Mining for Noobs - stealing electricity 101

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AnOminous

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kiwifarms.net
I figure I have a powerful system, might as well use it while it is still a little bit profitable. And I know I'm a faggot since I'm using coinbase. I also have Brave, but fucking uphold is banned in my state so my coins are just sitting there collecting dust.
Coinbase may have some annoying policies but it is as close to a normie crypto exchange as you're going to find. You may have to exercise a bit of caution in not engaging in dodgy transactions from it, but you can be pretty sure you aren't going to get goxed.
 

Secret Asshole

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Coinbase may have some annoying policies but it is as close to a normie crypto exchange as you're going to find. You may have to exercise a bit of caution in not engaging in dodgy transactions from it, but you can be pretty sure you aren't going to get goxed.
All I'm really going to do is transfer the crypto I mine into my Coinbase wallet, turn it into USD and drop it into my bank account. I'm not really playing the crypto market so much as just selling at the current market rate for cash.
 

Michael Jacks0n

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kiwifarms.net
Coinbase may have some annoying policies but it is as close to a normie crypto exchange as you're going to find. You may have to exercise a bit of caution in not engaging in dodgy transactions from it, but you can be pretty sure you aren't going to get goxed.
I bought some coins from them before, but I couldn't deal with the ridiculous transfer fees. They take a fee to purchase the coins with USD, then charge another fee to transfer it to my wallet on my PC. I've tried Kraken and Binance.us, and their fees are similar, but those sites are glitchy and never seem to work for me.
 

Secret Asshole

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I bought some coins from them before, but I couldn't deal with the ridiculous transfer fees. They take a fee to purchase the coins with USD, then charge another fee to transfer it to my wallet on my PC. I've tried Kraken and Binance.us, and their fees are similar, but those sites are glitchy and never seem to work for me.
I am just converting them to USD and putting them in my bank account. I am not investing tbh.
 

world of shit

kiwifarms.net
All I'm really going to do is transfer the crypto I mine into my Coinbase wallet, turn it into USD and drop it into my bank account. I'm not really playing the crypto market so much as just selling at the current market rate for cash.
If that's your plan, then make sure to add it as Additional Income to your taxes. Coinbase's database might as well be in the same data center as IRS at this point.
 

Secret Asshole

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So in a bid to get temps down, I used about 10 40mm copper heatsinks on my backplate. It did jack shit. The only thing to cool this motherfucker is to turn the fans up to 70. I have no room in my case to replace the back plate. But its better than 100% fan speed all the time. Still get under 60 for my card, but VRAM temps are still shit because its measured from inside the card, so unless you watercool your card, replace the thermal pads or paste, its impossible to cool down. Though MSI said it was fine, I kinda don't believe them. Though nobody really knows 100% what the temp junction is or how it will degrade performance. I do leave my case door open, which is nice because they're magnetic doors which I can open and close at will instead of removing them.
If that's your plan, then make sure to add it as Additional Income to your taxes. Coinbase's database might as well be in the same data center as IRS at this point.
There's really nowhere for me to go. My state is EXCEEDINGLY strict about crypto and even the AG is going after the 'shadier' websites. If there are better sites to hide my income get better fees, let me know.
 

world of shit

kiwifarms.net
There's really nowhere for me to go. My state is EXCEEDINGLY strict about crypto and even the AG is going after the 'shadier' websites. If there are better sites to hide my income get better fees, let me know.
There's lots of ways you could hide your gains, esp with a foreign exchange and a vpn. But unfortunately, once you covert back to USD, and especially if it goes back to a bank you'll find taxman's nose in your asshole.

other possible ideas are all a pain in the ass, unless you're looking at massive gains:
- covert it all to btc, and use one of those btc for cash services where it's party-to-party, and in-person (localbitcoins). Almost all sellers/buyers will want to deal in cash. Meet in public, and bring a friend. If the person you meet is cool, try to stay in contact with them. The people willing to pay cash for btc are always a good resource to have.

- buy things with your ETH, sell those things. If a store accepts ETH/BTC, buy that thing, and return that thing for cash.

