Dear Steemians, Dear Miners,
I am relatively new to the crypto world and I would like to ask you for advice:
If I want to set up a mining rig, which coins are the best choice on a small scale?
Thanks!
Dear Steemians, Dear Miners,
I am relatively new to the crypto world and I would like to ask you for advice:
If I want to set up a mining rig, which coins are the best choice on a small scale?
Thanks!
Hello dear friend,
If you want to keep it small and learn about setting up a mining rig I would suggest starting with NiceHash.
They offer a fully self setting up GUI that will test your system and have you mine the most profitable algo.
They use your mining power to rent out further so you will be payed in BTC.
Witch isn't a bad thing since you can trade it into any other promising coin out there.
After that you can see for yourself what you want to do.
When you know what algo gets mined best on your rig, you can go and look at profit calculators. Some times you'll be better off mining a coin and holding it. Sometimes it's better to have btc and wait for a dip to get in...
I wish you the best of luck and hope this was helpful
Thanks my friend, great post!
I'm gonna take a look at NiceHash...
Nice
Another thing if you are wanting to start out small is to be aware of the minimum withdraws once you figure out about what your hourly rate of mining is (assuming you join a pool or use something like nicehash) I played around in a few different pools plus nicehash and now I need to spend considerable time in each of them to be able to withdraw what I have currently earned (just using my main PC which has 1 GPU card).
Take a look at whattomine.com. It will give you an idea about profitability for the different coins. Don't forget that some coins do better with certain hardware (some are better for AMD vs NVIDEA or vice versa), some are CPU based and some like bitcoin have specialize hardware (ASICS) that totally blow away anything a regular compute can do.
The main thing is read, read , read (or watch videos) and learn as much as you can. Also accept that your work from the first few days/weeks may all be thrown away and chalked up as a 'learning experience'
Best of luck in your new adventures of cryptomining!