newbies guide to coin mining?

Discussion in 'Mining & Cryptocurrency' started by NorthboundOcclusive, Dec 30, 2016.

  1. NorthboundOcclusive

    NorthboundOcclusive n00bie

    Messages:
    18
    Joined:
    May 18, 2012
    surprised there isnt something stickied in here, and didnt see anything with a cursory look around here, so forgive me if im missing something obvious.

    how does someone who's woefully inept go about getting started mining? just on the software-side of things, what's recommended for ease-of-use for first timers.

    have a PC and a couple old GPUs (HD5750, GF 8400gs, old) lying around essentially unused, and my main PC is usually idle during the day while im at work.
    i have no illusions about making lots of money, since i dont have any of the popular/expensive GPUs or specialized hardware for this sort of thing. really what i'd want out of it is an equivalent to $5-10/month, something that could pay for a VPN service, the occasional goodies from Newegg or some such
     
  2. Farva

    Farva King of borked Picture links

    Messages:
    35,730
    Joined:
    Feb 3, 2004
    Not worth it. Your energy costs will exceed anything you mine.
     
    TrailRunner likes this.
  3. NorthboundOcclusive

    NorthboundOcclusive n00bie

    Messages:
    18
    Joined:
    May 18, 2012
    fair enough. as an academic exercise then? just to b able to say yeah ive done that
     
  4. Probleminfected

    Probleminfected Gawd

    Messages:
    967
    Joined:
    Dec 20, 2013
    Go over to bitcointalk for many answers to many questions.

    Different coins require different techniques.

    Nicehash miner is the easiest out there. But you'll only make a few dollars a day on high end video cards. And that's not including the cost to power the system. Though in the winter time your mining box can be used as a heater.
     
    Wyodiver likes this.
  5. MrGuvernment

    MrGuvernment Pick your own.....you deserve it.

    Messages:
    19,317
    Joined:
    Aug 3, 2004
    These days mining is not worth it unless you own a data center in China... :D
     
  6. SXT15

    SXT15 n00bie

    Messages:
    18
    Joined:
    Jan 1, 2017
    oh if only it were the days bitcoin just started wished i would have gotten in on it
     
  7. Retronym

    Retronym Pick your own.....you deserve it.

    Messages:
    19,189
    Joined:
    Mar 5, 2007
    I plugged in my 6 core Mac pro trashcan to Slush pool for fun a few days ago.

    It would take me longer than I have to live to make enough money to cover the mining fees of a transaction...
     
  8. cdabc123

    cdabc123 Gawd

    Messages:
    898
    Joined:
    Jun 21, 2016
    I am currently greatly profiting off different coins where the cost of electricity (.10) kwh is low enough that I still earn enough to make back the cost of the hardware. I'm don't think those cards have enough vram to do much and I'm currently mobile but if anyone wants to shoot me a pm I would be happy to go more in depth
     
  9. TheLAWNoob

    TheLAWNoob Limp Gawd

    Messages:
    288
    Joined:
    Jan 10, 2016
  10. cdabc123

    cdabc123 Gawd

    Messages:
    898
    Joined:
    Jun 21, 2016
  11. imre

    imre Limp Gawd

    Messages:
    217
    Joined:
    Jan 2, 2012
    Never enough information for these things which is why its hard to get the right person to help you by in life.

    Get yourself a decent GPU or 2 of them if you board supports 2 PCI-E slots....then worry about your Motherboard and CPU.
    I am from the stone age and i only discovered mining coins about 5 weeks ago.... still looking for guidance BUT i am trying to do something about it by following my own gut feeling,
    The if i start swearing a lot more than i do and i figure out the commands and GUIs properly i will be asking as many people as i can how to do this and that.
    It is best to find somebody that can actially log in to your machine and setup the binaries and batch files for you.
    I have done this and i have joined a few pools so if u need help i can help you as a beginner-crawl level that's it.
     
  12. cdabc123

    cdabc123 Gawd

    Messages:
    898
    Joined:
    Jun 21, 2016
    if anyone does need halp i wouldnt mind. feel free to shoot me a pm. im running ~20 290's atm and planning on expanding soon. i have mined many differant coins.
     
    imre likes this.
  13. imre

    imre Limp Gawd

    Messages:
    217
    Joined:
    Jan 2, 2012
    How on earth do you solo mine, i tried a guide where u need to update the {coin}.conf file and then use those same details like 127.0.0.1:port user pass but it doesnt freeking work
     
  14. imre

    imre Limp Gawd

    Messages:
    217
    Joined:
    Jan 2, 2012
    any body ?
     
  15. bitcrow

    bitcrow n00bie

    Messages:
    10
    Joined:
    May 10, 2017
    You don't solo mine on established coins unless you already have a lot of hash power. For example, on Ethereum, I would suggest to start solo mining when you have at least 12-18 GPUs or 2-3 6xGPU rigs.. Even at 2 I find it too low now. Pool mining will give you predetermined payout based on hashrate and difficulty at any given hour, therefore you get paid every day, hour, whatever it is, and get reliable payouts.

