Help for a beginner - page 2. | Bitcointalksearch.org

giletto

sr. member

Activity: 812

Merit: 250

Quote from: Harai Goshi on April 15, 2019, 01:38:29 PM

I'd imagine the youtube video of the guy making > 1.00 per day on a 1060 is rather old, or he's valuating his average per day based on what he gets when he converts the obscure spec coin he's mined at an opportune time later on when it lists and pumps. If you are just going to mine on it when you arent using it (turning on a miner when you are away, using cudominer to start up when its idle, etc) you wont be getting the .27 either.

Is it worth buying a mining rig now? I'm still building more of them, so for me the answer is yes. Your answer may be different.

1) Do you believe in the big-picture idea of cryptocurrency? If yes, maybe. If no, probably not.

2) Are you financially able to withstand the build out costs, maintenance costs (shit breaks), and electrical costs without taking immediate profits? If yes, maybe. If no, probably not.

3) Time: Do you enjoy tinkering with computers? And by "tinkering" I really mean regularly diagnosing why _insert_something_here_ suddenly stopped working? If yes, maybe. If no, probably not.

Finally, assuming you made it this far having answered yes to the above: 4) Is it for some reason (be it personal, professional, or regulatory/whatever) more convenient for you to mine coins rather than start dollar cost averaging in by just buying the coins directly? If yes, then absolutely. If no, then...maybe.

This made mining look quite sophisticated. Maybe it explains why it's hardly obtainable is western parts of the African continent except South Africa. The demerits outweighs the merits for folks in that region

joseph32

member

Activity: 418

Merit: 21

To start mining this is the right way. Install nicehash, check them a few days and try to understand how this all works. Check the mining software used for the coins, check which coins are the top5 for you. And then, if you want more: Get the AwesomeMiner and do it all by yourself. you will learn every day. And with the money more cards will follow if you invest your earnings (and more money). So you can build your private farm step by step.

If the next run starts, your earnings will explode. I remember times when a 1080 Ti and Vega 64 pulled in 10$/day.

r32godzilla

hero member

Activity: 1361

Merit: 506

Quote from: Bagge6 on April 14, 2019, 02:00:00 PM

Hello

I ordered a new GPU MSI Gtx 1060 Gaming X 6gb and im thinking, if I start to mine with my computer, what kind of profit im looking at per day?
I already looked the site www.whattomine.com and put my price/kWh and number of GPU's on 1060 (1), and it tells me that best profit would be around 0.27$,
so is estimate value of 24 hours of mining?
One guy from youtube is seemingly making 1.6$ per day with the same card, so im a bit confused

My electricity is 0.0575eur/kWh and I live in a apartment building which can get pretty cold specially at winters -- would it be a bad idea to invest in a mining rig these days? It could warm up this flat im living in at the same time

Comp specs:
Mobo: Gigabyte GA-Z77M-D3H
CPU: Intel i5 3570k 3.4Ghz
Memory: Adata 2x4gb @1333mHz + G.Skill 2x4gb @1333 coming soon
GPU: MSI GTX 1060 Gaming X 6gb
SSD: Samsung 860 EVO 250gb coming soon
HDD: 2x1Tb and 1x2Tb (4Tb total)
PSU: Corsair vx 450

If you are looking to mine something to get the profit, you should buy more graphics to get more hashing power, you have nice configuration but not for mining, but for gaming.

naufals4

member

Activity: 574

Merit: 11

Quote from: Bagge6 on April 14, 2019, 02:00:00 PM

Hello

I ordered a new GPU MSI Gtx 1060 Gaming X 6gb and im thinking, if I start to mine with my computer, what kind of profit im looking at per day?
I already looked the site www.whattomine.com and put my price/kWh and number of GPU's on 1060 (1), and it tells me that best profit would be around 0.27$,
so is estimate value of 24 hours of mining?
One guy from youtube is seemingly making 1.6$ per day with the same card, so im a bit confused

My electricity is 0.0575eur/kWh and I live in a apartment building which can get pretty cold specially at winters -- would it be a bad idea to invest in a mining rig these days? It could warm up this flat im living in at the same time

Comp specs:
Mobo: Gigabyte GA-Z77M-D3H
CPU: Intel i5 3570k 3.4Ghz
Memory: Adata 2x4gb @1333mHz + G.Skill 2x4gb @1333 coming soon
GPU: MSI GTX 1060 Gaming X 6gb
SSD: Samsung 860 EVO 250gb coming soon
HDD: 2x1Tb and 1x2Tb (4Tb total)
PSU: Corsair vx 450

if you want to mine some cryptocurrency I don't recommend you mining with just one graphic video, you have to buy a lot like 4 to 6 because what you are looking for from mining is a big profit. if you only use 1 graphic video, the electricity price will not be proportional to the profit you get

shinratensei_

legendary

Activity: 3276

Merit: 1029

Leading Crypto Sports Betting & Casino Platform

Quote from: Harai Goshi on April 17, 2019, 08:34:38 AM

Quote

The key is when you are having 120 amps that are heavily subsidized. for new small miners and that will be a difficult thing.

