I want to get started mining.

Joined
Mar 20, 2021
Messages
4
Hi guys,

I have been tinkering around with mining for a while now. First I started out with two HD7970s and an i7 3770k CPU. So I have a little experience. Right now I have picked up three Zotac 1060 minis. I have about a thousand dollars and would like to buy some more equipment. However I do not know what would be a good buy right now with the crazy GPU prices. I will be reinvesting any profits into getting more equipment. I am looking for advice on what you guys would buy right now to get up and running? Thanks for your help guys.
 

sgrinavi

[H]F Junkie
Joined
Jan 18, 2009
Messages
8,797
Hi guys,

I have been tinkering around with mining for a while now. First I started out with two HD7970s and an i7 3770k CPU. So I have a little experience. Right now I have picked up three Zotac 1060 minis. I have about a thousand dollars and would like to buy some more equipment. However I do not know what would be a good buy right now with the crazy GPU prices. I will be reinvesting any profits into getting more equipment. I am looking for advice on what you guys would buy right now to get up and running? Thanks for your help guys.
Tough going for a new miner right now. Very risky ROI equipment at scalper prices, you'd be better off taking that $1000 and buying some crypto. It's the wild west out there right now, we bought a new coin the other day that 10x's overnight, then sold immediately. It's a matter of some research and timing. If you want something "safer" buy BTC or ETH on the dips.

Do you have a decent mining board and a/some quality PSU/s?
 

Wrecked Em

Supreme [H]ardness
Joined
Sep 14, 2004
Messages
7,164
580s are relatively inexpensive but still slightly profitable.
I considered paying scalper prices for new cards but, as mentioned above, when calculating the RIO, I subtracted out the immediate gain from just buying the crypto directly, paying off the card took quite a bit longer.

Obviously this requires a crystal ball to predict accurately because you have to assume what direction the value will go.
 

Starfalcon

Gawd
Joined
Jan 7, 2020
Messages
670
The first thing I would say to anyone just starting mining, is unless you can afford to lose everything you have invested dont get started. Plus with prices for cards that can actually mine well being multi-thousand dollars, and you not having much to invest, Id agree with people just saying buy the coin yourself.
 

Archaea

[H]F Junkie
Joined
Oct 19, 2004
Messages
11,274
Don’t buy overpriced pascal cards. When crypto profits fall back to nominal, they won’t be making money against electricity and you will have overpaid on acquisition. Same for for RX570 and RX580.

look at current gen ampere and AMD. If you can’t source the new cards — IMO don’t buy any cards. Don’t be shy about dropping $1K in BTC. I think it’ll has a much higher chance of hitting at least 100K or higher, before it would go to 0.
 
Joined
Mar 20, 2021
Messages
4
After reading I think you guys are right. I am going to do some research on buying some crypto. What is the best way to buy crypto? I know some ways cost more in fees than others. Is there any exchanges that offer any incentives on buying crypto? For example I seen some places that pay interest on crypto or will give you "x" amount of money if you deposit "x" amount of crypto. Do they do the same for buying?

I guess I will tinker around with these GTX1060s I have more for fun. I got one pretty much for free by trading some junk. I almost have another one paid off already. I spent $318 on two 1060s on ebay. I am just waiting for them to get here to get them mining too. I guess I'm the meantime if I can come across some profitable cards on the cheap during all this chaos I will grab them. It not I will just rack up as much as I can with these three cards for now.

My motherboard is a B450 Gaming Plus Max motherboard with 6 slots to run cards. I also have a Corsair AX850 powering my rig. I have a 550w Antec power supply I can run some cards from as well. I think the best course or action would be to make as much as I can with what I got and save it unless a good deal comes along. Then when prices get back to normal or I can start getting current gen cards for msrp start purchasing cards again. I am going to keep an eye out for a Bitcoin dip I guess and buy in. Then, as I learn and make some profit invest in some of the riskier coins. Thanks for your help guys.
 

Bigbacon

Fully [H]
Joined
Jul 12, 2007
Messages
18,775
1060s seem ok, if you have more than one go for it. Nicehash is ez mode. Wish i knew about it long ago.

What do you have to lose other than some money in electricity
 
Joined
Mar 20, 2021
Messages
4
1060s seem ok, if you have more than one go for it. Nicehash is ez mode. Wish i knew about it long ago.

