Mining Crypto Currencies: A Dimers Collective

Mining Crypto Currencies: A Dimers Collective

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Hey everyone!

I have created this thread as a placeholder for discussion related to mining crypto currencies. Let’s get together, share our findings, and learn from each other.

I will update the Deal Wiki of this thread from time to time depending on the information shared in the thread.

Deal Wiki

Note 1: If you don’t know what crypto currencies are or how to mine them then this thread is probably not for you. But you are still invited to read the discussion first and then ask any questions.

Note 2: Please do not discuss trading or price speculations in this thread.

Note 3: As should be evident from the above, the goal is to keep this thread focused on mining. Let’s keep the thread clean and focused on things related only to mining. No buying or selling questions would be entertained. There are already enough India specific guides available for that just a Google search away. http://lmgtfy.com/?q=how+to+buy+bitcoins+in...ia


Discussion Topic for June 26, 2017: As you all must be aware, the GPU mining boom has resulted in supply issues for the graphics cards popular in the mining crowd (RX400 / RX500, etc.). So let’s start with discussing what GPUs you are presently using and what your next upgrade is going to be.

Discussion summary as on 27-06-2017 2:30 PM:

(1) User Movieseeker mentioned that he has been able to profitably mine ETH and Zcash using his RX480 GPU. He hasn’t provided exact figures about his earnings per hour but he has been able to get around Rs. 2000 by mining part-time over a period of 20 days. https://www.desidime.com/forums/dost-and-dimes/...

(2) Cloud mining is generally discouraged as there are a lot of scams. So don’t get involved in cloud mining unless you know exactly what you are doing.


Discussion Topic for June 27, 2017: With the increasing DAG file size for Ethereum, the low-to-mid memory graphics cards (4 GB – 6 GB) are going to be severely impacted in terms of the hash rate. So what’s you plan to tackle this issue? Are you going to switch to other crypto currencies or do you plan to upgrade your GPU? Also, have you done some emulated benchmarks personally to evaluate the performance degradation on your specific GPU? Please share.

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Deal Lieutenant
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Mine Bitcoin without dedicated hardware – There’s another way to mine bitcoins which doesn’t involve any specific hardware requirements. The process is called Cloud Mining, which is perhaps the simplest way to mine bitcoins.

Cloud mining is an online process of producing or mining a particular type of cryptocurrency regardless of any sophisticated hardware requirements. All those who mine through a cloud have a direct access to a remote data centre with shared processing power. So in this way, the cloud miners don’t need to have their own hardware. All they need is a computer with internet connectivity along with a local bitcoin wallet of their own.

It is very easy to get started with cloud mining and anyone can do that. You just need to register on a cloud mining website. Do good research before choosing a cloud mining website.

https://cdn0.desidime.com/attachments/photos/482333/medium/4284602Bitcoins_mineiro.gif?1498419424

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Asic mining is impossible for individuals to pursue on their own
China is already way ahead with access to unlimited subsidized electricity
Thought of building a 6 or 7 gpu mining rig consisting of rx470s but they are heavily overpriced thanks to the recent boom, coupled along with frequent electricity cuts and high electricity charges i gave up on the idea soon enough and just bought eth and antshares from that money and would Hodl them forever

And future is insecure , what if the mining difficulty goes up? Rates fall?
I will have to mine for at least an year to break even

although the idea of setting up machines that after the initial investment would mine on itself for me without moving a finger seems fascinating, I don’t like to work want to reach fi/re as soon as possible https://cdn2.desidime.com/assets/textile-editor/icon_toungueout.gif

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paradox wrote:

Mine Bitcoin without dedicated hardware – There’s another way to mine bitcoins which doesn’t involve any specific hardware requirements. The process is called Cloud Mining, which is perhaps the simplest way to mine bitcoins.

Cloud mining is an online process of producing or mining a particular type of cryptocurrency regardless of any sophisticated hardware requirements. All those who mine through a cloud have a direct access to a remote data centre with shared processing power. So in this way, the cloud miners don’t need to have their own hardware. All they need is a computer with internet connectivity along with a local bitcoin wallet of their own.
It is very easy to get started with cloud mining and anyone can do that. You just need to register on a cloud mining website. Do good research before choosing a cloud mining website.

https://cdn0.desidime.com/attachments/photos/482333/medium/4284602Bitcoins_mineiro.gif?1498419424

99.9999999% cloud mining ventures are scam

I don’t want this thread to be plagued by such low quality posts
And even the remaining .0001% are very uncertain and there is no guarantee if you will ever break even or not

To be put simply why will some mine bitcoins for you instead of mining it himself if he has the hashrate

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sagardrokr wrote:

@DealSeeker Is there any source which can explain cryptocurrencies and mining in layman’s terms?

I found an interesting reddit thread about bitcoin milllionaire
https://www.reddit.com/r/IAmA/comments/6iw0b6/i...

The books titled “Digital Gold” and “bitcoin for the befuddled” are an amazing read for a begineer who wants to learn about bitcoin and block chain in general

And after this read " mastering bitcoin" by Andreas
And follow popular sub reddits on reddit and bitcointalk.org

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Deal Subedar
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is this upcoming intel i9 processor improve mining a lot ?

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desibuddy wrote:

is this upcoming intel i9 processor improve mining a lot ?

processors are not good for mining..

gfx card can do the job

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noobminer wrote:

I don’t want this thread to be plagued by such low quality posts

Seriously? What r ur quality guidelines? Are these the best words u cud think of to speak out about your thoughts?

