Topic: Help for a beginner (Read 663 times)

ethernet doesn't matter a lot but electricity does it. Mining is a long term activity and anyone should not expect their ROI but it's about how they can get stable income from their mining that cover all of the expenses costs. it's a difficult task for newbies.

It seems as if you are a novice in minning which is very bad. I expect to have gather some valuable information before venturing into minning. You need to consider having  Reliable electricity supply at your reach  and have adequate Ethernet (wireless can do, but Ethernet is the best) service at your reach also.  And try to watch YouTube videos on minning and how iy works so as to be sure you doing the right thing

my pleasure! send me some merits if possible


totally get your point with alternative cooling systems such as water immersion, do you think they work well on places that reach 40 degree celsius on summer?

I guess he was saying based on the fact. Where do you know if there was a place that put cost less than 10 cents for each KWH? that looks impossible to find that place. Even those big bitcoin miners that gets electricity cost around 10 cents get big lost.

Everyone got to start somewhere, don't discourage him by saying that, specially when one wants to try.


Depends, there are places where electricity is free or very cheap..

I will not recommend you mining as you are beginner and now a days mining is difficult due to high electricity price and bearish season, You will never get handsome return so leave it and start trading on small bases.

An alternative to air cooling cards is water or immersion ones. Due to its use, it is possible to increase repeatedly the density of the card installation as well as reduce the cost of electricity at least four times.

well, I agree with your. that cooling it is very important if our friend above would like to have many hardware mining (RIGs) which much more.

preferably, need to consider the cooling I think the air conditioning is not enough to cover the damage on your RIGs

The prices you noted on whattomine are about right with your electricity prices.

It is simple enough setting up mining with your gpu. If you just want to trial, you could go to Ethermine, follow the download miner steps and run it for a day.

Also highly recommended msi afterburner and drop your power use percent to 70 and your memory overclock by 500 plus. It will be more efficient and generate less heat.

There are plenty of mining resources but happy to answer any questions.

Your electricity can make you a good amount of crypto profit in the end of the month but you should try to mine Ethereum related coins like Ubiq and Music or something like that for 3 Gb cards but since you have a 6 Gb card the best option I think is Ethereum classic.

Thanks for the links.
In general, it is necessary to look not only at the project metrics, but at who is in development and what funds are invested.
Usually it is for good developers with excellent funds that everything ends up as it should.

You have very cheap electricity!!
A friend of mine is mining with 3x 1050Ti rigs (6 GPU rigs) and he is paying electricity at 0.15/kw.... he's still making profit but he needs to work hard to find good projects to mine, and  of course, your game needs to be accumulation instead of daily selling.
This guy also has the 3 rigs on his own bedroom (T0), exactly to keep him warm during winter time... the noise is not much, maybe similar to an old desktop PC
On summer time, he moves the rigs due to excess heat...
Having profit in mining is possible... hell, more than possible... but it takes hard work and strategy to acomplish!!
And don't forget that a lot of people here are miners, and they often try to keep difficulty low by scaring away other potential miners...
 

it's not that much about guessing but more about analysis.
cointrader_nic has extensive material on the topic,I suggest you to check his PDF
The Definitive Guide To Altcoin Selection: The 23 Criteria I Filter For Prior To Entering A Position

(way more material on the extensive list I keep here: http://bit.ly/goodbitcoinarticles )

Tell me how to choose or guess these projects? After all, there are no guarantees that modern projects will cost something in a few years.

so..... if wanting to get into gpu mining... bit of advice.. where you need to be looking is multiple cheap cards.. stay away ether and that mess.. unless you have 8gb cards or higher and those 8gb are gonna be too small soon too. so if you are going to focus on the 1060 6gb you are going to want to look for multiple used ones for cheap. and run them into the ground. i did that the last wave.. but with 1060 3gb.  still have 4 of those and 2 of the 6gb.  1 is limping tho.. lol. limping bad. but. the 6gb are decent enough if you have many.  I have been thinking about doing a shit rig. get like 10 of the 3gb or 20 of the 1050   USED im sure i can find for in the range of 75 -150 a piece. i think 150 is on the high side but people tend to over value things. then focus on the dying coins. mining is a hunt.. its not just set it to the popular coin at the moment and walk away rich. you work.. you research.. you dig.. till the network hash rate and difficulty are low enough that the profit to power consumption  cost is worth turning them on and then you have earned the reward. and yes i had to say all that to let you know that today mining with one evga 1060 mini i earned approx 15000 satoshis  bismuth


and before i take into consideration of power cost. and bismuth is pretty active.. not dying. i want that clear too. i mine it cause i want it.

Did you check the video owner if when he publish his video in youtube?
Before you can make $1.6 usd per gtx 1060 but right now you can't make this daily and it seems that you are paying high electricity rate in eur so for me it is not good to mine with this card with your electricity rate unless if you believe on the coin that the price will be increase more in coming months.

I suggest you to wait more months if the bitcoin value increase around $8k mining altcoin with this card might be profitable depends on the difficulty because I'm sure there many investors are waiting in mining to become profitable again.

There are many promising projects which, if it is good to mine in ten years, will cost a lot. Starting from veil and grin and ending with ravencoin and beam. It's never too late to start.
The main thing is to correctly calculate and understand technology.

nicehash is easy and simple, but we cant trust nicehash again, after hack announcement in last year, he never pay like his promised, im miner too i lost arround 0.0xxxx bitcoin at nicehash during hasking attack. if i check nicehash im still see pending payment

Hello, honestly im a beginner for mining and i hope that i will get respect and knowledge here in this thread because sometime professional was the one who bring down for new comers,by the way your post was totally bring me extra knowledge about mining,hoping to your another post,thanks!

That's the perfect answer! People should come out from thinking that mining is an easy way to earn money! Mining has a lot of things to know! Therefore it is not safe for everyone! Without proper experience and guide, anyone can get harm to the house or people! I will never forget what my fellow friend did! Now, Mining bitcoin is like a nightmare for him! So, I would suggest too that if you don't have mining equipment then don't buy, but if you get from someone then spend 6 months to 1 year to know its proper usage!

do you mining for invest? or mining for learning bitcoin? or maybe you mining just to get profit?
if you mining for invest, then i recomended for it better you buy bitcoin right now and invest it for 5year.
if you want to learning just buy 1 card, try it yourself by diffirent algorithm
and if you want to get profit, is not easy as you think, calculate your electric cost, calculate your maintenance cost and of course you must try diff algorithm to get "perfect profit" like mining when new coin release and hodl it.

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

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.

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.

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

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.

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



 

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.

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.

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.

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

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

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.

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.

Next time check when that video on youtube was published.

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

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.   

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

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

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.

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 

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.

I wouldn't use PSU: Corsair vx 450 for mining
You got it wrong. Your computer will also consume electricity, and you should not mine on 1 video card. You can use your computer to operate and control other rigs.
If you want to use your rig for heating, you need at least a few rigs for 6-8 video cards.
But you will have other problems - it is noise. At night it will be heard by neighbors and you may have problems( although it depends on the quality of the walls and sound insulation).
If you have a wife or children, it is a bad option to mine at home.

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




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

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.

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