Mining for Crypto

in cryptocurrency •  7 months ago

Miningrig2.jpg

I just recently finished setting up my first mining rig. It seems to be functioning well and producing a consistent output.

It all started about two months ago. I began to see the allure of mining for cryptocurrencies. I'm a bit of a treasure hunter by nature. I've been on many hikes around the western US searching for lost coins, mines, and other treasures hidden by the mists of time.

As I have become more and more involved here on Steemit and with various other cryptocurrencies in general, I began to see that mining for various cryptocurrencies is a bit like searching for lost treasure--but with a much more reliable return.

I finally decided to set up a mining rig. It took a bit of work, a bunch of learning, and a bit of investment, but my rig is all set up and running.

I am currently mining for ZCash and have a question for anyone else that might be mining for the same.

I am set up on the Flypool and receive somewhat regular deposits of small amounts of ZCash. I am currently sending these deposits to a JAXX wallet.

Where do you send your mined ZCash? I'm not sure JAXX is really the best wallet to use for mining. I'd love to hear which wallet you use for your mining returns.

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**The picture is mine taken with my phone and altered with paint.net

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I used to mine for bitcoin, just before it reached $1000, but when it fell dramatically it was pointless with the cost of electricity in the UK so I sold my rig.

Not sure about your wallet as I have been out of mining for a couple of years, but I'm sure there is help on google.

Good luck with your treasure hunt, and great to see you back on steemit.

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I wish I had been more alert to the opportunity of mining back when Bitcoin was around $1000.

Trezor supports Zcash. Get a hardware wallet, for sure!

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So do you know anyone that mines directly into their Trezor. I've read a bit about doing it and it seems people are split--some say yes and some say no, but I can't really see why I shouldn't.

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Because the device's memory is limited and you shouldn't overwhelm it with a huge amount of small transactions. The best option would be to send your mining earnings to a desktop wallet (for example Exodus) and then do periodical withdrawals to your Trezor (like once every two months). That's how I do it with my Bitcoin and Dash mining earnings, anyway. Good luck!

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If this is true then my entire understanding of how blockchains work is upside down and nothing makes sense.

I would be shocked and amazed if there was an issue with mining to a trezor wallet. Doesn't mean there isn't an issue, i have been known to be wrong quite a bit haha. But it doesn't make an ounce of sense to me.

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What i mean is, your trezor doesn't have to be on. And amendment toy turn out on, it'll sync with blockchain like normal, shouldn't matter how many transactions there are. It's not going to "lose" your coins, it's all on the blockchain

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Here’s a post that gives the same recommendation as I did:

It is not recommended to receive mining payouts to a hardware wallet (Ledger Nano, KeepKey, Trezor...). Hardware wallets are intended more as a long term savings account with few transactions, and less as a current account.

Solution

Instead it's better to consolidate the transactions on an online/local account and transfer them periodically to the hardware wallet.

It also quotes Ledger and Trezor’s knowledge databases on this issue:

Official explanation from Ledger:

If you have mining activities and receive multiple small payments, also called "dust payments", on your hardware wallet, it can saturate the synchronisation of your Blockchain transactions, and cause an unexpected length during every validation or verification processes. This issue is due to the unexpected number of small unspent transactions coming from your mining activities that your hardware wallet can hardly achieve to spend all in once.

Official explanation from Trezor:

In general, it is not recommended to direct pool payouts to hardware wallets like TREZOR. All hardware wallets have limited computational power, especially when compared to a desktop computer, and thus require more time to sign a transaction. This is not an issue with normal transactions, but when spending pool payouts, this can severely prolong the time required. Consolidate your pool payouts in an external wallet and then send your savings to your TREZOR. Alternatively, increase the threshold for pool payouts directed to your TREZOR, so that you don’t receive small amounts every day.

I hope it makes more sense now! :)

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Oh interesting, it has to do with how they sign transactions. Thanks for the info!!!

