ETH mining 101

[Rojibo]

stevesingo said:

We (my 14yrold son and I) recently built a new gaming pc. To that end, the old one is sitting idle.

A320 MB
Ryzen 1400
RTX2060 Super

So, where can I find an idiots guide? Software, wallet etc?

Happy with tuning the GPU and such like.

Suggested overclock earlier in the thread. Taken from here: https://www.nicehash.com/blog/post/nvidia-and-amd-...

Create a NiceHash account.
Download the miner app
Whitelist the miner with windows defender (installer tells you how)
Give miner the BTC address of your NH account
Press “start mining”

Enjoy! It’s very straightforward.

[Steven_RW]

B9 said:

If you haven't already, I'd consider a £20 heat/smoke alarm - just for that absolute peace of mind.

I wouldn't think the same of leaving a TV on, but these things do run hot.

Yes I have indeed. Right now there is a smoke alarm RIGHT outside the door in the hallway and there is a bit of a gap in the door and frame, so the smoke would get through but I have 100% decided I will get a smoke alarm in this room.

I have also managed to turn my 2080ti from 230 (pointless) watts down to 140w and not lost even a .1 of a Mh/s. The power target is now set at 47% which is amusingly low but it is steady and constant at 140w and 61 mh/s.

I've also knocked the power down on my 1080 from 130w to 98w and lost 0.1 mh/s. SO the efficiency of both cards has been vastly improved.

RW

[stevesingo]

Rojibo said:

stevesingo said:

We (my 14yrold son and I) recently built a new gaming pc. To that end, the old one is sitting idle.

A320 MB
Ryzen 1400
RTX2060 Super

So, where can I find an idiots guide? Software, wallet etc?

Happy with tuning the GPU and such like.

Suggested overclock earlier in the thread. Taken from here: https://www.nicehash.com/blog/post/nvidia-and-amd-...

Create a NiceHash account.
Download the miner app
Whitelist the miner with windows defender (installer tells you how)
Give miner the BTC address of your NH account
Press “start mining”

Enjoy! It’s very straightforward.

Really? As easy as that? How do you transfer funds to a normal bank account?

[Rojibo]

stevesingo said:

Really? As easy as that? How do you transfer funds to a normal bank account?

Create a coinbase account and link it to your NiceHash account, you can transfer to coinbase from NiceHash for free. You can then sell the BTC for fiat on coinbase if you wish and then transfer that to your nominated bank account. I actually believe you can sell the BTC for fiat on NiceHash too, I just already had a coinbase account.

Min export to coinbase will be around £20, but yes it’s very straightforward. Most important thing to do really is tweak your GPU power and clock settings.

[LP670]

speaking of coinbase, how long does the account review period usually take when once you have verified your ID? i set my account up last Thursday and its still under review so cannnot transfer fron nicehash at the moment.

[Rojibo]

No idea I'm afraid, could be a couple of weeks. I had my account verified about 5 years ago and even then I think it took a while.

[anxious_ant]

LP670 said:

speaking of coinbase, how long does the account review period usually take when once you have verified your ID? i set my account up last Thursday and its still under review so cannnot transfer fron nicehash at the moment.

I’ve created my account last year around August, it took about a week to be approved.

[sparkyhx]

Rojibo said:

stevesingo said:

We (my 14yrold son and I) recently built a new gaming pc. To that end, the old one is sitting idle.

A320 MB
Ryzen 1400
RTX2060 Super

So, where can I find an idiots guide? Software, wallet etc?

Happy with tuning the GPU and such like.

Suggested overclock earlier in the thread. Taken from here: https://www.nicehash.com/blog/post/nvidia-and-amd-...

Create a NiceHash account.
Download the miner app
Whitelist the miner with windows defender (installer tells you how)
Give miner the BTC address of your NH account
Press “start mining”

Enjoy! It’s very straightforward.

is this as an individual or as part of a pool?
can you run this in parallel with normal use, browsing word etc or
will it kill anything that uses the gpu completely or throttle accordingly?
I have plenty of GPU spare for 90% of the day (although I do run 3/4 screen from it) but just normal use.
and my PC is on 24x7 anyway

[Rojibo]

sparkyhx said:

is this as an individual or as part of a pool?
can you run this in parallel with normal use, browsing word etc or
will it kill anything that uses the gpu completely or throttle accordingly?
I have plenty of GPU spare for 90% of the day (although I do run 3/4 screen from it) but just normal use.
and my PC is on 24x7 anyway

NH runs it as part of a pool. You can leave it going 24/7, it seems to sacrifice itself for ingame performance, but I usually pause it when I load up anything 3D. When using the PC I leave it running all the time, in fact it's running right now as I type this post...