- hodl until its easier to buy normal goods, and use it to buy the things you'd normally buy with cash (food, gas, etc).

Alternatively, I'd also suggest the opportunity to blow it all on russian hookers.

EDIT: Forgot about prepaid VISA cards. Back in the day (I NEVER DID THIS ONLY HEARD ABOUT IT), there would be services to purchase prepaid visa cards with BTC. These services might still be around
 
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Secret Asshole

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Fuck it, that all seems like way too much effort. And my gains aren't all that great, 3k a year if I run 24/7. So its not like I'm mining a massive amount, this is all just casual
 

world of shit

kiwifarms.net
Fuck it, that all seems like way too much effort. And my gains aren't all that great, 3k a year if I run 24/7. So its not like I'm mining a massive amount, this is all just casual
I would recommend just going the legit route. 3k will not be taxed that much and you don't want to fuck around with the IRS.
But for best ROI, I would suggest holding your ETH until it spikes. Just acuminate as much as you can from mining, and wait for it to hit the 5k range around EOY (imo)
 

Secret Asshole

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I would recommend just going the legit route. 3k will not be taxed that much and you don't want to fuck around with the IRS.
But for best ROI, I would suggest holding your ETH until it spikes. Just acuminate as much as you can from mining, and wait for it to hit the 5k range around EOY (imo)
I'm using nicehash, so technically I'm renting out my machine to people who are paying for it, and they pay in Bitcoin, so I get paid in Bitcoin. I'd have to convert it over to Eth, and right now its a $10 price difference. So unfortunately unless I ditch Nicehash which I've been using for a bit, I'd have to switch over to something else.
 

world of shit

kiwifarms.net
Ah, i missed that part. Well, sort of same advice applies i guess, if you're getting paid in btc, then you can DCA (just sell when you get it) or wait for price to spike and sell. I personally would wait to sell until we see where this all is going to go. Square, Twitter, Musk, etc all buying BTC. BTC EFTs are popping up so boomers are buying btc ETFs. Writing is on the wall, just a manner of seeing what the price does.
 

Secret Asshole

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Ah, i missed that part. Well, sort of same advice applies i guess, if you're getting paid in btc, then you can DCA (just sell when you get it) or wait for price to spike and sell. I personally would wait to sell until we see where this all is going to go. Square, Twitter, Musk, etc all buying BTC. BTC EFTs are popping up so boomers are buying btc ETFs. Writing is on the wall, just a manner of seeing what the price does.
Yeah, I am just going to hold onto it for now. Question: Would a hardware wallet be better or is storing it all in coin base be better?

I'm hesitating adding even MORE to my startup costs ($50 for ghetto cooling solution (used amazon refund for that, $2,600 3090, $300 5600X. I'd still break even in about a year.) I make poverty wages and 3,700 is like a seventh of my salary.
 

world of shit

kiwifarms.net
Yeah, I am just going to hold onto it for now. Question: Would a hardware wallet be better or is storing it all in coin base be better?

I'm hesitating adding even MORE to my startup costs ($50 for ghetto cooling solution (used amazon refund for that, $2,600 3090, $300 5600X. I'd still break even in about a year.) I make poverty wages and 3,700 is like a seventh of my salary.
It depends on how much you want for security. Nothing wrong with a hardware wallet. I've seen people fuckup a hardware wallet transfer and lose a ton of btc, but that was back in the day and ledger may have some safety features now. If you do have a HW wallet, you could mine and send to that address, which sidesteps any coinbase/irs tracking, but still run into the issue of cashing out.

I'm going to get shit for saying this, but for most people with small amounts of crypto, leaving them on coinbase is fine. Coinbase has has always had excellent security, and now they're going public, so you can be sure that shit is locked down. Whitelist your ip on coinbase to be the only one that can withdrawal and set up 2FA. ETH/BTC is on a run at the moment, and may be for a while with the new eth announcement, and everyday a new corp is buying btc. Keeping them is a good idea. My gut feeling is ETH has a 10k target by EOY unless another covid blackswan event happens and BTC is still posed for 100k. Understand if you need the money now, and its scary when it bottoms out, but the advice i gave people in 2017 is the same now. Buy some BTC and ETH, and don't look at it for 3 years.

