WARNING: I am a n00b at this crypto shit!

I've decided I might dable in cryptocurrency mining for a little and see what comes of it but have no clue how to start... Can someone point me in the direction of anything that could be helpful?

I'm a noob too, only got $0.01 so far ;-;

@coolq I have no clue what im looking for :-/

If I can remember correctly, I just watched this: https://m.youtube.com/watch/...

@coolq Ah thanks, just need to work out how to download nicehash lol

@lxmcf
Cool 👍

Lmoa, recently nicehash got hacked and it is probably going out of business soon

Minergate is a scam, I've lost currency because of them.

I wouldn't bother mining unless you have some decent hardware for starters. If you only have a decent CPU then monero is your best bet. I use nanopool for I but it takes a long time to be able to withdraw so if you haven't got the hardware it can take forever, I have 2 decent GPUs and 2 CPUs going at it near 24/7 and I can still withdraw every 2-3 months.

If you just want to have some fun by increasing then just buy some currency directly. It will probably be cheaper than mining if you don't have good hardware.

I'd say start by learning git. It was a blockchain way before blockchains were cool.

If you have some decent hardware, you could try your luck on Monero or Etherium. However most likely the power cost will be much higher than your yield from mining.

Buy a cheap little scrypt miner

A lot of terrible advice in here, so let me get it straight for ya:
1) DO NOT USE Minergate and Nicehash: they make it seem easy, but it's just as easy to lose your money. MG is a scam, and NH got hacked, plus they kill your profit by taking ~15%.
2) DO NOT USE Freewallet, they steal your money
3) Be extremely careful and quadruple-check every website you use, scammers be everywhere: eg, mymonero.com has a ton of scammy clones that pop up in google's suggested ads as first link
4) Mining is still profitable depending on the currency, the hardware you use, and your electricity cost. Look for benchmarks and online calculators
5) Learn how to run a full node, it supports the network
6) BEFORE you do any of the above, do your research, learn about each crypto, understand why they exist, what they try to offer, what do they *actually* deliver, what's their purpose. Most of the popular ones have plenty of guides and links, reddit is a good place to start looking for references. Ask around

Last but not least, be wary of everything you hear and read: this is the Wild West, and noone will be able to help you if you get screwed and lose your money or get compromised. Check the source of your software, avoid shady link, keep your private keys and seeds private, don't buy mining hardware if you don't know how good it is and what it is for

Oh, almost forgot: DO NOT use online services to hold your money for you. It's the best way to risk losing your money. If YOU are not the sole owner of your private keys, you do not own your money. Don't trust online services. And do research about transaction fees

@Charon92 1080 would be decent, but not the best output per watt, which is the main concern for profitability. A 1080 should get around 800H/s on monero, which is about the same as my R9 390 undervolted heavily. That's not bad, if you have a decent CPU, particularly a high end ryzen, then it can also run pretty well on monero. I get 550H/s on a 1700x @3.7GHz

@HoloDreamer They're actually starting back up today at 23:00pm GMT

@LeFlawk that's not true

I started mining again this year, I used to mine Bitcoin back in the day but that is way to hard to mine now unless you feel like spending thousands on a miner.

GPU mining is the way to go mining the most profitable algorithm.

@owena hope you're not using Nicehash...

It's just a bubble. :D

@Milt0n any evidence to back that statement?

Mining is pretty fuzzy to get into. Generally speaking, Unless your power costs are super cheap, the investment payout of the hardware you purchase will take forever to equal itself out or even make a profit. Your mining capability is only as good as your hardware to do it. You should use a mining calculator to determine if it would even be profitable for you. https://coinwarz.com/calculators/

You have to factor in your power charge monthly rate, hashing power and the current prices of the coin. Nothing is gauranteed either.

Why even making some beautiful blocks gives you money.

@endor Nope, miningpoolhub at the moment but I was waiting on a payout from NiceHash when the breach happened. If you checkout their site they actually have a date for when everyone will get reimbursed. According to them it'll be from the fees they collect and also from some investors from within the company.

Sounds like they did it them selves to be honest. Knowing you have investors who will just help pay for the losses - hmmmm.