Money Talk
How to start mining?
Submitted by xtonle, 14-03-2021, 10:04 AM, Thread ID: 200526
Thread Closed
RE: How to start mining?
Its easy! Im just going to talk Eth and mining with Windows here because its the most profitable right now but other currencies are similar. I was going to link you the video I used to get started but I just looked for 10 minutes and theres no many new videos I couldnt find it. Anyway, Im sure some of these new videos ?how to mine ethereum in 2021) will help you butIll give you an overview to get started.
First and foremost your challenge, unless you already have one, is to get a video card. Unfortunately in the frenzy people have snatched them all up amd there are bots constantly running and even live streams sharing not findings on YouTube. And its been like this since at least Dec 2020, if not earlier.
Cards I would recommend for getting your initial investment back relatively quickly: RTX3060Ti ($4-$500), RTX3080 ($700-1000) RX6800 & XT ($600-1000, this is an amd card and a little trickier because youll want to turn on a smart access memory feature to get good returns). There are other cards - some previous generation cards are still profitable (RTX 2XXX series and AMD RX5XXX series) but they are a little more power hungry and when youre running something 24/7 to profit the power costs become nontrivial. Theres also the new RTX 3090 and RX6900 XT but theyre pretty pricey ($1000-2200). And also still sold out everywhere. Getting the card is the challenge.
From there, you can make a wallet with MetaMask or any other number of services in just a few minutes. Making a wallet can feel kind of funny because unlike typical online accounts, you wont be inputting all your information and making a password. In the spirit of defi, your wallet is anonymous. When you create it, a 12-word pass phrase is generated. You need to copy those words down and the order somewhere safe. This is how you will control your wallet. Anyone with this pass-code basically has your money. Youll also get a long wallet address 0x.... this is generally safe to share and is the address you use to send and receive money.
Now you have the wallet and the last step is to download the miner. Make sure you get your miner straight from the source. For NVIDIA (RTX) cards I recommend trexminer (get it from GitHub) and for AMD cards (RX) I recommend teamredminer (also GitHub). Once this is downloaded, unzip it to a directory you will use for mining (I created a directory in my Users folder. Find the Eth batch file and update the wallet address to your newly generated wallets address.
Also in this batch script you will put in your pool address. Small mining operations collaborate with each other in pools to solve complex problems with their collective computing power and share the crypto rewards. Start off with Ethermine. They have several addresses based on what part of the world you live in. Get the correct address from ethermine.org and put that in your batch file. Double click your batch file and youre now mining!
First and foremost your challenge, unless you already have one, is to get a video card. Unfortunately in the frenzy people have snatched them all up amd there are bots constantly running and even live streams sharing not findings on YouTube. And its been like this since at least Dec 2020, if not earlier.
Cards I would recommend for getting your initial investment back relatively quickly: RTX3060Ti ($4-$500), RTX3080 ($700-1000) RX6800 & XT ($600-1000, this is an amd card and a little trickier because youll want to turn on a smart access memory feature to get good returns). There are other cards - some previous generation cards are still profitable (RTX 2XXX series and AMD RX5XXX series) but they are a little more power hungry and when youre running something 24/7 to profit the power costs become nontrivial. Theres also the new RTX 3090 and RX6900 XT but theyre pretty pricey ($1000-2200). And also still sold out everywhere. Getting the card is the challenge.
From there, you can make a wallet with MetaMask or any other number of services in just a few minutes. Making a wallet can feel kind of funny because unlike typical online accounts, you wont be inputting all your information and making a password. In the spirit of defi, your wallet is anonymous. When you create it, a 12-word pass phrase is generated. You need to copy those words down and the order somewhere safe. This is how you will control your wallet. Anyone with this pass-code basically has your money. Youll also get a long wallet address 0x.... this is generally safe to share and is the address you use to send and receive money.
Now you have the wallet and the last step is to download the miner. Make sure you get your miner straight from the source. For NVIDIA (RTX) cards I recommend trexminer (get it from GitHub) and for AMD cards (RX) I recommend teamredminer (also GitHub). Once this is downloaded, unzip it to a directory you will use for mining (I created a directory in my Users folder. Find the Eth batch file and update the wallet address to your newly generated wallets address.
Also in this batch script you will put in your pool address. Small mining operations collaborate with each other in pools to solve complex problems with their collective computing power and share the crypto rewards. Start off with Ethermine. They have several addresses based on what part of the world you live in. Get the correct address from ethermine.org and put that in your batch file. Double click your batch file and youre now mining!
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