Profitable Beginner's Home PC Crypto Mining Guide in 2021 (Software Setup)

 how do you even start mining so what's the outlook   of mining like is it too late to start in 2020. In this blog talk about all of that!   Hey what's up friends it's Gerald and it's been a long long week, and I've been really busy trying   to understand and try out this new type of mining called Chia mining, and frankly, it's a little   bit more disappointing and less profitable than I expected it to be. But you know 

what's profitable? 

 GPU(graphics card) old school mining and in this blog  I'm going to be talking about like a home   pc guide so basically if you're just starting out you don't know anything about mining using GPUs,   this blog  is for you. If you're a little bit more advanced, then you probably want to you   know learn how to optimize your rigs better, how to set up a proper full set of rigs, then probably   you want to find another blog  on how to set up a full rig. So the first question that you'll be   wondering is that 

is GPU mining even profitable? 

And the answer to that is absolutely yes! In fact,   I started in February this year and I've already made about 6 000 united states dollars and that is   absolutely insane I cashed out about $2000 Singapore dollars so that leaves me with about   USD 4.5k in my wallet waiting to be cashed out. However if you're just starting out with   your very first graphics card at home then maybe you're expecting about i would say fifty dollars   or maybe a lot more a lot less depending on what card as well as the market condition so   one way you can check out the profitability is to go to this website called what to mine.com   enter your gpu the gpu that you're using enter the electricity bill bill over here in singapore   it's about 20 cents if you're using you know the government one it's about 22 cents if you're using   the private ones then maybe as low as 17 cents uh in a per kilowatt hour so just calculate oops you   kind of saw how many 1060s i have right there so 1060s was my very first card and that makes about   two dollars every single month uh 150 profit that's about 45 a month and that's pretty good   don't you agree if that sounds good be sure to hit the subscribe button because it helps this channel   a lot so now let's talk about what you need of course you're gonna need a graphics card it is the   tool that does most of the processing and this graphics card that you're getting   must be at least uh six gigabytes in ram but more importantly you need a whole setup to support   like basically a home pc so if you don't know how to set up a home pc you probably have to check out   how to set up a home pc but if you bought one from the store it comes with a you know a home   graphics card that has at least six gigabytes of memory you're good to go and 

                      

                                    Profitable Beginner's Home PC Crypto Mining Guide in 2021 (Software Setup)

why do you need

  the graphic card with six gigabytes of memory that's because in order for the graphic card   to process uh complex algorithms by the blockchain it needs to be able to store the entire blockchain   and that size the size of the blockchain is constantly getting bigger so technically   you could make do with four but i would suggest starting with like a six gigabyte   graphics card additionally i don't recommend using your laptop because laptops are not efficient in   dissipating heat unless you have like a very powerful you know fan to support it the second   thing you're going to need is wallet addresses basically after you mine you're going to be paid   in coins so in this video i'm going to talk about two a dual mining method basically you get paid   out in ethereum and silica or bitcoin and 

my second method which i'll talk about a little   bit more detail so let's talk about setting up a wallet my go-to platform is always binance because   it gives the best spot rate that i know of not to mention it's easy to deposit to withdraw so   i make couple of tutorials over here you can sorry over here you can go check them out you can get 20   off a lifetime for your trading fees if you use my promo code and it helps support this channel so   thank you so much and for my second wallet i use moonlet which is a mobile app basically why i use   moonlight is that it allows me to stick the silica coins that i earn at a rate of about 14 a year   which is kind of nice and not to mention i kind of support zilliqa because it's a singapore-based   blockchain of singapore founded blockchain by a couple professors in nus a couple of graduates   professors doctors in nus so it's a company that i support so for this i highly recommend setting   up the account first and then taking a notepad to write down your ethereum wallet address as well as   the silica wallet address so in order for you to

find your wallet address 

let me just demonstrate   with binance so i log into my binance account go to wallet uh go to deposit go to ethereum   that is where i see my address copy that paste it down into like a notepad or microsoft word   all right now that wallet's out of the way let's talk about setting up the most important thing you   really need to understand and manage very very well is heat because heat is the number one thing   amongst the number one thing that will damage your graphic graphics card immediately so the   temperature that i look out for is 70 degrees celsius so anything above 70 you will start to   wear your graphics card a lot more quickly than it's supposed to if you keep it at 70 degrees or   cooler theoretically a graph you would not cause you will cause minimal damage to a graphics card   meaning to say resale value protects your downside and you get to mine for much longer period of time   so the way i manage heat is i use this app called msi afterburner so go to msi website  

