need help with MINING

[INSANE-HOOLIGAN]

I wanna start mining , I already ordered the hardware and I was doing heavy research for almost three months now, but I still cant get one thing right : how to sell your currency after mining it ...

 

So all I want is for someone to show me a detailed article or video on the process of exchanging your currency to real money .. keep in mind that I have no idea on this at all .. I even still havent got a bank account -I said this because I wanna know if the master card is necessary or not -  ... but I'll make one soon .. 

 

thanks for the help I really appreciate it 

[NotTristan]

you haven't done enough research, if you think that currency needs to be SOLD, you've got the wrong idea.

 

It's the same if I have 10 GBP, I don't SELL it to get USD, I convert it to USD. If I were you I would do a lot more research. I am concerned that you have already bought hardware without knowing the key functionality of cryptocurrency. Also it depends on what currency you want to mine.

[Jekub]

2 minutes ago, NotTristan said:

you haven't done enough research, if you think that currency needs to be SOLD, you've got the wrong idea.

 

It's the same if I have 10 GBP, I don't SELL it to get USD, I convert it to USD. If I were you I would do a lot more research. I am concerned that you have already bought hardware without knowing the key functionality of cryptocurrency. Also it depends on what currency you want to mine.

Cryptocurrencies act like comodoties so the term sold seems fine.

 

12 minutes ago, INSANE-HOOLIGAN said:

I wanna start mining , I already ordered the hardware and I was doing heavy research for almost three months now, but I still cant get one thing right : how to sell your currency after mining it ...

 

So all I want is for someone to show me a detailed article or video on the process of exchanging your currency to real money .. keep in mind that I have no idea on this at all .. I even still havent got a bank account -I said this because I wanna know if the master card is necessary or not -  ... but I'll make one soon .. 

 

thanks for the help I really appreciate it 

I personally have used https://shapeshift.io to convert zec to btc. And https://anycoindirect.eu to sell zec for 'real' currencies.  These aren't neccessarily anywhere near the best options but they are ones that I have personaly used and both worked well.

Worth noting that ShapeShift's fee's are considerable for low value conversions and I've only used anycoin once so don't hold me responsible if they steal your money and drop off the face of the earth

[INSANE-HOOLIGAN]

naah am already planing on keeping it for at least 6 months before I even think of converting it ..

 

maybe I didn't explain enough that's why you misunderstood me , so let me : 

first of all am in Africa . so you know how things go around here and there isn't much support from foreign sites and stuff like that , I don't even know if the coin-bases websites have support to the bank or not ... and there are other questions in mind .. that's why I asked for a detailed article or video on this subject .

 

PS: you're absolutely right, I need more research and that's what I'll be doing , but I just wanna get this right to be able to focus on others things .. 

 

I hope you understand my situation and help me out . 

 

PS-2: I ordered only one gtx 1060 just for the sake of practicing and to better understand this shit ... and I'll be practicing for at least a month before I get the other GPUs .

 

Feel free to add any other advises ... thnkx   

[NotTristan]

3 minutes ago, Jekub said:

Cryptocurrencies act like comodoties so the term sold seems fine.

Yes I suppose it's fine, it's just concerning to me that the OP hasn't done enough research and was trying to get them to read up more. I made sure I knew Ethereum inside and out before I started mining it, and I didn't even buy any new hardware. I wasn't trying to be rude if that's how I came off.

[INSANE-HOOLIGAN]

This is from the coinbase.com support :''In some countries, the only supported payment methods are credit/debit cards (Visa & MasterCard). Cards are only able to be used for buys. At this time we are not able to transfer funds back to a card, so they cannot be used to sell digital currency. Please take note of this limitation before using Coinbase if you are in a country where credit/debit cards are the only payment option, because you will not be able to sell digital currency.''

 

can anyone please explain what are the other methods except 'visa/master card' that they are talking about ?