But for a small or even personal miner and to choose those coins which were having a lot of big miners is the worst story. We burned our GPU before we can touch 50% of our ROI. OP forget it and try another way.

The OP asked if it was a good idea to invest in a mining rig. Maybe it is, maybe it isnt...I was really just trying to help him answer that question for himself as I can't answer it for him.

Indeed OP is the only who can answer his question correctly. Various indicators must be analyzed, and mining can be profitable and not depends on your signs to determine if that will be very profitable for us or not. It's a little bit similar to gambling.

Harai Goshi

jr. member

Activity: 36

Merit: 5

Quote

Trust me, there'll be many unforeseen hurdles.

Not if he builds a Vega Rig...no hurdles there at all!

Grin

legendster

hero member

Activity: 1778

Merit: 764

www.V.systems

It's not profitable to mine any leading coin if you're just breaking into mining. Trust me, there'll be many unforeseen hurdles. The most important thing to keep in mind is the volume and price stability of the coin that you're mining. Typically you should be able to sell off on a weekly basis. With an unknown known it becomes very hard to know where the volume or price will be in a week's time.
Other than that, what @Harai Goshi said is pretty much on point. Check the date on that youtube video.

BitBustah

hero member

Activity: 1218

Merit: 534

Quote from: Bagge6 on April 18, 2019, 09:31:54 AM

Hey thanks all for the messages and help.

For why im even considering this is because my electricity deal is quite cheap, only 0.0575€/kWh so...
I will try to test the waters when the GPU arrives and if im doing profit, then probably im investing in some rig.

I was about to ask why not use water cooling on rigs but that would raise ROI even more...

Will post more when the GPU/memory sticks arrive.

Bagge

Thats not cheap compared to what the big farms are paying. Sure, it looks like a good deal for normal residential rates but I still don't think its worth it for you. You have to strongly consider how much the difficulty will continue to rise so your expected daily profit will not last long.

cryptorima

jr. member

Activity: 278

Merit: 1

Quote from: Alucard2425 on April 16, 2019, 09:33:26 PM

I think mining at this time is a bad idea for now but if you want to experience mining then do try it but i advice you try it on 4 gpu's and just try it if it works for you then do add more Wink

I think you are right dear friend that mining at this situation is good so good idea. Cause market conditions is not good and Bitcoin price is too low. For this its very hard to earn profits from mining.

Bagge6

newbie

Activity: 22

Merit: 0

Hey thanks all for the messages and help.

For why im even considering this is because my electricity deal is quite cheap, only 0.0575€/kWh so...
I will try to test the waters when the GPU arrives and if im doing profit, then probably im investing in some rig.

I was about to ask why not use water cooling on rigs but that would raise ROI even more...

Will post more when the GPU/memory sticks arrive.

Bagge

Wotan Wipeout

member

Activity: 438

Merit: 27

At first you should make a few steps with your new GPU.
Whats the typical hashrate, and how to undervolt it.
Whats your averall power consumption and what are your costs.
Where are problems (noise, heat) and how this affects you.
Are there benefits? (heat in the winter)
If you are thinking of fast money, than forget about mining.
Buying coins is much easier.
Check about different miner programs for different coins.
When you compare things, check the time of the posts / videos.
Old stuff might not help you.
Mining is not as easy as it looks sometimes.
Your GPU is a good start for mining.

Make your own way. I wish you the best.
Send me a PN if you need some help.

Wotan

Lucasgabd

legendary

Activity: 2506

Merit: 1113

There's no need to be upset

Quote from: secdark on April 17, 2019, 08:42:38 AM

If you want mining you should think first about the needs, you should consider things before get decided. If you electricity is not small like what we have. I should say no for mining. Now btc is less than the past year 2017, but if everything is set up now you can go For it

there are even more things to consider before starting to mine like:
-can my location support the power increase?
- how hot is it here, will it need refrigeration?

calculating the depreciation of rigs is also a must.

TheBottomTurtle

jr. member

Activity: 55

Merit: 7

Based on the specs of the OP's computer it looks like that's a gaming rig. He's got cheap electricity so the 1060 will mine at a profit even if he just uses nicehash instead of learning to do the mining himself. Seems to me that mining while he's not using the computer is just free money. I really don't see a reason not to mine. Everybody gets so focused on building mining farms and scaling up but the OP's scenario is what blockchain tech was designed for. After he mines with his gaming rig for a while he'll have all the information he needs to decide for himself if it's a good idea to build dedicated mining rigs.

vuli1

jr. member

Activity: 238

Merit: 3

Next time check when that video on youtube was published.

secdark

sr. member

Activity: 490

Merit: 250

If you want mining you should think first about the needs, you should consider things before get decided. If you electricity is not small like what we have. I should say no for mining. Now btc is less than the past year 2017, but if everything is set up now you can go For it

Harai Goshi

jr. member

Activity: 36

Merit: 5

Quote

The key is when you are having 120 amps that are heavily subsidized. for new small miners and that will be a difficult thing.

