How to start with Crypto mining?

[freckles_ZA]

Hi everyone

 

Where do I start with Crypto mining?

I recently bought myself some Coins and parts of it. I thought by myself the other day why not do the mining thing to make more coins but I have no idea where to start or what programs to use.

 

Will it be possible to give me some advice and pointers where to start please? 

I'm mostly interested in Binance but Bitcoin will also be fine.

 

Thank you in advance. 

[boggy77]

what hardware do you have?

start by looking at a mining calculator and see whether you can actually turn a profit with the hardware you have. 

with a normal pc and gpu, you'll most likely mine ethereum, not bitcoin.

I use minerstat for mining, it's been pretty easy to set up

[freckles_ZA]

1 minute ago, boggy77 said:

what hardware do you have?

start by looking at a mining calculator and see whether you can actually turn a profit with the hardware you have. 

with a normal pc and gpu, you'll most likely mine ethereum, not bitcoin.

I use minerstat for mining, it's been pretty easy to set up

Thanks, I have a Core i5 8600, RTX 3070 and 650w PSU. 

Thanks, I'll have a look at a mining calculator. 

[boggy77]

33 minutes ago, freckles_ZA said:

Thanks, I have a Core i5 8600, RTX 3070 and 650w PSU. 

Thanks, I'll have a look at a mining calculator. 

yeah a 3070 should bring in a nice profit. whattomine and minerstat both have mining calculators.

set up an undervolt in msi afterburner and an overclock on memory.

[freckles_ZA]

3 minutes ago, boggy77 said:

yeah a 3070 should bring in a nice profit. whattomine and minerstat both have mining calculators.

set up an undervolt in msi afterburner and an overclock on memory.

Thank you once again. I've checked on minerstat and it seems decent. 

How do I go further? Where do I register, do I need to download additional software? 

[boggy77]

1 minute ago, freckles_ZA said:

Thank you once again. I've checked on minerstat and it seems decent. 

How do I go further? Where do I register, do I need to download additional software? 

https://minerstat.com/help/how-can-i-start

 

yes you download minerstat.

you also need to have a eth wallet.

[Aereldor]

Keep in mind that your profit will also depend on where you live and your electricity bill (different levels of power usage for household get different charges per kilowatt in most places), you won't be able to use your GPU while it's mining so it won't be a 24 hour situation, and it will shorten the life of your GPU.

[tikker]

1 hour ago, freckles_ZA said:

I'm mostly interested in Binance but Bitcoin will also be fine.

Binance is an exchange, Bitcoin a cryptocurrency. They are completely different things.

1 hour ago, freckles_ZA said:

I thought by myself the other day why not do the mining thing to make more coins but I have no idea where to start or what programs to use.

Do you mean "more" as in in addition to what you buy or as in making more than you buy? In the latter case carefully check the calculators.

 

1 hour ago, freckles_ZA said:

Where do I start with Crypto mining?

You'll need to get a miner (examples I have used are phoenixminer or trexminer), a wallet and find a mining pool (ones I have used are ethermine and binance). Then think about if you want to trade it or just aggregate. For example, I mine on the Binance pool because that allows me to get daily payout directly to Binance's exchange wallet. I can immediately trade as soon as I have enough there. On the other hand, pools usually have a minimum payout. Ethermine for example has a 0.01/0.05/0.1 ETH minimum bi-weekly/weekly/daily you need to mine before they pay out.

 

Transferring from your personal wallet to an exchange wallet or vice versa will incur a transaction fee. Currently Binance charges 0.008 ETH to withdraw ETH and 0.0005 BTC to withdraw BTC.

 

Finally once it's all up and running tweak your card with Afterburner or similar. Undervolt, lower the power limit and increase core/memory clocks to get the most efficiency.

[freckles_ZA]

3 hours ago, tikker said:

Binance is an exchange, Bitcoin a cryptocurrency. They are completely different things.

Do you mean "more" as in in addition to what you buy or as in making more than you buy? In the latter case carefully check the calculators.

