Hi everyone, I'm a complete newbie to this whole cryptocurrency thing. I was looking at dash. But don't know where to start learning. I was just looking around on cryptocompare.com and saw the ant miner d3 it lists it has a payback period of 13 days. With a return of $3,512.38 a month. What exactly does that mean? How is that calculated? So let's just say I purchased one of these miners does that mean that's the return I would be looking at? How do I get that cryptocurrency in usd?
Complete newbie
- Thread starter Kyle
- Start date
Leonidas
Active member
To learn about crypto and dash, just starts here : https://www.dashforcenews.com/dash-school/
Then here : https://medium.com/dash-for-newbies
About the miner, I'll some other people answer it. But if you are new to it, I would advise to take it slowly. Buy some dash first and learn about it before thinking about making investment in miners.
Then here : https://medium.com/dash-for-newbies
About the miner, I'll some other people answer it. But if you are new to it, I would advise to take it slowly. Buy some dash first and learn about it before thinking about making investment in miners.
TroyDASH
Well-known member
Welcome @Kyle -- the two links above are a great start. There is information everywhere. https://dashpay.atlassian.net/wiki/spaces/DOC/pages is very helpful if you want to read about Dash by subject.
I agree with the advice to learn about Dash methodically. Don't just jump into mining.
I don't mine Dash at all, so take the advice with a grain of salt. However, I have seen many many stories like this:
"Wow...I made pretty good money for 6 weeks, but now I barely pay for the electricity and it will take 4 years to finish paying for my mining rig."
When a new/fast asic machine comes out, the rosy payback predictions are often based on the current difficulty level. But in real life, you are not the only one that buys one of the new/fast/optimized designs. So in a short time, the difficulty level may increase dramatically and your payback drops rapidly.
I don't mine Dash at all, so take the advice with a grain of salt. However, I have seen many many stories like this:
"Wow...I made pretty good money for 6 weeks, but now I barely pay for the electricity and it will take 4 years to finish paying for my mining rig."
When a new/fast asic machine comes out, the rosy payback predictions are often based on the current difficulty level. But in real life, you are not the only one that buys one of the new/fast/optimized designs. So in a short time, the difficulty level may increase dramatically and your payback drops rapidly.
CryptoRival
New member
Hi Kyle,
With regards to mining and using calculators, you need to take into consideration the fluctuating price of dash, rising difficulty, as well as power costs in your area. This is not to discourage mining but there is no "one size fits all" solution. It's not a get rich quick scheme either, you should invest not in money, but in time, researching this subject as there is a lot to learn and I can guarantee you will be glad you did.
If you have any questions, feel free to reach out to us. We're always happy to help new comers as it's a daunting world to begin with!
With regards to mining and using calculators, you need to take into consideration the fluctuating price of dash, rising difficulty, as well as power costs in your area. This is not to discourage mining but there is no "one size fits all" solution. It's not a get rich quick scheme either, you should invest not in money, but in time, researching this subject as there is a lot to learn and I can guarantee you will be glad you did.
If you have any questions, feel free to reach out to us. We're always happy to help new comers as it's a daunting world to begin with!
What kind of help do you need? Please ask questions freely!
CryptoRival
New member
Of course, contact us here or via our website and we will help as best we can!
drkhouse
Member
Sven
Member
You guys responded to a spam bot. It didn't ask for help. It just randomly posted some generic text that fits everywhere to spam its dissertation link.
The mining thing? Like others said, forget it.
First learn how the network works and how exactly these miners operate. Once you understand, it will be clear that except in rare circumstances (e.g. you have lots of free electricity) mining is not going to be a money-printer for you. But probably a money sink.
In a nutshell, miners solve mathematical equations. The difficulty of finding a solution to those equations is variable. The network automatically sets the difficulty so that ALL miners in the entire network working together find a solution roughly every 2.5 minutes. If more miners join or upgrade to faster machines, the difficulty will go up and it becomes harder; if many miners go offline and fewer are left to search for a solution, the difficulty goes down and it gets easier again.
For simplicity, you can think of the mining awards as split among miners according to how much computing power each contributes to the whole network. (In reality, each individual award every 2.5 minutes is not split like that, but it averages out like that over time.) For the purpose of this intro, just assume that those with more or more powerful computers will get a larger share of the payout than those with fewer and weaker computers.
The D3 miner Kyle (OP) mentioned, is a brand-new class of computer called ASIC. It's many times more powerful than anything available before. If you were to get one of those and you are the only one having one, then your share of the mining award would go up while everyone else with the older slower machines would get less. That's where those huge returns of $3,500 Kyle saw come from.
Problem is - you aren't the only one. Bitmain (the company that makes them) is shipping truckloads of those D3 miners around the world. By the time you get yours, the network will have noticed a dramatic increase of total computing power as thousands of those D3s are coming online and as a result, the difficulty will shoot up just as dramatically.
Result: you bought an expensive computer that can't do anything else except mine Dash and you still only get more or less the same small share of the total mining reward as before. Not only will it be much less than $3,500 / month it might not even be enough to pay for the electricity it consumes.
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