Topic: What I learned when I was a Noob. (Read 755 times)

Thanks, I totally agreeee

Thanks for the reply, I've added 'difficulty' to my list. Why does my list keep getting longer?

Well, you have learned quite enough and I will not consider you as a Noob. The points you mentioned in your post are very informative because I have done some of them my self and learned many new things from my experiences. The best thing that I got so far is to mine only those coins with GPUS that are not high in difficulty. If you have a rig with multi GPUS then you should try to mine ETH because it will yield many benefits in future.

Great list.  As a newer miner (3 months) that experiments with a lot of different coins, I think mining is a breeze.  Someone can buy a rig and just mine eth 24/7.  I don't touch my rigs during the week generally.

I would add to section 2 that never every buy high priced miners off of eBay. Especially 2nd batch onward, they never provide ROI. If you feel the coin will go up and thus you will get returns, then why not simply invest instead of mining. Mining is difficult and time consuming job.

Awesome Post, I am still a newbie but have learned a lot these past months mining. It definitely is a lot of work especially during the set up phase and like anything else is not a get rich quick scheme, but I do love it for the flexibility and the constant income coming in once you have it set up. I don't plan on stopping anytime soon, in fact I want to keep growing my operation!!

OP is a newbie but the post is legendary. I would add "learn what difficulty is" to section 2.

What a program for a 2 posts/activity newbie !
I am looking forward to reading what you will have learned when you will be "legendary".
I am patient...

I wouldn't say these points should be considered as the 'rules to follow' but the general idea is very well outlined.
Some assumptions may be correct for the past, yet may not be relevant for the future...

From the technical point of view: do test several things in parallel and make sure you introduce any changes gradually and NOT in parallel

That is absolutely right. Sorry if I have to ask this, but as a newbie I always confuse. I'm a high school student, I have been knowing Bitcoin since 4 years ago. In my opinion the only way to make some good income is through mining. But I don't have enough money to buy some rigs. What do you suggest for people like me ? I am not gonna use money to get laid or buy video games. I use it to my family needs.

Now I have been working and collect some money. I have an online jobs and a real job. But I still don't understand how should I start it, and don't know how much money to start mining.

I just wanted to take the time to say thank you for creating this awesome little tutorial, it's obvious that you didn't have to do this and in some ways a lot of people see imparting this type of advice as creating rivalry because the more people who mine the faster the difficulty goes up in any currency. that being said I thank you for your contribution and I hope that a lot of people see this thread in the future who are interested in mining because this is very good advice and it should be followed with careful wisdom.

What I learned when I was a Noob. (Actually, I’m still a Noob!)

1. Price and predictions:
o   Avoid any posts are videos claiming that this coin is going to the moon. Don’t be a sucker for someone else’s delusion
o   Research previous prices for Bitcoin and others. I’m talking 1 to 10 years. That will put what is happening now into the proper perspective.
o   The price of GPU’s will never go down. Yeah, right.
o   The price of coins will never lose 90% of its value. Everything always goes up in price.  /sarc

2. Mining, research and experimentation.
o   Have at least 2 cards to mine with. They don’t have to be top cards, just something to play with.
o   Use one card to setup wallets and experiment with various coins. Is your wallet getting your coins?
o   Experiment and gain experience by mining different coins with one card. Use the other card to mine at an auto miner like NiceHash. Note the differences. If you make some money, great.
o   Understand the various miners, how they operate, which brand GPU do they work best with (AMD or Nvidia).
o   If don’t understand something RESEARCH. Your question has probably been answered 100 times on the many different forums.
o   Research the various coins. Read/watch videos about the blockchain.

3. Who will stay mining.
o   Those who understand that it is a lot of WORK to mine.
o   Those who understand that crypto is constantly changing.
o   Those who understand you won’t get rich overnight, tho it does happen.

I’m sure there are many more that could fit on this list. Feel free to add your insights. I’m new at this mining business but I do enjoy it immensely. The more I learn, the more fun it becomes.