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Getting Started: What to mine, how to mine and where to mine (UPDATED 2021)

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I look at amount of users/workers and pool hashrate when I'm looking to try a different coin. A hashrate high enough to always have work, but not so high your shares are crap if you have a lower hashrate.
 
Thanks guys. :)
I have litecoin, a pool, and just created a .bat. Waiting for litecoin to sync :)
I think I have this figured out...
GPU mining on 2 670s
 
ZL1 said:
Per popular demand I am expanding the last few steps of the how-to, mainly: trading crypto to fiat (USD, EUR, etc) and cashing out.
The exchanges mentioned earlier remain in effect, but we'll go into detail as to what they require to deposit/withdraw real life paper money and the fees associated with that.

  • BTC-E, I have the most personal experience with this exchange, Ive hand an account with them since 2012 and its carried over perfectly, appreciated in this game. btc-e has very few requirements for opening an account, depositing and withdrawing any money, crypto or fiat, they dont ask for an id, bank account or credit cards; which is good, however the downside comes in fees and limited options for customers outside the Russian Federation (apparently btc-e is in Russia, btw dont let this make you think its unreliable, Ive had an account with them personally for over a year now and Ive found the exchange to be very steady and reliable).
    Ok, to the options, they have the following withdraw options:
    - Wiretransfer - 1.5% fee - $1000 Minimum withdraw
    - Paypal - 7% fee - $500 Minimum withdraw (this is a huge fee, I agree)

    - Perfect Money - 0.5% fee -$10 Minimum withdraw
    - LiqPAY -1% fee -$100 Minimum withdraw
    - QIWI -3% fee -$1 Minimum withdraw
    - Epese.com -5% fee -$100 Minimum withdraw
    - Ecoin - 5% fee -$100 Minimum withdraw
    - OKpay - 0% fee - $1 Minimum withdraw
    - payeer -0% fee - $10 Minimum withdraw

    These other options seem unknown to me and to most people here, so we will not recommend them. What I do recommend doing here is trading to bitcoin and extracting the bitcoin, btc-e is sadly no good for extracting USD/EUR

  • Coinbase - the best BTC to USD for US residents. The exchange is stable, has been around for quite a bit and has reasonable options. AFAIK it requires a bank account to be linked in order to transfer funds, I do need more info on this though.

  • Localbitcoins - this is my favorite option period. However BEWARE! this is not an exchange, this is a person to person sales site, the site basically connects buyers and sellers, but the rest is done between them, so selecting the right buyer and payment option for your bitcoins is VERY important. The site does provide both feedback and trade totals and verification options.
    Now if you pick this option I highly recommend you choose to either receive payment by Western Union or to meet the buyer face to face (its possible if the buyer is willing) or use MoneyPak (for US based Paypal accounts), it is irreversible once cashed.

More soon, very soon
Click to expand...

It's important to note that BTC-e does not accept wire transfers from US residents. They don't say why, but they make it clear that they will flat out refuse those sorts of transfers.
 
JeremyCT said:
It's important to note that BTC-e does not accept wire transfers from US residents. They don't say why, but they make it clear that they will flat out refuse those sorts of transfers.
Click to expand...

thank you, I didnt know that, will update asap!
 
bubbleawsome said:
Pardon my ignorance, but this doesn't look right? :p Just started mining doge on my GTX 770.
Click to expand...

What do you feel the issue is? The green checkbox shows you have a worker connected to their pool, and at 782 Kh/s it is hashing at what looks to be a decent rate.
 
Blaylock said:
That's a pretty high hash rate for a GTX770. Can you put this in the proper thread next time though.
Click to expand...
What would that be? You guys don't have a megathread or anything. Should I start my own? I'd like someone to tell me how to use CUDAkernel prefixes, but if this isn't the place to put it. :\

torin3 said:
What do you feel the issue is? The green checkbox shows you have a worker connected to their pool, and at 782 Kh/s it is hashing at what looks to be a decent rate.
Click to expand...
I thought it was too high. I checked CUDAminer and now I am getting ~400Khash.
 
pools never display accurate hashrate, dont go by that, go by what your miner tells you
 
I still have 0 clue how to do this, even though I want to. Are there no simple GUI miners? Everything is annoying lazy batch based?

