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Will you read this post because it shows how easy it is to get started mining with a small investment in equipment and the willingness to learn how to set everything up and explains what steps are needed to decide if investing in the time and equipment for mining? Even as Ethereum prepares to go to a Proof of Stake model at the end of or beginning of which will greatly reduce the possibility of making a profit mining, any mining rig built to mine Ethereum could easily be switched to start mining ETC or another coin after the switch with a huge potential to profit before!

In this post or the matching video on YouTube below, see an introduction to what research and purchases are necessary to begin. While I thought mining any cryptocurrency was too technical for me, I now see getting started on a small scale is relatively straightforward with scaling up possible with confirmation the initial system is working.

In summary, using a new or used Windows or Linux machine to begin just for mining seems ideal because this will be the only need and function of the computer.

For a few hundred dollars, buying a new machine to just do mining is the most basic starting point. Next, buying a small amount of graphics cards to get started is the next step to verify the mining setup is working and to get an idea of the costs to scale. After confirming the setup is working, then it is logical to slowly scale up by adding more graphics cards and machines steadily over time using the profits generated as proof that more is possible with more power.

While I would not start off spending much without any proof I could actually set it up correctly, after confirmation that I could indeed build a mining machine that worked, I would be motivated to build more. Once we have the system down, we can just keep building more over time and then the money comes in on autopilot!

This seems ideal compared to paying into a mining pool where another company is likely earning a significant share of my profits and maintains control over all of the machines. The beauty of this system is once we get it built, we can modify it to mine whichever coins are the most profitable instead of relying on a third party to continue paying us out in whatever we started with at a fixed hashing power. Thank you for reading this and I hope you have a wonderful day!

If this post was helpful, would you please vote it up because that helps me to continue writing more for you? Love, Jerry Banfield https: Jerry, you might want to look into this. Its a blogging opportunity watch till the end for Obits, and asset related to bitshares, one of the blockchains in the Seemis family of blockchains. How many users are signed up already? Hey king jerrybanfield I'm using genisis and eobot for eth mining. Its quite interesting and do you know what I sometimes use hacks for eth mining on eobot.

I think nowadays altcoin mining become faded. Since mining is not a good solution for scaling up the altcoin. And there are more and more ICO with fixed amount of tokens.

So the future of mining is not so optimistic There will always be room for miners.. PoW will never die and there will always be 'overpriced' coins to mine for a nice profit! I thought mining would be much more expensive than this. Like you, I thought it my be too technical and over my head. I was just going over some this same info. Great to see it come out from you too!

The limitations are the long time it takes to get a return compared to making our own mining rigs plus not really owning anything. For the greatest profits, making our own mining rigs seems to be a better investment not just of the money but for the valuable learning it takes to build on our own machines which then translates to skills good for earning high dollars per hour!

In summary, if we have money and just want a good return, Genesis might be the best option. If we have a bit more time and willingness to learn plus want the highest profits and have low enough electricity costs, DIY mining might be ideal! You have me really chewing on the idea of a home based DIY rig now I wiIl watch your video, info and crunch some math, numerous times lol. Thanks for the amazing content and calls! It is great to hear back from you in the comments.

I appreciate how interactive you are with your audience! Learning to build mining rigs is a great skill-set to have in the crypto space. Great summary on cloud mining vs do it yourself mining. Bitcoin talk is highly negative on Genesis, even though it is acknowledged as the most legitimate cloud mining operation, and it seems it's a lot less profitable than you think. You have to contend both with price and difficulty, which is why they lock you into a 2 year contract.

It sounds better than it is until you run the numbers, and find that in most cases, buying and holding seems to work better. I would estimate using Genesis is going to cut your mining profit in half, relative to running it yourself.

Would you recommend AMD cards for mining. I'm looking forward to buy RX but I am not sure because there are many opinions for pros and cons of Nvidia vs Amd mining cards. Thanks for this article very much, very helpful to future miners. The AMD cards seem to be preferred so much that there is a shortage!

Maybe 2 cards for the start. Celeron, power supply and 4 gb RAM. My opinion is that it's better to mine low price and difficulty coins like Siacoin et cetera. Nvidia cards are more expensive to buy in general, but also more efficient. With electricity in Germany being 3x the price of north American electricity, it would have been a really bad idea for me to go and even pay a premium just to get one of the few AMD cards available. Hi Jerry, Great post! Going follow the steps you pointed out to see if I can get started Keep up the great work!

I really would love to build a rig - but all those pretty AMD cards are sold out in my country - no cards on retail market no cards on ebay.

Guess the train is leaving without me this time: I'd love to get into creating rigs. Ethereum or Ethereum Classic? Ethereum is currently but it is going to switch to Proof of Stake within a few months which will likely eliminate the profitability. Starting with Ethereum and then switching to ETC or another altcoin seems like the current best option!

I suppose it would be smart to stock up on some Ethereum so the stash will grow when PoS comes around Started mining about 2 weeks ago. Can't wait to start mining ETH! Thanks for the guide jerrybanfield. I've been using it for two weeks now, and they're very safe and reliable. Don't forget that the current demand on Ethereum will drive the mining difficulty - it will kill your profits slowly. The price on Ethereum better moves faster than difficulty does! I've actually wanted to put out a couple of GPUs in the garrage but my mom was against it because of the electricity costs and noise!

Thanks for replying man! You're the reason I'm on steemit in the first place. Been following your youtube channel for half an year now! True, but there might be a huge sell-out when the change to PoS happens so that's gonna be harder to sell during that period.

It's estimated to start at the begining of I would buy some hashrate from hashflare with the credit cards. With the current rate of Ethereum You will make profit in the long run. On Step 3, make sure to take a look at your actual electric bill and check what your kilowatt rate is.

It can vary wildly depending on where you are and make a huge difference in your own profitability. I'd also suggest working in equipment depreciation. Generally systems running under high load are prone to needing regular tune-ups. I can't recall how many fans and other items I've had to replace. I'd assume needing to weather one at some point. I think the value will just go up now I personal don't mine but with the new crypto prices I will start move out my room and set up mining machines lol.

Thank you for recommending this because I have forgotten about it and now I will plan to get that video out soon! Thank you for the information. This insight does help shed some light on whether mining is a good economical choice at this point. I was a little afraid that mining would not remain profitable. There are days that I still switch it over to Nicehash and let it produce some btc without the hassle of exchanging. Very intresting but it got me thinking. I have a small mini PC with a rather good graphics card.

Now i don't have the money to buy high gear equipment but do you think i should use this to "test the water" like you said and if the revenue gets good enough i could consider go higher? For trying mining, I will test the system I have before I buy anything new!

I used to mine but stopped after i was worried about the crazy amount of heat that builds up and paranoid about fire risk when i was sleeping etc. D and I make 0. I just love this statement jerrybanfield: