Understanding the basics

[Minicoop]

Yesterday I finally decided to try my hand with mining for crypto using NBMiner going for Ethereum. After doing some looking I feel I have a very basic understanding enough to have been able to link my exodus wallet in the ETH.BAT file but I feel I don't truly have a full understanding just yet. Also Im sorry if some of these questions ask the same thing, Im overly cautious and wanting to make sure that I cover every corner I can.

 

TL;DR Some new boi asking a bunch of questions

 

1.) While using the NBMiner program is every 'accept' that happens equal to a solution being completed?

 

2.) I'm not really too sure of the pool that I am apart of, I selected the one through ethermine.org but it appears that I might be solo mining. Would it be better off if I was able to find a pool with others in order to make better use of my time and energy (better pay out)?

 

3.) I've read several places that once your computer completes a task that you get an immediate payout but when I checked this morning after it said that my computer has done 130 accepts I didn't see anything in any of my wallets. Does ethermine.org have some sort of limit that you have to accumulate in order to make an auto-withdrawal to my wallet?

 

4.) As for ease of use which miner should I attempt to use apart form NBMiner (unless NB is fine)? From what I've noticed it seems to work fairly well but I still don't know if Im doing things right since it seems TOO easy.

 

5.) When I edited the BATCH file I made sure to switch the server location to the one that was listed from ethermine.org and changed my address to my exodus wallet Ethereum receive, everything worked fine and the program started mining but my question here is if any of that information was wrong it wouldn't work at all correct? I would hate to have input something wrong and gotten nothing to show for it.

 

6.) Is really just inputting the ETH receive address all that's needed to actually receive funds from mining?

 

7.) What are some comprehensive YouTubers or Videos that were really informative to get you into a better understanding? Any Forums would equally work as well but generally I do better repeating something that I can visualize over just reading.

 

8.) As well as mining some Ethereum right now as a learning thing before they do the Proof-Of-Stake at the beginning of 2022 I've seen good things on RavenCoin. Would that be a good transition? (Not asking for immediate financial gain just curious for peoples OPINIONS on the potential)

 

Cant think of anything else ATM but I'm hoping some sort of inciteful conversations will be able to bring up more! Thank you in advance for reading and taking the time to respond!

 

[tikker]

44 minutes ago, Minicoop said:

1.) While using the NBMiner program is every 'accept' that happens equal to a solution being completed?

Every "accept" is a valid share that you have submitted. Basically work is divided amongst the pool and through shares you are proving to the pool that you are actually putting in work to find the block. This answer explains it better than I could: https://ethereum.stackexchange.com/questions/4529/for-pool-mining-what-exactly-is-a-share

44 minutes ago, Minicoop said:

2.) I'm not really too sure of the pool that I am apart of, I selected the one through ethermine.org but it appears that I might be solo mining. Would it be better off if I was able to find a pool with others in order to make better use of my time and energy (better pay out)?

If you are on Ethpool (e.g. eu1.ethpool.org) then you are solo mining. The normal address (e.g. eu1.ethermine.org) is pool mining.

44 minutes ago, Minicoop said:

3.) I've read several places that once your computer completes a task that you get an immediate payout but when I checked this morning after it said that my computer has done 130 accepts I didn't see anything in any of my wallets. Does ethermine.org have some sort of limit that you have to accumulate in order to make an auto-withdrawal to my wallet?

Ethermine's payout scheme is explained in their FAQ: https://support.bitfly.at/support/solutions/articles/8000060967-ethermine-org-payout-policy

You can set your limit (within boundaries) yourself. 0.01 ETH or above will be paid out automatically, balances down to 0.005 ETH can be executed manually. Keep in mind you'll be paying transaction fees, which tend to be a substantial fraction of that 0.005 ETH.

44 minutes ago, Minicoop said: 4.) As for ease of use which miner should I attempt to use apart form NBMiner (unless NB is fine)? From what I've noticed it seems to work fairly well but I still don't know if Im doing things right since it seems TOO easy. It's fine. There are multiple miners out there, some people prefer one over the other. There are claims of some being faster than others, but I never looked into them in that much detail. 44 minutes ago, Minicoop said: 5.) When I edited the BATCH file I made sure to switch the server location to the one that was listed from ethermine.org and changed my address to my exodus wallet Ethereum receive, everything worked fine and the program started mining but my question here is if any of that information was wrong it wouldn't work at all correct? I would hate to have input something wrong and gotten nothing to show for it. If you had the wrong server address it wouldn't connect. If you send ETH to an address that is not yours. someone will get some free ETH. If you send it to a non-existing address it's lost to the void to my knowledge. In either case it's irreverisble and your funds are lost to you, unless the recipient is kind enough to send some back. 44 minutes ago, Minicoop said: 6.) Is really just inputting the ETH receive address all that's needed to actually receive funds from mining? Other than building up enough balance for triggering payout from the pool, yes. 44 minutes ago, Minicoop said: 7.) What are some comprehensive YouTubers or Videos that were really informative to get you into a better understanding? Any Forums would equally work as well but generally I do better repeating something that I can visualize over just reading. The various cryptocurrency stackexchanges, Bitcointalk forums maybe, Ethereum documentation and things like various pool or miner help pages. Can't recommend anything specific, it's just browsing around really. 44 minutes ago, Minicoop said: 8.) As well as mining some Ethereum right now as a learning thing before they do the Proof-Of-Stake at the beginning of 2022 I've seen good things on RavenCoin. Would that be a good transition? (Not asking for immediate financial gain just curious for peoples OPINIONS on the potential) Impossible to predict. In any case, as with anything, if you switch "when it happens" you are too late. Keep in mind anything crypto should be considered extremely risky, expect the worst, expect to lose every penny you put into it. Comparatively speaking at the moment ETH is the more "safe, guaranteed" profit whereas for Ravencoin there might come a huge transition of mining power there once ETH PoS hits, which could cause difficulty to skyrocket and might potentially drive the price up for however shortly.

