The Cryptocurrency Learning Curve: A Beginner’s Story

Bitcoin, Bytecoin, Litecoin, Etherum, Monero, Dashcoin

I have been trying to mine now since around the first of July. I had toyed with the idea before and looking back, despite this story, I should have started at least a year ago when I bought this computer.

I got a Best Buy ASUS exclusive. It had the newest i7 processor at the time and an I guess, mid-range NVIDIA Geoforce GPU. The GPU is a 940mx. I’ve seen it get up to 150 K/h per second so, I’ll assume it’s a 2GB. Admittedly, that is not a lot of processing power right now. If you figure a 6 or 4GB card was a lot last year, I guess it’s not too bad.

I’m not sure where I found it but, my first experiment with mining was with Bitcoin. I found an official Microsoft App that will mine with whatever the resources you have. It’s called simply Bitcoin Miner. At a low rate just using my CPU, the program mines at a rate of 3-5 K/h per second. If I let the program run 24 hours a day, I think I’d mine around 1000 Satoshis/day. The program requires you to reach 5100 Satoshis before you can cash out. Today that’s worth just shy of 14 cents.

I realized that I would be making very little money pretty quickly. In the back of my head though, I had the idea that I was going to buy some ASICs from Amazon and a Raspberry Pi. I went ahead and ran the numbers. What I found out is that even if I bought four brand new, newly released ASICS Cards, I still wouldn’t make any money. In fact, I’d lose money and never even recover my investment.

Those big boxes like AntMiner makes are out of my price range; the ones that won’t be obsolete by next year is out of my price range. Looking through Amazon and eBay though, people are still buying ASIC cards that only do a very small percentage of what is needed, cards that are essentially worthless.

So undeterred, I moved on. Surfing Youtube, I found out about NiceHash. It wouldn’t work for me but, I did find a coin I figured I could mine with my existing computer and with a cheap enough rig, Monero. I surmise that it’s not the most glamorous coin and before I invest anything, I will read about it and analyze it. I spent a day or three going through all sorts of programs. All of them kept turning off. I am unsure why.

I think a big part of the problem could be that I don’t know how to program the .bat files etc. It might not be though because I can’t keep Minergate from turning off.

Right now, I have a service ticket in with Minergate. I have also mined about .65 cents worth of coin since the beginning of July.

Wish Me Luck

10 barrel


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