Topic: I want to start Mining (Read 513 times)

Why do you say that ASICs have no resale value?
The era of video cards is coming to an end, and there are many markets for used asics too. If electricity is expensive in your country, then selling a 2-3 year old ASIC is difficult, but this is not the case in all countries. Even old ASIC S9 are sold in my country for $30.

first how much electric cost in your place, skip if 0.1$+, from 0.05$ then starting to makes profit, remember minimum profit is 100% from electric price
at this point and for safe long term future get asic sha256 at best price/performance and check stock whic asic ready in your area living/country,
i wouldnt recomend buy asic oversea without warranty. buying gpu is safer bet if your plan fail in the future you can sell it to gamer.
asic = no resale value but at this very moment is most profitable for long term use and easy to manage,
gpu = has resale value if you bought second hand, and wait till bullrun to activate the miner, at this point you can gain knowledge and prepare for next bullrun. just try buy 2 gpus instead for learning

This is what I was talking about. I was telling the same thing to the user HashingTower. But you said all the same 

I think we are talking about different things. You are not new to the forum and the rank on the forum does not indicate the qualifications of the miner.
But since any experienced miner has a lot of experience communicating with other miners, he can look at the posts of other participants and understand who has experience and who talks a lot about mining without experience.

Good technicians will still learn something from mining. Like doctors with specializations, you will be dealing with heat and electrical stuff like never before in a technician's world hehe

I am sorry, I have to disagree. Being a newbie in this forum has no connection with his experience in maintaining computer hardware. I know some good technicians who even never heard of BitcoinTalk. Maybe some old miners do not have a BitcoinTalk account. Imagine one day a miner created a BitcoinTalk account and you judge him based on his account rank.

All the same, for mining you need to have experience in maintaining computer equipment and a little knowledge about safety in electrics. I have seen enough articles and videos of stupid miners who themselves do not understand the risk they put their hardware at. And without experience, a beginner will not be able to prepare a room for mining himself.

Someone is a newbie in this forum doesn't mean they are illiterate and don't know how to set up something. Nobody learns from their mom's stomach. Everyone has to at some point. You will see a bunch of tech guy in this forum who writes code and they are newbie in this forum.

Lol, this thread is 2 years old...

Mining is the process of verifying and recording transactions on a blockchain network using powerful computers to solve complex mathematical problems. Cryptocurrency is a popular and potentially profitable activity in the digital age. You, as a cryptocurrency miner, earn newly created digital coins by doing computational work on a decentralized network. But keep in mind that cryptocurrency mining requires specialized computer hardware, electricity, and a thorough understanding of the mining process for optimal results. Moreover, market volatility, power consumption and regulation management issues should be well looked into before venturing into cryptocurrency mining.

If this is so true how come ETH mining difficulty is so high till date? If this is so true how come there are scarcity of GPUs around the world? If this is so true where are all the GPUs from China after their government ban crypto mining in the country? Do good research first before making statements

$500 a month is certainly possible these days but you would be surprised how many people I know which will say “only $500 a month? I thought crypto was going to make me rich”! And even if the $500 was guaranteed with little investment most wouldn’t go for it.

The issue is in my tight circle of friends, most that made lots of money in crypto mined when mining was not profitable. One guy I know mined with an ASIC that he bought for $20 on Craigslist and he mined at a loss everyday. However he knew back in 2015 that BTC is the future and he will get at least $10000 a coin. He used like 500watta of power and he only made like 0.003 BTC a day, which was nothing but then but he kept it all forgot about it and I think he didn’t sell at $10K but sold at $3K.

How many people do you know in 2021 that will mine at a loss and hold it for $250K? Probably nobody willing to do that. They just want their $500 a day, now and that’s it.

500 in a month is actually easy with just two 3090, i doubt he is askign for 500 a day, that's stupid...

Perhaps mining now is no longer profitable for 2017. There have been a lot of rigs that have to be thrown away because of not enough electricity.

You are right, I don't like wasting my time on newbies that want to have idea about crypto mining because in the end they will walk away, this isn't even about difficulty, some people are just too lazy to monitor rig, maintain them and tweak them too, they just want plug and play, I built one for a friend and he sold them a month later saying he doesn't like the idea

I’ve been in crypto since 2013 years or so and most people whenever they hear that I’m an expert they ask me about mining. I explain to them how you need specific equipment such as ASICS and low power costs. When they find out you make so little they either think I’m lying or just they give up.

Bitcoin and crypto is associated with the whole “get rich quick” mentality. Because when you think of a Bitcoin investor you think of someone that is wealthy. And it’s true for those that mined back in the day with their old GPUs. However many don’t realize that there is something called difficulty and that it’s vert difficult for a new comer to make decent money with mining let alone “get rich quick” type of money. If it was this easy, everybody would be mining instead of working.

He wants like $500 a day..... honestly hes asking way too much. Im guessing he doesn't have hundreds of thousands $ spare.

$900k is the amount OP would have to spend buying BNBs to get 1 BNB daily STAKING earnings.



IMO your simplest way to start is buy a single BNB (it's the minimum amount which can be staked so rather buy a little more because of withdrawal fees). Lock it for staking ... see how it works ... decide further approach.
The thing is if BNB price skyrockets to $1k then you will keep earning 1 BNBs daily by staking. But had you bought mining rig (e.g. 9x a10pro as suggested above ) you would be earning $450 daily (but only 0.5 BNB ). Catch my drift?
On the other hand it could be exact opposite ... but that's up to you to decide (take the risk). Do not rely solely on others opinions, make our own.

