Topic: NOOB Question (Read 572 times)
Mining is VERY competitive now. If you're good with computers yourself you can dive in and learn to build your own profitable mining rigs. Otherwise you might want to go with a supplier like Butterfly Labs for equipment. There are also "cloud" mining companies coming out where you can simply buy the amount of mining power you want per month and keep any coins found. Good luck!
Furthermore, to interface to the BTC marketplace you need software and a relevant Bitcoin account. This includes having your own BTC wallet.
Thanks for taking the time!
J
Well, it's simply not profitable mining Bitcoin from anything else other than an ASIC, and even one ASIC probably wont be worth it.
Your best bet is to visit a site such as coinwarz and check out which coins are most profitable to mine, use your judgement and mine
which coin you think is best.
Next find a tool which you can use to mine and how to set it up, personally i use cgminer and it works fine for me.
After that you need to find a pool because solo mining is simply not an option really, set your cgminer up to connect to that pool then your
off!
Note:
You have two options:
1: Mine with CPU: You're looking at maybe 20kh/s with your average processor, which is pretty poor to be honest and you want
to avoid mining with your CPU simply because at best you'd probably break even.
2: Mine with your GPU, which with an average card you'll probably get around 80KH/s but can go anywhere up to 8-900 depending on which
card you have, i personally use the R9 280x vapor-x and get 750KH/s with each card.
Once you have started mining, you can set up an account on a trading site ( i personally use cryptsy, they're pretty good but tend to make a
few mistakes now and then ) which then you can set up a wallet for any coin, transfere the coin you've been mining and trade it for BTC. You can then
trade your BTC to your coldstorage wallet.
For BTC you can use any wallet you like, alot of people use online wallets, god knows why because your money is in someone elses hands, and it's uninsured
and is probably at more risk than on your own PC. So i suggest using a local wallet such as Armory and put it in cold storage.
Hope this helps.
Your best bet is to visit a site such as coinwarz and check out which coins are most profitable to mine, use your judgement and mine
which coin you think is best.
Next find a tool which you can use to mine and how to set it up, personally i use cgminer and it works fine for me.
After that you need to find a pool because solo mining is simply not an option really, set your cgminer up to connect to that pool then your
off!
Note:
You have two options:
1: Mine with CPU: You're looking at maybe 20kh/s with your average processor, which is pretty poor to be honest and you want
to avoid mining with your CPU simply because at best you'd probably break even.
2: Mine with your GPU, which with an average card you'll probably get around 80KH/s but can go anywhere up to 8-900 depending on which
card you have, i personally use the R9 280x vapor-x and get 750KH/s with each card.
Once you have started mining, you can set up an account on a trading site ( i personally use cryptsy, they're pretty good but tend to make a
few mistakes now and then ) which then you can set up a wallet for any coin, transfere the coin you've been mining and trade it for BTC. You can then
trade your BTC to your coldstorage wallet.
For BTC you can use any wallet you like, alot of people use online wallets, god knows why because your money is in someone elses hands, and it's uninsured
and is probably at more risk than on your own PC. So i suggest using a local wallet such as Armory and put it in cold storage.
Hope this helps.
You can easily see how much you will get at this site : http://bitcoinwisdom.com/bitcoin/calculator
cheers
cheers
Check Alternate cryptocurrencies section
Ok, I know you cant mine BTC etc... from a desktop, but where can I mine new currencies and how from a desktop? And when to tell when they come out?
Check Alternate cryptocurrencies section often, new day, new coin
If you have good ATI graphic card you can mine Scrypt coins, otherwise stick with CPU coins only
Well, it's simply not profitable mining Bitcoin from anything else other than an ASIC, and even one ASIC probably wont be worth it.
Your best bet is to visit a site such as coinwarz and check out which coins are most profitable to mine, use your judgement and mine
which coin you think is best.
Next find a tool which you can use to mine and how to set it up, personally i use cgminer and it works fine for me.
After that you need to find a pool because solo mining is simply not an option really, set your cgminer up to connect to that pool then your
off!
Note:
You have two options:
1: Mine with CPU: You're looking at maybe 20kh/s with your average processor, which is pretty poor to be honest and you want
to avoid mining with your CPU simply because at best you'd probably break even.
2: Mine with your GPU, which with an average card you'll probably get around 80KH/s but can go anywhere up to 8-900 depending on which
card you have, i personally use the R9 280x vapor-x and get 750KH/s with each card.
Once you have started mining, you can set up an account on a trading site ( i personally use cryptsy, they're pretty good but tend to make a
few mistakes now and then ) which then you can set up a wallet for any coin, transfere the coin you've been mining and trade it for BTC. You can then
trade your BTC to your coldstorage wallet.
For BTC you can use any wallet you like, alot of people use online wallets, god knows why because your money is in someone elses hands, and it's uninsured
and is probably at more risk than on your own PC. So i suggest using a local wallet such as Armory and put it in cold storage.
Hope this helps.
Your best bet is to visit a site such as coinwarz and check out which coins are most profitable to mine, use your judgement and mine
which coin you think is best.
Next find a tool which you can use to mine and how to set it up, personally i use cgminer and it works fine for me.
After that you need to find a pool because solo mining is simply not an option really, set your cgminer up to connect to that pool then your
off!
Note:
You have two options:
1: Mine with CPU: You're looking at maybe 20kh/s with your average processor, which is pretty poor to be honest and you want
to avoid mining with your CPU simply because at best you'd probably break even.
2: Mine with your GPU, which with an average card you'll probably get around 80KH/s but can go anywhere up to 8-900 depending on which
card you have, i personally use the R9 280x vapor-x and get 750KH/s with each card.
Once you have started mining, you can set up an account on a trading site ( i personally use cryptsy, they're pretty good but tend to make a
few mistakes now and then ) which then you can set up a wallet for any coin, transfere the coin you've been mining and trade it for BTC. You can then
trade your BTC to your coldstorage wallet.
For BTC you can use any wallet you like, alot of people use online wallets, god knows why because your money is in someone elses hands, and it's uninsured
and is probably at more risk than on your own PC. So i suggest using a local wallet such as Armory and put it in cold storage.
Hope this helps.
Sorry for such a noob question in advance!
Ok, I know you cant mine BTC etc... from a desktop, but where can I mine new currencies and how from a desktop? And when to tell when they come out?
I'm obviously new and reading about it as we speak...so be kind lol...
I don't even have a wallet, still holding my meager coins on the exchange...Help!
Thanks in Advance!
Joe
Ok, I know you cant mine BTC etc... from a desktop, but where can I mine new currencies and how from a desktop? And when to tell when they come out?
I'm obviously new and reading about it as we speak...so be kind lol...
I don't even have a wallet, still holding my meager coins on the exchange...Help!
Thanks in Advance!
Joe
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