Author Topic: Fast FAQS on Mining  (Read 153 times)

procoon

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Fast FAQS on Mining
« on: February 06, 2018, 10:27:12 pm »
Here are the list of questions that I usually see from the newbies

Q: Is bitcoin mining still profitable?
A: Nope, not anymore. Don't try joining because you will only add to the difficulty  :P  nah, just kidding. The answer is it depends on your location and your planned setup. And do more research

Q: I'm just a newbie so where do I start
A: Start by reading, researching and watching videos. There are tons of stuffs there teaching and discussing about cryptocurrency, bitcoin, mining, blockchain and etc.

Q: I'm confused, what do I really need to search in youtube/google?
A: Seriously? is this even a question? do you know what you are trying to do? Lol, but anyway here are some of the keywords What is cryptocurrency, what is bitcoin what is blockchain, what is bitcoin mining how does bitcoin mining work

Q: I've researched already and wanted to start but they say that bitcoin mining is not profitable anymore.
A: Told yah it's not profitable anymore. Haha, kidding aside start searching about alternative to bitcoin ethereum zcash what coin is profitable?

Q: Great! It's good to know that I can still mine, so how do I start?
A: Start by either buying your own rig (if you can still find parts) or buy hashing power from cloud mining site (take extra precaution in this)

Q: I wanted to buy my own rig, what are the specifications needed?
A: Technically any computer specs can do, but if you want it to be profitable you have to invest in some powerful graphics card or GPU (graphics processing unit) as they say. What cards? Do your homework.

Q: Buying my own rig seems complicated, how do I start with cloud mining?
A: Just buy hashing power from cloud mining providers, once again do take extra precaution since there are tons of scam sites out there.

Q: I've read somewhere about ASIC, what are they?
A: Application-specific integrated circuit. They're the devices that's sole purpose is to solve specific algorithm (e.g. SHA256), so basically it can mine bitcoin and some other cryptocoin with SHA256 algorithm. There's also an ASIC for Scrypt, litecoin uses scrypt algorithm.


Q: So GPU is better than ASICs right?
A: Definitely yes, because if a coin is not profitable anymore you can just change your config and switch to other coins who are still profitable. You can also sell it should you decide to quit mining. I have personally seen many miners who were able to buy GPUs at a lower price and was able to sell it higher even after they have exploited and abuse it. How? Well if you are not aware and not reading the news, GPU prices have gone up and many gamers are mad about it. Going back to the question, ASIC's price usually go down to the point that it is better of a display in your room instead of selling it. Do more research about why.


Q: How much money should I prefer in setting up my own GPU miner?
A: It depends on how many GPU you want, 7 gpu? 6 gpu? 5 gpu, 2 gpu? I cannot give you an exact price now since prices are always subject to change depending on supply and demand, location and etc.


Q: How do I compute for my profit?
A: Check your hash or sols, (you can check this site https://getpimp.org/pimps-corner/hashrates/) and input it here https://www.cryptocompare.com/mining/calculator


Q: I wanted to start small, is there any way?
A: If you have an existing desktop computer that has a decent video card your good to go or if you do not have a decent video card, check if your motherboard has extra PCIE lanes and buy some decent cards (AMDs RX 470, RX 570, RX480/580, Nvidias GTX 1050ti/1060/1070). It can do the job so you can have a feel of how to mine.

Q: How long before I'll have my ROI?
A: Check the profitability calculator again, it should answer your question

Q: Are ASICs/mining rigs power hungry? How do I know how much they consume?
A: Yes, just sum up the total power draw of your cards and the other parts of your computer, you can use this link to get a rough estimate https://outervision.com/power-supply-calculator or you can simply buy and use a wattmeter.

Q: Do I need to have a fast internet connection?
A: No, even if you are using a dial-up connection it would do. It just need to have a stable and consistent connection

Q: How many GPUs can my motherboard handle? (insert motherboard brand and model here)
A: The basic answer is count the PCIE lanes of your board, be it 1x, 4x, 8x or 16x. Whatever their total is, that is the answer to your question.

Q: If the answer to the previous question is basic, what's advance?
A: There are boards that has M.2 slots, you can utilize this M.2 slots and use it as a PCIE. You just need to buy M.2 to PCIE adapter, do some tweakings of configs in bios and voila, you will have additional PCIE slots.

Q: I have an i5 processor, do I need to upgrade to i7?
A: Nope, if you are a GPU miner the videocard does the job and not your CPU. The weaker the specs of the CPU, the lower the power it consumes, the lower it costs, which will mean more profit.


Q: I have an 8GB of ram, do I need more?
A: Nope, you can just have enough for the requirement of your OS. GPUs have their own RAM (vRAM) so they won't be needing your RAM sticks.

Q: Can I use my laptop, old pcs, server, smartphone, tablet, phablet and (nintendo?) to mine?
A: Yes but are they profitable? Will they withstand the stress they will get from solving and computing these complex algorithm? They will be constantly put into pressure in computing these algorithms and this means that they will constantly drawing out power and this power generates heat. Can they withstand that?


Q: What is the recommended OS for mining?
A: Basically any OS would do, it depends on which you are comfortable.

Q: What is a mining pool?
A: If you have researched about "how does bitcoin mining work", you will know that those who are rewarded are the ones who solved the algorithm. If you are a solo miner it is almost near to impossible to solve a block because of the difficulty. That's why they have started mining pools, mining pools will sum up all of the member's mining power to solve a block and when it gets rewarded it distributes evenly to members according to the mining power they have contributed.

Q: So basically I can still do solo mining?
A: Yes and goodluck

Q: What are mining softwares? Which one is the best? and name some example please?
A: These are the softwares that you will run in your computer to start creating task that will be forwarded to your GPU to work on. Examples are nicehash, genoil, sgminer, ccminer and claymore. It all depends on your taste, they have their own pros and cons.

Q: Does my mining rig need to have an airconditioner?
A: They say that you just need a good airflow that will blow away the heat from your mining rigs.

Q: You kept on saying difficulty, what the heck is this?
A: This is the mechanism of the network to make the mining harder, the more the miner there is in the network, the more it becomes harder to solve an algorithm


This is it for now and I will continually update this list.

procoon

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Re: Fast FAQS on Mining
« Reply #1 on: February 06, 2018, 10:30:23 pm »
If you got some good questions that could help the newbies, just comment them and we can add that to this list.

Or if you have any feedbacks regarding this list just let me know.