What do you have to lose other than some money in electricity
I ended up cancelling my order for the two 1060s today. On Ebay the seller had marked the item was sent out via UPS ground service. Ebay said today was the estimated delivery date. Here I contact the seller and the items still had not been shipped. Today made two weeks since they were ordered. It seamed like the guy was just playing around trying to mine as much as he could from them before selling as he said the cards were being thoroughly tested before being shipped. So I now have $1318 to play with. I am learning about crypto day trading. I am going to try to make some money doing that until I can get some current gen video cards for a decent price.
 

Andrew_Carr

2[H]4U
Joined
Feb 26, 2005
Messages
2,055
Hi guys,

I have been tinkering around with mining for a while now. First I started out with two HD7970s and an i7 3770k CPU. So I have a little experience. Right now I have picked up three Zotac 1060 minis. I have about a thousand dollars and would like to buy some more equipment. However I do not know what would be a good buy right now with the crazy GPU prices. I will be reinvesting any profits into getting more equipment. I am looking for advice on what you guys would buy right now to get up and running? Thanks for your help guys.
This is a good start: https://www.kryptex.org/en/best-gpus-for-mining
The prices have been recently updated so they're pretty accurate. Try to get as many cards as possible with the lowest payback time. However, keep in mind that all the 4GB cards will be limited to non-ETH coins like Ravencoin so if that tanks you have less options to switch over to. I've had good luck buying old 1xxx series nvidia GPUs. AMD 5700 series, nvidia 3xxx series, and AMD 6xxx series (efficiency per watt) are great if you can get your hands on one, but that's probably going to be limited to newegg drops, best buy, and microcenter (if you're lucky) so I don't view it as a consistent source of GPUs. Definitely get one if you can, because they'll still be valuable if crypto crashes and will probably remain profitable, but I wouldn't bank on spending more than $2k or so on newer hardware at this point because they're so hard to get a hold of.

This guy is liquidating his old 4GB mining setup so you can get some good deals on used risers, cards, etc. usually
https://www.ebay.com/sch/swellcells/m.html?_nkw=&_armrs=1&_ipg=&_from=

I would recommend hiveos and thumb drives for the OS. I've had great success with sandisk 16gb thumb drivess. $10 per drive is a lot cheaper than almost anything else you'll find, and you want to save money wherever you can. You might be able to get away with only 4GB of RAM as well, and you could consider using the CPUs to mine Monero for a little extra profit.
 
Joined
Mar 20, 2021
Messages
4
I got a couple questions for you guys. I am hoping someone with way more experience than me can help me out. I have noticed mining with betterhash I can withdraw my coins to coinbase for free. If I withdraw my coins to my wallet there is a fee. I am trying to save money where I can. I noticed with coinbase pro withdraws are free. Is there a way I can withdraw my coins to coinbase then send them to coinbase pro? From there withdraw for free to my blockfi account so my coins can earn interest. Will this method avoid fees, or am I pretty much stuff paying fees somewhere?

My second question is I am looking to start buying crypto. Right now my money is in my son's bank account because I have not got around to opening a new bank account. I know when you buy crypto with debit/credit cards there are fees involved. Once again I am trying to save money by trying to avoid fees. What is the best way for me to buy crypto? What is the best way for me to buy avoiding as much in fees as possible? I am just trying to find the most efficient way. I do not want to waste money unnecessarily. Thanks again guys I appreciate it greatly.
 

oblox

[H]ard|Gawd
Joined
Nov 27, 2013
Messages
1,062
Once they are on coinbase, go to pro.coinbase.com after being logged in and deposit your coins for free from coinbase.

As for your second question, there is always going to be fees involved but likely wire transferring to Pro and placing limit orders without taking liquidity. IIRC, it's around 20bp but it has been awhile since I bought this way,
 

Andrew_Carr

2[H]4U
Joined
Feb 26, 2005
Messages
2,055
I got a couple questions for you guys. I am hoping someone with way more experience than me can help me out. I have noticed mining with betterhash I can withdraw my coins to coinbase for free. If I withdraw my coins to my wallet there is a fee. I am trying to save money where I can. I noticed with coinbase pro withdraws are free. Is there a way I can withdraw my coins to coinbase then send them to coinbase pro? From there withdraw for free to my blockfi account so my coins can earn interest. Will this method avoid fees, or am I pretty much stuff paying fees somewhere?

