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Got a garage , lots of roof space for solar panels

 

I want to start mining ... where do I start ...

 

Can it be done with old computers to start off ...

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Welcome to The Bit Forum.

I don't know much about this, as I have tended to avoid this due to the competition and the electricity costs of where I live, it is now quite a serious thing and large companies are mining with huge farms. Also I personally feel that it is easier and quicker to make large gains by directly investing into crypto currency, at least for myself as I don't have free electricity.

e.g. You could buy $5000 worth of equipment and break even is 1 year (just an example) or you could invest $5000 into some crypto, the price in 6 months time could be 3x more, and you would be able to buy 3x the amount of equipment.

If you are using solar panels then it could be a worthwhile venture, you would need to work out the expected pay back and break even point taking into account the total cost of equipment.

For the expected return for crypto you will need to use a calculator, you can easily find one by googling, the calculator will tell you the expected payout at each difficulty level. Usually the higher a cryptocurrency goes in price the more people want to mine it, therefore there is more competition to solve the equations and you would need more equipment / hashing power to competete for the same return.

Different crypto currencies have different systems, some you need specialist mining equipment to mine, some you can just use a standard PC. Some you can't mine at all because they are POS (proof of stake) instead of POW (proof of work, i.e. mining) I think that most crypto will end up as POS or Delegated POS.

There are many variables to take into consideration, the lfiespan of the equipment, the total hashpower of the competition, electrical costs, opportunity cost. If you want to do it properly there is a lot to work out. If you decide to go for it, let us know what you start to mine and hopefully it is a succes for you :) 

 

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Your question is very general.  My advice is to start by Googling.  There is so much information out there you can find answers to every single question you might have.  Start by watching some of the Youtube videos of people putting their rigs together.  Then search for some guides where people give lists of the equipment required.

Old equipment is probably not worth using anymore.  It won't mine very quickly and the cost of electricity will likely eat up any small profits you might make.

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  • Hey guys

    First , thankyou , for taking time to reply

    I was hoping or thinking from the it was a kind of lottery , and you need to be in it to win , Roi doesn’t worry me so much as the fun of being involved , unless capital costs get out of control

    The thing that got me *thinking* was that in theory you can do it on home computer ... I’ve got space possible cheap electricity and the world is full of free old computers

    Sounds like a fun project to play with
    Let’s see how it goes

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    11 hours ago, Koinkab said:

     

    Got a garage , lots of roof space for solar panels emoji3.png

     

    I want to start mining ... where do I start ...

     

    Can it be done with old computers to start off ...

     

    To get started your cheapest entry is gpu mining. Watch some youtube videos to learn more. Using old computers wouldnt be worth it and I don't think you actually could. Need to have at least a semi decent graphics card :) Need some help let me know i have a little knowledge. 

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  • I’m seeing the problems , for those trying to do it commercially , I’m doin it for fun

    I’m not seeing the connection that a decent graphics card is required , phew , I’d have thought cpu power was lot more crucial but I’m guessing something to do with the equations better done through the card ...

    Let’s start small , really small , one computer , in the house before I consider farming up 50 in the garage

    So I got a computer , empty hard drive ... where do I start ? Windows ? Linux ? Ubuntu?

    And which is best mining software to start with

    I’m interested in free as much as possible as upscaling x 50 , x 100 , would get beyond my reach and don’t want to leave the family hungry

    And for the moment , let’s say I’m only interested in mining bitcoin

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    CPU's are not good for mining.  You need GPU's.  With an average CPU you might be able to mine 10 pence worth of an alt coin a day.  With a £200 - £250 GPU you can expect around £3 a day.

    And forget about bitcoin - you need specialist ASIC miners for bitcoin.  You need to look at mining some of the altcoins.  Or you can connect your miner to a pool on Nicehash for example who will use it to mine other coins but they pay you in Bitcoin for your contribution - again for your CPU you will be lucky to get a few pence a day or a half decent GPU you're looking at around £3 per day per card.  And they have a minimum payout of around £10 I believe.

    If you really want to see how badly a CPU mines, then stick Windows (x64) on your PC and try this miner - https://bitcointalk.org/index.php?topic=647251.0

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    2 hours ago, ImHere said:

    CPU's are not good for mining.  You need GPU's.  With an average CPU you might be able to mine 10 pence worth of an alt coin a day.  With a £200 - £250 GPU you can expect around £3 a day.

    And forget about bitcoin - you need specialist ASIC miners for bitcoin.  You need to look at mining some of the altcoins.  Or you can connect your miner to a pool on Nicehash for example who will use it to mine other coins but they pay you in Bitcoin for your contribution - again for your CPU you will be lucky to get a few pence a day or a half decent GPU you're looking at around £3 per day per card.  And they have a minimum payout of around £10 I believe.