Good luck!
 

Secret Asshole

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Good luck!
Thanks man, you've been a great help. I think I'm going to go straight coin base. The only reason I worry is I'm on IBR on student loans, and it might push me to start making payments. But if I actually do make 3,700, that's about two credit cards fully paid off which was used to buy the rig, and half of another.

Right now everything is stored on my nice-hash, I'm not going to transfer to coinbase unless I've got $300, so like 10 mincriments of 300, not to rush thing. The only good thing about Shitty Uphold and me staring at BAT in my rewards means I know when BTC goes up or down.

My Fidelity managed stocks have taken a fucking beating, while crpyto keeps climbing.
 

world of shit

kiwifarms.net
After the endless Ledger hacks, I wouldn't buy a hardware wallet unless you're sure you can get it without ever giving up any personally identifiable information.
Yeah. to be clear though, the Ledger device wasn't hacked, it was the customer data on their servers. If you're holding $300 of btc, no one cares,
but if you're one of those 'unlucky guys' that have 500 btc, you might be getting some interesting phone calls, lol.

Basically at this point, if you're in the US, your data has already been leaked by the numerous government hacks, the Equaifax hack, numerous customer data hacks at BoFA/Citi/etc. Not excusing the hack in any way, just putting it in perspective to the negligent state of handling customer data in the world.

Trezor is an alternative if you're interested. But if you're only planning on doing ~2-3k of holding, then its a personal decision if that justifies the $200-$300 cost of device. For a novice with little holdings, coinbase is great because you can recover your account if you forget your password. I had to personally do this because I forgot my password after stepping away from crypto for 2 years. My account was reactivated in 2 days. . You forget your seed phase and you're fucked.

In case you're curious, I did what people told me to do in 2016-2017 when I started, which is to create a paper wallet. No one recommends this anymore for good reason (I saw a post about losing 30btc because of spilt coffee). But it's pressed and laminated and stored in a safe/secure location.
 

Kosher Dill

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Basically at this point, if you're in the US, your data has already been leaked by the numerous government hacks, the Equaifax hack, numerous customer data hacks at BoFA/Citi/etc.
Right. What makes the Ledger hack dangerous beyond all these is that it gives malicious actors a readymade list of "People seriously into bitcoins".
 

world of shit

kiwifarms.net
Yeah, and they can probably cross reference your name, where you live, with income. Target you, drive outside your house, tap into wifi network via wireshark or home router insecurity (they all suck), put whatever they want, then just wait.

Definitely some sleepless nights ahead if you're holding.
 

Garm

kiwifarms.net
A few questions that have probably been answered already.

How do I know if my rig has been "successful" at mining?
Is there anywhere for tips on optimization? Also general configuration help. (My page memory is only 50% so I get the feeling something ain't right.)
I went for a smaller Monero pool but which ones do you guys recommend?
Does XMRig do CPU and GPU at the same time or is that a config problem again?
 

Kosher Dill

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How do I know if my rig has been "successful" at mining?
Meaning what?

Is there anywhere for tips on optimization? Also general configuration help. (My page memory is only 50% so I get the feeling something ain't right.)
I personally wouldn't bother redlining the card to squeeze out an extra couple percent. The auto-configuration done by XMRig (which I assume you're using) already does all the common software tweaks.

I went for a smaller Monero pool but which ones do you guys recommend?
I like MoneroOcean because it lets you mine worthless garbage coins and get back Monero, at a higher rate than if you just mined Monero directly. (Of course this also means you're not supporting the Monero network itself most of the time, but...)

Does XMRig do CPU and GPU at the same time or is that a config problem again?
Yes, it can do both, though I believe if you have them both enabled in the same config they'll always be locked to the same algorithm. Better to set up one config for CPU-only and one for GPU-only, and run both separately.
 
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