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The *OFFICAIL* Jazzfanz Crypto Mining Thread


Gameface

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A few of us @leftyjace @Ron Mexico and me @Gameface are talking about possibly starting a group of jazzfanz who are interested and involved in mining crypto currency. At the moment Ethereum is the most profitable and that's what I've been focused on so far, but there are several other options that might become more interesting.

If you're interested join in the discussion here and let's see where this goes!

Ethereum Ticker
 


b_line

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I'm interested in learning how it works and maybe doing it. I honestly have no idea what all goes into it. But i had a friend who mined a bunch of bitcoin and sold it right before it shot up. He made some money but not near what he could have.
 

Gameface

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So I can't give a really good technical explanation of how a blockchain works, but what I can say is from a mining perspective, what you do is:

1 -- Create a wallet where you will store/trade/sell your mined crypto currency. I used coinbase. If anyone wants to use my referral code both of us will get $10 if you buy/sell at least $100 using that platform. https://www.coinbase.com/join/young_3q7

2 -- Pick the currency you want to mine and decide how you want to mine it. The link leftyjace provided for honeyminer sounds like a very easy one stop solution for picking a currency and using them to get you set up. I think if you do use them you can skip step 3. Otherwise it is generally a good idea to mine with a pool and take a small share of the rewards as opposed to solo mining which on a small or even a moderate scale would only get rewards maybe once every month or so. So if you decided to mine Ethereum you can join a pool like ethermine.org. That's the one I'm using. I'll get a bit more into it later.

3 -- You download a mining application. I'm using Phoenixminer 5.5c. Follow the instructions from your pool and modify the .bat file so that your shares are credited to you.

4 -- PROFITS $$$$

Lot's of good info about mining Ethereum using phoenixminer found here https://bitcointalk.org/index.php?topic=2647654.0
 

Gameface

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I should add that there are some crypto currencies that you can mine using your GPU (aka graphics or video card). Most of them now, as far as I have learned so far, require at least 4GB of video memory.

Some can be mined using your computer's CPU (aka processor). This is not super common, but there are some that do use your CPU.

The most well known crypto currency, Bitcoin, cannot be effectively mined using home PC equipment anymore. It requires an ASIC (application-specific integrated circuit) system. Even then, in pretty much all of the U.S. it will cost more in electricity to run the ASIC than it will generate in bitcoin. But ASICs can be used to mine other crypto currencies profitably. They are pretty expensive and most that I have looked at require a different power source than your standard U.S. 110V 60Hz 15A wall outlet, but they pack some serious crypto mining power. As the name implies, they are very specifically targeted at doing a certain type of calculation, so you have to buy the right ASIC to mine the specific type of crypto currency you're interested in.
 

Gameface

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The biggest challenge at this moment are crypto mining assets. Modern GPUs are almost completely unavailable unless you want to pay scalper prices. Even ASICs are sold out on pre-order. Pretty soon Nvidia and possibly shortly thereafter AMD are going to launch CMPs (crypto mining processors) but who knows what they will cost and if they'll be any easier to get than GPUs.

That's the biggest advantage I see in joining forces. The ability to put multiple people to work finding and purchasing the equipment at prices that make sense.

The challenge in that is how do we combine investment resources, acquire mining assets, use said mining assets and distribute the revenue in a way that makes sense? It MUST be secure, there must be transparency and verification, some people would have to host the equipment, operate, maintain, troubleshoot and repair it.

It's complicated. It could be incredibly profitable. But it's complicated.
 

Ron Mexico

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Okay, I was using T-rex mining software but after @Gameface mentioned Phoenix Miner I noticed its fees are .65% instead of 1%. So I switched over to that. I also realized I was on the USA servers so I switched to an asia one so hopefully it goes faster.

No I am trying to decide if I should spend a little money and buy a second graphics card and bridge it with mine. I have a 2070 super. I think I can buy another one for $700 or less. But I think that would only make me about $50 a month more. So that is 14 months just to pay it back. That is probably not worth it.
 

Gameface

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Okay, I was using T-rex mining software but after @Gameface mentioned Phoenix Miner I noticed its fees are .65% instead of 1%. So I switched over to that. I also realized I was on the USA servers so I switched to an asia one so hopefully it goes faster.

No I am trying to decide if I should spend a little money and buy a second graphics card and bridge it with mine. I have a 2070 super. I think I can buy another one for $700 or less. But I think that would only make me about $50 a month more. So that is 14 months just to pay it back. That is probably not worth it.
SonofaTech recommends T-Rex for Nvidia cards. The fee might be higher but I guess he feels like it's worth it because it works better. I might give it a shot just to see, but it seems like it'd be hard to make up the difference 0.65% vs 1%
 

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