Mining for Crypto
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.
**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.
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!
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.
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!
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.
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
Here’s a post that gives the same recommendation as I did:
It also quotes Ledger and Trezor’s knowledge databases on this issue:
I hope it makes more sense now! :)
Oh interesting, it has to do with how they sign transactions. Thanks for the info!!!
Nothing wrong with using desktop wallet though
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 friend
Hit me up with some specs!
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.
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.
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
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 hope you will share mining experience with us later @bigpanda
I definitely will!
Is so good read you. I Miss you @bigpanda
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..
I will definitely check this out! Thanks for the referral.
its not a wallet, its basically an exchange. don't do this
Thanks for the tip. I won't use it.
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
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 !
I love coinomi.