    If you mine solo with too little hashrate, you might be delayed 2-3+ days per block as difficulty rises, which in the end will net you less than having had regular profits, luck does play a small role but unless it's a fresh coin with low difficulty, stick to pool mining.
     
    imre likes this.
  16. imre

    imre Limp Gawd

    Messages:
    217
    Joined:
    Jan 2, 2012
    Give me one i can SOLO mine then?
    :)
     
  17. DuronClocker

    DuronClocker Gawd

    Messages:
    930
    Joined:
    Mar 12, 2004
    Stick to eth for a while. It is extremely easy to jump into, is still pretty profitable right now, and your AMD cards are best at it. Make some money, buy another card, increase profit, mine some more, rinse, lather, repeat..
     
    bitcrow likes this.
  18. bitcrow

    bitcrow n00bie

    Messages:
    10
    Joined:
    May 10, 2017
    I agree, looking for new coins all the time is not often the best way to go. You can reinvest what you mine into cheaper upcoming coins, but just like any market, you need to do research and know what you're buying, everything is a risk, nothing is a sure thing. Like Duron pointed out, your AMD cards are best at ETH and its easy to ROI on them right now, I would just get on claymore, set and forget.
     
  19. rehab

    rehab Gawd

    Messages:
    700
    Joined:
    Aug 23, 2005
  20. DuronClocker

    DuronClocker Gawd

    Messages:
    930
    Joined:
    Mar 12, 2004
    Maybe, but his "problems" when building machines included bending CPU pins, having to re-seat RAM, and power cables not plugged in correctly don't exactly inspire confidence :D

    With AMD hardware, ethereum is going to be more immediately profitable for him, especially if using Nicehash where he gets paid in BTC. If he was going to mine the Zcash directly to hold onto for a while, it might end up paying off. Myself, I'm going to less-risky immediate-reward way here.
     
  21. rehab

    rehab Gawd

    Messages:
    700
    Joined:
    Aug 23, 2005
    You do have a good point. Im very novice so anyone with any comprehensive info looks like a pro to me...dunning kruger I suppose. So Duron - a single 6x 4GB 470 rig for ETH is still worth setting up? Or should I try for classic?
    Do you keep a blog or anything on the miners you have in production?

    thanks!
     
  22. DuronClocker

    DuronClocker Gawd

    Messages:
    930
    Joined:
    Mar 12, 2004
    1stminingrig.com is another pretty decent resource.

    In all honesty, I'm fairly new to the mining thing myself. I only started throwing machines together over the past couple months. I'm going to be putting the 4th 7-gpu machine together over the next few days, and then I'm probably done. Basically at the limits of the power available in my garage, and it is damn warm out there. Its only going to get hotter over the next few months (central Florida). They put out a LOT of heat. Do not underestimate what 1000-1200 watts (per machine!) 24/7 feels like.

    Still seems profitable enough to me to throw it all together. Power here is 12-13 cents/kwh, so it isn't too bad. Not quite as cheap as some places though. Revenue varies, but each card generally makes $2+/day after electric, so its $400-500/mo (after electric, before taxes) per 7-card machine. Each machine ends up costing somewhere in the neighborhood of $1500 including all of the small bits and pieces, so they'll take a few months to break even. Then it is just electric, broken parts, and taxes.

    I'm not really well-versed in anything other than eth and zcash, and honestly I'm still quite the novice with those. I use Nicehash on Windows for my GTX 1080Ti (that thing changes between 4-5 different algo's several times a day), and I have ethOS running on the 7-gpu machines. They are running Claymore and connecting to Nicehash's daggerhashimoto pool. As I've mentioned before, it might not be the most profitable way of doing it (Nicehash's pool fee is 3%), but it is convenient to have everything going to one single Nicehash account and automatically dumped to a BTC wallet. One of these days I'll do a little more research and switch to a cheaper eth pool.



    If I had to give starter advice to someone who has never tried it before:

    1. Go to Coinbase. Set up wallet. Opinions vary widely on the best way to go about setting up a wallet. Coinbase to me was easy, and I don't intend on leaving enough BTC in there ever to really worry about.
    2. Go to Nicehash and download their miner.
    3. Put your BTC wallet ID in the tool.
    4. Benchmark (if you're running AMD hardware, uncheck all boxes other than DaggerHashimoto just to get through the benchmarking faster.. none of the other algos are generally nearly as profitable on AMD hardware).
    5. Start mining.
    6. Install MSI Afterburner and tweak settings for best power efficiency & performance. If using AMD hardware, look into BIOS modding. Changing memory timings has an immensely positive impact on eth hashrate on AMD cards.
    8. Deposit money from Coinbase to bank account.