 download the afterburner and when it comes to the afterburner i realized they would basically give   you some sort of random skin and apparently the interface for different skin can be very different   so i am not familiar with all the skins so i'm just going to just change the settings   change it to a skin that i'm familiar with and yeah so this is the skin that i'm familiar with   i'm going to stick with this and the key thing to note is that i will go to settings turn off   automatic fan and basically give me or take back the control and set the fan settings to be 100   if the temperature is above 70 degrees so i'll just wrap it up like that so you can do   something like that if you want a more complicated setup feel free to you know check the details   and the second thing that i usually do is i would ram down uh in terms of the power to about 65   that saves me money so that's two things you want to do when it comes to setting up uh the   msi afterburner so if you see the other settings i would recommend reading up a little bit more about   overclocking so overclocking what it does is that basically it tries to squeeze out a little bit   more from the gpus to increase your profitability but that's moving towards like the intermediate   or advanced uh realm so let's skip that for now the second thing you need to understand when it   comes to mining is that we are doing this thing called pool mining because you know in order to   win the block you are solving transactions kind of uh or verifying transactions and   we have come to a point that it's no longer viable to solve one you know one block on your own   because it's just too much computing power because 

it's so competitive right so the way that it works   now is that many small miners would pull together into this gigantic pool and the pool would then   try to fight to solve a very massive and complex equation so what that does is that your reward   payout will be a lot more uh consistent but that also means that different pools have different   kind of reward structure payment structure requirements so you do want to check that out   a little bit in a little bit more detail after this blog  because it can get quite complicated   to learn about all the nitty gritty details about which pool the pool payment structure   blah blah blah right so yeah i understand that if you want to ask me the comment section below   but again this is a beginner's step-by-step guide how to get set up right after video so   i'm just going to skip all this for now okay so the next thing we're going to talk about is   mining software so 

i'm going to give you two ways to start mining the slightly more difficult one   but i will walk you through step by step and why i recommend it is because it makes like 10 to 20   more uh compared to the other method the other method is just a download plug and play method   which is really easy so if you want to get started well this is the way okay so the first method i'm   going to talk about is using a phoenix miner and to mine inside easily pool so easy pool   basically what it does is that it mines two coins in one shot so what i found is that by mining this   two coins rather than just mining ethereum by itself is that i get about 10 to 20 more than   any other mining pools that i have ever tried and that's why i love it so let's break down the steps   there's three steps to this so the first step i call this step a is to download phoenix miner so   phoenix miner the official page is ironically a forum so

 i noticed if you go searching on   the search engine there's like this one other website i don't trust their website i trust   uh the bitcoin talk forum website so that's where i go to download my phoenix miner it's usually   you know google would usually give you an error saying that this could be a virus don't worry   all mining software usually have some sort of problem uh with the antivirus software but as far   as i know they are pretty safe so i would turn off my security feature download phoenix miner   settings privacy security security clip no protection turned off useful reload there we go foreign and then move on to step number two which is to set up your ezo page so go over to ezil.me   website again 

i have a promo code it gives you a cashback and it supports this channel at no cost   to you so it's a win-win right so easily dot me you need to add both your wallet addresses in so   add both of your wallet addresses in second thing you need to do is to put the promo code on this uh   box over there so that immediately gives you your cash back that's the second thing the third thing   go to the start page and even tell you step by step how you set up the miner so over here you can   see for phoenix miner this is the code copy the entire thing so step number number c or the third   part to it is really to set up the minor so unzip the minor right click create a new file name it   dot bat open it on notepad paste the entire code in and then you know change it up accordingly so   here are the key things that you want to change up to the first is of course your wallet address the   second is your worker's name so for me i'm going to name it gerald ong because or you know main pc   basically it's something that i can identify with just a little and here's a little bonus line of   code so i basically deviated a little and i added this colon s-t-a-r-t which is all in caps and at   the bottom i put timeout 15 go to start and the reason being is that sometimes the miner will   crash and because it when it crashes it doesn't automatically start which is kind of annoying   and that's why

 i created this little lines of code that allows it to restart every time there's some   sort of crash that's going on like once you have everything set up it's all going to work just fine   however most of the time it is best to run the miner as an administrator to prevent uh certain   problems or like the firewall creating problems with your miner so what i do right to ensure that   it always runs as an administrator is this so i go over to this folder where i store the bat   file copy this entire address over here backslash paste the address then i put quotation marks   quotation mark so that way it knows that it always runs as an administrator with this wallet address   as well as this name if the event that it fails it will time out for 15 seconds it goes back to start   and then restart again once you're done save the file close it close the notepad and just double   click and you should see this screen so when you see this screen you're done that's it you   are starting to mine and the way you can track your mining is to go over to the easy website   and you should see the number of hash that you're producing how much money you're making per month   and the workers that are tied or connected to that wallet it's that simple 

when you reach the   minimum payout it will automatically pay out to your wallet and you receive like a nice sms   or email saying you receive this payment from finance which is pretty nice so that's for the   complex version which in my opinion is kind of easy so now let's talk about the super easy way   to get started so this is called using nice hash so nice hash is not quite a mining software itself   per se but rather they rent out your hashing power to someone else so it's really a plug   and play in order to get set up all you need to do all you need to do is go to nice hash website   and i would highly advise against downloading quick miner unless   you know what you're doing because it's a little bit more complicated so download the ordinary nice   hash miner there's gonna be like a whole prompt on how to turn off your antivirus so that it runs   properly follow the instructions step by step and then once you're done installing open it   you just click on this button and you're done it's mining it's that simple so they even have their   own wallet so they basically have a wallet for you in which you don't even need to set up a wallet   but you will need to set up a wallet if you want to cash out so