Hardware to be used is in my sig. How long do you have to mine per day to get any profit? I don't particularly care about electricity, as it's cheap here, and it's not my bill... lol. I would still like to use my comp for other things from time to time but set it to mine when im gone or sleeping.

I got Cudaminer, and CPUminer, and have no clue how to use either and the instructions everywhere are are clear as mud lmao.

Waiting on my DigitalCoin wallet to sync, lol.
 
Last edited:
There are some GUI options out there, like GUIminer and MultiMiner(dont know if it supports cuda though)
The bigger issue however is that GPU mining is hardly worth the trouble these days, you cant make much with it at current difficulties and exchange rates
 
I'm planning on firing up the old(new) rig this weekend. Got a new 3070 and don't really have other plans so I might as well try and make some coin. It's been some years so hopefully this great reference will get me started. Planning on mining ETH to start with. I might put my 2070 to work too if its simple enough.

A special thanks to ZL1 for keeping this current. You are you're brothers keeper.
 
Blaylock said:
I'm planning on firing up the old(new) rig this weekend. Got a new 3070 and don't really have other plans so I might as well try and make some coin. It's been some years so hopefully this great reference will get me started. Planning on mining ETH to start with. I might put my 2070 to work too if its simple enough.

A special thanks to ZL1 for keeping this current. You are you're brothers keeper.
Click to expand...

hehe, thx man :) any questions, you just let me know
with the nvidia cards its easy peasy, get msi afterburner or any other oc tool, set the power limit down to 60-70, set core to 0 or less, set ram to 600 or more (play with the figures til you see what you like)
miner is phoenixminer for nvidia all the way, there is also nbminer, but it always trips avir soft .. u could say that thats normal for crypto ... but hey phoenix doesnt trip ... so I trust it far more
 
Hoping to see the cash out post updated soon. There seems to be a lot of options but the fees and requirements vary greatly. What works best for you guys?
 
memphist0 said:
Hoping to see the cash out post updated soon. There seems to be a lot of options but the fees and requirements vary greatly. What works best for you guys?
Click to expand...

sure, I'll do that today

quick - best solution by me is blockfi, easy in and out since they are not congested, but its only bank transfer
 
When setting up my Electrum wallet should we still use Legacy seed or has Segwit been around long enough?
 
Blaylock said:
When setting up my Electrum wallet should we still use Legacy seed or has Segwit been around long enough?
Click to expand...

depends on your needs, I still go with legacy for compatibility with older stuff and pure esthetics, dont like seg naming convention :))) but transactions costs ... (why there is LTC, ppl forgot its purpose, but its GREAT at that)

can you get such a lovely addy with segwit ? 1DanieLHzoJC4w4egM5QSqb8hz8MTNWYgZ :D I doubt it
(real address btw, feel free to send coin :D )
 
Can I recover funds from an old Bitcoin-QT wallet? I didn't have much in there, maybe a couple of Bit pennies, but I do have the address and I remember my psw.

Also, what wallet do you use for Ethereum? (I'm assuming Electrum is for BTC only)
 
Blaylock said:
Can I recover funds from an old Bitcoin-QT wallet? I didn't have much in there, maybe a couple of Bit pennies, but I do have the address and I remember my psw.

Also, what wallet do you use for Ethereum? (I'm assuming Electrum is for BTC only)
Click to expand...

you sure can, have the dat file ? just install bitcoin wallet, start it, stop it, go to appdata\roaming\bitcoin, drop wallet in there, start qt, wait 2 weeks :))))

I use emerald (its an etc wallet actually, but since eth is also etc if you think about it, it supports both) but the wallet is old and with irregular updates .. so Id recommend exodus or an account such as blockfi (earn interest too, why not)
 
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