 

You'll need to get a miner (examples I have used are phoenixminer or trexminer), a wallet and find a mining pool (ones I have used are ethermine and binance). Then think about if you want to trade it or just aggregate. For example, I mine on the Binance pool because that allows me to get daily payout directly to Binance's exchange wallet. I can immediately trade as soon as I have enough there. On the other hand, pools usually have a minimum payout. Ethermine for example has a 0.01/0.05/0.1 ETH minimum bi-weekly/weekly/daily you need to mine before they pay out.

 

Transferring from your personal wallet to an exchange wallet or vice versa will incur a transaction fee. Currently Binance charges 0.008 ETH to withdraw ETH and 0.0005 BTC to withdraw BTC.

 

Finally once it's all up and running tweak your card with Afterburner or similar. Undervolt, lower the power limit and increase core/memory clocks to get the most efficiency.

Thank you very much for the feedback and information, as you can see I'm still new at this. 

[airborne spoon]

you need to get a miner and choose what pool also you need a wallet for your coins

i use ethermine as my pool

phoenix miner to mine with

and for my ETH wallet i use metamask

[freckles_ZA]

Thank you everyone for your contributions, I'm up and running. 

I only have one question. How do increase my hashrate as it seems a bit low? I'm only getting around 52MH/s.

Thanks once again.

[tikker]

4 hours ago, freckles_ZA said:

Thank you everyone for your contributions, I'm up and running. 

I only have one question. How do increase my hashrate as it seems a bit low? I'm only getting around 52MH/s.

Thanks once again.

Seems in the right range: https://www.nicehash.com/blog/post/nvidia-geforce-rtx-3070-mining-hashrate

To increase it bump up the core and memory clocks. Make sure to keep memory temperatures in check though. It will also get lower with time as the difficulty increases.

[airborne spoon]

14 hours ago, freckles_ZA said:

Thank you everyone for your contributions, I'm up and running. 

I only have one question. How do increase my hashrate as it seems a bit low? I'm only getting around 52MH/s.

Thanks once again.

Damn that is low or at least i would suspect its low. i mean my 5700xt runs at 54mh/s so i would think a brand new card with all the bells and whistles would hash closer to like 65 or something. A 6800 non xt runs at 65mh/s so logically a new nvidia card should run about the same i would think 

10 hours ago, tikker said:

Seems in the right range: https://www.nicehash.com/blog/post/nvidia-geforce-rtx-3070-mining-hashrate

To increase it bump up the core and memory clocks. Make sure to keep memory temperatures in check though. It will also get lower with time as the difficulty increases.

Not the core, just OC the memory. lower the core to save power as its not doing much of anything.

[tikker]

1 minute ago, airborne spoon said:

Not the core, just OC the memory. lower the core to save power as its not doing much of anything.

I get a few extra MH/s when upping the core, but mileage may vary.

[BuckGup]

Just use nicehash and overclock your memory to 745Mhz+

[Moonzy]

3070 should be able to reach full power at around 120-130W from my experiences with them, around 50-60% power limit

Core clock at -502, and you may start your memory clock at +900, as that's the lowest mem clock that my 3070 are capable of doing, avg is more around +1100

Hash rate would be 59.5-61.5 in ETH, depending on your memory clocks

[freckles_ZA]

On 2/27/2021 at 3:02 AM, Moonzy said:

3070 should be able to reach full power at around 120-130W from my experiences with them, around 50-60% power limit

Core clock at -502, and you may start your memory clock at +900, as that's the lowest mem clock that my 3070 are capable of doing, avg is more around +1100

Hash rate would be 59.5-61.5 in ETH, depending on your memory clocks

Thank you, came across https://miningchamber.com/gpu-mining/rtx-3070-mining-settings/ and getting a steady 60.5MH/s at the moment with power of 60%, core clock -502 and with memory clock of +1100. @tikker thank you for your assistance and explanations. Currently using minerstat as I find it easy to use.