Topic: A Noobs Discoveries (ALT Coin) - page 2. (Read 1100 times)
Thanks for sharing your noob experience and helping other noobs like myself out who are new to mining, very informative
Hey everyone this is my first post so I figure instead of a typical introduction I give back with some noob advice from by trial by fire. So I’ll start with boring stuff first. I have ONE computer mining with a 7850 in California. I started mining Litecoin in the beginning just to see how it works. I’m not a long term investor but I find it kind of exciting to convert energy to coins to dollars. So on to the good stuff.
Do your research!
• Mining is all about the number of kH/s vs number of watts
• Don’t mine for Bitcoin (waste of time)
• Don’t mine with a CPU
• Don’t mine with a laptop
• Don’t mine with a Nvidia GPU
• Don’t mine if you have a crappy power supply
• Don’t mine if you have something lower than a ATI 7850
• Don’t mine if you don’t have this: http://www.amazon.com/P3-International-P4460-Electricity-Monitor/dp/B000RGF29Q/ref=sr_1_2?ie=UTF8&qid=1385106130&sr=8-2&keywords=kill+a+watt
• Don’t mine if you can’t read your electric bill
• Real work will always be better than mining
• Mining will stress out your GPU so save that warranty information
What to mine?
This is debatable and will depend on what you are hoping for. I’m going to say right now I’m not a long term investor and right now will mine as long as I make more than I put in. So when deciding to mine an alt coin you can choose one and hold or you can use something like Middlecoin or MultiPool to max out the profits. When starting out I went with Middlecoin because it gives 24 hour metrics with all the fees included and can be a good baseline measurement.
Show me the money
You have to have a place to put your money first. Coinbase seems to have the lowest fees and handles direct deposit to your bank. This fee is
• 1% of the dollars amount + $0.15
In the above example I used Middlecoin and the fee is 3.388% of your BTC; however, there is no exchange middle man or transfer from exchange to Coinbase steps needed. You can find pools that suit you better and shave off this fee which can be pretty significant such as Multipool which is 1.5%; however, Middlecoin seems to have a pretty stable system. So while Middlecoin has a higher fee you are not getting as many rejections which can hurt you more than fees.
So time for an example
I mine with one ATI 7850 on low intensity and get about 300 KH/s. Middlecoin shows in 24 hours I get 0.00260795 BTC.
Converted to dollars on Coinbase as of 11/22 that is $1.70
Now remember that energy measuring device I mentioned above this is where it matter. Measured under full load I get 256 Watts
Looking at my energy bill I’m on a two tier system were tier one is 0.09$/KWH and tier two is 0.1789/KWH. This is a huge difference and has a huge impact on your profits. So 24 hours of mining cost in power
24 hours X 0.256 KWatts X 0.1789 (Worst Case Scenario) = $1.09
Total Profits per day is drumroll……$0.61!!! or $19/month. Don’t QUIT your day job.
Lessons Learned
• Mining is great in the winter and works well as a space heater no need to use gas heater
• Mining has made me more energy aware. I look at everything to lower my energy cost and increase my profits
• Do not talk to your girlfriend or wife about bitcoin. They will look at your funny.
• A PV solar will return more money than Alt coin from net metering
Plans for the future
I got two Sapphire 7970 Dual X OC with boost for $520 with $50 in rebates and $60 in free game cards that I plan to sell on ebay for a total of $410. These card should run at 700 KH/s netting me 1400 with the two. I wanted the cards anyway so I don’t care if I make a profit.
Should be 400 watts per system so 800 watts or .8 KWatts
In one day this is 0.0128
Converted to dollars on Coinbase as of 11/22 that is $8.98
24 Hours x 0.8 KWatts x 0.1789 (Worst Case Scenario) = $3.43
Total profits per day is: $5.54 or $166/month.
So the cards pay for themselves if nothing changes (cough) difficulty/price in 2 Months. I haven’t decided yet if I wanted to also you the 7850 with one of the system.