My second question is I am looking to start buying crypto. Right now my money is in my son's bank account because I have not got around to opening a new bank account. I know when you buy crypto with debit/credit cards there are fees involved. Once again I am trying to save money by trying to avoid fees. What is the best way for me to buy crypto? What is the best way for me to buy avoiding as much in fees as possible? I am just trying to find the most efficient way. I do not want to waste money unnecessarily. Thanks again guys I appreciate it greatly.
At the end of the day, if you don't control the private keys to your crypto you don't really own it. Look up Mt. Gox for what can happen to exchanges. I would get a hardware wallet or use cold storage to withdraw your coins to, and only leave what you're willing to lose on an exchange. I wouldn't treat someone like Paypal as a bank, and in the same way I wouldn't trust coinbase or anyone else with all of my crypto.
 

k3czup

n00b
Joined
Apr 17, 2021
Messages
1
I will follow on grimreaper1014's questions - what is the best way/app to trade? Is Binance the right way to go? My friend advised me that one.
 

pt1c4

Weaksauce
Joined
Feb 19, 2021
Messages
64
I start to mining with nicehash,i download nicehash miner for gpu+cpu.
I have ryzen 2700x 4.1GHz and gtx 1060 3gb.Currently CPU is mining on 50% usage and GPU is on 100% load/usage. I get 1.1USD per 24h. Is this ok for that hardwer? I use 456.71 driver because latest nvidia driver didn't want running nicehash..
Can this be improved in any way?Thanks.
 

auntjemima

Supreme [H]ardness
Joined
Mar 1, 2014
Messages
8,022
I start to mining with nicehash,i download nicehash miner for gpu+cpu.
I have ryzen 2700x 4.1GHz and gtx 1060 3gb.Currently CPU is mining on 50% usage and GPU is on 100% load/usage. I get 1.1USD per 24h. Is this ok for that hardwer? I use 456.71 driver because latest nvidia driver didn't want running nicehash..
Can this be improved in any way?Thanks.
I don't see you getting much more than that in the 3gb card.
 
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auntjemima

Supreme [H]ardness
Joined
Mar 1, 2014
Messages
8,022
I will follow on grimreaper1014's questions - what is the best way/app to trade? Is Binance the right way to go? My friend advised me that one.
I use Bittrex, only because I had some obscure coin I needed to get rid of. I like it overall.
 

pt1c4

Weaksauce
Joined
Feb 19, 2021
Messages
64
I don't see you getting much more than that in the 3gb card.
Why cpu not work on 100%? It says failed to apply MSR mode, hashrate will be low...
to acces MSR registers administrator privileges required...?? It seems to work only 8/8 threads
Gpu clock is 1911mhz(much more than gaming) and memory clock is 1901.2mhz(lower than default).
 

auntjemima

Supreme [H]ardness
Joined
Mar 1, 2014
Messages
8,022
Why cpu not work on 100%? It says failed to apply MSR mode, hashrate will be low...to acces MSR registers administrator privileges required...
Gpu clock is 1911mhz(much more than gaming) and memory clock is 1901.2mhz(lower than default).
It's right in the message. You need to run the miner as an administrator. Right click the program, bat file, nicehash, whatever you use and select "Run as administrator".
 
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pt1c4

Weaksauce
Joined
Feb 19, 2021
Messages
64
It's right in the message. You need to run the miner as an administrator. Right click the program, bat file, nicehash, whatever you use and select "Run as administrator".
Thanks, now is little beter but cpu is again on 50% usage
 

noko

Supreme [H]ardness
Joined
Apr 14, 2010
Messages
6,278
Hi guys,

I have been tinkering around with mining for a while now. First I started out with two HD7970s and an i7 3770k CPU. So I have a little experience. Right now I have picked up three Zotac 1060 minis. I have about a thousand dollars and would like to buy some more equipment. However I do not know what would be a good buy right now with the crazy GPU prices. I will be reinvesting any profits into getting more equipment. I am looking for advice on what you guys would buy right now to get up and running? Thanks for your help guys.
With scarcity and the high prices of Crypto and more likely near or at the top of the peak (who knows how long that will last). I would not recommend a GPU unless you can get one at MSRP, 3080 (best bang per buck mining), 3060Ti (basically same as a 3070 hashrate). For AMD, 5700 or 5700XT (good luck finding one at a decent price, a yard sell is probably your best bet with someone just wanting to get rid of it). So there are other options:
1. Buy an ASIC, Amazon even has them for sell which is a safer bet vice paying in Crypto and waiting for a shipment from China (I got robbed about $1400 for being stupid on one ASIC that I never got). Anyways plug in the hashrate for the ASIC available and for coin it can mine, look up what it would give you using something like https://www.whattomine.com/ and figure out if it is worth it or not. ASICs can be very profitable initially but can go downhill quick as others buy the newer faster models as well
2. CPU mining, Monaro maybe worth a try
3. Buy mining hashrate like at Nicehash and let someone else mine for you is also a viable option but really not that fun to tell the truth
 
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