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How do I start mining ether?

I want to mine 10USD worth of ether to put in the My ether wallet account of mine. The purpose is that I want to invest in NFT. I don't care about mining profitability. My only concern is that I want 10USD worth of ether in my wallet which is MY Ether Wallet. Someone provide me some fairly detailed resources on how to mine Ethereum? I'll be using a GTX 1060 6GB

EDIT: I'm trying to sell NFT NOT BUY NFT from Rarible 馃槢

Indus Monk = Indian+ Buddhist

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Following is a rough guide, but you will have to research the detail.

Assuming you have a wallet already, note the payment address, which you will use to mine into.

Find聽mining software you like. Personally I'm using Phoenix Miner. Others are available.

Find a mining pool. I'm using ethermine, others are available. These spread the payments out in that mined income is split between everyone in the pool. If you run solo, you can hit the jackpot but it might happen only once in many years if ever. With a pool, payouts are smaller but more consistent.

Configure the mining software to use the mining pool, pointed to your wallet address for payout.

Example if using PhoenixMiner, edit the line in start_minter.bat to show something like:

PhoenixMiner.exe -pool ssl://eu1.ethermine.org:5555 -pool2 ssl://asia1.ethermine.org:5555 -wal (wallet address).(computer name)

Replace the wallet address and computer name accordingly (without the brackets). The name is more useful if you have more than one system running so you can tell them apart in the stats on the pool website. Depending on your geographic region you might want to choose different servers for you main and backup.

Ethermine minimum payout is 0.01 ETH, which happens every two weeks on their schedule (not 2 weeks from when you start). If you mine greater amounts then payout can be more frequent, but that is unlikely on a single 1060. If using other pools, check their payment policy.

You can use MSI afterburner or similar to improve efficiency of mining. Generally speaking you can lower the power limit quite a bit without impacting hashrate. Increasing mem clock can help, but watch out you don't go too far it starts producing bad results which you wont get paid for. Personally I'm too lazy to do that so only lower power limit and leave mem at default.

Alternatively just buy some Ether. I can't recommend any site, as most at all credible sites now require ID checks before you can use them and it is a bit of a pain for a one-off.

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I think the easiest way is to use Nicehash, 聽it pays you in BTC, but you can just聽trade it back to ETH.

Thats what I use, but I dont need ETH specifically.

If you want me to answer, please use the quote function or tag me. I dont get notified unless you do

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Don't forget about gas and transaction fees when making transactions. Average transaction fee is currently $13-14. You'll be paying more to make the transaction that the $10 worth of something you get. If I remember correctly NFTs will cost you even more because they're smart contracts and not simple transfers (not too familiar with them yet though), so you might up with like $50 transaction fees for you $10 purchase.

Also MEW allows you to purchase ETH directly from the app. Might be worth a look compared to mining.

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1 hour ago, tikker said:

Don't forget about gas and transaction fees when making transactions. Average transaction fee is currently $13-14. You'll be paying more to make the transaction that the $10 worth of something you get. If I remember correctly NFTs will cost you even more because they're smart contracts and not simple transfers (not too familiar with them yet though), so you might up with like $50 transaction fees for you $10 purchase.

Also MEW allows you to purchase ETH directly from the app. Might be worth a look compared to mining.

elaborate a bit more on why NFT will cost me more? i remember that Rarible was charging 5USD for posting on the site and what is the royalty?

Don't forget about gas and transaction fees when making transactions

Elaborate please?

Indus Monk = Indian+ Buddhist

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6 hours ago, porina said:

Following is a rough guide, but you will have to research the detail.

Assuming you have a wallet already, note the payment address, which you will use to mine into.

Find聽mining software you like. Personally I'm using Phoenix Miner. Others are available.

Find a mining pool. I'm using ethermine, others are available. These spread the payments out in that mined income is split between everyone in the pool. If you run solo, you can hit the jackpot but it might happen only once in many years if ever. With a pool, payouts are smaller but more consistent.

Configure the mining software to use the mining pool, pointed to your wallet address for payout.

Example if using PhoenixMiner, edit the line in start_minter.bat to show something like:

PhoenixMiner.exe -pool ssl://eu1.ethermine.org:5555 -pool2 ssl://asia1.ethermine.org:5555 -wal (wallet address).(computer name)

Replace the wallet address and computer name accordingly (without the brackets). The name is more useful if you have more than one system running so you can tell them apart in the stats on the pool website. Depending on your geographic region you might want to choose different servers for you main and backup.