I would say BNB was a good choice of yours.
If you believe BNBs has a potential and price will keep going up then the best way is to directly buy BNB and stake.
If you're not sure or in doubt about BNB upward price movement then look for alternative.

Just be aware taking care of mining farm is not an easy task (depends on your technical background). You could be facing power, heat, noise issues, equipment failures etc. ( staking is way more comfortable for an average Joe user )
Most of current standard ASICs are very noisy machines with huge power draw which you simply can't keep at home.
 
HINT: visit asicminervalue.com to see ASICs noise levels,power draws, profitability ... and make your choice.

Maybe what you need is a crypto mining calculator? You can see how much a GPU will give your every 24 hrs/day so you will know how many GPUs you can afford to buy

https://minerstat.com/hardware/nvidia-gtx-1660

Enough threads on this forum telling you what you need to do, if you can be bothered to read through them. Start topics when you are stuck somewhere, not when you're too lazy to do any groundwork.

Hello, you can find out the information below

The pool that you can use: https://ethermine.org/?theme=dark

The miner that you can use: https://github.com/NebuTech/NBMiner/releases

And the video that help you bring up everything: http://adfoc.us/69252380879488

Much thanks to all.
1 BNB is not my target however its a poor  knowledge of mine, I am very new here and this is the best place of learning and understanding about mining.
Please guide as i requested, I want start a profitable mining of any coin which is secure and potential.

You are a newbie 😏 so I'm sure you can't even set up a mining farm correctly, why can't you start with one GPU and see how that goes? Maybe you will end up liking it or not? For a newbie setting up mining rig will be so challenging

You are aiming way too high, if you have plan to make 500$ every month wait and build for farm in bear market, you will get GPUs for cheaper price or even ASIC miners too, you could be looking into 50k for 5GH to 6GH in bear market

A10pro is 25,000$ on Amazon but still 9x of that isn't even up to 200k so yes this a a better option compare to buying BNB direct and staking, it costs way too much but also it's better if free electricity is available so when bear market starts it won't hurt much

These are the people that ends up rushing out once bear market comes because they will feel their Dream is been crushed already, that's probably because they use their life savings to buy GPU instead of using spare money

So 900k isn't enough to build a mining farm that can give you 500$ per day? You must be joking mate, I'm going to use dragonX innosilicon a10pro to make an example, this ASIC miner do 720MH and it costs 16349$ from my own GPU wholesalers in China, do the math, with 9 pieces of this miner you'd get 6.4GH at 147,141$ and you mentioned 900K ??

If your target is 1BNB daily well you will be spending thousands of dollars on equipments, 1BNB is close to 500$ so you will need  6GH of ETH hashrate and you will swap your 500$ ETH to BNB every day, this will cost you lots of money

Why is it that whenever BTC is rallying we always get newbies here who want to mine with their mininum hardware such as a laptop, MacBook, 2 GPU rig and instead of being happy with making like $5/day they want to make like $15000 a month.

My friends are also like that. They want to get into mining, I tell them that you buy a $500 GPU and you make like $2 a day. They are like “$2 not enough I want at least $50 a day” and they basically give up because it’s not “get rich quick money”.

BNB price $450 ... it's pretty bold earning requirement to reach such daily returns for a newbie like you. (though not impossible)

As stated above BNB is not mined by hardware. You can only stake them  ... learn more about "proof of stake" (PoS)  to get into picture.
Briefly: Staking means you have to first own some BNBs, then you can lock them (locked BNBs can't be spend/send ). In return for this you will receive daily BNB rewards (as long as you keep them locked).
These rewards fluctuates between 7 to 20% yearly (0.02 to 0.05% daily ). Which means you would need to hold (and lock) between 2k - 5k BNBs (to get 1 BNB daily).

If you really want to "mine BNB" then you need to purchase any mining hardware and use it at any mining pool which allows payouts in various coins (for ex. prohashing.com ).
My guesstimate is you need to buy HW worth at least $80k. And get it for a reasonable price which is quite hard these days.
I would not recommend this way for newbie. You are entering uncharted waters. Be vigilant, beware of FOMO  ... don't go all in from very beginning.

TLDR.
Forget mining, just buy BNB, move them to trustwallet (it's binance supported wallet), stake them (find youtube guide), earn BNB rewards.
Note: For 1 BNB daily return by staking be ready to spend like $900k.
   

To mine the equivalent of one BNB daily you should need about 6-7ghs.
To reach that kind of hashrate, nowdays, you should invest more than 100k USD, if you are lucky to find the hardware, of course.
So, good luck!

you can't mine bnb. you get them from staking or farming/providing liquidity through dex such as pancake swap. check out whattomine to find out what coins you can mine plus whether it's profitable or not. the profit will depends on the cost (your electricity bill etc), so you have to figure it out on your own. it might take longer since the price of gpus are skyrocketing right now.

if i buy 1 gpu, a rx580 or gtx1660 it will covered the  electricity bill, or its only for experiment, i need proper guideline because i am interested in mining 1 bnb daily, how much my cost of hardware and how much my expenses. Thanks

Do you have a GPU atleast? Download Nicehash on your PC and benchmark to start mining, it's very easy to set up, if you don't have any GPU you will need to buy one, a rx580 or gtx1660 super is the minimum GPU I recommend

I want to start mining in profitable coin, how i start and which hardware i need for mining, please guide me.