I mine Ethereum and Lite coin. About to get into mining Helium.
Mining generally works like this:
- Identify a coin you want to mine
- Buy the appropriate hardware (ASIC or GPU)
- Configure and get working (pay attention to power and cooling)
- Miner deposits rewards to crypto wallet (I use Jaxx)
- When you want to turn into cash, go to a crypto exchange (I use Kracken) and transfer from wallet to the exchange and sell.
- Send USD to your checking account
Things to consider to correctly model your costs vs profits
Cost of the miner
Cost of the electricity (dont forget heat management)
Cost of the exchange/conversion fees
Can you make money mining, yes. But like all businesses, you have to KNOW your business model.
I have 31 1070ti, 5 1070s, 8 RX580 and a couple 1080ti cards. Costs about 500 USD. I mine etherim. Been in this since 2017.
I have 10 Bobcats 300 on order since late Sep 21, expect them in next 8-19 weeks.
I have Kracken and coinbase.
Even today I am up 150k at these depressed rates.
Life is good.
Do not know much of anything on this, but I wonder if some persons will be able to "rent" the use of their top end PCs to those who want to use them online to engage in bitcoining. Is that possible? Or the Pentagon could help reduce the national debt (sure!) by using their (presumably) high powered rigs to bit coining, which is mostly likely what Russia and China are doing.