[stevesingo]

Rojibo said:

stevesingo said:

Really? As easy as that? How do you transfer funds to a normal bank account?

Create a coinbase account and link it to your NiceHash account, you can transfer to coinbase from NiceHash for free. You can then sell the BTC for fiat on coinbase if you wish and then transfer that to your nominated bank account. I actually believe you can sell the BTC for fiat on NiceHash too, I just already had a coinbase account.

Min export to coinbase will be around £20, but yes it’s very straightforward. Most important thing to do really is tweak your GPU power and clock settings.

As I'm working overseas, my 14yr old oik has done a fresh W10 install with latest GPU driver and MSI Afterburner. Opened an NiceHash account and is now mining at 36MH/s. GPU tweaking on going to lower my electric bill.

No coinbase account yet, so he can look at it as a savings account.

Many thanks

[Mr Pointy]

anxious_ant said:

I currently pay about 0.1324p/kWH for electriciy and according to NiceHash calculator that is about £8.40 profit daily or £280.42 in a month.

Are you in the UK because that sounds a very low price for electricity; it's currently around 13 to 16 pence per kWh. Maybe you meant £0.1324 or 13.24 pence per kWh

[Rojibo]

stevesingo said:

As I'm working overseas, my 14yr old oik has done a fresh W10 install with latest GPU driver and MSI Afterburner. Opened an NiceHash account and is now mining at 36MH/s. GPU tweaking on going to lower my electric bill.

No coinbase account yet, so he can look at it as a savings account.

Many thanks

Get him to enable 2FA, and honestly, just let it run for as long as you're willing, could be his first car in 4 years time

[stevesingo]

Rojibo said:

stevesingo said:

As I'm working overseas, my 14yr old oik has done a fresh W10 install with latest GPU driver and MSI Afterburner. Opened an NiceHash account and is now mining at 36MH/s. GPU tweaking on going to lower my electric bill.

No coinbase account yet, so he can look at it as a savings account.

Many thanks

Get him to enable 2FA, and honestly, just let it run for as long as you're willing, could be his first car in 4 years time

F2A?

Up to 39MH/s, but on 100% power setting.

[Rojibo]

stevesingo said:

F2A?

Up to 39MH/s, but on 100% power setting.

Two factor authentication - Google Authenticator App on his phone

I'm trying to buy 3060ti's and 3080's for the garage mining rig but haven't had any luck lately. Had a couple of 3070's in my basket but resellers are getting in on the scalping now too. £700 for a 3070!! (Paid less for my 3080....)

[stevesingo]

Rojibo said:

Two factor authentication - Google Authenticator App on his phone

I'm trying to buy 3060ti's and 3080's for the garage mining rig but haven't had any luck lately. Had a couple of 3070's in my basket but resellers are getting in on the scalping now too. £700 for a 3070!! (Paid less for my 3080....)

I thought is was, but I'm not understanding the reason?

I've now logged in to his NiceHash account and I can see he is mining Bitcoin. Is this the most profitable or is ETH better?

Edited by stevesingo on Wednesday 17th February 19:07

[Rojibo]

stevesingo said:

I thought is was, but I'm not understanding the reason?

For security? To stop someone logging in and sending all his BTC to some random address, mainly, if this happens, you can't get them back. It's just good practice, especially if you consider he could end up with £1000+ of currency in there.

[purplepolarbear]

One thing that I'm surprised hasn't been done is to make a heating element to go where a heating element goes normally (e.g. in an immersion heater), but where the heating is done by a GPU chip that converts electricity to heat and as a by-product mines a cryptocurrency.

The electricity would have been paid for and converted to heat in any case, so no extra damage to the environment and you might as well get some cryptocurrency from it to offset the cost of your electricity bill.

[stevesingo]

Cheers, I can see that now I'm logged in to his account.

BTC or other currency for best profit?

[Rojibo]

purplepolarbear said:

One thing that I'm surprised hasn't been done is to make a heating element to go where a heating element goes normally (e.g. in an immersion heater), but where the heating is done by a GPU chip that converts electricity to heat and as a by-product mines a cryptocurrency.

The electricity would have been paid for and converted to heat in any case, so no extra damage to the environment and you might as well get some cryptocurrency from it to offset the cost of your electricity bill.

There's a guy on Reddit literally heating his house with them. Impressive, in a way. However a heating element is far, far cheaper than a GPU

stevesingo said:

Cheers, I can see that now I'm logged in to his account.

BTC or other currency for best profit?

The miner client will decide what's most profitable for you to mine, and run off and do it, NH will pay you in BTC regardless of what it mines.

[Magnum 475]

I heat my study with my mining rig. It's not as cheap as gas central heating, but does lower the heating bill a little. Factoring everything element of cost / earnings, it does increase overall profits slightly.