Since I started mining, I had to do my research and learn how to setup miners, wallets, and Exchanges.
If your new to mining lets start out first by saying Congratulations, and Good Luck.
There is alot of Altcoin, but for the sake of this post I will be concentrating on Digibyte or DGB.
I would first go to this link https://coinmarketcap.com/ or http://coincap.io/ these are sites that will give you current information on cryptocurrency prices, earnings, and losses, as well as Graphs that show the journey a coin has taken in its life.
Lets visit the site of the coin we are going to mine https://digibyte.co/
Read and learn about the coin YOU are going to invest your time into, such as what is the coins purpose, what do the developers plan on doing with it in the future, how much interest are there in the coin, is the coin on exchanges.
Click Choose Wallet - select the wallet for the Operating System you are using such as (Windows64, Windows32, MacOSX etc).
Once your wallet is done downloading open it by clicking digibyte-qt.exe and let it sync with the blockchain this may take awhile but don't worry.
While its syncing go ahead and click hide, and then click Receive. In the Label box make a wallet with whatever name you see fit , then double click the new wallet to get your WALLET ADDRESS. This is important to RECEIVE the coins you mine later.
Click Settings and click ENCRYPT WALLET and set up your passcode and DO NOT FORGET OR LOSE IT.
Ok so now you have created a wallet and your letting it sync with the blockchain, a very large number of coins will use this exact same method for wallet creation.
NOW we can get on to pool mining, if you want to learn more about solo vs. pool mining a quick google search will set you right.
Lets go on over to https://dgbg.suprnova.cc/ I like and use this mining pool for DGB, you can find pools for ALOT of different coins and setting up the miner, workers, etc should be similar in many ways.
In the upper right hand corner of the screen it will say GUEST hover over that and it should say LOGIN , or SIGN UP.
CLICK SIGN UP ! and put in your information , keep this information in safe place and DO NOT LOSE IT , also bookmark this site, maybe make a Bookmarks folder called ALTCOIN MINING to find all your pools, exchanges, etc easy later on.
Once you have signed up and logged in, click on HELP, then GET STARTED.
This will show you this pools information to setup your miner.
If you are CPU mining download the CPUMINER, if you are GPU mining download the GPU miner.
I Personally prefer SGMINER instead of CGMINER so lets download SGMINER instead here
https://github.com/sgminer-dev/sgminer/releases for Source Code
OR
http://cryptomining-blog.com/wp-content/download/sgminer-5-1-1-windows.zip for Binary ready to go.
Click on MY ACCOUNT, then MY WORKERS under worker name input whatever you like, same for password then click ADD NEW WORKER. Now your worker is created.
Click on EDIT ACCOUNT, under ACCOUNT DETAILS where it says PAYMENTADDRESS, put the Digibyte Address we got from the wallet earlier, input your 4 Digit Pin code and click UPDATE ACCOUNT.
Now you have setup a worker for the pool, setup your address to collect payments later after you mine some coin.
Now that you have downloaded SGMINER lets set it up and get it ready to start mining you some coins !
Unzip the folder if its zipped and once inside the folder, Right Click and Create a New Text Document, name this Text Document Digibyteminer.bat make sure its not followed by txt it must be a BAT file. If that don't work simply open the text document and when you save Click File , Save AS, and change Save as type to ALL FILES.
now inside the new bat file copy and paste this information
setx GPU_FORCE_64BIT_PTR 0
setx GPU_MAX_HEAP_SIZE 100
setx GPU_USE_SYNC_OBJECTS 1
setx GPU_MAX_ALLOC_PERCENT 100
setx GPU_SINGLE_ALLOC_PERCENT 100
sgminer.exe -I 20 -g 4 -w 128 -k myriadcoin-groestl --no-submit-stale -o stratum+tcp://dgbg.suprnova.cc:7978 -u Workerlogin.Workername -p Workerpassword
But change Workerlogin to your pool name you selected when signing up, and change Workername to the worker name we set up in the previous step, change worker password to the password you made in the previous step.
Save this information and close the file.
Thats it now lets start the miner, double click on our file we made digibyteminer.bat and a CMD windows should open and begin mining like this.
Now back on the page click DASHBOARD, this screen will show you all the information such as your HASH RATE, and how many COINS you have MINED etc. Remember the information might not start showing until you submit your first SHARE so be patient.
Once you have mined enough coins and want to send them to your wallet, click MY ACCOUNT, EDIT ACCOUNT, and where it says CASH OUT enter your 4 DIGIT PIN and click CASH OUT. This will send your mined coins to your wallet we created earlier, it might take some time so be patient also your wallet must be synced with the blockchain before it will show up usually.
