Total Noob..1st miner in mail..some questions

J

Jberkley77

New member
Hi Everyone,

Thanks for having me on this forum.

my quick story...my wife told me about ethereum a few months back, but I was busy with work and blew it off...fast forward to last week I finally did my research and I came to a conclusion that Dash mining would be my best bet as of now, more profit/lower electricity needed. Considering that Ether will (time?) be going to a non-mining way of production soon, I decided Dash is the best bet currently.

I have bought the Baikal Cube as my starter miner (will be here Friday), but was actually thinking of going all out and getting the 1.2 stack to produce the most coins in a short amount of time. I will wait to get the 1.2, only because I am a noobie and want to start small (although I don't want to miss the boat!).

So here are my noobie questions:

1. First and foremost....am I late to the party? Am I getting started too late? Will Dash mining head toward a different direction soon, like ethereum?

2. Should I just focus on Dash, are any others worth it right now. If so, what other coins can I mine with the Baikal Cube? I know there are a few algorithms that come with the Baikal's, what are the differences?

3. Should I go all out and get the 1.2 GH/s now, before the rush is over (found one for $5,800--overpriced?, but worth it?)?

4. What are the best pools? Or is this trial by error because people don't want to give out hidden gems? What are the differences between the different pools?

5. Do you see the long term investment into Dash as profitable? most of you have been following this much longer than me and have seen the trends, so is it worth it now?

Sorry for some dumb questions, but I'm excited to get into mining, I'm just hoping its not too late to get into.

Thank you, and I look froward to being a part of this forum
 
Hi Jberkley77,

Where did you get the Baikal Cube? They are sold out everywhere since April.

1. It is never to late to mine, except the coin is dead or switched to proof of stake.

2. You will most likely switch to whatever is profitable anyway. Sure it is a good idea to mine Dash (when I started the difficulty was 2-3 times lower), but if I get almost twice the $ amount mining MUE or DGB right now, I rather do that and still can convert the mined coins to Dash, which yields in more Dash.

3. Where would you get the 1.2 GH/s Quad Miners? Everyone is looking and Baikal does not seem to sell them to customers anymore. I guess they are either mining themselves now or sold many to big mining farms, indicated by the hashrate almost doubling in the last 1-2 weeks (after staying pretty much flat for 3 months, maybe 15% rise from March till end of May). Due to the rise of hashrate and difficulty a way overpriced miner might not be worth the extra cost. Everyone that mines has this risk, but there are some things that reduce the risk of crazy mining inflation (like no stock for baikal or amd gpus in recent times).

4. Suprnova or Miningpoolhub, check the forum, there are many suggestions. I rather pay the 0.9% fee at MiningPoolHub and can easily switch what to mine there and have a high stable hashrate there (tried about 20 other pools and they all were worse for me and I lost more than 0.9% hashrate there).

5. Depends if you believe in it, pretty much every altcoin has many lovers and haters. Dash has a lot going for it (simple to use, fast, cheap transactions, private, Evolution development), but it is not as hyped as other coins and people here do not care so much about trading and short term speculation, which makes other coins way more profitable in the short run (until they crash and burn ^^).
 
Thanks for your reply LostInSpace.

Good info and I agree with everything you mentioned. I got the cube for $1495 from asicminermarket, definitely overpriced, but I wanted to get into the game. I've been looking all over but I don't see many miners available. Everything is overpriced it's crazy.

I'm looking into mining MUE...how is that treating you?
 
MUE is great, it spiked several times and was besides from a few days DGB the most profitable so far (Dash is great too, but with up to 10th/s there is only 1/3 mining going on there, so even though dash is 2x times up from a month ago, it is not the best to mine, I still mined it all day as the difficulty was low, but now it has gone through the roof and I am back on DGB, which lost most of its miners ^^). Also MUE will cost the least amount of power as the cube only needs 50w (instead of 75w for X11) for Quark mining.

For MUE I recommend https://pool.weminemue.com/ which is endorsed by the developers and it mines directly do any MUE address (e.g. a bittrex accounts where you could sell it when it goes up if you are not planning to hold it).

$1495 is expensive, but you still got a good deal as mining is super profitable right now, especially if you are willing to switch if hashrate is way too high (still confused why so many th/s came to dash and dgb and then they disappear for a few days and come back even stronger, some big mining farms are being turned on in china ..). I guess asicminermarket is all sold out too, they have nothing in stock as usual ..
 
I've made a bit more money by sticking to MUE and then trading it for what I want on Bittrex or polo. Wait for a price spike and trade smaller amounts on spot. I tried the zpool but the earnings seem less. As to your miner, I most certainly would have bought one in April at that price. (Maybe even in May)

Of course the number of miners on weminemue has doubled in the last 2 weeks. Still, be patient and with Bittrex use the "bid" and "ask" functions to your advantage. If you see a bidder asking for something close to what you want then jump. It's far better then setting your sell price and then seeing sellers magically popping up and offering their coin at 0.0001 cheaper.

Polo doesn't offer MUE but they have dash.
 
Can someone please elaborate what do you need to start mining?
For example if I have D3 + APW++ - do I need anything else beside internet? Where I can find tutorial?

Thanks!
 
A local wallet. I repeat - a local wallet. take the time to set up a basic wallet. mymue.com is a good one if you want MUE. When you get your D3 you will have everything you need. Pick your pool and stick with it for at least a week to see daily averages. If you don't know what coin you want, Nicehash is a great place to start.
You then have everything you need. You will need a legitimate bank account connected to one of the major trading sites if you want to convert that crypto to cash. If you live in america please remember the taxes. I use HR block and never had a problem (24% to 28% in capital gains)

Also youtube is your friend. They always have close up examples of all the tricky syntaxes that you will need to follow precisely in order to not get internet errors. This forum is good too. The pool where you decide will also have a help page.
 
I'm thinking to mine Dash, so mymue.com won't work .. do you have other suggestion?
The tax is sucks but at least we are earning ...

I'll watch some video in youtube about the antminer (didn't found about D3 specifically).
Thank you for your help!
 
I read some where that there's a pool that switches to the most profitable coin, can't seem to find it.
Does this sounds familiar to someone? Is it really good?
 
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