I have a rx 480 Gaming X from MSI and I have been looking at mining different crypto currencies. How would I go about doing this and would it be profitable? The electricity cost is .12 cents per KWh.
I found this a solid video to understand the basic steps when I started a while back: https://www.youtube.com/watch?v=K3AVeIJPQUc
You can of course pick your own type of wallet, mining pool you join etc. Read up the basic's then from there look around at mining pool's wallet's etc that suit you.
In terms of profitability, yes you will make profit at current rates, but of course it will be in Ethereum. You will need to transfer it out using exchanges to turn it to real money. You can use this calculator as a basic guide: https://www.cryptocompare.com/mining/calculator/eth?HashingPower=20&HashingUnit=MH%2Fs&PowerConsumption=90&CostPerkWh=0.12&MiningPoolFee=1
Other steps would be to tune your GPU. You can easily increase the hash rate while dropping the power consumption, its all a balancing act really.
Anyways, I would do some research further then video above. For mining part of it relies on where you think market trends will go. Some people would rather use the simplicity of nicehash, other mine Ethereum and so on, whatever works for you.
Thanks for the video it is very helpful but I read some rumors that Etherium is going from proof of work to proof of stake what does that mean and would this affect me in a meaningful way?
I switched to ethereum classic because of that is that a good idea?
It seems ethereum classic will still be profitable for a bit but after I drop below 15 mH/s I will switch to another coin. The Trezarcoin looks promising.
I’d use awesome miner and mining pool hub, you can chose what to get paid in, when and the miner will automatically find out what is the most profitable and mine that.
I'm actually mining ETH with my rx 580 8gb Gaming X, pulling in 26.5 MH/s @ 120W. You'll need a pool, a wallet, and a miner. Personally, I'm using the Jaxx wallet (Because it's easy to use, and you can convert to other coins for relatively low fees within the app with shapeshift), the ethermine.org pool (Low fees, PPLNS payout (less consistent, but higher payout on average), high total hashrate, and a mobile app to track when you're mining or not), along with the Claymore 10.0 miner. You also may consider a Vram mod to improve your hashrates (Didn't work out for my GPU though), although it also means you can't clock it quite as high, so your gaming performance may be negatively affected if you have an OC on your Vram... I'll link the set up vid I used my first time, when I have access to unrestricted internet. Edit: Also, I would stay away from nicehash, they were recently hacked for 60M $ in bitcoin...
Thanks I'll have to check that out.
Sorry for late response, here's the vid https://www.youtube.com/watch?v=Z109w6mGExU&t=89s&list=LLr3BR-hYQCZAKmRwRJoK0uw&index=19
I hate you
Why? I already bought an rx 480 back in January of 2017 and wanted to explore the possibilities of mining with my card when it is not being used for gaming. I did not go out and buy an rx 480 just for mining.
OK then that is fine