 i highly recommend learning what is   the cheapest way to cash out because every time you want to transfer cryptocurrencies you incur   a transaction fee commonly known as gas fees and it can be pretty expensive so check out what's the   cheapest way uh to withdraw money from nice hash before getting started and if you're thinking of   easily easier transfers to your wallet for free so there's no transaction fee another reason   why i love easy over nice hash right apart from just high profitability which is like everything   and that's really it that's how you set up your very first miner but there are quite   a couple of important things to note so uh the first thing is that before   you actually invest i would highly suggest you know you test it out for a little while understand   how it's like to get your first payment before considering scaling up because scaling up involves   a lot more complexity and the most important key you want to look at is the roi right how much   or how quickly you get your return on capital for me it was about three months plus but now   if you want to do the same setup that i did you're probably looking somewhere around nine months uh   in terms of return for investment but there are big caveats which i'm going to talk about   in terms of the outlook later in the later part of the video so just hang around okay so uh the next   thing is we're gonna talk we need to take note of another important thing to take off is the payout   consideration like for easy one other thing that one of the things that i really don't like about   azu is the high

 payout requirements 

so you need zero point zero five eight year which is about   a hundred two hundred fifty dollars before you get a payout and if you're just starting out   it takes very long time like to earn 150 bucks maybe three months so that's quite a while before   you get anything and that demotivates you right where else in nice hash you only require 25 before   you get paid out but then they take a huge cut and transaction fees and then you realize 25 bucks   you want to keep it in there for a little bit longer but they do make it very easy to start   right so that's the advantage pros and cons so in

 terms of the future outlook for cryptocurrency  

 mining or gpu mining in particular there's three important points i want to bring across so the   first is that maybe not first sub first point is that right now most of the profits come from   ethereum mining because ethereum mining is very profitable right now like so much more profitable   than other coins even though those currency is seemingly catching up but if ethereum were to   become less profitable then there will be a lot of repercussion for the mining market so   right now ethereum uh the ethereum network has proposed a very big shift on the 14th of july   2021 it is known as eip 1559. 

what this does is that it is estimated to cut profits of miners from   about from anywhere around 30 to as much as 50 so how this will affect the cryptocurrency market   no one knows for sure but miners can expect to get significantly less profit that means you my friend   miner right read up about that and factor that in into your roi calculation or return   on investment calculation so the second thing is that ethereum is going to move to a proof of stake   method so what proof of stake means is that it no longer allows you to mine so mining is called   proof of work but if it moves to proof of stake that means no more mining that means the end of   mining ethereum you could potentially mine other coins but imagine every single ethereum miner   starting to mine every other coin's profitability is likely to fall will still remain profitable   after deducting electricity costs nobody knows so again another thing to bear in mind it can   start as early as december this year but based on past experiences

 it tends to get   a little bit delayed so i'm speculating end of 20 20 20 and of 20 22 to as much as 20 23   but who knows right so always be prepared for that and the third part you need to understand is that   when it comes to gpu mining there is a strong push against it why number one gpu mining takes   gpus away from gamers and you know that it's very offensive yeah you know that gamers don't get gpus   especially during lockdown it's so important that we have a nice gpu to play games right   i'm just kidding basically gpu miners are using a very scarce resource which is like the chips   right that is used to build a graphics card and that is affecting or creating shortage   in a lot of things like for example gamers are deprived of their ability to you know play games   smart cars smart devices can't find the chips to build the smart home devices so that's also   being affected and additionally gpu miners are frowned upon because it is not environmentally   friendly basically you're converting electricity to support the blockchain and that comes at the   environmental costs so everyone investors yeah i mean environmentalists dislike gpu miners and last   

but not least investors of cryptocurrencies also hate gpu miners because you are taking   part of their money through transaction fees right so because you validate their transaction they pay   you a fee and they hate it when they have to they have to pay a high fee so they want to cut out   this old school gpu mining to a more cost-efficient way of transferring also   known as proof of stake which is why if um is transferring over so just bear in mind   investors also hate miners so that is couple of things you want to look out for and if you want   to learn how to scale i highly suggest learning about how to set up you know like a proper gpu rig   but again i recommend learning a lot more before scaling up because it gets a lot more complex if   you're trying to set up like six devices in terms of maintenance how to manage the heat   uh the way it would affect you know living in the room because of the noise so a couple   of things you want to take also do a little bit of research yeah i plan to make a video sharing   how life is like as a full time miner when you have a couple of rigs set up so you can   get some insights of how it's like but i'm not sure i don't i'm dinesh a have the time uh to do   

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