 

 

[Hugs12343]

what cpu are you using. You don't need much ram (4 - 8 GB is enough suprisingly according to linus' video) but make sure you have plenty of storage on your ssd/hdd (about 20 GB is enough

[INSANE-HOOLIGAN]

2 minutes ago, Hugs12343 said:

what cpu are you using. You don't need much ram (4 - 8 GB is enough suprisingly according to linus' video) but make sure you have plenty of storage on your ssd/hdd (about 20 GB is enough

pentium g4560 ... but that's not what am asking for ... read my poster again 

[thorsong]

3 minutes ago, Hugs12343 said:

what cpu are you using. You don't need much ram (4 - 8 GB is enough suprisingly according to linus' video) but make sure you have plenty of storage on your ssd/hdd (about 20 GB is enough

Not if you are using windows it isn't. I was initially using 60GB drives on my miners because the total take for windows was supposed to be about 30GB. After a couple updates you start getting "no disk space" warnings. So now I get 120GB drives. And another thing, Every single ADATA drive I bought died within 6 months. Those drives are complete horse dump, do not buy them.

[thorsong]

 

18 minutes ago, INSANE-HOOLIGAN said:

naah am already planing on keeping it for at least 6 months before I even think of converting it ..

 

maybe I didn't explain enough that's why you misunderstood me , so let me : 

first of all am in Africa . so you know how things go around here and there isn't much support from foreign sites and stuff like that , I don't even know if the coin-bases websites have support to the bank or not ... and there are other questions in mind .. that's why I asked for a detailed article or video on this subject .

 

PS: you're absolutely right, I need more research and that's what I'll be doing , but I just wanna get this right to be able to focus on others things .. 

 

I hope you understand my situation and help me out . 

 

PS-2: I ordered only one gtx 1060 just for the sake of practicing and to better understand this shit ... and I'll be practicing for at least a month before I get the other GPUs .

 

Feel free to add any other advises ... thnkx   

I think the biggest hurdle you are going to face is setting up a bank account that you can use with the major exchanges. The two exchanges I have used have been Kraken and Coinbase. Depending on what you mine, you may find yourself needing several exchanges. Coinbase only deals with Bitcoin, ETH, and LTC. Kraken deals in most prominent coins. I prefer to use coinbase. Now, there are a couple sides to this. If you want to get into trading, you would use GDAX, Coinbase's trading site. When making trades, you get to set the price you are willing to trade at. If you just want to treat it more like a bank transaction, you would use Coinbase.
   Pretty much any coin you mine for outside of ETH or BTC is going to require multiple transactions to convert it to real currency.

For example, if I am mining Zcash- I have to trade Zcash for BTC and then I can trade BTC for a fiat currency. 
     It isn't that difficult once you get accounts in place, but you will need to find a bank that can work to deposit funds to from the Exchange of your choosing. So you need to do some research on what exchanges work with banks in your region. Once that is done you will generally have to go through a verification process with the exchange to be able to trade for real currency and deposit to a bank you can use. 

   

A side note, most parts you can go cheap on, but get the best power supplies you can find. Although I am not sure how an RMA process would work being in Africa. But a high quality 80+ Platinum PSU will save you money in the long run. Buy a cheap one and you will just end up spending money replacing it. I wouldn't stress a power supply beyond about 80% of its rated capacity. Remember, if you are mining this thing is going 24/7. And do not connect more than 3 SATA power connectors for PCIE risers per connection on the PSU. You will melt connectors and burn up wires.

[INSANE-HOOLIGAN]

10 minutes ago, thorsong said:

 

I think the biggest hurdle you are going to face is setting up a bank account that you can use with the major exchanges. The two exchanges I have used have been Kraken and Coinbase. Depending on what you mine, you may find yourself needing several exchanges. Coinbase only deals with Bitcoin, ETH, and LTC. Kraken deals in most prominent coins. I prefer to use coinbase. Now, there are a couple sides to this. If you want to get into trading, you would use GDAX, Coinbase's trading site. When making trades, you get to set the price you are willing to trade at. If you just want to treat it more like a bank transaction, you would use Coinbase.
   Pretty much any coin you mine for outside of ETH or BTC is going to require multiple transactions to convert it to real currency.

For example, if I am mining Zcash- I have to trade Zcash for BTC and then I can trade BTC for a fiat currency. 
     It isn't that difficult once you get accounts in place, but you will need to find a bank that can work to deposit funds to from the Exchange of your choosing. So you need to do some research on what exchanges work with banks in your region. Once that is done you will generally have to go through a verification process with the exchange to be able to trade for real currency and deposit to a bank you can use. 