But for a small or even personal miner and to choose those coins which were having a lot of big miners is the worst story. We burned our GPU before we can touch 50% of our ROI. OP forget it and try another way.

Free/cheap power certainly makes everything a whole lot easier.

Mining can make sense on a really micro scale (i.e. running cudo on your gaming rig when you arent using it, putting a rig or two in your garage/dorm room, etc), and on a really macro scale (gigantic farm in some area with cheap power, cheap space, and cheaper labor). In between those the economies of scale bite you. It's tough to make it work, the margin is too tight to add any additional overhead costs (rent, labor, etc).

Technically speaking, I've not seen ROI on my first rig because I never paid myself back for it. It did buy a second rig, though, then those bought a 3rd...then a 4th...etc etc. Will I ever ROI? Hell if I know. Essentially all I'm doing now is dollar cost averaging large cap coins AND hash power at a discount, with a medium to long term time horizon. No idea if that's the best way to go about doing things. Probably isnt. Truth be told, I just enjoy building & tinkering with the rigs more than anything.

The OP asked if it was a good idea to invest in a mining rig. Maybe it is, maybe it isnt...I was really just trying to help him answer that question for himself as I can't answer it for him.

corrado25

full member

Activity: 794

Merit: 100

Maybe you saw some kind of old video. when the profit was such. You must understand that the profit depends on the complexity of the extraction and the price of the coin in the market. If this coin started to mine many people then the complexity of a block could grow and this led to the less coins you will receive as a reward. The price as I have said is not worth the place. If the price has fallen then you will not receive that brigade either you promise in the video

dentolas

member

Activity: 854

Merit: 12

arcs-chain.com

First lesson for a newbie is not to believe in everything people tell you here... make your own judgments and adapt to your own situation
You have very cheap electricity, a friend of mine is making nice profits and our power costas around 0.15euro/kw
He also has 4 rigs with 6 GPUs each on is open space flat and they heat up the house... there is a faint background noise, but nothing special... by summer he has to change them to a different space due to the heat and additional noise from external cooling fans
The main trick while mining is to research a lot and choose good projects... if you have small hash power, it is preferable to choose starting projects with less difficulty, but care needs to be taken as many of these fail...
good luck

shinratensei_

legendary

Activity: 3276

Merit: 1029

Leading Crypto Sports Betting & Casino Platform

Quote from: Harai Goshi on April 16, 2019, 07:19:58 PM

Quote from: GhostWithin on April 16, 2019, 02:18:50 PM

Quote from: Bagge6 on April 14, 2019, 02:00:00 PM

My electricity is 0.0575eur/kWh and I live in a apartment building which can get pretty cold specially at winters -- would it be a bad idea to invest in a mining rig these days? It could warm up this flat im living in at the same time

Yes, it's bad idea. I wouldnt advise anyone to start mining, especially if you have no experience.
Another thing, if you get for free or very cheap the equipment or its part . Otherwise, it will end up selling your farm

Quote from: Harai Goshi on April 15, 2019, 01:38:29 PM

Is it worth buying a mining rig now? I'm still building more of them, so for me the answer is yes. Your answer may be different.

What are you mining now if you're still building more? and is electricity power free for you?

AMD rigs mostly divided up between Ethereum and Monero, occasionally I'll drop a few of them on a new coin. NVidia rigs I pretty much just leave autoswitching on YIMP pools for BTC payouts. I'm building a new rig about every 2 months using some of the BTC to buy parts...basically I just troll ebay for cheap cards & various parts daily, and eventually a new rig appears.

Power isnt free, but I have 120 amps that's heavily subsidized. Have a friend with industrial power at his business...he eats the electical cost & cleared out space, and gets 25% of the coins mined. I have a few rigs and a couple Z9 minis at the house, and I just eat the power cost on those.

The key is when you are having 120 amps that are heavily subsidized. for new small miners and that will be a difficult thing.

But for a small or even personal miner and to choose those coins which were having a lot of big miners is the worst story. We burned our GPU before we can touch 50% of our ROI. OP forget it and try another way.

Alucard2425

copper member

Activity: 294

Merit: 1

I think mining at this time is a bad idea for now but if you want to experience mining then do try it but i advice you try it on 4 gpu's and just try it if it works for you then do add more Wink

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