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RE: Minnow Mining Crypto Week #2
Hey @wilmaballsdrop! I'm creating a slideshow on mining for bitcoin. Mind if I ask you a few questions? The slides will be shared among all members in the Block Chain Education slack group. Give it a visit when you have a chance!
What is your overall experience with mining? What advice do you have to give to others interested in mining bitcoin? What precautions should beginners perform? What was the initial investment cost when you first started mining? Current ROI? Lastly, why do you mine? You can DM me if you'd prefer.
Hey @pernbchain247
I just started recently. Maybe a month or so I still have a lot to learn. I've had a passive interest in bitcoin for a few years though.
Well I certainly wouldn't start out mining bitcoin which I think involves a massive investment in hardware. I would tell people to mine altcoins or more specifically mine with a user-friendly mining program like NiceHash which is what I'm using now or alternatively MinerGate. There may be others I'm not aware of. NiceHash pays out in bitcoin no matter which coin you are actually mining.
Start small and read up on forums. Research what the best mining GPU cards are and go from there. There are several mining profitability calculators available online.
Well I already had the computer so with the new video card and couple other upgrades, about $250. Had I done a little more research I would have spent a little more and got a better video card.
I plan on getting another rig up and running and factoring in that extra investment I'm guessing 18 months.
It's more of a hobby than anything. I'm obviously not going to get rich but I'm learning a lot about cryptocurrencies and blockchain tech. The entire industry is extremely fascinating to me. Exciting times!
This is great! Thank you for your input. I'll be sure to reference you and your story as a source.