If your miner fails to load double check all the information was entered correctly. If you have any further problems turn to google for more information.
OK So you have mined like 1000 Coins and you want to Trade or Sell them. Go over to https://bittrex.com/ and make an account there, you will be able to send your coins from the wallet we created to the Digibyte wallet on Bittrex under balances, Once the funds transfer over you can trade them, sell them , or whatever you want to do but only Transfer to an Exchange if you plan on Doing something as I do not like leaving my coins sitting around on an Exchange for long periods of time. It is best to keep you coins in your own personal wallets for long term holding.
Thank You, and I hope you have good luck, fun, and Awesome Future mining AltCoins.
Enjoy Mining ! and GOOD LUCK .
Nice post !
Great post. Very detail oriented and well informative.
Thank You , I am mining DGB right now using this EXACT method and its working perfectly.
LIKE I SAID!! TIME TO GET RID OF THE (BAD) MAN IN THE MIDDLE!!!
“Many (EXCHANGES) appeared to be Middle Men who got in to position and were there to take, screw and gauge as much as possible, some were just financial mafia skimming operations doing just enough to keep the pretence going until they collapsed. There were punishing exchange rates and processing fees too.”
https://steemit.com/bitcoin/@worldsoulfusion/like-i-said-time-to-get-rid-of-the-man-in-the-middle
Crypto my A?%!!
https://steemit.com/bitcoin/@worldsoulfusion/crypto-my-a
I have a 5chip gridseed asic miner which I bought from eBay, it can do litecoin and bitcoin together, but I was wanting to use it for mining digibyte as it uses both Sha 256 and scrypt. When I point it at the sha 256 pool, it only does 300 odd khs/s. Should it not be in the gighashes?? Any thoughts?
I have not used Asic so not sure on that one
Very educative. Thanks
Hey @madscientistz13
** Apprecited Your Work .. You are sharing a valuable information to the community . We really love your work and apprecite your efforts **
I would like to request you please keep posting this type of valueable content for the community of steemit as this platform is growing up day by day .. I would request you that you must support new steemer like me and other .
I am in love with one of my post as a senior steemer I need your Honest feedback regadding that . If you get time from your busy life and write your comment upon it . It will be really apprecited ..*
If I missed I do Apoligize for that ...
Lots Of Love For Future Posts
Bitcoin Secrate
Waiting for feedback on post
Regards Sophia Olive
Thanks
Thank You !
If your just getting started here is some Free Cloud mining Site.
https://vixice.com/?ref=DoG947 free 100Gh/s
https://fleex.cc/ref/tzarzen free 100Gh/s
http://cryptostar.pro/?ref=tzarzen free 20Gh/s
There a good starting point and its free...!
I have over 15 free Gh/s sits if your interested in any more or strategy to increase you mining power just pm me.
Ill have an in depth post coming out in the next day or so
Happy Mining.
Congratulations @madscientistx13!
Your post was mentioned in my hit parade in the following category:
What do you think makes digibyte different, and importantly better than some of the crytocurrency available at this time?
Well I used Digibyte for the purpose of this Tutorial if you will, however I do mine it myself for multiple reason.
First of all it can be mined on five seperate mining algorithms. Digibyte has fast transaction speeds. Digibyte has activated SegWit, which is Segregated Witness SegWit offers a range of other advantages and by now the focus of attention has shifted from fixing the transaction malleability to solving the problem scaling etc. Common problems with Bitcoin. Digibyte has an active community as well as developers, If you research it a little you will see what I mean Thanks
Thank you for this very helpfull tutorial. You make it sound so easy, I'm really excited to give it a go. Later today, after work, I will try it out :-)
Awesome, hope you get it all working and mine some coins !
Got it to work, but my hashrate is only 1.385M/1.366Mh/s at the moment. Where global hashrate shows 35.50 MH/s. Am I doing something wrong here? Because my GPU should be fine:
NVIDIA GeForce GT 555M
Also it gives me the following message:
Stratum connection to dgbg.suprnova.cc interrupted
That GPU is not very powerful from a mining standpoint, it is a mobile gpu and it just does not have the power of a newer Desktop GPU I am using a Radeon RX480 8GB for instance and I get around 38Mh/s the fact it is Nvidia could also be a problem some miners work better for Nvidia some for AMD, but the research I have done shows AMD tends to mine better. This is a guide to get someone started but every person has different hardware, and there maybe better software for an nvidia /aka different miner etc. I do not use Nvidia so I am not 100% sure, maybe someone will see this that knows more about mining with Nvidia, but I would not expect ALOT from a mobile GPU thanks.
