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Showing 5 of 5 results by jchef1
Post
Topic
Board Altcoin Discussion
Re: [Merry Christmas ONE MILLION COL GIVEAWAY] Receive 500 COL for free
by
jchef1
on 21/12/2013, 19:43:12 UTC
Hello!

Happy Holidays!

jchef1 on Col Board


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Post
Topic
Board Beginners & Help
Re: NOOB Question
by
jchef1
on 21/12/2013, 19:27:20 UTC

Thanks for taking the time!
J

Well, it's simply not profitable mining Bitcoin from anything else other than an ASIC, and even one ASIC probably wont be worth it.

Your best bet is to visit a site such as coinwarz and check out which coins are most profitable to mine, use your judgement and mine
which coin you think is best.

Next find a tool which you can use to mine and how to set it up, personally i use cgminer and it works fine for me.

After that you need to find a pool because solo mining is simply not an option really, set your cgminer up to connect to that pool then your
off!

Note:

You have two options:

1: Mine with CPU: You're looking at maybe 20kh/s with your average processor, which is pretty poor to be honest and you want
to avoid mining with your CPU simply because at best you'd probably break even.

2: Mine with your GPU, which with an average card you'll probably get around 80KH/s but can go anywhere up to 8-900 depending on which
card you have, i personally use the R9 280x vapor-x and get 750KH/s with each card.

Once you have started mining, you can set up an account on a trading site ( i personally use cryptsy, they're pretty good but tend to make a
few mistakes now and then ) which then you can set up a wallet for any coin, transfere the coin you've been mining and trade it for BTC. You can then
trade your BTC to your coldstorage wallet.

For BTC you can use any wallet you like, alot of people use online wallets, god knows why because your money is in someone elses hands, and it's uninsured
and is probably at more risk than on your own PC. So i suggest using a local wallet such as Armory and put it in cold storage.


Hope this helps.
Post
Topic
Board Beginners & Help
Topic OP
NOOB Question
by
jchef1
on 20/12/2013, 09:45:30 UTC
Sorry for such a noob question in advance!

Ok, I know you cant mine BTC etc... from a desktop, but where can I mine new currencies and how from a desktop?  And when to tell when they come out?

I'm obviously new and reading about it as we speak...so be kind lol...

I don't even have a wallet, still holding my meager coins on the exchange...Help!

Thanks in Advance!

Joe
Post
Topic
Board Beginners & Help
Re: New to Bitcoin
by
jchef1
on 20/12/2013, 09:38:53 UTC
Thanks Guys

To answer...

I have a few LTC been trading o the swings... If you set rules and are patient, it can pay off.

Had several 25-50 percent increases with sexcoin, dvc and a few others on Cryptsy, you can see what they are pumping from watching the BTCe troll box haha and by tracking the volume- Under "Trade" on Cryptsy, you can sort the volumes by size and when there is a spike, you can jump in.  You gotta be quick and the site sucks so you can lose out. 

Trying to parlay my LTC into a few more...Started with 1.2 and now up to 2.2 in a week after a ton of trades...it's a grind but if you do the math, it increases exponetionally... If I had larger numbers to play with (After xmas) it seems you can easily trade on the days highs and lows...

Thx
J
Post
Topic
Board Beginners & Help
Topic OP
New to Bitcoin
by
jchef1
on 20/12/2013, 07:18:07 UTC
Hey All,

New to the Bitcoin market...  Purchased just one and have been playing a bit on Cryptsy...

I almost doubled my money, just by dumb luck I think.  There is a lot of information to take in, but I feel like we are watching something new and exciting happening in real time.

Looking forward to learning here and making a few contacts in the crypto market.

Thanks,

Joe