A Few Questions Regarding Crypto Currency Mining

Ldefro on 16/07/2017 - 01:16
Last edited 16/07/2017 - 09:30 by 1 other user

Hi guys,

I am wanting to learn about crypto currency and mining and have a few questions.

  1. Are there any good wallets people recommend? I currently have exodus but I've heard good things about Jaxx.

  2. What exchanges do Aussies usually use. I tried coin base but it said we can't sell cryptocurrency into our dollar there? How do you cash out?

  3. Can any one recommend good ethereum mining software? I currently have a GTX 1080ti and I'm curious and looking into trying it out.

I tired the program hashmine I think it was called and it was giving me $3 a day which really is not much but I'm still interested.

Any general tips or advice while we're at it?

Thanks!

Computing

Comments

  • chrisd82 on 16/07/2017 - 11:08
    +3

    Ive only been a short while in and have 7 mixed GPU hooked in on makeshift rig selling hashing power on Niceminer. Almost a month ago was earning close to $50/day and has considerably dropped to about $16. It will automatically stop if goes below $10/day. All the currencies are dropping in value like flies which makes it good for buying and trading (weigh the risks) and Im guessing sometime after August 1st the values will start to rise again.
    Ive signed up with Coinbase, Coinjar (Have not used yet), BTC Markets and Polinex.
    I tend to do most trading especially altcoins in Polinex due to lower trading fees. I transfer and sell back more often on BTC Markets because they pay slightly more and easier to get in my bank account. Coinbase makes it easy/quick to buy Bitcoin, Ether, Lightcoin and Ether Classic especially with creditcard when needed in a hurry but got to factor in the 4% fee.
    Rest is still a learning curve for me but its been enjoyable.

    • [Deactivated] on 16/07/2017 - 14:27

      Seems like a complete waste of time at the moment
      Price and power input = not worth the output at the moment
      mining needs higher processing power to get any decent results
      Avoid

      • airal3rt on 16/07/2017 - 15:22

        People currently mining are doing so with the (reasonable)expectation of crpytos rising in value again. There's no reason to avoid mining, you're comparing overheads with the expected value of the currency down the line not the current exchange rate.

        • [Deactivated] on 16/07/2017 - 15:41

          still not worth it, the more people who mine the less overall thats gained
          Running costs vs Output are the whole reason its becoming less worth it
          People arent going to afford 10k in mining gear for shitty low profits

    • shivareddyb on 01/12/2017 - 11:48

      Hi Chris,

      Am interested to know about mining. As am hailing from India and working in Sydney, power and resources are very cheap there. Can any one share some insights

  • bcraze on 16/07/2017 - 15:11

    BTC Markets and Poliniex are what I use as well.

    If you have want Ethereum mining then I would recommended Claymore Miner which supports dual mining or solo Eth as well. Should be able get mid to high 30s MH/s with 1080ti.

    • gimli on 16/07/2017 - 15:12

      what about with 555m

      • bcraze on 16/07/2017 - 15:26

        Not sure but wouldn't be much.
        But as above poster said, cost is outweighing the results atm even with a single high end card. But have a dabble if you wish to try and learn.

        • gimli on 16/07/2017 - 15:26
          +1

          I just need to make enough to invest in a 80,000k car.

        • [Deactivated] on 16/07/2017 - 15:43

          I have been in the market for 10 years plus, profits are dropping and mining hashrates are becoming out of reach for most cards on the market
          People seem to forget the facts with BTC mining for coins of any type / description
          Input + Power in vs Profit and Output
          Unless you're going to pour in serious coin, dont expect serious output

          Anyone who thinks any different is delusional and you'd be better off buying low, selling high, rinse and repeat
          although its too volatile these days for me to care anymore, I had good days when I had 40 coins from 2006 during high school and sold 10 of them around the 1200 mark each, (not bad considering I paid 400 for the lot back then which was a RIP OFF in hindsight but it paid off)

    • [Deactivated] on 16/07/2017 - 15:44

      MH/s will drop the more people get onto the bandwagon, trust me on that

  • defro on 16/07/2017 - 18:43

    Thanks for the responses everyone.

    1. If I use coinbase is it easy to transfer funds from coin base in btcmarkets to sell them for AUS currency? Or do I have transfer from wallet and then into another exchange.
    2. Are there any risks for holding coins in an exchange for example if I trade on btcmarkets would it be unwise to keep my coins in there for a long period of time?
  • snowcold on 17/07/2017 - 06:47

    Are there any risks for holding coins in an exchange

    These exchanges get hacked every now and then. So it is a good ide to move it to your own wallet like exodus or a hardware wallet

  • shivareddyb on 01/12/2017 - 11:49

    Am planning to mine in India as the resources are very cheap there. Can some one share their thoughts on this?

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