Ethermine minimum payout is 0.01 ETH, which happens every two weeks on their schedule (not 2 weeks from when you start). If you mine greater amounts then payout can be more frequent, but that is unlikely on a single 1060. If using other pools, check their payment policy.

You can use MSI afterburner or similar to improve efficiency of mining. Generally speaking you can lower the power limit quite a bit without impacting hashrate. Increasing mem clock can help, but watch out you don't go too far it starts producing bad results which you wont get paid for. Personally I'm too lazy to do that so only lower power limit and leave mem at default.

Alternatively just buy some Ether. I can't recommend any site, as most at all credible sites now require ID checks before you can use them and it is a bit of a pain for a one-off.

okay, so with this guide and this video, i have started mining. But when I go to ethermine.org to check my hash rate, it is at 0.0 What did I do wrong? I don't think i am mining in a pool though

Indus Monk = Indian+ Buddhist

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54 minutes ago, Indus Monk said:

elaborate a bit more on why NFT will cost me more? i remember that Rarible was charging 5USD for posting on the site and what is the royalty?

Don't forget about gas and transaction fees when making transactions

Elaborate please?

Transferring funds or buying NFTs are transactions on the Ethereum network and hence incur a fee you need to pay in ETH to make said transaction. The transaction fee is (gas needed) x (gas price) and the gas needed will vary with the complexity of the transaction. A simple transfer of funds is less complex than an NFT for example. Hence the latter will require more gas and thus be more expensive. Here's an overview that estimates various costs: https://etherscan.io/gastracker.

Costs will also depend on where you buy your NFT I think. I've never bought one (rather just hold the ETH), but looking at e.g. OpenSea's FAQ it mentions:

Quote

Sellers & Buyers:

There are gas fees when the item is sold and who pays the fees, depending on transaction.

聽 聽 聽 聽Buyers pay the gas fees when purchasing fixed-price items.

聽 聽 聽 聽Sellers pay the gas when accepting offers.

Etherscan also has a page with NFT (ERC721) transfers. Just clicking on a few random ones I see transaction fees as cheap as $30 or as high as $70. In other words, you'll most likely be spending 5-10x more on fees if you plan to buy a $10 NFT. Unfortunately high fees is what Ethereum is at the moment. EIP-1559 scheduled for July aims to solve this at least somewhat.

31 minutes ago, Indus Monk said:

okay, so with this guide and this video, i have started mining. But when I go to ethermine.org to check my hash rate, it is at 0.0 What did I do wrong? I don't think i am mining in a pool though

You need to leave it going for at least something like 15-30 minutes so it'll be picked up. If I recall correctly their website also says that. Ethermine is a pool.

[Edit] I see you mention Rarible. This may be a good read:

https://www.reddit.com/r/Rarible/comments/mcw71f/gas_fees_and_costs_on_rarible_beginners_guide/

Long story short: dealing with NFTs will cost you a lot more than just $10.

Crystal: CPU: i7 7700K | Motherboard: Asus ROG Strix Z270F聽| RAM: GSkill聽16 GB@3200MHz | GPU: Nvidia GTX 1080 Ti FE | Case: Corsair Crystal 570X (black) | PSU: EVGA Supernova G2 1000W | Monitor: Asus VG248QE 24"

Laptop: Dell XPS 13 9370 | CPU:聽i5 10510U | RAM: 16 GB

Server: CPU:聽i5 4690k | RAM: 16 GB | Case: Corsair Graphite 760T White | Storage: 19 TB

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well im trying to sell on rarible

23 minutes ago, tikker said:

snip

Indus Monk = Indian+ Buddhist

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17 minutes ago, Indus Monk said:

well im trying to sell on rarible

Same applies, see my edit.

Crystal: CPU: i7 7700K | Motherboard: Asus ROG Strix Z270F聽| RAM: GSkill聽16 GB@3200MHz | GPU: Nvidia GTX 1080 Ti FE | Case: Corsair Crystal 570X (black) | PSU: EVGA Supernova G2 1000W | Monitor: Asus VG248QE 24"

Laptop: Dell XPS 13 9370 | CPU:聽i5 10510U | RAM: 16 GB

Server: CPU:聽i5 4690k | RAM: 16 GB | Case: Corsair Graphite 760T White | Storage: 19 TB

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