Topic: Noob - Mining questions (Read 1578 times)

There are many real clound mining as well like the genesis mining and cloud mining of bitmain. Viabtc too was offering cloudmining but now their devices are out of stock.

Difference currencies have different values at the same time so you will have to test the waters before committing. It's the only way really. Also it sounds like you talking about a cloud mining site and most likely a Ponzi so be careful.

You can run wallets on your P4 but mining will be too slow.

It's a much better idea to rent rigs and nine something you know will turn a good profit. It takes expierence and skill to decide what to mine and noone will really tell you so don't try ask.

I recommend using Electrum as your wallet. It is easy to use and navigate. It also have a portable version. Just download it and save it in your flash drive or something so you can bring it where ever you go and access it instantly whenever you want.

Do not use exchange sites as wallet. We are all scared yesterday again when polo was not working for 1 hour. It s risky to keep there. If you use a clean hardware and note your private keys, you are very safe.

You're in almost all cases losing money. Don't do "cloud-mining".


1) Electrum for BTC. Simple and fast to use and learn. Electrum wallet is very easy to backup safely. But privacy is not very good, because you're asking specific information from others (they can record what you asked). Bitcoin Core is also good being the most safe. But you'll need to download and validate the whole blockchain, which is >100GB currently. I don't know about doge, dash etc. wallets. I think there's a Doge version of Electrum, though.

2) If you do that, I'd suggest you use an exchange like Poloniex to exchange them for bitcoins, and immediately withdraw from the exchange. Exchanges are shaky, proven by history..

3, 4) Don't cloud-mine. You generally lose money and time.

i use bitrex to trade and store my coins, take care of cloud mining sites most of them are scams. if you mine altcoin hold them till their price rises that's how you can make a better profit.

Stop your attempt to mine, you are going to simply waste your money and time, there is nothing to be done when it comes to mining you need a mining farm just for the chance of being profitable.

1) The best wallet depends a lot on how you're planning to use your coins. If you're looking for a long time storage then consider paper wallet or at least HW wallet with backup. The general rule to be safe is to stay away from online wallets. I wouldn't trust any of them if you want to play safe.

- You can directly sell it on the exchanges which support DOGE/USD trades.


- You can calculate profitability calculator for each case and go with the best one which is rendering highest profitability.


I would suggest to invest 50% and withdraw 50% but again this depends on case to case so if you need it badly then you can withdraw all of your earnings and if you are already in the surplus then there is nothing bad in reinvesting those earnings.

For me, I prefer different wallets for different types of coins, because not all wallets have the same features. For example, one wallet can handle or store three types of coins, however, it may not have a private key or it does not support a multi-signature function. Another wallet can have all these features, but only supports one type of coin, say, Bitcoin. So with this, I try to separate them and have different coins stored in individual wallets. LiteVault for Litecoin; MultiDoge for Dogecoin; MultiBit, Electrum and Mycelium for Bitcoin; MyEtherWallet for Ethereum, etc.



You need to exchange them first to BTC before you can sell them, though others buy altcoins without the need of an exchanger. Try checking Bittrex, Bitstamp, OKCoin, and LocalBitcoins. Check this site as well for comparison and review of different exchange sites.



May I know what cloud mining sites are you talking about? As you probably know, there are many Ponzi cloud mining sites out there, so read every review and feedback available about these sites before even trying them out.

I realise most of these answers were already given in one way or another, but since i see you're making some mistakes here, i'd like to repeat them and chose my own wording:

1) You were correct, you cannot mine with a cpu. You might be able to mine some altcoins using your GPU, altough i would seriously doubt you would have invested in a decent GPU if i see the rest of your desktop's stats
2) stop right there, 99% of the cloud mining companies are scams, the rest sells you 100% of the risks for a very small cut in the profits.

Stop right there (again), stay away from online wallets and exchanges... Go for decent desktop wallets! They general rule is: if you're not the (only) one in controll of your private keys, you're not in controll of your funds... If the exchange/online wallet blocks you, gets hacked, runs away,... you're left with nothing.

In my experience, you get the best deal if you look around at all different exchanges exchanging the coins you want to exchange (wow, 3 exchanges in one sentence). Take into account that different exchanges have different fee structures!

If it's cloud mining, you'd be better off getting the hell out of their system.

My advice: if you're talking about cloudmining: withdraw as much as you can, don't look back! certainly don't re-invest

1) Blockchain , coinbase , jaxx
2) Well if you mine ethereum , you can exchange the coins to myetherwallet , i saw that they have a exchange for eth-btc '; btc-eth . Also you can go on bittrex/coinbase and you can exchange your eth or another currency to usd
4)You should invest all your profit Never dont cash out , just keep them , they crypto currencies are growing up

Don't use an exchange as your wallet.
I use coinomi mobile wallet for most of my cryptocurrencies as they can be used in a go.

Always back up your wallet. Use wallets as a wallet do not use an exchange as a wallet.
Noone can tell you what to mine you must look at the altcoins section and decide for yourself what suites you best. Also it supports the coin to mine it.

It's not always ebst to sell right away . Watch the graph. Learn from it.

Now im using fleex and Vixice, i dont have money to buy asics or invest on mining and actually the wallets that i "use"  (in "" becouse no have any currency)  is yobit and poloniex

YoBit is shady as hell.  If you want an exchange to store it on I'd suggest Bittrex, but ideally you'd wouldn't store it with someone else and would choose a software wallet such as Exodus, or use each coin's respective reference clients, backed up properly.
Go on CoinMarketCap.  You can see the pairs which are being traded and if the coin you're mining can be traded directly into fiat.  Personally I'd prefer trading to Bitcoin first.
Ideally you'd be mining yourself.  Cloud mining is seldom profitable (tell us what site you're using).  It's impossible to say which is best to "mine", because they vary based on the price and how the difficulty has adjusted to that.
Maybe you mean should you reinvest into cloud mining?  If so, the answer is no.

Welcome! A few answers for you on a few of your questions. I don't do mining, so I'll skip those.

Depends on your needs for security, convenience, etc. Check out this resource: https://www.cryptocompare.com/exchanges/#/overview


The same page? If you're in this for the investment, the investment is the crypto-currency. Don't sell the crypto-currency unless you're doing so to buy a different crypto-currency that you believe will have better investment growth opportunity. If you have a wallet that allows you to have possession of your private keys (best security) then you should pull out your coins into that wallet that you truly own. The only reason to maybe keep your coins with an exchange or other company is if they're paying you interest.

I'm new to this bitcoin stuff and that, I'm currently mining in the cloud, since I do not have equipment to mine, asics not much less gpu, I just have pentium 4, 1 gb of video and 2 of ram, practically one Basic pc, I want you to solve me several doubts:

1) Best wallet to store different types of coins (doge, dash, btc, litecoins, etc.) currently use yobit
2) If I mino another type of currency, an example: I start to mine dogecoins, can be sold directly or have to exchange for btc to then sell them
3) in the pages that I am currently mining I have the option for btc, dogecoin, dash, etherum, litecoins and even the same GH / S, my question is which is these coins is better to mine or is it preferable to mine a quantity of gh / s To be able to make more coins per hour / day / week / etc
4) 6) If I get 'X' amount of any currency, it is better to invest it on the same page or directly take it out to my wallet.