As the prices go up, more and more newbies are entering the space and most of them get repelled by mining. After all, this is presented as the most profitable way to get into crypto and a lot of people give up once they realize that it's more like rocket science than a few clicks of a mouse. I know this because I have a few rigs at home and when I bought them I spent at least 10 hours figuring out why Claymore doesn't register every card, what pool I should connect to, what coin to mine etc. If I already didn't spend money on the rigs I would probably give up and this is a big issue for the whole industry. You can't have new supporters coming in if the barrier of entry is very high.If you are new here and want to get into mining, here are a few tips so you don't go through the same thing I did.Figure out what coin is the most profitable to mine with your mining rig. What to mine will help you with that.Check out r/EtherMining/ because it is the best possible source of information if you want to mine ERC-20 tokens. If you do decide to go down this route, here is a very helpful video to get you started. It's a tutorial for setting up Claymore, the most popular miner in the ETH community (didn't do a survey, just a general impression).Think about profitability.Mining difficulty changes by the hour and some coins may be very profitable today and not such a good idea tomorrow. This can make a huge difference in your monthly income. Again, What to mine should be your source of information for this.Mind those feesEvery mining pool has fees. Some of them will also charge you when they transfer the mined coins to your wallet. Based on my own experience, Nanopool and Mining pool hub have fair fees and a decent amount of info regarding mining.Think about using "1-click" solutions.The whole process above can be simplified with Cudo Miner or Nicehash. Both are easy-to-use and the only difference is that Cudo Miner will automatically take care of profitability for you. It will switch between the most profitable coins and convert them into the crypto of your choice. They come with slightly higher fees but in the case of Cudo Miner, the software is micromanaging your rig and that's well worth the fee IMO.Stay away from cloud mining and Miner Gate!I had to mention these two because they are the most popular results on Google when you search for information on crypto mining.Cloud mining is probably the worst thing you can invest in. These platforms go out of their way to maximize their profits. For example, in a bear market, they will charge their maintenance fees in fiat while in bull markets those fees are charged in BTC. You are losing money either way and you also can't be sure if you are actually mining or are you just paying someone to give you fractions of coins you could have bought with the invested amount.Miner gate has a different issue. If you use their software it will report less hashing power than you actually have. No one knows for sure what happens to the missing hashing power but we can only assume that they use it for their own benefit. As a mining pool, they aren't that bad, if you use a third party miner.Don't use untrusted sourcesThis should go without saying but as a final warning, I want to add that there are a lot of fake miners out there. Try to get your download links from official sources only. These can be found on the website of the coin, their bitcointalk threads or here on Reddit. Just be sure to do enough research before you click on that "download" button.For any further questions, please consult the /r/gpumining FAQ
Submitted May 28, 2019 at 05:01PM
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