Introduction

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WolfOnHigh17

n00b
Joined
Nov 2, 2017
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I am just starting out in the fascinating realm of cryptocurrencies. I am tired of hindsight 20/20 kicking my ass and wishing I did something different. I will never claim to know more than I do, I am here to learn the most I can about this industry and how I can be an elite player in this field. I want to pick the minds of the brilliant so I too can be one of the brilliant. I do know this - crypto is the way of the future and while I may be fashionably late to the party but I sure as hell cant miss this one. I do have a coinbase account and understand i will need to setup a wallet.



“Every artist was first an amateur.” - Ralph Waldo Emerson



Well my artists - point me in the right direction. Help guide me in the way you wish someone had done with you. A few questions you can help me with are below: Thank you in advance and remember, i am knew so acronyms or industry jargon may not click immediately - so please, be patient and break things down Barney style for me.



-Is mining still profitable ? I have an IT job and my own lab where I can setup a rig or ASIC miner ; so i will not be paying for power.

-Is it possible to achieve TH/S or GH/S solo?

-Can anyone explain or point me in the direction of how i can decipher the difficulty level of mining a specific crypto?

-Does it make sense to invest in GPUs' ? Is the ROI still relevant?

-What is the best mining software and why?
 
Play around on whattomine.com and get yourself a plan.

Buy a card, any card with more than 2GB. For beginners, 1050ti offers very quick ROI.
Make a wallet, join a pool, and mine something. Don't panic that your wallet does not
immediately exist. It won't until your mining reaches the threshold for a first payment.

I recommend against multiples of 1050ti or any card without a dedicated power connector.
First one isn't a problem, but read my other thread about not doing math and starting fires...

You already have several wallets on coinbase, but not every coin of potential interest for mining.
You shouldn't mine solo to an exchange wallet, but you could perhaps point the occasional pool
payout there...

I use Claymore miner, but Nicehash is preferred by many and probably a better way to start.

When you get serious later, investigate the AMD cards. They give the most trouble, but also
the most return. They run hot, you are going to have to customise each BIOS, and every card
differs...

GPU mining is best done open air, and you will have a fun time trying to hide that at work.
If more than one card must hide in a tower or rack, reference blower types have advantage
for tightly packed situations.

I havn't messed with ASICs, but used ones with unprofitable power efficiency are showing
up cheap on Aliexpress and probably other places.
 
Last edited:
KD5ZXG said:
Play around on whattomine.com and get yourself a plan.

Buy a card, any card with more than 2GB. For beginners, 1050ti offers very quick ROI.
Make a wallet, join a pool, and mine something. Don't panic that your wallet does not
immediately exist. It won't until your mining reaches the threshold for a first payment.

I recommend against multiples of 1050ti or any card without a dedicated power connector.
First one isn't a problem, but read my other thread about not doing math and starting fires...

You already have several wallets on coinbase, but not every coin of potential interest for mining.
You shouldn't mine solo to an exchange wallet, but you could perhaps point the occasional pool
payout there...

I use Claymore miner, but Nicehash is preferred by many and probably a better way to start.

When you get serious later, investigate the AMD cards. They give the most trouble, but also
the most return. They run hot, you are going to have to customise each BIOS, and every card
differs...

GPU mining is best done open air, and you will have a fun time trying to hide that at work.
If more than one card must hide in a tower or rack, reference blower types have advantage
for tightly packed situations.

I havn't messed with ASICs, but used ones with unprofitable power efficiency are showing
up cheap on Aliexpress and probably other places.
Click to expand...

Thank you for the feedback and I have a couple follow-up questions:

- I am having a hard time understanding how mining pays out. What are a couple sites that offer a wallet for all of different types of coins i can mine?
- In terms of GPU's - can they mine any blockchain algorithm? I have seen many setups that are all one brand GPU and even farms that have all the same. If i snag a 1050ti will i be able to switch between Ethereum and Litecoin or does it just depend on the algorithm?

I would like to mine for profit but my main goal is to mine for the long term. I would like to research and mine up and coming crypto and less difficult coins in hopes that they will eventually gain traction and value.
 
I'm struggling with how to sell my btc and get cash in my checking account.

I tried using Cex.io, but transferring the $ to my checking account isn't allowed by the state of Kansas...

Any ideas?
 
craigdt said:
I'm struggling with how to sell my btc and get cash in my checking account.

I tried using Cex.io, but transferring the $ to my checking account isn't allowed by the state of Kansas...

Any ideas?
Click to expand...
try coinbase?
 
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