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Deal Subedar
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Better is we make own assembled miner
Could mining doesn’t looks great to me
If someone wants to start mining From a scratch Download Minergate software and start mining Ethereum

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Deal Subedar
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Its not worth mining bitcoins now,if you have a good gaming rig go ahead with mining but cost of buying a one or two graphic card + electricity cost > bitcoins mined.

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Deal Subedar
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anybody using ASIC for minning ? i think Litecoin is better than bitcoin

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@runjesh @desibuddy This thread isn’t about mining BTC or LTC alone. There are other currencies with much higher potential like ETH. And such currencies don’t even require ASIC or CPU intensive mining. GPUs are yielding excellent performance for Ethereum, Zcash, and some other proof of work (PoW) algorithm based coins. CC @noobminer

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paradox wrote:

Seriously? What r ur quality guidelines? Are these the best words u cud think of to speak out about your thoughts?

For starters do not comment about anything that you have no idea about
I don’t want people using this thread as a medium to push their hyip , mlm or other cloud mining scams

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runjesh wrote:

Its not worth mining bitcoins now,if you have a good gaming rig go ahead with mining but cost of buying a one or two graphic card + electricity cost > bitcoins mined.

Earned 2k with my Rx 480 in 20 days just mine part time when pc isn’t using the GPU

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DealSeeker wrote:

@runjesh @desibuddy This thread isn’t about mining BTC or LTC alone. There are other currencies with much higher potential like ETH. And such currencies don’t even require ASIC or CPU intensive mining. GPUs are yielding excellent performance for Ethereum, Zcash, and some other proof of work (PoW) algorithm based coins. CC @noobminer

Yea there are too many crypto currencies now I tried Zcash but it was take 1mbps net when mining and gives 4$ /day, where as nicehash mines ETH and payout on btc works even on 2g and gives 3.56$/day

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MovieSeeker wrote:

Earned 2k with my Rx 480 in 20 days just mine part time when pc isn’t using the GPU

Yuppp
Mining is an amazing way to subsidize your gaming PC
Btw where did u get that GPU from? And at what price?

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Excellent thread. Keep it up!

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noobminer wrote:

For starters do not comment about anything that you have no idea about
I don’t want people using this thread as a medium to push their hyip , mlm or other cloud mining scams

You have no rights to judge the quality of my or anyone else’s posts, that’s one thing. You shud have some courtesy when your talking on a public forum is second. I am finishing it here, will not argue any further.

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Deal Newbie
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Hey Guys how do I buy Eth with no knowledge of crypto currencies. Is it even possible to buy Eth in India without owning any other coins

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Jattmachine wrote:

Hey Guys how do I buy Eth with no knowledge of crypto currencies. Is it even possible to buy Eth in India without owning any other coins

Btcx India but they take forever to process’s your kyc verification
Best option would be to buy btc from zebpay/unocoin/coinsecure etc and get them exchanged on any international exchanges

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Jattmachine wrote:

Hey Guys how do I buy Eth with no knowledge of crypto currencies. Is it even possible to buy Eth in India without owning any other coins

Yes to your second question. As for your first question, please read and follow the guidelines of the thread. This thread isn’t about buying, it’s about mining. So please help keep the thread clean and focused only on that.

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Deal Lieutenant
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I want to invest some money in Bitcoins however I am not sure if it is still legal in India. Can some one pls guide me? Thanks

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paradox wrote:

I want to invest some money in Bitcoins however I am not sure if it is still legal in India. Can some one pls guide me? Thanks

Really? Right after I discouraged someone from asking this type of questions in this mining thread?!

As for the legality, it’s neither illegal nor regulated. There is a government committee investigating crypto currencies. They are expected to release their report by the end of July.

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can anyone explain me this in simple/lucid language?

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DealSeeker wrote:

Really? Right after I discouraged someone from asking this type of questions in this mining thread?!

As for the legality, it’s neither illegal nor regulated. There is a government committee investigating crypto currencies. They are expected to release their report by the end of July.

Ok, seems I was already typing my query before u replied to someone.

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Deal Newbie
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Then tell us how to mine these crypto currencies?

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Jattmachine wrote:

Then tell us how to mine these crypto currencies?

That wasn’t the intention of this thread, bro. Perhaps I should have used stronger language to discourage newbie questions. So accept my apologies. Here is a “let me Google that for you” link to get you started on the right path. http://lmgtfy.com/?q=how+to+mine+cryptocu...cy

I created this thread for existing miners (or for those who have the motivation and DIY attitude to research and become a miner) to share and discuss their findings.

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sagardrokr wrote:

@DealSeeker Is there any source which can explain cryptocurrencies and mining in layman’s terms?

I found an interesting reddit thread about bitcoin milllionaire
https://www.reddit.com/r/IAmA/comments/6iw0b6/i...

If you do not want to put in the time in reading the decent books suggested by @noobminer, Google search is your friend, bro. http://lmgtfy.com/?q=how+to+mine+cryptocu...cy

By the way, there are many people across the world who have become millionaires by taking chances with crypto currencies. And, no, it’s not a scam or a ponzi scheme. It’s a new revolutionary technology (blockchain) which is going to change the world as we know it. People with stock market knowledge/experience may think of buying into crypto currencies akin to buying Apple stock in the pre-iPhone (2007) era, for example.

Here is another Reddit thread, but from an Ethereum investor for a change: https://www.reddit.com/r/ethtrader/comments/6ch...

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Jattmachine wrote:

Then tell us how to mine these crypto currencies?

check the post i created its noob way to mine BTC without much work

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