Topic: Completely new to mining and wants to learn - page 2. (Read 422 times)

Hey buddy,

I would recommend by starting slowly and estimating your ROII (Return on Initial Investement).
I have started GPU Mining last month and taking consideration into the hardware price right now, I will get my money back in 6-8 Months.

Also, EIP-1559 will affect the overall earnings for a miner starting from July.
Kindly do not invest blindly just because you are earning money currently. In the past, the ETH mining was not this profitable at all.

Good Luck!

I see. This is new for me. So the best thing wouldn't be to invest as much as I can right now and make some money quickly while the sun shines? Once the rate drops below a profitable amount, just sell the cards or donate them to some university is what I was thinking.

Anyways, what is the biggest difference between GPU based mining vs ASIC based? Which one of them provides a higher earning generally? I have also seen different cryptocurrencies listed on mining websites. Is there any reason to mine a specific one over the other?

Thanks a load everyone.

He probably means that if you trade instead of mine you will make more money. Which is true, however most likely you will end up losing all your money trading like most people around here who try to day-trade.

Either way, back to your mining question.

Right now you can maybe earn $5/day with your GPU but it won't always be like that. ETH can lose half its value and you will make $2.50/day. The transactions for ETH can become less congested and your reward can also fall to like $2.50/day even if ETH stays at $1800.

Overtime as more and more GPUs start mining ETH, they all get a fair share of their profits. So if twice as many people start to mine ETH in the next 90 days, then your profits will be $2.50/day even if the transaction fees stay the same and ETH stays at $1800. This is called difficulty and its to keep the supply constant. Try to understand this before you spend $40K.

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Almost all miners works under windows you need pick one. i use phoenixminer,lolminer and teamredminer. Teamred only for amd gpus. man with 40k money it is risky to buy gpus asic right moment but choice is your ofcourse. If you are new just dont make quick decisions 1st play with small like 2-3k. if you understand in binance change you can make money more faster than mining per day 5-10$ with 2-3k investment every 3-4days playing coins around.
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Thanks for the advice! So, you suggest investing 2-3k in ASIC or GPUs at the moment? Also, what do you mean when you say 2-3 investment 3-4 days playing coins around?

Almost all miners works under windows you need pick one. i use phoenixminer,lolminer and teamredminer. Teamred only for amd gpus. man with 40k money it is risky to buy gpus asic right moment but choice is your ofcourse. If you are new just dont make quick decisions 1st play with small like 2-3k. if you understand in binance change you can make money more faster than mining per day 5-10$ with 2-3k investment every 3-4days playing coins around.

OK thank you. I have ordered Trezor Model T.

What app would you guys recommend for GPU based mining on Windows? I have tried both Nicehash and Kryptex.

Thanks again!

I recommend getting a trezor

from  https://trezor.io

this allows you to hold coins safely

I live in United Arab Emirates.

you are in the wrong section.

you belong in alt coins.  I asked mods to move this.



First question is what country are you in?

Laws and fees vary.

I also run a series of  threads in alt coins designed to help people.


this is a link to the ninth thread.

https://bitcointalksearch.org/topic/number-9-ninth-altcoin-thread-back-to-the-moon-baby-5144362

Hello all, first post here!

Just the day before yesterday, I installed Kryptex on a friend's recommendation. My hardware is as follows:

• Intel Core i9-7900X
• Nvidia RTX 2080Ti

After installing Kryptex, I benchmarked the system and started seeing some calculations being done and a rate of around 5 dollars per day. It's been 2 days now and got me thinking if it's actually worth investing in mining cryptocurrency. But since I have no knowledge of the scene, here are some things below that I wanted to share:

• Where I live, electricity is absolutely free (it is included as part of monthly rent).
• I have a gaming PC (specs mentioned above) that I am using for nothing at all for the past year. It is just sitting idle.
  
• I have 40,000 dollars available in cash that I am interested to use as an investment.
  

From what little reading I have done, PC / GPU based mining platforms are best for mining multiple currencies. While ASIC are best for a specific type of currency. Since I have no real interest or affiliation with a particular currency, does it matter what type of currency I mine? My only interest is to get return profit on the investment. I have looked around for cost of hardware rigs for both types (GPU and ASIC) and wanted to know is it worthwhile investing in both types of setups?

For software, are there any that are better than Kryptex? If there are, what are some recommendations? My priority is easy configuration and payout process.

Also, for withdrawal of funds, is there some kind of fee that is charged by any agencies?

These are the questions I have for now. Any responses would be very well appreciated.

Thank you.

Kam