mine for the most part of the last year, but I have only recently started working and thought I would begin putting my money into this hobby of mine, I currently have my own personal PC with a 3090 mining, but I want to invest in some proper mining equipment, where would be the best place to start? Where to buy from? What to buy for a budget? What to mine?
Any advice is helpfel advice!
Depends on your goals, what coins you like or interest you, budget, timeframe for all of this.
To be quite frank it’s more of a hobby thing, I just wanna have a nice little farm, maybe a few boxes, without spending too much, I am not too borhered about the coins it mines and etc
same you can check WhatToMine - Crypto coins mining profit calculator compared to Ethereum Classic for some ideas and then check ebay for pricing
IMO Cavalier attitudes towards mining crypto don’t exist. Very few mining machines are cut and dry profitable. Yes, you can buy “right nows” best and Yes it would sit there and be profitable for some period of time. Knowing when to sell your machine before it goes ‘un-profitable’ is a skill/trick that is earned, so you can buy the next best.
If you GPU mine, that’s even rougher. You would be switching your mined crypto often chasing profit.
I’m not saying it is pointless, it’s just an ever evolving thing. If you bought a miner , let it run for 1 year without caring, then came back, the mining world will have changed in very significant ways.
I don’t mean to sound discouraging. I call mining my hobby, and I often mine at a loss. But my day job is trading crypto, so I feel I can afford to mine at a loss as long as I’m flipping the product. @Budgetminer pretty much gave the best link ‘WhatToMine’ , there are others but that place has all the #'s we want to consider.
Buying gear is an ever evolving concept too. 1 year ago, here on the forums I could have listed 4 “top trust” people/companies to buy gear from, today they are vapor. I’m sure you know this , if not this is important, there are a lot of scam artist venders/sellers of crypto gear. So double and tripple check your sellers. Make sure you are 110% that they are a real vender and will deliver. Be willing to pay more to guarantee you are not being scammed.
My best advice to you is to learn the basics first, learn them well.
What’s the difference between a Coin and a Token?
Explain wallets? (100% not some multi-crypto wallet on your Windows Desktop, Learn what a CLU/GUI is , learn how a blockchain works with your input)
Learn Algorithms (that is a story/lesson in itself. To explain how SHA-256 was made by NASA for partialized data packets is part of it, learn why Blizzard entertainment purchased rights to it, learn how Dev’s edited the game WoW to become familiar with Sha-256, Learn how a chat flood bot became a crypto miner)
Go make accounts at the top exchanges.
Learn national and global laws about crypto.
Pick a path and routine and don’t allow information to change your pattern. No ‘media’ is your friend. No nation is your friend. By participating in crypto you are devaluing the only thing they care about, national fiat and the wealth associated. When a BTC is mined in N.America (USA) the value for those BTC is stolen from the Federal reserve (or any other respective country). Don’t not allow yourself to take the bait and believe the lie. Every country and reserve bank hates BTC, and they will hate you also. They can’t say that, and won’t so instead they will slander the way you view and value crypto.
Most crypto news is owned by Binanace international. Binance run the BEP/BNB token network, so they are 100% bias against coins. they want you to buy their valueless tokens, so their news and stories will reflect that. Do Not take the bait.
I appreciate the lengthy response! It’s really useful. I did stock trading for about a year before I started hearing whispers on the frequency of crypto and it defo sparked a form of intrigue in me, an dbeing a programmer it didn’t take me too long to get to understand how it worked.
I’m gonna definitely look into the what to mine link, thank you @Budgetminer !
And also gonna do some background research as you suggested, thank you <3
your welcome! whattomine also has an asic profitability calculator so its probably the best calculator in my opinion : )
If i were you, just to add look for vendors which offer safe payment method. Like credit card or paypal. In this case you will.be able to get your money back.
I can vouch for asicminershub.com as ive bought 4 items from them in total. Paid paypal and credit card, also tried klarna instalments plan for bigger miner.
As mentioned in other comments, not many machines will mine in profit, but there still are some you can try.
I started with box miners and went up to bigger ones with 3rd purchase 