New to mining, advice would be appreciated


#1

Hello,
I’m new to litecoin but have been following crypto currencies for awhile. My friend has been more heavily involved in litecoin than I have and wants me to go into mining litecoin with him. I know what mining is and did more research on mining specific to litecoin to get a better understanding. He has the rigs chosen out and site as well. I was just wondering if there’s any tips or first time mining mistakes to avoid. Anything at all would be appreciated.
Thanks


#2

If he’s choosing ‘rigs’ and not ‘asics’ you’re gonna have a bad time.


#3

I think he was using as a slang term for miner.
https://shop.bitmain.com/antminer_l3_litecoin_asic_scrypt_miner.htm?flag=specifications

Here’s the actual “miner” link we were looking at and the specs


#4

Ok, gotcha. Yeah, so far from my l3+s, they’re reliable machines. You just want to consider electricity cost and how they they get when you have multiple running in your home. It’s been tougher finding cheap competitive hosting lately. But they’re good. ROI looks kinda iffy, hopefully in 6mos for new batches but depends on a lot of factors.


#5

litecoinpool.org/beginners-guide


#6

So you’re currently mining yourself? How much of a spike in your electricity bill did you notice? My friend lives in california but the cost per watt out here in Georgia is way cheaper. It’s like .12 cents a watt and I’m pretty sure they don’t double price per watt after a certain number used.


#7

Thanks a bunch!


#8

its 10 cents per kwh here in GA so 1000 watts running for 1 hour costs 10 cents…and 1000 watts running for 24 hours costs $2.40 per day and $72 every 30 days…if you run nonstop

I have $1800 watts running and the jump in power was exactly $1.80 per 10 hours or 10cents per kwh

check out coinwarz.com and it should give you a good idea of the money you can make mining


#9

I have an L3+ at 11.8c per Kw/h. It costs $2.26 per day.

One thing to consider is that you’ll likely need to buy crypto get a miner from Bitmain. I spent 3.04 BTC for a couple S9s last February and March. I’ve made about 2.4BTC back, gross. By the time you pay for electricity and build a space - these are industrial - it may be best to buy and hold.

I mine because I like the tech, wanted daily cash flow, can sell the miners and am working it into a larger plan to start a business. The longer I am in this, the more I realize I’ll need to do more than mine crypto if I want to get beyond even in terms of the crypto I use.

On the plus side, there is really no better way to understand the tech behind crypto by mining it - in my opinion. You can switch to mining different coins and rent out your hashpower on Nicehash. ASICs are much more profitable than GPUs (ROI), but there is more involved than I first anticipated. However, it’s pushed me into being “all in” and expanding my horizons on how to be involved in the ecosystem.

There is no right or wrong. It’s a jump. But it’s best to have 220v power, ventilation and somewhere they can be noisy without bothering you. Another consideration is that difficulty rises, so you get less-and-less crypto over time (0.33LTC per day, 0.28LTC per day, 0.24LTC per day, …). If you’re going to go in on mining, you may want to consider a business aspect. Block Operations has one of the best YouTube channels on that aspect. It’s worth clicking that link.

Good luck!

EDIT: Don’t forget you’ll need a power supply


#10

This has been a huge help thank you for all the feed back. The miners won’t be available to ship till mid November so I’m trying to get as much information as possible.
You mentioned renting hashpower and I’ve seen people do that but won’t the mean you’ll get even less coins in your wallet?

As far as all in my friend and I are in it for long term and are planning on switching what coins are mined as the difficulty becomes beyond what the miners are capable of. Our business model is profit going straight into more miners.

For power consumption do you literally just plug your mines into an outlet at home or do you have a sperated generator just for the miners?

Once again thank you so much, I can do tons of research on the web but I preferred advice for people who are actually mining


#11

If you use Nicehash, I believe they pay you in Bitcoins. People also sell 24 hr of S9 on eBay for like $30. If you go that method you get nearly double the USD, but no crypto. I’ve been using Litecoinpool.org and am happy with it. ViaBTC was good, too, but I get more Litecoin on my current pool, but no Dogecoin like with other pools.

Putting profit from the miners into new miners is an important aspect for sustained growth. I, personally, set aside a portion for new miners and not the entire amount. I have a “HODL account”, “vacation account”, “living expenses” and “new miners”. Though it is difficult to judge with miners because the price goes up and down. For example, I paid $1400 for my L3+ and they now sell for over $2000. So, that part is a little opportunistic and listening to your gut. As time goes on, I’ve been putting more and more into the HODL account. The amount of coins from daily payouts goes down consistently with a few days or weeks that are exceptions because of people moving their hashrate to a different coin.

I have them plugged into the outlet at home with an EVGA power supply. I’m adding an additional three 220v circuits for about 60 Amps additional power. On 220, I’ll be able to put three miners on the circuit instead of one. One thing to keep in mind is that these things are LOUD(!!!) and hot. I bought a pair of Bose Noise Canceling headphones, but will soon attempt soundproofing the custom built room with the circuits that I’m going to build. After I get it filled to the max with 10 miners, I’ll need to rent a shop or send some off for hosting - though that’s nearly impossible, anymore.


#12

There are plenty of scrypt miners for sale on ebay…thats where I got my farm from…I cant afford brand new miners myself though


#13

Aren’t they usually more money on eBay, unless it’s a D3?


#14

the reason they are so much on ebay is because scrypt miners are sold out from the suppliers…bitmain may be working on a new batch but I dont know my self…I buy all my stuff on ebay…got 100MH/s worth of zeus and gridseeds on ebay for less than $500…btw…the D3 is for x11 (DASH) and it will not mine scrypt algorithm