Topic: Starting mining altcoins (Read 517 times)

Yes that price is a steal, but just be cautious because of it. If this person doesn't have any reputation to go off of, maybe you can escrow the BTC. At least if he says no way on the escrow, that might be a red flag too.

At $1300 it will take you about 4-5 weeks to recover that cost on middlecoin.

Good deal ! Middle coin the pool switches to the most profitable coin so u start mining what ever is most profitable at the moment then they exchange it for bitcoin.

THIs is the message i got from the guy:

AS of your question of what to start, i would suggest to get mining rig of videocards for producing alternative cryptocurencies. To produce BTC and make profit you need a lot of money and it may not be profitable, because of shipping delays and growing difficulty. Mining scrypt coins like LTC, and many others you can earn a lot more and difficulty is not growing so fast.
I have experience of building best mining rigs, i have for sale curently two rigs, both have:

MB: Giga Byte GA-H61M-DS2H Rev. 2.0
CPU: Intel Celeron DualCore G1620
RAM: 16GB value
GPU: 4x Sapphire 7970 reference design (all at low 70's, produces 736kh/s each) 3.2Mh/s total
PSU: Corsair 1200W
HDD: Small factor 40GB preinstaled win7 64bit
one usual 16x-16x riser, 3x 1x-16x risers.

All is rock stable and already configured to make coins, you just have to connect it to your mining pool. I am mining at middlecoin pool, it automaticly mines the most profitable altcoin and automaticaly sells it to BTC, you just have to use you BTC address. I am asking 1300$ for one rig or 2500$ for both IN BTC, all hardware has 28 months warranty left. I canship them out tommorrow. Where are you located?


Now what does he mean by it is setup to automatically mine the most profitable coin, and am i understanding somethin gwrong or is this still a good deal.

Yeah, that's insane cheap man. Jump on that as fast as you can. Assuming it all works, you'd of spent more on just the GPU's than what he's asking. It's nowhere near enough to mine Bitcoin though. Anything outside of ASIC's are just spinning your wheels IMO. I mean you might see a little return but not nearly what you could make on other alt coins for sure.

Thats dirt cheap. I will buy it from you for that much right now. Thats a 2800kh/s RIG similar one sells for $2,500~$3,500 on eBay.

There are 2 ways to do the pool mining:

1) Join Multipool.com or middlecoin.com and let them manage it for you, this is the lazy way and least profitable of the three. These pools claim to take 1% fee but practically take about 50% of what you really make. You have no control over what they pay you.

2) Join other pools that are less known and have an account with a pool per coin. This is harder because its hard to find honest pools. It took me forever to find these pools that actually dont steal from me: a. for doge I use DOGEHOUSE.ORG b. for MOON I use bit34.com and c. for NETCOIN I use bitcoop. t k (sorry I had to breakup the URL like that). 4. for LOTTO I use lot.nut2pools.com. Now you have to watch coinwarz.com multiple times a day to switch between profitable coins. If a coin shows profitable but the difficulty shows -84%, thats a temporary move, DONT SWITCH to that coin. Some major pool probably is reseting its servers. Soon the difficulty will jump back up and your profitability drops.

Once you mine you have to decide what to do with the coins.

1) conservative. Send your coins little by little to Crypsty during the day and sell them for BTC and move them in your home laptop wallet. I convert everything I make to NETCOIN because its going to half in 40 days and I am hoping everything I mined would double.

2) aggressive. Do the above but instead of sending it to your home laptop wallet, convert the BTC to other speculative coins and trade with it. You can win or lose so that's another game. It could be just as profitable as your mining so you could lose all your mining efforts by trading the wrong coins.

coinwarz.com is an excellent resource for this sort of thing

I'd say that's a very good price if you intend to purchase the rig outright

bump

I'm thinking about buying this rig, for 1300.

MB: Giga Byte GA-H61M-DS2H Rev. 2.0
CPU: Intel Celeron DualCore G1620
RAM: 16GB value
GPU: 4x Sapphire 7970 reference design (all at low 70's, produces 736kh/s each) 3.2Mh/s total
PSU: Corsair 1200W
HDD: Small factor 40GB preinstaled win7 64bit
one usual 16x-16x riser, 3x 1x-16x risers.

These are the 3 things i need help with.
1.I kind of want to know the difference between mining bitcoin and altcoins.
2.He already has everything setup and all i have to do is connect it to my mining pool. It is supposed to automatically mine the most profitiable cryptocurrency, but i want to know the profibility of it.
3. Is all i do plug it in and join my pool and then just let it mine away?
I appreciate any help, and thank you in advance.