Beginners guide to mining?

Discussion in 'Mining & Cryptocurrency' started by GhengisKhan, Feb 24, 2018.

  1. GhengisKhan

    GhengisKhan [H]ardness Supreme

    Messages:
    5,929
    Joined:
    May 16, 2005
    I have not been able to figure out what I need to start mining. Has anyone written or found what would be considered a beginners guide to crypto mining?
    I am not looking to get into it for anything more than a few extra bucks to spend on stuff like maybe buying a new PC game every so often, or small in-game purchases (skins and crates in CS:GO, etc...), and as a learning experience.
    Current rig has an AMD 8320E @ 4.4GHz and an ASUS ROG Strix 1070 8G @ 2063MHz
    I have no plans to buy any additional hardware.
    Power cost is very low, I only pay 1/2 of the electric bill, and even then it's only about $0.065Kw/h.

    1) What type of coins should I consider mining with only the hardware listed above?
    2) How would I go about creating a wallet, and what options are there?
    3) How do you go about spending / withdrawing money from these wallets?
    4) How is mining done anyway? What software, and where would I get it from?
     
  2. atp1916

    atp1916 [H]ard|DCoTM x1

    Messages:
    3,394
    Joined:
    Jun 18, 2004
    So, I will take a stab at this -

    <As of the post date of this message>
    • What type of coins should I consider mining with only the hardware listed above?
    CPU = Cryptonight (XMR)

    NVidia = Tier 1 Algorithms : [ Equihash / Neoscrypt / Lyra2RE2 ]
    Tier 2 Algorithms : [ Cryptonote / Ethereum Dual ]

    Forget about mining out individual coins until you have a good "feel" for things in general.
    • How would I go about creating a wallet, and what options are there?
    Online service = Use Coinbase / Kraken (US) / Blockchain.org (wallet only for now)

    Offline = paper wallet to put your coin in cold storage
    • How do you go about spending / withdrawing money from these wallets?
    Coinbase or Kraken account can cash out to bank account (KYC laws apply)

    Gyft (gift cards)
    • How is mining done anyway? What software, and where would I get it from?
    Individual miners (the software) i.e. DSTM / EWBF / CCMiner / Claymore / XMR_Stack / SGMiner / Excavator all are tuned individually to mine out specific algorithms.

    Nicehash (NH) - Fire n Forget Route

    Download their Nicehash Legacy Miner and configure it to hit a specific set of algorithms generally most profitable for your card. NH will automatically mine out the best profit coin of the algorithms you have enabled. NH then auto-converts to btc and your deposits in your "internal" wallet. Read up on how they handle fees, this internal wallet, and how their internal wallet differs than a real bitcoin wallet.

    Other Options - Manual

    Awesome Miner handles your local miner, its pool connection, and profit-switching. Same concept as NH, except more manual in the sense you need to manage pools (different types of coins).


     
    Last edited: Feb 25, 2018
  3. Missing the point

    Missing the point 2[H]4U

    Messages:
    2,677
    Joined:
    Mar 27, 2000
    I used nicehash before, and am currently using MiningPoolHub.com with EWBF miner, and I am enjoying mining zcash directly and having it auto-switch to VTC... no minimums really and constant VTC payouts :)
     
  4. GOD'SlittleSERVANT

    GOD'SlittleSERVANT [H]ardness Supreme

    Messages:
    6,790
    Joined:
    Jul 18, 2001
    The type of coins you should be mining will vary from person to person. I'm personally on the Electroneum bandwagon. They have a great dev team behind them and just pushed out their mobile app a few days ago. They should hit at least a dollar by the end of the year.

    I'll be pulling in around 100 coins a day by next Tuesday when I get my other RX 56.
     
  5. Verge

    Verge [H]ardness Supreme

    Messages:
    5,708
    Joined:
    May 27, 2001
    AYSM?
     
  6. GOD'SlittleSERVANT

    GOD'SlittleSERVANT [H]ardness Supreme

    Messages:
    6,790
    Joined:
    Jul 18, 2001
    They're still new, obviously there are some flaws, but IMO, you can tell they care about their investors. I'm sticking with my investment and hoping for the best in the near future.