   

A side note, most parts you can go cheap on, but get the best power supplies you can find. Although I am not sure how an RMA process would work being in Africa. But a high quality 80+ Platinum PSU will save you money in the long run. Buy a cheap one and you will just end up spending money replacing it. I wouldn't stress a power supply beyond about 80% of its rated capacity. Remember, if you are mining this thing is going 24/7. And do not connect more than 3 SATA power connectors for PCIE risers per connection on the PSU. You will melt connectors and burn up wires.

thank you so much for the explanation ... 

 

-first of all I just checked and Coinbase doesnt support my country -Morocco- .. I'll have to keep looking .. 

 

can you please explain this part : ''And do not connect more than 3 SATA power connectors for PCIE risers per connection on the PSU. You will melt connectors and burn up wires.''

 

thank you again

[thorsong]

when you are running a full mining rig with 5 or 6 GPUs, you use PCIE 16x to 1x adapters. Each of the adapters requires power, most of them use a SATA power connector. 

Most high end, high wattage power supplies are modular. The SATA power cables on those power supplies often have between 3 to 5 SATA power connectors on them for powering hard drives and such. The risers can pull a fair bit of power depending on the GPU that you install. More than 3 GPUs pulling power through that SATA power line and you risk running enough current to burn up the wire to the power supply and melting the SATA connections. Worst of all something a simple as that can kill a video card. Which is why you make sure you are using good, quality made power supplies. Do not try to save money on those. Buy the best. And if you do have issues, the best brands have good warranties that they will make good on. I have lost power supplies from EVGA and Seasonic, both of those companies have good warranty service.

   I have no idea what brands are available in your neighborhood though. Having good warranty service is worth paying extra for when you need it. Which is why you will often hear Linus and Luke say that that "EVGA tax" is worth paying. Which I agree with. I have run into issues on a GPU in a system I built for a customer and had help almost instantly. And I didn't have to jump through the usual tech support hoops to get help. Which is always frustrating when you are a tech savvy person who does actually know what you are doing.

  Making money mining is a balancing act. Spending as little as possible while also making sure you have equipment that can actually take the abuse that you are subjecting it to. 

[INSANE-HOOLIGAN]

29 minutes ago, thorsong said:

when you are running a full mining rig with 5 or 6 GPUs, you use PCIE 16x to 1x adapters. Each of the adapters requires power, most of them use a SATA power connector. 

Most high end, high wattage power supplies are modular. The SATA power cables on those power supplies often have between 3 to 5 SATA power connectors on them for powering hard drives and such. The risers can pull a fair bit of power depending on the GPU that you install. More than 3 GPUs pulling power through that SATA power line and you risk running enough current to burn up the wire to the power supply and melting the SATA connections. Worst of all something a simple as that can kill a video card. Which is why you make sure you are using good, quality made power supplies. Do not try to save money on those. Buy the best. And if you do have issues, the best brands have good warranties that they will make good on. I have lost power supplies from EVGA and Seasonic, both of those companies have good warranty service.

   I have no idea what brands are available in your neighborhood though. Having good warranty service is worth paying extra for when you need it. Which is why you will often hear Linus and Luke say that that "EVGA tax" is worth paying. Which I agree with. I have run into issues on a GPU in a system I built for a customer and had help almost instantly. And I didn't have to jump through the usual tech support hoops to get help. Which is always frustrating when you are a tech savvy person who does actually know what you are doing.

  Making money mining is a balancing act. Spending as little as possible while also making sure you have equipment that can actually take the abuse that you are subjecting it to. 

thank you so much for the explanation ... am planning on buying RM Series™ RM650 — 650 Watt 80 PLUS® Gold Certified Fully Modular PSU ... with 4 or 5 gtx 1060 ... is it enough ? ...

[thorsong]

No. I would buy an 850 and I strongly recommend getting a platinum unit. You will need the extra connections that an 850 will come with. And while I like Corsair power supplies in a desktop, I don't like them for mining. I don't think they take the abuse well. The cheaper EVGA G series are not great either. They are not made by the same company that makes the EVGA P series. I recommend going with an EVGA P series or a Seasonic Platinum

[thorsong]

Corsair only puts a 5 year warranty on their 650 and 750 watt units. Seasonic puts a 10 or 12 year warranty on it, and EVGA puts a 10 year warranty on theirs.

 

[INSANE-HOOLIGAN]

you got a point ... but it all comes down to the budget .. I think I'll buy the 650 and work with only three 1060 -80 watt each- .. and change it down the road if I add any other gpus ... what do you think ?