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Nothing wrong with using desktop wallet though

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Except for security. A desktop/mobile wallet is a good solution for a “hot wallet” – relatively small amounts kept there for payments, transfers, accumulation of mining or staking rewards. Once those smaller transactions aggregated, it’s best to transfer the accumulated amounts to a hardware (or paper) wallet (“cold storage”) for a long-term keeping (aking to a savings account).

good luck hope you will share mining experience with us later @bigpanda

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I definitely will!

Hit me up with some specs!

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So I'm using 6 Nvidia GTX 1070 Ti 8 GB graphics cards and it seems to be hashing steady at 2.7 kH/s with a huge up and down swing during each ten minute segment on Flypool but the average is right steady at 2.7 over the past few weeks.

I'm a bit of a tech noob (more of a numbers guy) but seem to have been able to cobble together a system that works following a bunch of guides from online sources.

I thought my electricity was going to be more the first month. It ended up costing me $52 USD and I had planned on spending $75. I was able to extract a bit over 1.15 ZEC during the first full month of operation. So the rig is profitable as is--but the upfront cost was higher than I wanted. At this rate (and if ZEC doesn't drop or skyrocket) then I'm about 15 months to break even. I figure that's pretty decent return on my investment. Good enough that I'm considering setting up a second one. Like everything, it depends on funds and time.

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Huge secret. You can mine bismuth with nvidia cards at a good 30-50 percent more profit. Head to eggpool.net for info getting started. i have been mining it for 2 months now with over 100+ nvidia cards. Bismuth has a nice future. Look into it. I run everything on ubuntu which i may be doing a setup guide for.

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Not good for amd?

wow very interesting post. I am not involved in other cryptocurrencies, I am still figuring them out here on steemit so thank you for sharing this post. have a great day @bigpanda

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I started buying a tiny bit of Bitcoin back in 2016 and bought just a little bit every month. After about a year, I had enough that it actually mattered to me so I began to get really involved in crypto investing. By the summer of 2017, I had a decent stake in BTC, ETH, and LTC. I ran into Steemit and moved almost everything over and I'm so glad I did. I think Steemit has some really huge upside potential as it continues to grow as a social network--which will boost STEEM, as they say, "to the moon!". I enjoy doing projects like this mining rig because it keeps me learning and my mind active. My day job is a bit repetitious, so I like to learn other things as much as possible.

Have a great day as well.

good luck friend

Is so good read you. I Miss you @bigpanda

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I'm glad to be back @denissemata--I was incredibly busy with work for the past week and didn't find time to do my other things. But I am caught up again and back. Have a great day.

I am using coins ph wallet..

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I will definitely check this out! Thanks for the referral.

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its not a wallet, its basically an exchange. don't do this

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Thanks for the tip. I won't use it.

How do you do zcash
..please explain

Thank you for collaborating with me to promote this post as explained at https://steemit.com/steemit/@jerrybanfield/10-ways-to-fund-a-steem-growth-project.

good luck my friend

I followed you.. You take a good photo and make great post... Thank you
Good luck.. May god always bless you 💖💖💖💖

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i wish i could mine but im presently studying cryptor signal companies though to choose which to use in making my intraday crypto trades

wow excellent your post,,, my dear friend @bigpanda...
thank you for sharing your post..

Bismuth mining is where it's at for nvidia mining. Just posted my introduce myself post with some info regarding this. Will be doing a future post with more details about bismuth mining on eggpool.net

Venezuela Named Cheapest Place in the World to Mine Bitcoin!
http://bit.ly/2EF1BEB

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If you don't get arrested for it lol

I sent my Zcash to my Coinomi wallet its mobile Fast and Free. Has shapeshift and changelly built in and it's easy to use !

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I love coinomi.

Missed your posts man! Now you are mining crypto?

This is a subject I find fascinating.

Can I ask, how much money should I be willing to spend if I want to set up a solid-functional mining ring?

I dont know much about it. But I hope yours does well.