Mining for noobs made easy

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Eliassamaha

Well-Known Member
Silver Stacker
please do your own research

I'm a noob on mining, but I think I found a way

I've joined gigawatt, after first dismissing it I've had a re look and re considered

How it works is you buy your miners from them they set it up and mine it for you

if I'm not mistaken it works out cheaper to run than me doing it myself

Electricity comes out to 3.3cents/kw/hour including hosting and maintenance fees which is about 65% cheaper than I can find but you got to buy tokens to use the facility

How much tokens depends on the power of your miner I got 2 L3+ miners which is 800watts each so I need 1600 tokens plus 10% which gives me access to their facilities for 50years

I know some mining experts won't agree with this but for a noob I think it's ok I can always sell the tokens and the miners are mine they can send them back to me or they can buy them back

If your are considering this please do your own research if you decide to sign up please use my referral link

https://cryptonomos.com/?r=Lt23kTFxICvgsXjIY6f6Vecy
 
A second possibility is NiceHash, which offers a trading platform whereby you purchase contracts for Bitcoin from miners and point them at any pool of your choice. The principle is interesting (the inverse is that you sell your mining capacity as contracts), but as yet I am not convinced that it is profitable - it is, however, as short-term as you want. I've dipped a toe by putting 0.6BTC into the wallet, and I've tried mining some ETH and ZEC. I'm getting some results, but it seems tricky to stay in an overall positive delta (ie the cost of mining is exceeded by the mined coin value), and the jury is not yet in on the overall cost-effectiveness.

There seems to be little practical advice out there on optimising your contracts.
 
Having looked at the website and their business plan id have to put this group in the "to good to be true basket"
A definite pass on this .
 
Hey how about getting a huge solar system installed, getting the government rebates and then putting those rebates into mining equipment ? You could then gain free power daily from your Solar panels and basically get zero cost electricity and a massive discount on your equipment as well. If you produce more power than you use then you can run 24/7 for free as well.
 
southerncross said:
Hey how about getting a huge solar system installed, getting the government rebates and then putting those rebates into mining equipment ? You could then gain free power daily from your Solar panels and basically get zero cost electricity and a massive discount on your equipment as well. If you produce more power than you use then you can run 24/7 for free as well.
Click to expand...
Does that mean you have come to the same conclusion as me with the above outfit?
When i read their business model bells went off as they seem to make everything perfect for everyone with no risk.
Oh and the 50 years thing???????????????Nah:)
 
Back in 2014, I had built up a passle of mining rigs for Litecoin, and was looking for an appropriate place to put them. I was getting increasing partner push-back so they were confined to less than optimal spots whilst I struggled with constructing a shed. I went out and purchased a ducted aircon, and my intent was to build a racking area in a shed with passive solar cooling (chimneys), the ducted aircon for direct cold-air feeds, all fed by the existing solar plant. At the same time I was playing with rather neat active PCI extenders, and a rather ramshackle vapour-phase unit which involved stripping the GPUs of all their heatsinks and suspending them in a dielectric engineered fluid with a cannibalised aircon heat-exchanger above the fluid surface. The usual mad scientist shtick - aquarium, boiling fluids, purple lighting and lots of cables. I actually imported the fluid from 3M (cost me an arm and a leg) as it is technically still unavailable in Oz. Back then, 7990 twin GPUs were the bees knees, but were considered unsuitable for mining as they outran their heat dissipation, but in my tank - Bwahhahhah! (cough).

By the time the shed walls were going up, Litecoin mining had tanked, so all the toys got put away and I repurposed the shed for Generator and batteries. Having taken my eye off the ball, it came as a surprise to find that GPU mining had come again (ironically I was thinking of mining Etherium post-Litecoin, but RWI. Looks like I've missed it this time round, too, but I'm blowing up old PSUs to get rigs running again for fun.

By the way, my best innovation was using Platinum-grade 2kW power supplies for the GPUs. I was picking 'em up at $20 or so - they were originally used in Blade servers. They are slaved to conventional cheap Gold 520W for the mobos.
 
You sound like a nerdy type when it comes to tinkering and that is awesome.
I understood " Generator and batteries" and the rest was a bit over my head.
I hope you catch the next big thing early this time, in fact i bet you do.
 
hyphenated helped me out heaps when I first started mining and is also one of only a few actual members I have sold physical too as well face to face living up here.
He and his outfit supply a hell of a lot of top end restaurants with their greens as well, so if you have ever stayed at a top end establishment in or around Cairns no doubt you have tasted Hyphenated's produce as well.
 
You're too kind, SC. Actually we shut down the farm for a number of diverse existential issues (although we have everything ready for a restart).

Gullintanni, building a mining rig can be surprisingly easy if you have put together your own PC, and these days you can buy prefab frames to help. However, to do so only makes sense if people like southerncross can point us to the next best thing in GPU-mineable alt coins.

I currently have a packshed full of uncooperative rigs cluttering the benches, and seem to be burning through power supplies. I'm contemplating using a bigger hammer for repairs. Before the last PSU died (I have more, but it's going to be a pain recreating the harnesses) I made a quick hashing comparison of the GPUs I have on hand running Claymore under EthOS - 270X 180 hash/s, 280X 300 hash/s, 290 350 hash/s, 290X 380 hash/s.

Coming back to nicehash: a very broadbrush calculation suggests that they do what they say on the tin in terms of purchasing mining contracts, so if you can identify the next altcoin they provide a means of getting in quick with a massive amount of mining hashes over a relatively short period. Mining a mature coin will produce a return similar or even inferior to simply exchanging bitcoin; mining on the run-up gives the potential of substantial profit (or total loss).
 
