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Beginner's guide to mining

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So, you decided that you wanna try mining. If you already have a PC of some sort, great! You can download a miner and start mining nearly any cryptocurrency. Our pool currently supports many major CryptoNight based Cryptocurrency coins. This guide does not explain cryptocurrencies themselves, it is recommended that you understand them before you start mining them :)

 

1. ASIC vs CPU/GPU COINS (As of 9/2018)

You probably know that coins like Bitcoin or Litecoin are not profitable to mine with a PC (CPU/GPU - Processor/Graphics card), because there are special machines called ASICs which can mine much faster with much lower power consumption. This is the same with some of the Cryptonight coins.

ASIC coins:

  • Electroneum (CNv0 - original CN)
  • Sumokoin (CNv0 - original CN)
  • Karbo (CNv0 - original CN)

CPU/GPU (Anti-ASIC) coins:

  • Monero (CNv1*) *CNv1 sometimes reffered to as CNv7 based on Monero's variant version
  • Aeon (CNv1 lite)
  • BitTube (CNv1 heavy)
  • Haven (CNv1 heaven) - similar to Heavy
  • Lethean (CNv1)
  • Loki (CNv1 heavy)
  • Masari (CNv1 fast) - similar to classic CNv1
  • Ryo (CNv1)
  • Stellite (CNv1 xtl) - similar to classic CNv1
  • TurtleCoin (CNv1 lite)

*Soon to switch to CNv2

Technically you can start up a miner and mine ASIC coins, but we STRONGLY RECOMMEND that you don't do it.  It is not wort your time, effort, components, electricity or anything else. If you want to own some of the ASIC coins, just mine CPU/GPU coins and then use exchanges to convert between currencies. (Or buy ASIC, but they are expensive, noisy, harder to calculate profitability etc., that is for another guide. Do NOT make uneducated investment into ASICs)

 

2. Choosing a coin

You can choose coin(s) to mine based on your preference (how much you like the project, or if you want to support the network), hardware advantages (different CPUs/GPUs have different hashrates for Lite/Classic/Heavy variations of CryptoNight). There is comprehensive article about using sites to calculate profits. 

https://forum.hashvault.pro/topic/228-calculating-profit

 

3. Wallet vs. Exchange

We usually don't recommend mining directly into exchange (see table below), but it makes sense if you are using rental service such as NiceHash or miningrigrentals.com. Also keep in mind some exchanges require you to use payment ID (to determine who deposited the funds).

Local wallet Exchange wallet
  • You own your private keys
  • Exchange has full control of your wallet
  • No interrupts (if you have last version)
  • Wallets have maintenance time
  • No withdraw fee (just transfer fee)
  • Usually withdraw fee
  • Just as safe as you make it (up to 100%)
  • Vulnerable if exchange gets hacked
  • Takes longer to sell coins
  • Sell coins anytime you want

 

4. Setting up your mining software

Please visit "Getting started" side menu link after selecting a coin to mine (https://www.hashvault.pro/) for a step-by-step guide.

Also check our guides section.

 

5. Monitoring

For monitoring and fine-tuning (overclock, stability,...) use hashrates as reported by your miner (you can press "h" for manual hashrate report). Website uses your submitted shares to calculate your hashrate, but this method is not precise. Current and 1hr averages in the dashboard are dependent on your Rig's luck, but will average out over time (6hr or 24hr average). Luck (and momentary graph imprecision) will not impact your long term earnings.

Dashboard link (for Monero): https://monero.hashvault.pro/en/dashboard

 

6. Support and community

You are welcome in our large and friendly Discord server. You can ask or answer questions, discuss news or just chill around with us and other miners! If you don't want to log-in, you can use the web widget on every  of our coin pools websites.

For more technical questions you can browse this forum, where you will find many technical and user-friendly explanations, guides, discussions and FAQ.

If you have sensitive problem, you can open a support ticket (Under the "Support" menu link on every pool site), or send us an email.

 

 

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Crypto is da way

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