I only have a 630 watt power supply and a 430 watt power supply so I’m thinking of putting the 7970 with the other 7970 in the 630 watt and the 7850 leaving in the 430 watt until I buy another power supply. One thing is for sure to be an effective miner you need at least 750 watts+.
If you got this far thanks for reading and I appreciate your feedback.
Bluelogic
Do your research!
• Mining is all about the number of kH/s vs number of watts
• Don’t mine for Bitcoin (waste of time)
• Don’t mine with a CPU
• Don’t mine with a laptop
• Don’t mine with a Nvidia GPU
• Don’t mine if you have a crappy power supply
• Don’t mine if you have something lower than a ATI 7850
• Don’t mine if you don’t have this: http://www.amazon.com/P3-International-P4460-Electricity-Monitor/dp/B000RGF29Q/ref=sr_1_2?ie=UTF8&qid=1385106130&sr=8-2&keywords=kill+a+watt
• Don’t mine if you can’t read your electric bill
• Real work will always be better than mining
• Mining will stress out your GPU so save that warranty information
What to mine?
This is debatable and will depend on what you are hoping for. I’m going to say right now I’m not a long term investor and right now will mine as long as I make more than I put in. So when deciding to mine an alt coin you can choose one and hold or you can use something like Middlecoin or MultiPool to max out the profits. When starting out I went with Middlecoin because it gives 24 hour metrics with all the fees included and can be a good baseline measurement.
Show me the money
You have to have a place to put your money first. Coinbase seems to have the lowest fees and handles direct deposit to your bank. This fee is
• 1% of the dollars amount + $0.15
In the above example I used Middlecoin and the fee is 3.388% of your BTC; however, there is no exchange middle man or transfer from exchange to Coinbase steps needed. You can find pools that suit you better and shave off this fee which can be pretty significant such as Multipool which is 1.5%; however, Middlecoin seems to have a pretty stable system. So while Middlecoin has a higher fee you are not getting as many rejections which can hurt you more than fees.
So time for an example
I mine with one ATI 7850 on low intensity and get about 300 KH/s. Middlecoin shows in 24 hours I get 0.00260795 BTC.
Converted to dollars on Coinbase as of 11/22 that is $1.70
Now remember that energy measuring device I mentioned above this is where it matter. Measured under full load I get 256 Watts
Looking at my energy bill I’m on a two tier system were tier one is 0.09$/KWH and tier two is 0.1789/KWH. This is a huge difference and has a huge impact on your profits. So 24 hours of mining cost in power
24 hours X 0.256 KWatts X 0.1789 (Worst Case Scenario) = $1.09
Total Profits per day is drumroll……$0.61!!! or $19/month. Don’t QUIT your day job.
Lessons Learned
• Mining is great in the winter and works well as a space heater no need to use gas heater
• Mining has made me more energy aware. I look at everything to lower my energy cost and increase my profits
• Do not talk to your girlfriend or wife about bitcoin. They will look at your funny.
• A PV solar will return more money than Alt coin from net metering
Plans for the future
I got two Sapphire 7970 Dual X OC with boost for $520 with $50 in rebates and $60 in free game cards that I plan to sell on ebay for a total of $410. These card should run at 700 KH/s netting me 1400 with the two. I wanted the cards anyway so I don’t care if I make a profit.
Should be 400 watts per system so 800 watts or .8 KWatts
In one day this is 0.0128
Converted to dollars on Coinbase as of 11/22 that is $8.98
24 Hours x 0.8 KWatts x 0.1789 (Worst Case Scenario) = $3.43
Total profits per day is: $5.54 or $166/month.
So the cards pay for themselves if nothing changes (cough) difficulty/price in 2 Months. I haven’t decided yet if I wanted to also you the 7850 with one of the system.
I only have a 630 watt power supply and a 430 watt power supply so I’m thinking of putting the 7970 with the other 7970 in the 630 watt and the 7850 leaving in the 430 watt until I buy another power supply. One thing is for sure to be an effective miner you need at least 750 watts+.
If you got this far thanks for reading and I appreciate your feedback.
Bluelogic
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