Just to be clear hyphenated "nerd" is most certainly intended to be a compliment .
Around my way "nerd " means excellence not that BS we had when we were kids:)
 
Oh no - I embrace my nerd-hood with pride.

Used bigger hammer and finally got one of my old hybrid rigs up and running. After playing hot air blower games with R9 290s I ended up throwing in 3 7990s, so I have a hex Tahiti running underclocked to keep the temperatures below 70 degrees.

If all that means nothing, worry not. Back in 2014 I had everything running on Windows 8 and CCMiner, and every rig required careful and individual GPU tweaking to get the optimum results for LTC mining. Using Claymore and EthOS it seems that things are a great deal more straightforward, to my surprise, despite it all being Linux - I actually managed to set underclocks globally.

This is not a path to riches. I'm running around 2kHash/s with the two rigs (9 Tahitis, but six are running slow). Call it $12/day less nightime power.

If anyone wants a dozen buggered Gigabyte 7970 and 7950 GPUs to play with let me know - they didn't seem to like being stored... In bookbinding terms they would be "slightly foxed but still desirable"
 
hyphenated said:
You're too kind, SC. Actually we shut down the farm for a number of diverse existential issues (although we have everything ready for a restart).

Gullintanni, building a mining rig can be surprisingly easy if you have put together your own PC, and these days you can buy prefab frames to help. However, to do so only makes sense if people like southerncross can point us to the next best thing in GPU-mineable alt coins.

I currently have a packshed full of uncooperative rigs cluttering the benches, and seem to be burning through power supplies. I'm contemplating using a bigger hammer for repairs. Before the last PSU died (I have more, but it's going to be a pain recreating the harnesses) I made a quick hashing comparison of the GPUs I have on hand running Claymore under EthOS - 270X 180 hash/s, 280X 300 hash/s, 290 350 hash/s, 290X 380 hash/s.

Coming back to nicehash: a very broadbrush calculation suggests that they do what they say on the tin in terms of purchasing mining contracts, so if you can identify the next altcoin they provide a means of getting in quick with a massive amount of mining hashes over a relatively short period. Mining a mature coin will produce a return similar or even inferior to simply exchanging bitcoin; mining on the run-up gives the potential of substantial profit (or total loss).
Click to expand...

And you're way too modest hyphenated, Keeping things up and running in our environment up here is nigh on impossible over time. I recently gave my son inlaw the cards and motherboards I was using three years back as he is a mad gamer and they had been sitting in storage for a while since, out of the twelve cards properly stored in original packaging, apparently only two could get running again and neither of the boards worked anymore.
Sorry to hear about the hydro farm ceasing work, hope you get up and going again soon as the area needs the employment and local industry as I'm sure you are no doubt aware.
If I was mining right now I would be pointing every resource I had towards Bitcoin Cash or BCH or whatever they are calling it today while the rest are still lagging behind. I just can't see Bitcoin (classic) itself surviving the extra speed and convenience of transaction time along with the suspicion of SegWit over time. Who want's to wait in this day and age when the exact same thing can take seconds or minutes compared to minutes and hours on the new chain ?
Who owns Ethereum classic anymore as an example ?
 
I'll check out BCH - in the meantime I'm running for ZEC... mind you, just checked out power costs - we were on Tariff 22, but it appears that this tariff is now Norwegian Blue - the question is what are we on now? If they have put us on Tariff 22A, Peak Hour is a 76% price increase, daily cost is up 44% (there is a night time reduction).
 
Yaay go Palaszczuk (How the hell does the arse end of that name rhyme with Yaay) ? Probably cheaper to run a little Honda generator M8 at Koah unleaded prices.
Keep an eye on that difficulty with BCC though, it should drop back substantially as things move on and even if prices drop back 80% short term it will still be a earner with the amount of people mining it compared to BTC itself, even more so long term if the tables turn over time.
 
Yep - have my mining pool account, have my NiceHash marketplace account, all we now need is the difficulty to drop from infinity to, say, twenty :-D
 
The new upcoming AMD RX Vega graphics cards are supposed have a hash rate of over 70, double what last series of cards had. I'm hoping to get one straight away for gaming unless those greedy selfish miners snap them all up and make me wait and then pay double what the RRP of card is actually worth.
 
Using old generation kit, I was fairly gobsmacked to find the efficiency of the 280x was better than the heat-constrained 7990 and 290 series (I have the old single-fan variation 290 and 290x, not the windforce triple-fan). I am getting 300 H/s out of these; only 460 out of 7990 when underclocked for survival and 330 out of 290.

Of course, if you had far more money than sense, get a set of self-contained water-cooled cards, plug 'em into a mining mobo and arrange the radiators in a cluster. Minimum $1,000 per GPU, though...
 
Damn, if I was in Oz, I would take time to learn from you hypenated how to go about mining. Don't care if it's profitable or not but sounds like something fun to do on the side.
 
Aksherly, Altima, it's pretty easy to dip a toe into the water. For example, if you have a scrap computer, take the motherboard out and grind out the support panel (some of them are already removable, which makes it painless), or buy an inexpensive pre-drilled baseplate. Use an old mobo and CPU - I used dual, quad, hex and octal AMD processors. You can trial a twin unit without a rig frame.

You can buy a rig frame these days (I put mine together using aluminium square extrusion and plastic joiners, allowing any size). The tricky bits you will probably want to order are the PCI powered extenders (get a couple of long ones for the cards at the ends), some PSU master/slave looms if soldering leads on PSUs does not appeal, consider getting a $40 download of EthOS. Run a search on 'cryptobadger rig' and you will find a great site showing how to build a few years ago and now.
 
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