If you are using your laptop to mine, please STOP. You will get very little in return and possibly even destroy your laptop.
Mining harms desktop hardware too, but these GPUs are more resilient and desktops offer better air flow/cooling that a laptop. I have a MSI280x thats running for 3.5yrs now - earned its weight in gold and then some :D
If you are still interested in mining, checkout the ETH contracts on Genesis Mining. Feel free to use my referral code: y4lN1z if you choose to sign up[signup](https://www.genesis-mining.com/signup)
Alternatively invest in some hardware. Do a little research on Coinwarz, HWComparison to figure out what would work for you best and fit in your budget.
You can also check out my post to [learn more about earning BTC](https://steemit.com/bitcoin/@himalayanhasher/bitcoin-basics-and-getting-started-with-cryptocurrencies) or message me if you have questions
@madscientistx13 @himalayanhasher Thank you both for the advice. Yesterday, after doing some research on Google, I read similar things to what you guys are saying. So I decided to go and talk to an aquaintance of mine (pun not intended) in a while, who works with computer hardware as his day-job. Maybe he, together with the links you guys provided, can help me out with picking the best gear for mining.
I don't wanna spend a fortune at first, but just want to get started in a profitable way. Is it, for instance, possible to start off with an investment of say 500 dollars of hardware and make it worth my while, when taking electricity costs and (possible) mining fees into account? In what order of magnitude should I be thinking when it comes to the period that it will take to earn back the initial investment? And what are the do's and don'ts? Which kind of coins should be my main focus, and from which currency's should I stay away as far as possible?
I don't expect you to spoon feed me, but could you perhaps give me a little nudge in the right direction? Your help is, as always, very much appreciated :-)
Thanks for the educative post @madscientistx13
I learnt a lot. Mining to me seems soo complex but I will have to study it more to understand better. With your post, its a good step.
Thank You , glad it helps, I am mining with this exact info right now , It is tested by me , this is what I learned after alot of research, it DOES work just follow it exactly.
Ok sir...I shall follow this and hope @charles1 joins the moving train...
Good Luck to you in your endeavors.
Currently dgb is waiting for a big pump on poloniex
❤️
Thanks alot it helped alot
Thanks man! I've been ineterested in finding out how I can get started mining and dgb is a coin I like so I think I'm going to get involved myself!
Great stuff!
Thanks alot for these details. I am new in the world of cryptocurrencies and i enjoy and learn from such good posts
Thanks for the information overload. But in the best way!
Thank You !
Very informative and valuable post. I like the way how you presented things, you really know what you are doing. Looking forward to see more of your posts, followed you.
Thank You !
hope the mining goes well - i will follow and upvote to find out
Thanks for the information
Thank You !
nice post @madscientistx13!
We need more people to get a taste of crypto and mining is a great way to get an understanding of the nuts and bolts rather than just focus on earning money
Very good post which desreves lots of upvotes. Is minning Digibyte profitable? I know that mining bitcoin in Genesis is unprofutable..guess Etherium , Dash and Monero are good coins to mine.I am following you now in order to read more from you..keep it up.
As for right now Digibyte does seem Profitable from all the research i've done. I am sure eventually as its popularity increases , the difficulty goes up, the profitability will decline eventually like bitcoin etc.
Great, is this minning platform you shared more profitable mining Digibyte than Genesis? how much investment will be good for a try..minimum
Not mined Genesis so I could not say charles1
Might add more value to you..do your DD
It is better to go with the ETH contract on Genesis. However, use the auto feature to mine BTC or alts. ETH difficulty is too high to give you meaningful retuns
Good point, so one contract mining other alt coins at your wish
Thank you for this tutorial. I'm sure in the near future I'll be copying it. I've been umming and ahhing about what cpu/gpu to buy for days now. How many DGB could I possibly mine a day if I got 2 x RX480 8gb. My electricity costs £0.14 Kwh ($0.18). Please help, I'm struggling to get my head around all this. I thought I'd made a decision, and then I found info that changed my mind again.
Well My current read out is 91 DGB per day on 1 RX480 8gb card so you should technically double that give or take a couple.
I have been looking into it as well... Have you considered an ASIC miners?
I have, but which ones mine altcoins?
Let me introduce you to the fascinating world of SHA-256, my friend!
