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New to Mining
I understand the basic concepts behind mining but I am unclear on a lot of things. I have a gaming PC with an RX480 that I would be using to mine when I'm not gaming on it (ergo part-time ~15 hours a day). I would appreciate it if anyone could list some websites to stay abreast of crypto-coin news and learn more about the topic.
On a more specific note, what currency should I mine? I'm not just asking which is the most profitable right now, but also if the currency is likely to last longer than 6 months.
Customer support service by UserEcho
coinmarketcap.com/coins
https://blockgeeks.com/guides/what-is-cryptocurrency/
Ethereum and Monero are popular choices among many miners
Bitcoin and Dash probably wouldn’t be a good choice for your rig.
With part time mining of only 1 card, I would recommend doing a coin that is easy to mine and that has been around for a while. There are coins right now that are worth a fraction of pennies, but will eventually grow. Bytecoin is one of them. I am not a fan of Minergate because they skim your hashing power, but they have a great mining calculator that will tell you how much you will make in cryptonote mining. I only recommend them because most other miners and pools require you to mine pretty repetitive and the pay plan usually are for only when you help solve a block. Your card will mine about 600h/s in the cryptonote algorithm on minergagte, you can go to their site and enter your hash rate and it will tell you how much you will make of the coins you would be mining. THey also work off a plan where you could mine for a couple hours and still get a share of what you mined without having to be constantly mining to help solve the block. I would go for the coins that mine the most coins with that hash rate. It will tell you Monero is the most profitable, but keep in mind, it would take forever to get an entire coin. When bytecoin jumped up to .01 per coin, it outshined monero because of the shear amount you could mine. Its a bit of a gamble, but you can waste money in a more foolish way... Bytecoin has been around for years and is not going anywhere any time soon. It can only go up!
I understand that most people join mining pools (which is how I found this forum) but I'm unsure if you are suggesting that I join such a pool for bytecoin or not. Also, do you have or how would I find a five year history of bytecoin, or any coin for that matter?
Could you list three or four more coins similar to bytecoin?
Thank you for your help.
Also in addition to all of the above, if you join the Coin Foundry pool, you would benefit highly from understanding the difference between PPLNS and PPS mining (https://coinfoundry.org/faq) and also be aware that Coin Foundry is not one of the busiest pools out there, so you can wait days between the pool discovering blocks, sometimes weeks (though in theory, your payout should be higher than the penny trickles from busier pools). Again, patience is key with pool mining, mining is not the get rich quick scheme many people say it is.
As far as coins, that's really up to you. No one is going to tell you what to mine, it's going to be trial and error for you to find the right pool, with the right block discovery rate to make your RoI calculations positive. BCN is growing in value, for sure, and mined a few thousand BCN at Minergate when I started out, but end of the day it's the equivalent of a stock market penny stock, so support isn't really that large (you're stuck in the Minergate ecosystem for mining, wallet, and exchanging - with the high fees that come with that when you mine BCN).
Personal opinion: while not ultra popular (anymore) and rather unknown, MONA is still pretty a pretty solid mining choice, and I personally have my rigs going at ETC, BTG, Zcash, and Groestlcoin at another larger pool, and smaller rigs going at MONA, BTCP, and ETH here at CoinFoundry.
Other piece of advice, pay attention to Coin Market Cap, join a few coin-related Discord groups, and get a few more GPUs for your system ;)
I understand that this isn't a Get-rich-quick strategy, and that's isn't what I'm expecting. The reason I'm looking into it is that I already have a PC and I may as well let it mine when I'm not doing anything with it. If I could expect a GPU to pay for itself in under six months, I might consider buying a new GPU, but right now, that doesn't seem like a wise financial decision.
Could you point me in the direction of some coin-related Discord channels?
BTW, I've read the faq for this group. I did that before I made this post.
pools generally are the best way to mine.
https://coinmarketcap.com/ has history of coins