Topic: Easy to Mine Cryptocurrency (Read 16171 times)

People talk about mining but no one talks about how hard it is to actually buy a mining machine. Those machines are not cheap and I got scammed once for buying from a website outside of bitmain. The only coin that I see profitable to mine is bitcoin. Any other coin is just a no go because mining difficulties increase daily and some times faster than that
 The rapid price increase for bitcoin daily along with a reasonable mining difficulty can mean huge profits monthly mining bitcoins. Also there is a way every month to buy other crypto currencies like bitcoin cash or even ethereum and make $200 or more a month in profit by buying low and selling high. You have to have the capital to buy a lot like $5000 worth so when each coin rises $10 to $15 for Montero or ethereum, you sell. Or Bitcoin cash rises $100 to $200 per coin you sell and reinvest in BTC to continue to make money.

Monero is a pretty good coin to start out GPU mining with. It's profitable and seems to be less harsh on the cards than mining Ethereum which makes maintenance much easier and runs cooler.  Getting power and controlling heat is 50% of mining.

Check out ROI Coin - it's CPU only and with low difficulty right now, you can scoop up good amount of coins plus it's already on the exchanges with a large community!

Check out the ANN thread: https://bitcointalksearch.org/topic/annroi-roi-coin-cpu-only-solo-mining-hybrid-15-pos-593-term-deposit-2361848

When monero is profitable one why you suggesting folding coin
 You have to understand that mining with CPU is now no more giving profit for it. Please check that first. Even monero is also good to mine the GPU only not with the CPU mining.
If you have 6 cards rig means you can make 200 USD at least per month.

can i suggest you mine folding coin? This coin contributes to medical research you are advancing humanity while making some profits. Monero is profitable for CPU but really there are guys with mining rigs that will mine faster and alot more then you can.

Hi, the simple answer to your last question, is, that it is repeatable, however

The trick you are missing, is that when Bitcoin came out, it was pretty much unheard of, and was only mineable initially on a cpu, and i think for its first 6 weeks, there were less than 10 people worldwide mining it, and even after that the numbers increased very slowly. It took many weeks (months i think) before some one wrote a gpu miner, and that lasted for nearly 2 years.
It was only when the value was heading towards 10 cents that people started to take note. Finally when it hit $1 people started to think about the possibility of making ASICS, i think it was about $50 before they came out. (i could be miles off, it was a long time ago)
I seem to remember this played out over nearly 2 years.

Jump to today, and not even day 1, but second 1, huge numbers of people are sat there with dedicated rigs, and ASICS ready to mine any new coin. This is mainly due to new coins being talked about on here for days if not weeks before launch. Most coins even have launch dates and quite often the ability to "test mine" first, this all leads to a huge rush, day 1
That's why the entry level is now so high...on all new coins

My advice, don't ask which coin to mine on here, simply because, if you get a response, then so do the other 1000 lurkers...try the altcoins ann / mining pages, but try page 10 onwards, cos no one reads that far, if you are lucky you may spot something others have overlooked.
Failing that use block explorers to find older coins which are much easier to mine. The rewards per block will be lower, the value per coin will be much lower, but it will enable you to get into mining as a hobby, and who knows sometimes the older coins get revamped and become worth quite a bit.

To be honest, until you decide to change from hobby miner to for-profit-miner, i would actually stay away from here initially (just too many threads), join a few exchanges, like yobit, novaexchange, etc (dont all diss me just yet), and look at the coinsinfo section of each exchange. You are bound to find some low difficulty coin that you can at least start to play with. Just don't expect to earn anything.
 Once you're into it, you'll soon suss out how to find better coins, and also have a much better idea what hardware you might need to buy. For example AMD R9 270 is a great little card for all sorts of mining (great to learn on, 2nd hand a few £££) BUT it uses a huge amount of power compared to new cards.
Another tip if you just want to learn, there are loads of old bitcoin miners 10-50GH/s for literally a couple of £££ on ebay. Again you'll earn nothing, but you'll learn.

Failing that, join the masses and use either minergate or nicehash, they get dissed a lot cos they take most of your earnings, but they have been around for years, so someone likes em.

Hope this helps a little, 1 last thing....remember...have fun...
Good luck

Its basically a game, where miners compete, who will mine the block first. The one who wins, puts the block on the blockchain and gets a reward for that. In Bitcoin the difficulty is set that a miner will find a block approximately once every ten minutes, based on the mining power in the network. That's why if you want to compete, you need some serious mining power.

I still don't get the logic that you need heavy equipment to mine any cryptocurrency. I understand that Bitcoin has become too difficult to mine for an average Joe but even Bitcoin was minable with a simple laptop in it's early stages.

Why would that not be repeatable with less established cryptocurrencies when the difficulty level is still pretty low?

Just for your curiosity install Nicehash and follow the steps required , it's a pretty automatic setup and will mine the most profitable coin for your laptop.

However do not mine with your laptop as you will burn it down real quick. Laptops are designed for mining and their processor is not the same as a desktop one, nor the graphic card. They are meant to be used not all day but only when you have some job or something to do. For mining you need an ASIC miner to mine Bitcoin or a 3-6 GPU mining computer rig to mine altcoins.

I like threads like this, where people jump in and give advice to newbies. I am new to all this myself. As I currently understand it, it seems that the CPU is not as important a factor as the GPU is correct? I may be wrong but I am looking at it like this.. in theory one could build a low end or basic system (as far as CPU goes) but would need to beef it up with the GPU. I guess basic is a horrible word as is low end because a mobo to support multiple cards would be a bit pricey. How far off am I? (see told you I dont know jack shiat) lol

Hello, i have i5 2500 and amd radeon rx 480 rog strix oc 8gb, i would like to test mining with this hardware at the moment to see how it all works, and in like 2 months when the prices for graphic cards stabilize, i plan on making a pc with 4 or 5 amd radeon rx 480 rog strix oc 8gb and start mining, im also pretty new to this field and im trying to figure it all out, so any help would be appreciated. Thanks in advace

You cannot mine for a profit with random hardware laying around. You need to spend money and build rigs specifically setup for mining if you ever want to make a profit. Also you need to look at how long it takes to pay the rig off before you make any actual profit. This is not a get rich quick game, but if you invest the proper funds and have patience you can make some money.

Not really, you need high-end AMD GPU. CPU mining is not useful.

Okay... Can I make something with a GeForce GTX660 coupled with an i5 processor.

With 6 GPUs and zero energy costs around $164/month. https://www.cryptocompare.com/mining/calculator/eth?HashingPower=150&HashingUnit=MH%2Fs&PowerConsumption=1000&CostPerkWh=0.0

Thanks for your reply and messages.How much can I make mining Ether?

You need a PC with as many GPUs as possible. Than you use for example the Claymore miner: https://bitcointalksearch.org/topic/claymores-dual-ethereum-amdnvidia-gpu-miner-v150-windowslinux-1433925

I see.How can I mine Ether?

Hi Rock121,

as I have seen this Gridseed Miner would produce 10GH/s for Bitcoin and you would earn (without energy costs) nearly amazing $0,1945 in a month. 

Nay forget it, I would recommend that you start mining Altcoins like Ether (ETH) and Monero (XMR) by using graphic cards. Interested?

@sigb0y Im new to the field of cryptocurrencies.It seems that without good hardware i cannot earn anything.As a starter - is Gridseed Mini ASIC Miner a good choice to buy http://www.makeuseof.com/tag/gridseed-mini-asic-miner-review-and-giveaway/

Will it cost too much electricity? Can i make something out of it?

Please advice