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I want to start mining. Please help me with a couple of newbie questions.

Discussion in 'CryptoCurrency' started by madfire, Jan 14, 2018.

  1. madfire

    madfire Junior Member

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    My friend convinced me I should start mining. Electricity here is 0.05-6 per kilowatt hour, so not that expensive. I think it's a good idea. However, I have some concerns about the future..

    What are some of your projections for 2018?

    I feel like everyone's jumping on the mining bandwagon. Is in theory this a bad thing? Will mining get harder/less profitable because of it?

    I'm not going to invest hard, I'll just buy a couple of 1070ti's and hope I get the return on them in 3 months. I'm investing only as much as I can afford to lose, otherwise I'd invest more but I'm afraid of things going sideways, especially since I'm very new to the whole crypto world and don't really have a great understanding of how this whole thing works really.

    Yesterday I've started mining on my 970 gtx just to see how things work (it's only making 2.5eur - $3). I'm using nicehash which I understand mines whichever coin is the best to mine but it always pays out in BTC? What if I wanted to mine ETH? Would I need to use a different software?

    I still remember 2013 when I was back in college and wanted to start mining and someone convinced me otherwise (I have a nicehash account from back then, but it's empty). I'm banging my head ATM because if I just didn't listen to that A-hole... God damnit! Maybe I have another chance now, or am I too late?

    But, again, the thing I want to know the most; are things in mining world expected to start going downhill in 2018?
     
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  2. numerosky

    numerosky Newbie

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    I am also interested in mining but have no idea
     
  3. GoodGuy77

    GoodGuy77 Junior Member

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    Yep, it will get harder.
    But I don't know if it means less profitable.
    Because if something is hard to obtain, it should be higher the price. But I'm not sure
     
  4. LostKing

    LostKing Senior Member

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    Man you have to be mad to mine BTC nowadays :D:D:D
    Good luck man, you will need it:D:D
     
  5. madfire

    madfire Junior Member

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    Care to elaborate?
     
  6. Fussion289

    Fussion289 Newbie

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    It's all about how long to make one coin. Once it was determined a chip could be produced that could process all the required data, Bitcoin miners were created. Search out Antminer s9 to see what i'm talking about. You can pick them up used but they will set you back quite a bit if you go new, ~5k USD last I checked.

    If you do some looking at different calculators on how long it takes to hash out the data. You will find anything but sinking the money into one such rig will mean you waste nothing but time sadly :(

    Here's an example pulled from a calculator.

    My gtx 1070 - 33 MH/s on Claymore miner on the Nanopool which will yeild about .112 ethereum over a month. (note I've not calculated in my expenses on the ether mined.)
    Now if I were able to do the same 33 MH/s a second (assuming it's the same but I really don't know this information) then I would get 0.00000124 Bitcoin after one year because the difficulty is so, so, so high.

    If i picked up an anyminer s9 I could get a hash rate of 13,500,000 MH/s or 13.5 TH/s which would net me a mere .5 bitcoin a year.

    Some terms to help clear the mud.
    Difficulty - the amount effort needed to be put in in order to yeild anything. Think of it like a highway and everyone has a dump truck. On those said road way's there is one station with a load of dirt and you all are going to the same place. Now lets say you own more truck, a more powerful rig, you can then own more of the trucks and get a better chance of mining some coin.
     
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  7. tankybank

    tankybank Junior Member

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    I am also a newbie with this and have been looking into mining. From using the nicehash calculator I have noticed that the GTX 1070 as @Fussion289 mentioned is most profitable for mining alt coins. Keep us updated with your findings OP I will be interested to see what you discover!
     
  8. ThePterodactyl

    ThePterodactyl Newbie

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    I'm fairly new to mining. In December, I built out a 6 gpu mining rig. I'm using 6 of the XFX 8GB Rx 580s. They are overclocked, undervolted, and between the 6 gpus + other hardware, I'm using around 950w total of electricity. Power cost here is .125 kw/h. At current difficulty and eth price, it is producing around $683 a month profit, after electricity costs. It cost me $3000 to initially build the rig, however that is when rx 580s cost me $330 each. Today, if you can find them in stock, they are $520 in my area. If I can keep a $675+ a month profit, I will make back my initial investment in 4.4 months.

    I mine Ethereum with Claymore. I don't use NiceHash, so I can't comment on any of that.
     
  9. Vapys

    Vapys Power Member

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  10. bartosimpsonio

    bartosimpsonio Jr. VIP Jr. VIP

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    Yes, the more people who jump onboard, the harder it gets.

    Mining Bitcoin is only profitable if your electricity is almost free. If you got a solar energy farm with unused capacity for example.
     
  11. LorenzoVanZiggy

    LorenzoVanZiggy Newbie

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    Amam
    Am also doing Mining with Bitclub Network. And getting paid everyday. Its almost impossible doing mining on your own due to the competition. Anyone intrested in Bitcoin Mining and know more about Bitclub Network, DM me.
     
  12. Giuni

    Giuni Power Member

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    The best returns for me so far seem to be mining SUMO, ETN and XVG. Alternative to nicehash is WinMiner and (beside letting them choose the best coin to mine according to ROI), you can also choose to mine certain coins from their list. Worth a try.
     
  13. DigitalAdvanced

    DigitalAdvanced Registered Member

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    I believe the mining aspect of things will remain profitable for some time, however, it's going to get to a point quickly where it is going to be hard to compete. Eventually it will become totally industrialized, if it's not already. Governments are already rumored to be mining and the difficulty only continues to grow more quickly as more people mine. Long term I believe it will become little more than a currency or stock market type setup where it fluctuates based on buying and trading. The only way to really know though is to invest what you can, put it to the test, track every expense, and review your returns. Then you will know if it's worth the time, money, and effort.