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I am thinking about Bitcoin mining

Server_42
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Posted
Just now, Server_42 said:

What should I know before start?

You're already too late.

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Spoiler 
                       ┌─────────────── Office/Rack ───────────────────────────────────────────────┐
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╔═════════════════════════════════════════════════════════╩═ Ptolemy-NAS  ├─ Veda (Mgmt)
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Posted
On 12/20/2020 at 1:44 PM, Server_42 said:

Hi,

 

I am thinking about mining Bitcoin, just to make some profit for savings. I have a 10900K and RTX 3070.

 

What should I know before start?

Recommended Mining Software and wallet?

 

Thanks in advance for the replies, recommendations, and advice.

I use CoinBase.

 

Ok, so I got bored and I set up cgminer, and after two days using my 1080ti to mine, I got nothing. BTC in my opinion is no longer profitable, or even possible, to be mined using a pc.

 

If you really want, I guess you could look into different cloud mining services, but you have to really know how to do the calculation to make sure it's worth you a while to pay someone else to mine for/with you.

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  • 2 weeks later...
Posted

get yourself a proper wallet like a trezor or download bitcoin core, i would never trust someone else with my keys to my BTC. when you use something like coinbase you are using them as a bank but one that isnt registered or insured, they claim to be safe and secure but places like nicehash get hacked and lost a shitload of coins. So with BTC core installed on my computer i and only i have access to the keys and can send money. The downside to BTC core is it takes a lot of space like 300gb right now i think is how big it is. A hardware wallet is a physical device that you plug in to the computer and it has the keys and it is very secure, not free you have to buy one like a trezor and if you lose it you are 100% SOL of whatever money was attached to that address.

 

If you want to mine BTC you need an ASIC at a minimum i'd say a S15 but the S21's will be out at the end of this year it think, you cant mine BTC with a computer  you can check out solochance.com and input your hashing power and see how long it would take you to solo mine a block, pools are better but your profits are also smaller but consistent.

 

If you want to use a computer to mine you can mine ETH or any other altcoins based on their current profitability. go to coinwarz.com to calculate profits based on speed power cost and such.

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