How To Get Started Mining Cryptocurrency

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techman
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Posts: 1323
Joined: Thu Dec 22, 2011 11:49 am

How To Get Started Mining Cryptocurrency

Post by techman » Sat Jul 20, 2019 10:00 am

I am opening up this discussion for anyone with questions on how to get started mining cryptocurrency. I will also share how I got started mining cryptocurrency for free and my no risk cryptocurrency investment plan.

My first video in the series is how I got started mining cryptocurrency for free. You can find the video here: https://www.youtube.com/watch?v=ZOMZsJrl9vI

In that video I talk about how I got started using some antique computers I got for free. These were old Dell computers running Windows XP. I experimented and found out that you can run Windows 10 on an antique computer with at least 40-50GB hard drive and 1GB of RAM. The processor and age of the motherboard are not so important here as long as the motherboard has some PCIe slots available. It runs but boots up very very slow. Once its going you can mine with it.

In the next video I discuss my risk free cryptocurrency investment plan here: https://www.youtube.com/watch?v=m_mlTNJkUZ4

Here I talk about my own approach to investing in cryptocurrency with no risk. Most people dive right in and buy cryptocurrency with their pay check. This is very risky and you can lose a lot. I am not against investing at all. Investors are what keep the economy going. But if you are not experienced enough in investing then you could lose a lot.

Instead I invest in computer parts to mine cryptocurrency rather than buying the coins directly. In this way, if crypto goes up, then I gain just like anyone else would. But if crypto tanks then I still have my computers and parts which I can use for something else or sell.

I am also investing in a huge solar power array which will power my cryptocurrency mining rigs for free. Again here I am only investing in something which I can still use for something else if crypto tanks.

You can do the same thing on grid power but you must calculate in the cost of the electricity and either pay for it from your earnings or pay for it from your check. Either way this must be taken into consideration.

Please feel free to bring your discussions here.

techman
Site Admin
Posts: 1323
Joined: Thu Dec 22, 2011 11:49 am

Re: How To Get Started Mining Cryptocurrency

Post by techman » Sat Jul 27, 2019 9:25 am

In my next video I answer the questions "is mining cryptocurrency profitable" and "can I make money mining cryptocurrency" along with some other questions I see a lot.

You can make money mining cryptocurrency even today during the market slump but it is not as good as it was a year and a half ago. Back then I was making $30 - 45 per GTX1050 graphics card, which is about the lowest entry level card you can use for mining. I was getting about $150 - 300 per GTX1080ti graphics card back then but they cost over $1200 at that time due to price inflation. The return on investment of graphics cards was about 3 to 6 months.

These days with the market so low my little entry level graphics cards bring me about $7.50 per month each. It is not what it used to be but it still makes some profit after paying for the electric bill.

Now, if you look at mining cryptocurrency as a sort of investment instead of looking for instant profits as I do, its a whole different situation. Long ago bitcoin was being given away. Later you could buy a mess of them for a dollar. Today bitcoin is being called "the new gold". Everyone wants some. But I mine penny coins these days instead of going after the main coins. With penny coins, which are actually worth fractions of a penny, I can get many coins per day at an easier level. The more people mining a certain coin, the harder it is to mine and the less coins there are to go around.

I look for coins that are most profitable today using my graphics cards along with how many coins I can get per day and how many people are mining on that day. Often I choose a less profitable coin on a certain day because I can get more coins and/or there are less people mining that coin.

My goal is to stockpile as many coins as I can, then sit back and wait. If a coin tanks, I have not lost anything since I still have the computers I bought. If a coin goes up one day, then I strike it rich.

Many people are trying to buy into bitcoin these days. But remember, bitcoin was once a penny coin itself.

You can watch the full video here: https://www.youtube.com/watch?v=18vjUN1VrZs

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