Wanting to start mining

[MingLee420]

I have a 3080 lhr and wanting to get some money to save up for something but idk how to anything with mining any tips?

[iMxmo]

For GPU mining I'd say Ethereum is the most profitable at the moment, and probably Raptoreum for CPU mining (although CPU mining isn't too profitable even if you have something like a flagship chip) 

You can use NBminer to mine Eth (NiceHash is also an option if you want payout in BT) IIRC Nbminer also has LHR tuning. 

To maximize your efficiency crank up that memory clock and adjust PL accordingly. GPU OC is fairly simple. 

There are also a few apps that simplify this process and can payout in USD. 
 

[MingLee420]

7 minutes ago, iCypticx said:

For GPU mining I'd say Ethereum is the most profitable at the moment, and probably Raptoreum for CPU mining (although CPU mining isn't too profitable even if you have something like a flagship chip) 

You can use NBminer to mine Eth (NiceHash is also an option if you want payout in BT) IIRC Nbminer also has LHR tuning. 

To maximize your efficiency crank up that memory clock and adjust PL accordingly. GPU OC is fairly simple. 

There are also a few apps that simplify this process and can payout in USD. 
 

is there anything to set up in order to cash out or something 

[iMxmo]

32 minutes ago, MingLee420 said:

is there anything to set up in order to cash out or something 

You need to setup an Ethereum wallet. 

[MingLee420]

12 hours ago, iCypticx said:

You need to setup an Ethereum wallet. 

im going to do eithermine pool but idk what wallet to go with what do you recommend 

[Lightwreather]

4 hours ago, MingLee420 said:

im going to do eithermine pool but idk what wallet to go with what do you recommend 

Exodus is a pretty good one to consider

[tikker]

18 hours ago, MingLee420 said:

is there anything to set up in order to cash out or something 

With cash out do you mean get your crypto from the pool or convert it to fiat (dollar, euro etc.)? For getting it out of a pool a wallet indeed suffices. Exodus, Metamask, MyEtherWallet are ones I have used myself. If you want money, however, you'll have to put it on an exchange and swap if for fiat there.

[MingLee420]

4 hours ago, tikker said:

With cash out do you mean get your crypto from the pool or convert it to fiat (dollar, euro etc.)? For getting it out of a pool a wallet indeed suffices. Exodus, Metamask, MyEtherWallet are ones I have used myself. If you want money, however, you'll have to put it on an exchange and swap if for fiat there.

i meant convert crypto to money but wdym by get it from the pool?

also what is the eithermine threshold to  get paid or whatever, i have exodus set up and nbminer to my wallet and got it to 70 mh with undervolt and mem oc

[tikker]

4 hours ago, MingLee420 said:

i meant convert crypto to money but wdym by get it from the pool?

also what is the eithermine threshold to  get paid or whatever, i have exodus set up and nbminer to my wallet and got it to 70 mh with undervolt and mem oc

https://support.bitfly.at/support/solutions/articles/8000060967-ethermine-org-payout-policy

Quote

Hence the payout policy will be adapted as follows:

Ethereum Layer 1 (Gas limit: 250,000)
-) Daily automatic payout of all balances above your configured payout threshold (10 - 0.01 ETH, network tx fee paid by the miner, default max acceptable gas price will be 40 GWei).

-) Manual on demand payout of all balances above 0.005 ETH (network tx fee to be paid by the miner; can now be initiated via Metamask signature OR via IP verification).
 
 Side-chain (Matic/Polygon)
-) Daily automatic payout of all balances above 0.005 ETH (network tx fee paid by the pool)

Note that you pay the transaction fee. You can check e.g. https://etherscan.io/gastracker

to see how expensive gas is in gwei. A simple transfer of funds is 21,000 gas making a simple ETH transfer cost you (21,000 * <price in gwei> / 1000000000) ETH. Multiply that by the current ETH/USD rate and you'll have the effective cost in USD.

 

Transaction fees apply to every transaction. So you'll be paying once to get it from Ethermine into Exodus and then again to get it from Exodus to an exchange where you can convert it to fiat money. If you plan to cash out often you might be better off with NiceHash, which allows for free transfer of BTC from your mining wallet to Coinbase / Coinbase Pro.

[jwwagner25]

I have been using nanominer but not with LHR cards. You want to make sure not to lose your wallet recovery passphrase. Also keep in mind this is not a good way to make quick money; as referenced above you will get hit with high fees. The real money is in keeping your 'earnings' parked in the wallet. I realize it's a catch 22. especially with only one LHR card it's going to take some time.