    That's it. Those steps work for both AMD and nVIdia. You just get to skip some with nVidia. You can literally be earning money within 10-15 minutes.
     
  23. cdabc123

    cdabc123 Gawd

    Messages:
    898
    Joined:
    Jun 21, 2016
    if you ever need some help feel free to shoot me a pm. As regards to your questions yes it is more then profitable right now however the prices on cards are a bit high right now due to the 5 series release. And mem is the only thing that matters on the Polaris cards. And some of the 4gig cards will need to be flashed to get decent performance
     
  24. cdabc123

    cdabc123 Gawd

    Messages:
    898
    Joined:
    Jun 21, 2016
    I use etherminer and claymore miner on all my rigs it gives a bit more control on when you cash out your ether and is a bit more efficient
     
  25. rehab

    rehab Gawd

    Messages:
    700
    Joined:
    Aug 23, 2005
    Well i left this thread and went and purchased 2 of the MSI Armor 580 OC 8GB cards at B&H. I had some credit there...so... I read there is no real benefit to the 5 series but since cost was not an issue...what the heck.

    Here is the rest of the hardware..its all sitting in boxes from last PC. Im a little concerned I will run into issues with the age of my board and the 580s.. but I will flash the BIOS tonight.

    Core i7-860
    Cooler Master - Hyper 212 EVO
    Asus - P7P55D-E PRO ATX LGA1156 Motherboard
    Crucial - Ballistix Sport 16GB
    Kingston - HyperX Fury 240GB 2.5
    Thermaltake TOUGHPOWER 750W 80 PLUS GOLD

    Crossfire is pointless correct? Any recommendations on Linux or Win for this? I will be looking into ETC to start with.

    I figure since this all cost me out of pocket 209.00 I might as well give it the ol' college try.

    Thanks for any info - and thanks for the offer cdabc123 , im sure ill take you up on that over PM.
     
  26. cdabc123

    cdabc123 Gawd

    Messages:
    898
    Joined:
    Jun 21, 2016
    the board will be fine all my rigs run on supermicro dual 1366 boards with a Xeon l5520 (I got the combos for around 60 each)

    I heard the 580s can have a issue with flashing the bios but I don't remember details. You will also want to find one with specific memory (I also don't remember this I have yet to mess with those cards much)

    don't crossfire the cards just plug then in and install drivers.

    If your good with linux feel free to use it but I would recommend windows 2012r2 that is what I use on am my rigs and it works great.
     
    rehab likes this.
  27. workshop35

    workshop35 Limp Gawd

    Messages:
    226
    Joined:
    Nov 24, 2013
    Remember that you may calculate profits today but a month from now it may be significantly less. Coin price changes can swing drastically but people always forget that difficulty is what really kills it.
     
  28. cdabc123

    cdabc123 Gawd

    Messages:
    898
    Joined:
    Jun 21, 2016
    true but their are a few coins currently profitable so even if one fall off the face of the earth their is a good chance something else is profitable
     
  29. workshop35

    workshop35 Limp Gawd

    Messages:
    226
    Joined:
    Nov 24, 2013
    Yup, theres usually something you can make a tiny bit off of. I just think its important that people realize that you may think you can get return on investment in a few months at current prices and difficulty, when in fact it may take three times as long as what they think and it might not happen at all.
     
  30. imre

    imre Limp Gawd

    Messages:
    217
    Joined:
    Jan 2, 2012
    I still dont understand how to calculate this stuff, i dont get it at all,
    I need somebody to do this with me on desktop screen share
    speaking in words is not the same, draw me a picture.
     
  31. TheLAWNoob

    TheLAWNoob Limp Gawd

    Messages:
    288
    Joined:
    Jan 10, 2016
    That's not true.

    I sold my 290s and 280s when litecoin crashed. If I kept mining I'd be laughing my way to the bank right now.

    I missed last year's ether mining crazy by 5 month. By the time I started last June I could've ROIed more than 3 times if I kept my old cards.

    Right now I have a shitload of 470s and 570s. I'm keeping them even if the profits barely pay for electricity.
     
  32. workshop35

    workshop35 Limp Gawd

    Messages:
    226
    Joined:
    Nov 24, 2013
    It is true. What I said was that you cant look at todays price/difficulty and make an accurate prediction of when you will make ROI. You dont have a crystal ball on what will happen to the price or how saturated the mining market becomes.

    You might get lucky and start mining before a price spike but it doesnt always happen that way. And if you keep mining at a loss during the bad times it can negate the future price spikes. And you only make that extra if you hold the coins and eat the electricity cost anyway. When the price jumps so does difficulty, so those profits are never consistent regardless.
     
  33. Edgar

    Edgar 2[H]4U

    Messages:
    2,247
    Joined:
    Jul 24, 2005
    what mining pool everyone using? and what program to mine ETH are you using. Looking to jumping back into mining with all these prices surging.