Ethereum Mining
I need HELP from the Pro's I am thinking of putting together a PC for mining Ethereum ,can anyone give me some advice on the system specs i would require to start mining from home . I don't want to break the bank will upgrade as the mining profits come in .
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I read some where it is all to do with the graphics card what would be a good starting point?
Thank you
Last warning, it's really difficult for a newcomers to be competitive and get enough power to be in benefit, because of the actual difficulty, like bitcoin I guess (PoW).
Thank you @jimy74 it looks like its not that easy then to start mining, is there maybe another coin that one can mine with out any hassle ? Steemit is my first encounter with Crypto and there is so many posts about mining i thought it would be a great opportunity ...
Proof of stake coins, like for exemple PeerCoin, is minable for a profit of 1% easely, it's call Mint. After i heard about Dash was really profitable. But really I think a lot of work is put on how make mining more fare and reward shared, work shared, but still the most efficient as possible.
For exemple, I advise this to my friend is what's app for exemple just now but, me I bough some TaaS (Token as a Service) and they trading for us the fund, and reward us many times in the week in Ether(precious actually ^^) and the price of the token TaaS raising too, so i can sell my TaaS even after taking my payout many times, more expensive than I bought it ^^, you need to buy TaaS and send it to a wallet like a cold ether wallet or something you got the full access (like myetherwallet, ledger wallet..) and they will send you the payout at your address (they find it easily on the blockchain) the end of this month. I let you go in https://taas.fund/ read the whitepaper.
you can ask them questions on them chat there.
check the value here : https://coinmarketcap.com/assets/taas/#charts
You can see that for the potential and the already benefit, even the payout did not came out, it's already huge! Especially that the market cap is "only" 25M so we will probably see a huge pump (buy) on this. ;)
And this is the best advise I think I can give you at the moment. Even i got a lot of other coins so diversify you in what you really trust, and you know it's work or it's have incredible potential and it's really trustable. Thank your for your question @louiscpt and your attention.
@jimy74 Thank for taking the time and explanations i will look into this mush appreciated.
First thing you need to do is determine your cost of power in your area. This is the basic raw material direct cost that will determine profitability. Then consider the entire computer hardware cost as a "capital" purchase. Once that is done, you have to put a realistic lifespan on your hardware investment (let's say 12 months considering the difficulty levels of mining will increase forcing your equipment to be obsolete faster than a regular computer lifespan). Once you have these numbers, then you can determine the Mh/s you can generate with your rig, and what that is going to generate in terms of ETH. The price of ETH will fluctuate and if you need to pay your expenses with the ETH you generate, then your profit is what is left. Or your loss if you have a shortfall. That's it. Otherwise it is just the tech stuff to put that together and there are thousands of posts, videos, etc. to show you that. But just consider your costs before you embark on this journey.
In my case, I believe in the vision here and I don't care if I lose money - I want to contribute to the blockchain by mining and I want to generate new currency. I'm punting on what that will be worth for the future. But others may not be able to fund such a punt. So your mileage may vary.
Good luck. Oh and read my blog here: https://steemit.com/@beunconstrained There are important articles there that will affect your journey.
Start with the profitability calculator on nicehash.com then decide what you want to add / build. Don't skimp on the PSU.
Thank you i just had a look don't really understand PSU ? What i need to know is what motherboard ,ram,graphics card ,cpu if that makes sense I stay in South Africa so cant really work out the electricity cost...
Power supply unit. Its very important so you don't fry a grapgics card or worse the whole thing due to incorrectly regulated power. Work out what electricity costs you locally, then convert it to USD, put it in the calculator then decide.
Like with all crypto, its important to do your own research. :)
my personnal advise is: becarful because buying a mining hardware can take you time and personnal investement. A lot of scam is out there so be sure about where you going to buy your hardware to mine. Check the profitability and if Ether is still in Proof of Work and not in Proof of Stake, because proof of work as you power and is really a energy lost, you need big calculation and super machines. But proof of Stake you will need Ether in your wallet to be trusted, and reward in function of that. (It's not dangerous because rich are reward, ok it's dangerous you will say but it's life, it's the competition, but if they attempt to cheat on the new block, we burn them ethers).
Some discussion about the actual position : https://ethereum.stackexchange.com/questions/tagged/proof-of-stake
mare more research about it.
After you need to make the calculation of what you need to earn how much.
When you will start until when, what is the difficulty, the reward you will get with this your setup.
Me i'm not mining I'm more a trader and a simple holder, but it's shoud be interesting to have some advises here from a actual miner of Ether. Anyone?
After you will have to find hardware if - you need something powerful, or not!
I want to learn how to do this, too.thanks for the info.will read up on these.
I bought a gtx1070 graphics card driver worth about 400$. I have been mining ethereum with it for about 2 weeks now, mining ONLY when I am away or asleep +/-10 hours per day. After 2 weeks or 200 hours of mining I have earned 0.2eth. (Excl. Power Costs) If you are planning on investing in ethereum-miners specifically you need to WATCH OUT as I believe it will be moving from a Proof of Work to a Proof of Stake on 1Nov this year therefore making the miner useless. Of course, you could then switch to another mineable coin but those might not be worth it for small miners.
@evancaulfied Thank you for the information
Sorry louiscpt I don't have a clue but I will give you an upvote if that helps.👍😊