Cryptocurrency Mining

[ApexSutton31]

Hello all,

             Not sure if this is the right place to be asking, but it seemed like the closest choice. Lol. Anyway, I'm looking into getting into mining cryptocurrency as a hobby/extra cash on the side. I have a GTX 1080ti I use for gaming and I know its hash rate is good enough to be profitable in mining. But I am also a beginner in this aspect.

So I was wondering if anyone had any tips for me? Like what currency should I look into mining? I know that Bitcoin is out of the question. And Etherium is huge already, so I'm not sure if that would be best to get into.

What kind of wallet should I get for which currencies? What mining pool or pools to join? And any other tips that would help to get me started and be somewhat profitable?

 

Thank you so much for reading!

[porina]

The easiest solution to start is to use nicehash client. You just need to set up a bitcoin wallet to get paid in. Put the wallet address in the client, press benchmark and then start. That easy. Their client works out best revenue at the time and will do that. Once you get a taste for it, then you can look at improving from there.

[ApexSutton31]

Okay cool. I'll look into that one then. Thank you!

Oh, and would I just type in bitcoin wallet into Google and get any random one that pops up or is there a specific one that would be better? Like I said, I'm a noob at this, so if I sound dumb, I kind of am to this subject. Lol

[knightslugger]

BitPay is a good wallet. Also has a debit-card option where you can trade BTC for fiat if you wanted to cash out so to speak.

 

but dude, lemme tell you, GPU mining is dead. IT is so freaking hard to actually get any work done anymore. the difficulty setting is only getting harder and harder with the amount of GPUs coming on line. Back in June with JUST my 1070 i was staring down a monthly income of over $180. it is now down to $40, and only getting worse. Cryptocurrency mining has become a rich man's game where the only way you can actually supplement income is to buy $2500 ASIC mining machines.

[RollinLower]

4 minutes ago, knightslugger said:

BitPay is a good wallet. Also has a debit-card option where you can trade BTC for fiat if you wanted to cash out so to speak.

 

but dude, lemme tell you, GPU mining is dead. IT is so freaking hard to actually get any work done anymore. the difficulty setting is only getting harder and harder with the amount of GPUs coming on line. Back in June with JUST my 1070 i was staring down a monthly income of over $180. it is now down to $40, and only getting worse. Cryptocurrency mining has become a rich man's game where the only way you can actually supplement income is to buy $2500 ASIC mining machines.

agreed, if you want to actually notice the profits you make you need to cash out and atleast get some more cards.

the vega lineup should be very good for mining, but imo it just isn't worth it anymore.

[knightslugger]

4 minutes ago, RollinLower said:

agreed, if you want to actually notice the profits you make you need to cash out and atleast get some more cards.

the vega lineup should be very good for mining, but imo it just isn't worth it anymore.

from what i've seen, hashing rates for Etherium on Vega is similar to what i get out of my 1070 FTW. considering they burn through twice as much power, i think they're a flop for mining.

[ApexSutton31]

Yeah, I understand. It seems like that is truly the case, from what I've been reading as well. But I figure I'd at least give it a try right? But yeah, if I were to get really into mining, I would just go all out and build a whole system with a bunch of like 580s and what not. Lol. But I just think it'd be neat to kind of get into

[knightslugger]

Just now, ApexSutton31 said:

Yeah, I understand. It seems like that is truly the case, from what I've been reading as well. But I figure I'd at least give it a try right? But yeah, if I were to get really into mining, I would just go all out and build a whole system with a bunch of like 580s and what not. Lol. But I just think it'd be neat to kind of get into

y tho? Rate of return is dropping faster than panties at a dragstrip.

[ApexSutton31]

Lol. Yeah, maybe you're right

[DutchTexan]

35 minutes ago, ApexSutton31 said:

Lol. Yeah, maybe you're right

I mine around 18-22 hours a day with a 1080 and a 6gb 1060. If I mined 24 hours a day with NichHash legacy miner, then I'd get around .009 - .0014 bitcoin a day. So, it is profitable, but not making me rich either. Just figure out a good mining overclock and get a nicehash wallet and youre good to go. 

 

Keep in mind your electricity costs, temperatures, the security of your digital wallet and that you don't get 'paid' until you take your crypto to an exchange. I recommend mining or straight up buying bitcoin to hold long term.

 

Here is a good profitability calculator: https://www.nicehash.com/index.jsp?p=calc

Here is an overview of the markets: https://coinmarketcap.com/

Here is a video that got me to mine(there are two nicehash miners, I like the legacy one better): 

Also, don't use Jaxx as a wallet and don't worry what he is saying about mining zcash. Nicehash will put your 1080ti to whatever coin is most profitable and then charge you a small fee for choosing that algorithm and converting whatever coin they chose to bitcoin. So, virtually you are mining whatever is most profitable and getting paid in Bitcoin. If you are going to use a hot wallet go with Exodus, definitely not Jaxx. Overall, it is most profitable to use a nicehash wallet with nicehash. It is more secure to use a cold storage wallet, buying something like a Ledger Nano S(basically the most secure wallet under $100) But Exodus is still perfectly good if youre not hardcore paranoid. 

[ApexSutton31]

On 8/15/2017 at 4:15 PM, DutchTexan said:

I mine around 18-22 hours a day with a 1080 and a 6gb 1060. If I mined 24 hours a day with NichHash legacy miner, then I'd get around .009 - .0014 bitcoin a day. So, it is profitable, but not making me rich either. Just figure out a good mining overclock and get a nicehash wallet and youre good to go. 

 

Keep in mind your electricity costs, temperatures, the security of your digital wallet and that you don't get 'paid' until you take your crypto to an exchange. I recommend mining or straight up buying bitcoin to hold long term.

 

Here is a good profitability calculator: https://www.nicehash.com/index.jsp?p=calc

Here is an overview of the markets: https://coinmarketcap.com/

Here is a video that got me to mine(there are two nicehash miners, I like the legacy one better): 

Also, don't use Jaxx as a wallet and don't worry what he is saying about mining zcash. Nicehash will put your 1080ti to whatever coin is most profitable and then charge you a small fee for choosing that algorithm and converting whatever coin they chose to bitcoin. So, virtually you are mining whatever is most profitable and getting paid in Bitcoin. If you are going to use a hot wallet go with Exodus, definitely not Jaxx. Overall, it is most profitable to use a nicehash wallet with nicehash. It is more secure to use a cold storage wallet, buying something like a Ledger Nano S(basically the most secure wallet under $100) But Exodus is still perfectly good if youre not hardcore paranoid. 

Hey, sorry about the super late reply man.

I watched this video you posted and a few more I found. Ended up just going with BlockChain for the wallet and using Nicehash's mining tool thing. Make about a dollar and a half to two dollars (USD) a day (counting 8 hours of sleep the night before and 8 hours of work throughout the day)

I know I would make more if I let it run throughout the entire day, but I only have one PC and I game on it a fair bit. Hense why I slapped down the money for a 1080ti... Lol

Figured I'd just get my toes wet with the whole mining thing. Thinking about make a small, two graphics cards, mining rig, but I don't know. Don't really make enough at my current job to be doing so... Lol

But thank you for the tips either way. Hope you've been well!