Jump to content

Easy Guide to Mine!


Recommended Posts

This is the most asked question we get. “I want to mine crypto currencies, can you help me get started?”

We do a lot and I mean a lot of research. We are extremely competitive and we just love staying on the forefront of technology. So this is the basic start up guide, at some point we can teach you but we have to charge. This guide will set you on the right track.

 

GPU mining (mining with your graphics card)

You need an internet connection (obviously)

 

The first step is to open an account at a local trading platform. There are a few but the two we use are www.altcointrader.co.za and www.luno.com . You will need to prove your existence in the form of ID, proof of residence, bank account and a few more things.

 

The second step is to download a mining program. For the absolute beginner I am going to recommend Nicehash. It converts the altcoins you mine with your graphics card into bitcoins. You just enter your bitcoin address that you get on your trading platform (usually found under account or deposits, it’s a very long address with numbers and letters) and it will mine it directly to that account. Nicehash takes a small amount of bitcoin as payment for using their program. They too do a lot of research and update their program accordingly. Are there more profitable ways to mine with your GPU? Yes but if you are a beginner stick to Nicehash. www.nicehash.com

 

The third and most important step is to check the profitability, DO THE MATH. Nicehash has a tab at the bottom that gives you an estimate of how many dollars it mines daily. The graphics card uses electricity to mine with. 

 

So let us say for example:

Nvidia Geforce 980TI

$1.71 per day (Nicehash bottom tab)

250 Watt (google card power usage)

1 unit = 1000 Watt per hour

250 Watt/1000 = 0.25 units per hour

0.25 units per hour X 24 hours = 6units

Lets say you pay R1.50 per unit. (refer to your utility bill)

R1.50 x 6 = 9

R9 per day electricity costs

$1.74 x R13.15 (USD/Rand exchange) = R22.88

R22.88 – R9 (power usage) = R13.88 profit per day.

R13.88 x 30 = R416 profit per month.

nicehash-300x192.jpg

Your card will be working on maximum level. You cannot game while mining or do anything requiring your graphics card.

 

Lastly sell your bitcoins for ZAR on the local trading platform and do a cash out into your bank account if its money that you want.

 

Alternatively you can use the bitcoins to buy things. There are many websites that take bitcoins as payment, www.takealot.com and www.bidorbuy.co.za  are just some examples of websites in South Africa that take bitcoins as payment. If you google “things I can buy with bitcoin in South Africa” you will find anything from a place to stay in Dullstroom to shoes.

 

Keeping your coins as an investment is also a good option.

Link to post
Share on other sites

@leetpro do you only use nicehash or does your rigs run proprietary software as well like eOS0 etc?

 

I've heard you guys run a little more rigs than the average guy, what do you use to monitor each one or do you have a screen connected to each?

Link to post
Share on other sites

We dont use ethOS at all, much easier to underpower, undervolt, overclock and monitor in windows.

We mainly use claymore for AND cards and Nicehash for nVidia card.

Each miner can be monitored via the pool webpage/nicehash webpage or nicehash app

We do have about 1 screen for every 8 or so rigs

 

18446979_10154401720812382_2899550055575844290_n.jpg?oh=d0508a6b57c9e16b3901869c0c332073&oe=597A46B8&__gda__=1505432119_5e98277eade9e14301df2318407e30e5

Link to post
Share on other sites

@Leetpro welcome abroad. Glad to see you also use the EVGA GTX1070s

 

Do you find them to be stable running on niceHash? Do you use the command line or the NiceHash GUI?

 

running very stable using the GUI, this rig is for a client.

Link to post
Share on other sites
  • 2 months later...
  • 1 year later...
  • 1 month later...

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Restore formatting

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • The JSE Investment and Finance Forum

    Platinum Wealth is the soon-to-be-leading financial forum with an eye on the future of our country and the citizens of South Africa. No matter if the years of trading with just goods have gone by, us as a civilization have always looked towards how to get a better deal, how to have more – essentially to prosper. We have created a bigger platform for you to do so. A connection of your peers giving their tips and tricks for what has helped them reach their finance and investment goals.

    From personal finance and making money, to financial news and small business, we cover it all at Platinum Wealth. Pose your money and investment questions in our money and investment forums, we'll make sure they get answered. We want to guide a new generation of money-conscious readers. We are here to share tips that will help you live large without sacrificing your financial independence.

  • Tell a friend

    Love Platinum Wealth: The JSE and ZAR X Financial and Investment Forum? Tell a friend!
  • Topics

×
×
  • Create New...