    If you really want to see how badly a CPU mines, then stick Windows (x64) on your PC and try this miner - https://bitcointalk.org/index.php?topic=647251.0

    I agree with this advice. Just to add if you start with your one computer as said above you get a GPU in it nicehash is the most simple way of making money for a user. You can use a website like nanopool which is not difficult but maybe a little harder than nicehash. This way u can mine some altcoins right away. Nicehash payout to external wallet is now 0.01 BTC so if you just have a low quality GPU payout could take forever. Currently on my home computer I have a 1060 NVIDIA gpu and I mine Ethereum classic on it which has a minimum payout of 0.1 which with a single 1060 I get a payout just under every 2 days. You will also need to setup a wallet beforehand for the coins to be sent to when you reach the threshold. 

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  • Ok ... im learning

    CPU ... pennies a day

    GPU ... maybe 3 quid a day

    ASIC ?

     

    I’m likely now going to setup all 3 ways of mining

     

    I wish the first quid (£1) at least to be mined through gaining experience

     

    Can someone clarify though .... in mining is the relationship between return pretty STATIC to how much processing power you throw at it ... there is no lucky lottery ? Were one day you mine £100 and the next could be 50p ?

    If not there’s a lot less attraction to it for me , the idea of striking gold is what attracted me ... if it’s simply a case of invest in such a hardware and wait 3 months for it to pay for itself then the rest of the time you keep it running the money’s yours until it becomes uneconomical to run then that’s no fun

     

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    11 minutes ago, Koinkab said:

    Ok ... im learning
    CPU ... pennies a day
    GPU ... maybe 3 quid a day
    ASIC ?

    I’m likely now going to setup all 3 ways of mining emoji39.png

    I wish the first quid (£1) at least to be mined through gaining experience

    Can someone clarify though .... in mining emoji1007.png is the relationship between return pretty static to how much processing power you through at it ... there is no lucky lottery ? Were one day you mine £100 and the next could be 50p ?
    If not there’s a lot less attraction to it for me , the idea of striking gold is what attracted me ... if it’s simply a case of invest in such a hardware and wait 3 months for it to pay for itself then the rest of the time you keep it running the money’s yours until it becomes uneconomical to run then that’s no fun

    CPU - use what you've already got.

    GPU - you need modern GPU's like Radeon RX4xx/5xx's or Nvidia 10xx's which means they probably won't work with old motherboards you have lying around.  So you will likely need a new mobo and possibly a decent PSU.  CPU, memory and harddrive are not so important so can be bought cheaply.  I recently started a 2 x GPU rig (2 x RX580's) and it cost me just under £2k for everything.  It will be even more expensive now because the price of GPU's keeps going up.  I've already added 3 more and have another 5 on the way which have all cost more than the first 2 did a couple of weeks previously.

    ASIC - you need a specialist machine such as an Antminer from Bitmain.  There's usually something like a 3 month waiting list and it will set you back a couple of thousand of dollars if you buy it directly from Bitmain in China.  Or you can spend twice that buying it from someone who already has one in the UK!

    In the most part the return is static and even worse will gradually decrease for a particular coin as the difficulty in the algorithms increase.  I have seen one pool that gives you bonus coins if your machine finds a block but you will be up against much bigger rigs in the same pool so your 1 x GPU won't have much of a chance.

    Edited by ImHere

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  • Thanks I shall remember read that later and try and take it in .... one thing that jumps out at me ... can you not buy ASIC usb sticks for £40 - £70 , I k ow to a decent miner these things may be considered loss making but I wish to have a play with everything to see if there’s anything I wish/could/afford to scale

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    17 minutes ago, Koinkab said:

    if it’s simply a case of invest in such a hardware and wait 3 months for it to pay for itself then the rest of the time you keep it running the money’s yours until it becomes uneconomical to run then that’s no fun

     

    That's pretty much exactly what it is!  I have calculated that, once electricity cost is taken in to account, it will take approx 5 months to cover the initial cost of the equipment.  However all that equipment will still retain a certain value for a long time, particular the GPU's that could be sold to other miners or gamers if I get fed up with it.

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    3 minutes ago, Koinkab said:

    one thing that jumps out at me ... can you not buy ASIC usb sticks for £40 - £70 , I k ow to a decent miner these things may be considered loss making but I wish to have a play with everything to see if there’s anything I wish/could/afford to scale

    A quick google seems to show they are a waste of time.  Much like a CPU vs GPU.  When you're up against massive ASIC farms that use many multiples of these - https://shop.bitmain.com/productDetail.htm?pid=00020180109102414710EdNr3gMB067B - you don't really stand a chance.

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  • it will take approx 5 months to cover the initial cost of the equipment. 
    .

    Surely the volatile price of the crypto is the gamble / the fun / the lottery ... could you not pay off the kit in 5 days ! If your mines currency shoots ... of it might take 5 years if it fails ....

    Thanks for bearing with my very basic newbie questions , I like to get a baseline knowledge , from ground up on things

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    If you want to have a play with the CPU/GPU have a look at Gridcoin, it's not mining as such but you can run their BOINC program on your PC, help science and earn some coin doing it.