[Minicoop]

2 minutes ago, tikker said:

7 minutes ago, tikker said:

Every "accept" is a valid share that you have submitted. Basically work is divided amongst the pool and through shares you are proving to the pool that you are actually putting in work to find the block. This answer explains it better than I could: https://ethereum.stackexchange.com/questions/4529/for-pool-mining-what-exactly-is-a-share

Definitely a lot to look through on this one but I appreciate you finding this one for me!

 

7 minutes ago, tikker said:

If you are on Ethpool (e.g. eu1.ethpool.org) then you are solo mining. The normal address (e.g. eu1.ethermine.org) is pool mining.

This probably explains it since off the top of my head I believe im doing usw1.ethpool.org. I couldn't really notice that one while I kept checking I guess.

 

9 minutes ago, tikker said:

You can set your limit (within boundaries) yourself. 0.01 ETH or above will be paid out automatically, balances down to 0.005 ETH can be executed manually. Keep in mind you'll be paying transaction fees, which tend to be a substantial fraction of that 0.005 ETH.

It seems more or less that its just best to just allow the payout to happen automatically then as opposed to taking a chunk out of something that is already minimal in the first place.

 

10 minutes ago, tikker said:

It's fine. There are multiple miners out there, some people prefer one over the other. There are claims of some being faster than others, but I never looked into them in that much detail.

I couldn't find anything either but seeing ones name on multiple different recommendations i.e. NBMiner put it towards the top of my list of popular/safe options. Just good to know I didnt get a doozie.

 

12 minutes ago, tikker said:

If you had the wrong server address it wouldn't connect. If you send ETH to an address that is not yours. someone will get some free ETH. If you send it to a non-existing address it's lost to the void to my knowledge. In either case it's irreverisble and your funds are lost to you, unless the recipient is kind enough to send some back.

Im pretty certain I didn't botch this one since I directly copied it from my Exodus desktop app. Follow up question at the bottom along this subject.

 

14 minutes ago, tikker said:

Impossible to predict. In any case, as with anything, if you switch "when it happens" you are too late.

Very much understand this one. I guess that question almost represents the typical phrase around crypto with FOMO. 

 

 

So with the question I wanted to ask after the ETH address one that I had. through the BATCH file I inserted my Exodus wallet receive for Ethereum directly (copy+paste) and double checked and everything looked good so Im pretty certain its not being sent to the wrong place. Whenever I go to ethermine.org there is an option in order to look up Miner via that receive code and did that and was live tracking it just fine but I noticed that there was an option it had appeared to link a Wallet through Wallet Connect so I had linked my TrustWallet because I thought that it was the only way in order to receive those funds. I'm feeling like me doing that really isnt going to do anything since the miner is directly using my Exodus Eth code. So my question here after the long winded explanation is this, Is the only important code that needs to be paid special attention too is the code that I put into the BATCH file?

 

Also another question for the road, is there a wallet is more compatible with NBMiner or are all the Wallets universally usable for mining?

 

ALSO if you went through all of this again you are a trooper and I really appreciate your help!

[tikker]

23 minutes ago, Minicoop said:

It seems more or less that its just best to just allow the payout to happen automatically then as opposed to taking a chunk out of something that is already minimal in the first place.

Transaction fee stays, but yes it's economically better to pay say 0.003 ETH to transfer out 0.01 ETH than to pay that twice to transfer out 0.005 ETH twice. It'll just take you longer before you can get paid out.

28 minutes ago, Minicoop said:

So my question here after the long winded explanation is this, Is the only important code that needs to be paid special attention too is the code that I put into the BATCH file?

I think so. Not sure what linking the wallet does. I don't use Ethermine.

28 minutes ago, Minicoop said:

Also another question for the road, is there a wallet is more compatible with NBMiner or are all the Wallets universally usable for mining?

You can use any wallet you like. Wallets are just a way to interact with the blockchain, which is where your funds actually live. In other words your ETH isn't in your wallet, it's "at" that address on the blockchain. Your wallet has the keys to interact with it. When you generated one it gave of 12 or 24 words. Those should be guarded with your live and never shown or given to anyone. Those words allow you to generate the appropriate keys and recover your funds. If you switch to another wallet, you click recover, enter those keys and voila you can interact with your funds.