Crypto/Mining

[iechowulf]

Hi!
So, Here is a quick rundown - I'm basically considering mining/getting into crypto with my freshly built personal desktop. Now, i will list specs below but i am VERY new and i have tried to do a bit of research here and there but this topic is so broad and so weird (for a lack of a better term). So, seeking a bit of guidance from you guys! If there is a guide already posted or any reference material on this site that i somehow skipped over, kindly link me to it and i will check it out. Just opening up this discussion here to see what advice i can receive! I plan on like trying my hand with a $10 investment or $100 for the most and see where it takes me. Bitcoin, Etherium, whatever. I don't know anything about wallets, mining software, how to receive coins, how to transfer coins into cash - Nada. Any advice? And please don't tell me the obvious with comments on my build like... my i7 is overkill, I'm aware. lol Also i know this isn't an optimal crypto-rig but i am just getting into it and if it goes somewhere I have absolutely no problem investing in a proper rig later on - For now, this is my entry lol

 

Specs : 

MSI Z270 Gaming M5 Mobo

i7 7700k
Cryorig h7 quad lumi

TridentZ RGB DDR4 3000mhz 16gb kit (2x8gb)
EVGA GTX Geforce 1060 6gb SC

Corsair CM650 PSU

500gb Samsung 850 EVO SSD
3TB Toshiba P300 HDD
4 case fans - inside a thermaltake versa N21 snow white
 

[Trevor87]

I would start off by saying if you going to mine on that rig you need a better PSU if it the CX or CS model.

 

[themctipers]

mining -> i just use nicehash. with my 3770k, i get ~20 cents a day, so it probably isn't worth mining with CPU but a 3770k is a piece of shit

 

investing -> invest into random altcoins, not a much, maybe $1/altcoin, for maybe 2 cents for one?

coins into cash -> /r/bitcoin or something has a website to help you find local buyers/sellers of bitcoin

1 minute ago, Trevor87 said:

I would start off by saying if you going to mine on that rig you need a better PSU if it the CX or CS model.

 

this definitely, if it has a green label

[Jurrunio]

1 card isnt going to be profitable when you consider the power draw. You need more cards to make money for real

[WkdPaul]

5 hours ago, Jurrunio said:

1 card isnt going to be profitable when you consider the power draw. You need more cards to make money for real

That's just misconception and is also completely illogical : Card 1 generate $1/day but cost $1.1/day in electricity, double that and you're not at $2/day generated and $2.2/day in electricity ... doesn't add up or make any sort of sense.

 

Plus, there's no way a 1060 is going to use more electricity than it can generate.

[Daniel644]

11 hours ago, themctipers said:

mining -> i just use nicehash. with my 3770k, i get ~20 cents a day, so it probably isn't worth mining with CPU but a 3770k is a piece of shit

 

investing -> invest into random altcoins, not a much, maybe $1/altcoin, for maybe 2 cents for one?

coins into cash -> /r/bitcoin or something has a website to help you find local buyers/sellers of bitcoin

this definitely, if it has a green label

my 6700k OC'd to 4.5 makes about 80-90 cents a day on Nicehash for an added power draw of 50 watts which at my electric costs is 11ish cents

11 hours ago, Jurrunio said:

1 card isnt going to be profitable when you consider the power draw. You need more cards to make money for real

thats just silly, if one card isn't making money because of power draw how will 2 cards or more make money?

EVERY MODERN GPU is making profit right now, it's just a question of how much profit and how long it will take to see a return on it, if you have a gaming system there is absolutely NO REASON NOT to be mining even a 1050 can pull like 2 bucks a day PROFIT

[WkdPaul]

3 minutes ago, Daniel644 said:

thats just silly, if one card isn't making money because of power draw how will 2 cards or more make money?

EVERY MODERN GPU is making profit right now, it's just a question of how much profit and how long it will take to see a return on it, if you have a gaming system there is absolutely NO REASON NOT to be mining even a 1050 can pull like 2 bucks a day PROFIT

Yeah, not sure how that misconception got around. Simple math will prove otherwise but somehow I see that being repeated everywhere!

[Daniel644]

32 minutes ago, wkdpaul said:

Yeah, not sure how that misconception got around. Simple math will prove otherwise but somehow I see that being repeated everywhere!

same with 1080ti's not being profitable or worth mining with and that they are only good for zcash mining, i'm making the better part of 10 bucks a day per 1080ti (now that i've got things dialed in) and my electricity costs are covered by my CPU's mining. I've earned 300 dollars worth of Bitcoin at it's current value since Christmas (which averages to 14 something a day) but I've been steadily climbing my daily earnings the last week or so to the point i'm up 40% per day compared to Christmas)

 

people are holding onto these notions from last year coin values and it's simply foolish, with as high as card prices have jumped (like 940 USD for the cheapest 1070 last night on Newegg) even the dang Star Wars edition Titan Xp's are worth getting because they have basically the same ROI time (within a few days) as these inflated 1070 prices and even when a new GPU comes out the Star Wars cards will hold there value better because they are Star Wars collectibles.

[iechowulf]

 

DEFINITELY going to get into it - But im very new. Im just going to go to nicehash website with my rig and see where i get. I will upgrade, get more cards etc when i get a feel for how it works. Any Advice?