    I'd love to do mining, but just don't have the PC tech nous to be able to do it. My technical knowledge of computers is turn it off and on again.

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    1 minute ago, Koinkab said:

    .

    Surely the volatile price of the crypto is the gamble / the fun / the lottery ... could you not pay off the kit in 5 days ! If your mines currency shoots ... of it might take 5 years if it fails ....

    Yes there is that side to it.  I am currently mining specific smaller coins with the hope they will increase in value but then I also realise they could lose value entirely.

    I don't really see the "fun" in it though, if anything its quite stressful (at least in the initial setting up stage), particularly modding the GPUs to squeeze every little bit of processing power out of them.  To me its a means to an end.  Ultimately I would like to replace my existing business - get rid of all the stock we currently sell and turn the premises in to a server farm that I can control remotely from anywhere in the world!  Then it might be fun :D

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    1 minute ago, ImHere said:

    Looks like they're working out ok.  Do you know what combined power they're drawing?  I'm still tempted!

    Not 100% sure yet they have only been running since the 28th of december mate. I would say now from experience building rigs that are profitable a little longer than the ASICS are more worth it because with the ASIC there are so many problems. We didnt account for import duties which added about £250 to each miner. Then one of the PSUs did not work so we had to buy one from ebay for £140. Also if this ever went downhill i think the ASIC would be worthless but atleast if you keep the boxes for the GPUs you can resell and get some % back. I will need to get a plug that tells us the usage but for now the place we are keeping them we will just be checking the difference in electricity price :) Also if you get the miner from Bitmain direct and it doesnt work like our PSU then i think you can only write it down as a bad investment because by the time you ship it out and in again the price you will have paid will be too great

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    4 minutes ago, JCRJM said:

    Not 100% sure yet they have only been running since the 28th of december mate. I would say now from experience building rigs that are profitable a little longer than the ASICS are more worth it because with the ASIC there are so many problems. We didnt account for import duties which added about £250 to each miner. Then one of the PSUs did not work so we had to buy one from ebay for £140. Also if this ever went downhill i think the ASIC would be worthless but atleast if you keep the boxes for the GPUs you can resell and get some % back. I will need to get a plug that tells us the usage but for now the place we are keeping them we will just be checking the difference in electricity price :) Also if you get the miner from Bitmain direct and it doesnt work like our PSU then i think you can only write it down as a bad investment because by the time you ship it out and in again the price you will have paid will be too great

    Good points.  I did wonder if they had any value other than mining but probably not.  I suppose you could probably sell them on eBay for twice what you paid for them :D

    I got one of these Energenie power meter plugs from Screwfix although I see they have put the price up to £17.99 (it was only £12.99 last week when I bought it) - https://www.screwfix.com/p/energenie-ener007-energy-saving-power-meter-socket/3477h

    Edited by ImHere

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    1 minute ago, ImHere said:

    Good points.  I did wonder if they had any value other than mining but probably not.

    I got one of these Energenie power meter plugs from Screwfix although I see they have put the price up to £17.99 (it was only £12.99 last week when I bought it) - https://www.screwfix.com/p/energenie-ener007-energy-saving-power-meter-socket/3477h

    Thanks mate I will get one ordered. After going through the whole process I think I will aim to build a rig next. Watching videos on youtube it looks a lot more fun that just plugging in a miner. 

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  • Thanks for your help on this thread guys ... did someone here suggest I abandon mining plans a buy currency ... jeez took a hammering today

    I did finally make a purchase ! An ant router .. it’s a neat little toy to play with and get up and running ... and I’m pretty sure it’s unlikely to pay for itself but it’s a toy to learn and play with

    Also I *think* if I set it up to mine lite coin their is a lottery aspect with 25 coins to be won every ten minutes ... ?

    This whole crypto thing has been interesting bordering on a sore heid so far

    Tell me more about this kodakcoin thing ... I’m looking for something to throw £500 quid at , and this is kinda attracting me ... but looking at the sign up page is it for photographers ... I have so much to learn ..... so many Cyptos ... so much software .. so many wallets and warnings about theft / scams there’s gonna be blood on the streets somewhere with so many new users / novices

    Feel free to waffle away with any pearls of wisdom ... what were your pitfalls ... what would you do different ... what’s your favourite tools , especially congregators to save having multiple tools

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    @JCRJM - how are the Antminers doing?  I'm tempted to try and grab a S9 when they release a new batch tomorrow seeing as its bloody impossible to get hold of a decent amount of GPUs at the moment!  Did you get to measure your power usage in the end?

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    1 minute ago, ImHere said:

    @JCRJM - how are the Antminers doing?  I'm tempted to try and grab a S9 when they release a new batch tomorrow seeing as its bloody impossible to get hold of a decent amount of GPUs at the moment!  Did you get to measure your power usage in the end?

    Hi mate ive not yet measured the output but here is what weve made so far. All earnings go to this wallet https://blockchain.info/address/34DQxE2HAEwAtRkum7CfJqQciEFE5c6HAX

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