Check your sources, cause I'm new to this too, but ASIC miners use SHA-256 hashing algorithms. Other coins that use this 'proof of work' concept can be mined with an ASIC miner. Here's a good chart on coinwarz that shows different SHA-256 mined coins and their profitability compared to mining THE coin...
https://www.coinwarz.com/miningprofitability/sha-256/?hr=7300&p=1300.00&pc=0.1000&e=Coinbase
I used 7.3 T/h as I am modelling this plan on the Canaan Avalon 741. This says the "unbreakable" coin is my best race horse, and I can earn 1 BTC in 6 months (considering this altcoins value is "unbreakable" that long).. Which would pay for two of these miners, power supply unit, the wiring... Of course this doesn't include electricity, which is big.. And looking at crypto as the "Save-the World" platform, have the man pump the coal plants just a little harder to provide me the juice... You gotta ask yourself, 'Who's winning there?'
For more information on how the hash equations work, and the complexity, yet simplicity of the blockchain, look up a blockchain tutorial made by Anders Brownworth, DEFINITELY worth your time!
Again, I'm in my research and development phase, so please correct me where I'm wrong or point me to the way of the right.
Thank you @vaporhaze You certainly know more than I do, so I won't be correcting you anywhere. I just don't know. I really want to mine coin, but I want it to be worth doing, or at least make a bit of money. I'm now following you, if you have anymore useful advice please let me know.
Interesting post. I think that I am going to give it a shot. How much do you usually mine each day?
I am using a Single AMD RX480 8GB card right now and I have mined 91 DGB in the last day.
I barely understand this (as a total n00b), but I might just give it a go! Thanks for the detailed article!
I tried to be as thorough as I could with this post, it seems like alot but really it just looks that way its not as bad as it looks once you get it all going.
No - you did a great job. I'll need to follow step by step. Is there any real-world (in my case GBP) to be made doing this, or is it more of an intellectual exercise? I ask as someone who is totally broke and will have to pay rent in the near future haha.
As far as making money is concerned that depends on your hardware, what you pay for power, and if DGB prices climb, etc.
Thanks for the awesome detailed post! So how does this work with cpu mining? Is it worth it?
I doubt cpu mining DGB will give good if any returns actually, just to low of a Hash Rate.
thank you for sharing
Thank You !
Very informative post! Hopefully DGB goes on a run here soon so all the coins we've been mining become worth it!
Great. Thanks for taking the time to write this. I will be looking into this tomorrow for sure.
Great post..I want to give try...btw , at last you said that I don't keep all the coin on the exchange platform for long time..why you said that..can't we trust them..? I have keep all the coin on the exchange platform from long time..
While established platforms like Poloniex, Bittrex etc are not unsafe, they are not safe from attacks - remember Mt.Gox? It is always better to hold ur private keys, spread your balances across wallets/exchanges - This way if you are hit in 1 place, you dont lose it all.
This is also a big factor to consider with the potential for a Hard Fork in Bitcoin. If you keep your balance with a 3rd party, you can loose a lot (will share my 2 cents on that in a post)
Thank you...appreciated your views..:))
Not saying you cannot trust them, but by leaving your coin in an exchange you do not have the possession of your own coins persay. In your own Wallet, you have the private keys and security of your own coins , on an exchange the exchange has the those keys to your wallets on their exchange is what i'm saying. Anything can happen and its better safe than sorry.
thank you for the reply...I understood:)) I will go for the own wallet...
great, I will try it and if it works, all thanks to you.
Awesome guide to get started mining! If anyone's looking for a lesser known altcoin with great potential to mine check out mooncoin!
thanks duke, do you know if it uses the same hardware GPU that is used for ETH mining?
I am using a Single AMD RX480 8B card
ETH has a much much higher mining difficulty than Digibyte currently.
Thanks for this! am going to follow step by step. I dont know what my card is. I have also heard that its not good to mine on PC. however, am going to give this a shot and let my questions come naturally. Thanks for sharing.
Nice blog. I was about to post a similair thread. I do believe in blockchain. But since the market is more inflated as with the internet boom we do have to see the high risk investment the cryptomarket currently is. This is quite an interesting website I found: https://www.coincheckup.com The site lets you check all there is to know about the team, product, communication transparency, advisors and investment statistics on every crypto. For example: https://www.coincheckup.com/coins/DigiByte#analysis To watch DigiByte Investment analysis.
Mining can be a waste of time IF you mine the wrong coins, if you try to mine Bitcoin with a GPU today you are wasting your time. This applies to alot of TOP coins their difficulty is to high to mine with GPU's and you need dedicated asic miners to mine them now.