I just downloaded this app and can’t figure our how to mine. If anyone can provide assistance it’s much appreciated.
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It would be great if someone can point towards a Mining 101 thread that outlines how to get started with a basic setup, using either a desktop or a laptop without a dedicated mining rig. Thanks!
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I like to use nicehash. They have a quick miner application for desktop that’s super easy to setup. It’ll GPU and CPU mine and multiple algorithm options ( or just tells you which to use to make the most money ).
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What you need to understand, is that trying to mine with a consumer grade PC is like trying to mine for gold by going to your backyard and shoveling dirt.
That’s not even an exaggeration!
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To all wishing to mine LTC
You need dedicated hardware, not a laptop, and cheap electricity for it to be profitable.
I don’t mean to dissaude you, but do your research, find out what you are paying per kWh (kilo watt hour) and use one of the many mining calculators to figure out if you can make it profitable.
Most professional miners I know have to sell all their mined coins on the spot to pay for the hardware and their very high electricity bill.
Want to mine from a laptop or without a GPU? Check out Monero, you can mine from their core team wallet (GUI client)
That said, you won’t get rich overnight and this is a long term activity that requires time and quasi-constant attention to optimise your mining… and even then you are not assured block rewards (you are competing with all the other miners of the world to mine the same block).
Think it through, try it out, but be wary as many small scale miners don’t stay in the game very long.
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I don’t think that’s entirely true. I’m in southern California with a ‘value’ video card (Nvidia 1650 SUPER) that basically paid for itself in 4 months. There are numerous profitability calculators online where you enter your videocard, CPU, and electricity rate to determine how much you’d earn. I can tell you, though I haven’t done it, even my work assigned desktop and laptop would be profitable. Any reasonably spec’d laptop or desktop can do it. During winter, when you’re running the furnace to stay warm anyway, it’s not a bad idea at all. I stopped in the summer now that I also have to pay to remove the heat from mining.
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Hi! I’m new to it too
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Welcome! You found the right forum!
If you live in an area that allows for it, it would definitely be a slight investment but you could set up solar panels and gpus/asics that will be profitable no matter what as long as you provide enough power with some kind of renewable resource. It would definitely be considered a long term investment though. As @Andrew_Daniel was saying as well, run it when your house is heating in the winter as it will provide extra heat for your home anyway and then in the summer you could be running them off of solar panels or just turn them off when it gets too warm. Also there is plenty of resources online for finding out how to mine and calculators to determine profits. I do think the price of Asics tends to scare people away from taking a risk with them as well.
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I’m new here as well. The comments on your post were helpful to me - thanks to everyone who answered!
Yeah I’m interested to know more
you would need to tell us the app and if more context the better people can helpo have a paid version or web version?
I’m also looking forward to earning cryptocurrency even though I’m just new here. It’s so nice to meet everyone here. I hope you guys can help me understand how to mine some cryptocurrency or which ones to invest in. I heard trading cryptocurrency is also possible?
quick guide for learning crypto: https://learncrypto.com/knowledge-base/how-to-earn-crypto/earn-crypto-risk-vs-reward
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Tried learncrypto before but there are a lot of other platforms as well, especially when you want to expand your knowledge
Try reading some books on the topics and get the basic gist of the market through various crypto forums. I know it can be overwhelming but start small and learn a little and don’t compare yourself to any other who is in crypto.