CryptoCurrency MINING

mwian

I need someone to point me to a group or give me a link to better understand about mining crypto coins.
For now, I am more interested in exposure and understanding what needs to happen where and how I can adapt equipment to make mining more of an advantage.
I have several questions...
The main question is, can I have a stand alone unit, plugged in and working on the mining process? If the power goes off, do I loose what I mined?

I drive a truck and have a 220v inverter. My thinking is to buy a miner of say 400w. Plug this in when I start driving. I drive for , say 40 hours a week. This miner can mine while I am driving (or resting). When I get home after a week, I can plug into my PC and add it to my hard wallet (if the hard wallet is not connected to the miner).
To me, the electric is free. I expect I will make small amounts of crypto currency, but I get exposure to the concept. Through this process, I can better understand what happens/needs to happen. 

From reading, the 2 main costs are power and equipment. If it took me a year to pay for the equipment and the electric is free. I can see an advantage. 

My longer term thinking is to get a wind turbine and a few solar panels, A bank of batteries and inverter at home. Once I understand the process, I can play about with leaving a miner at home, but running on free electric and take another with me when I am driving.

I don't expect to get rich or make a fortune, but my thinking is, if I start small, better understand the concept(s), then I can build on my knowledge. ..... but I need to start somewhere.

Thanks in advance.

jonnygee2

 If it took me a year to pay for the equipment and the electric is free. 

What do you mean the electric is 'free'. If a company is paying for your fuel, then I think you could end up in quite a bit of trouble if they figure out you are running a 400W bitcoin miner 40 hours a week off an inverter at their expense.

If you are paying for the fuel... then sorry it's not 'free'. 

Bitcoin mining is a mugs game. A bitcoin could be worth 10,000GP tomorrow or it could be forth 500GP, if it's the latter by the time you come to sell it then any money you've spent is wasted. And it's an activity that gets less and less profitable as time goes on, unless the bitcoin price continually rises which it shows absolutely no sign of doing.

forgotmyname

Antminer Pro almost £2500 but uses over 3000watts of electricity. Usually out of stock, they seem to sell the instant they
get them in stock.

As above even 400watts running continuously will affect the vehicles fuel economy. Add in the cost of a proper
inverter capable of running for extended periods and supplying clean power with no spikes to fry
your miner.

Easier ways to make money.

GDB2222

Cheaper to run in the winter, as your house gets warmed and you can turn the heating down.

joeypesci

mwian said:

I need someone to point me to a group or give me a link to better understand about mining crypto coins.
For now, I am more interested in exposure and understanding what needs to happen where and how I can adapt equipment to make mining more of an advantage.
I have several questions...
The main question is, can I have a stand alone unit, plugged in and working on the mining process? If the power goes off, do I loose what I mined?

I drive a truck and have a 220v inverter. My thinking is to buy a miner of say 400w. Plug this in when I start driving. I drive for , say 40 hours a week. This miner can mine while I am driving (or resting). When I get home after a week, I can plug into my PC and add it to my hard wallet (if the hard wallet is not connected to the miner).
To me, the electric is free. I expect I will make small amounts of crypto currency, but I get exposure to the concept. Through this process, I can better understand what happens/needs to happen. 

From reading, the 2 main costs are power and equipment. If it took me a year to pay for the equipment and the electric is free. I can see an advantage. 

My longer term thinking is to get a wind turbine and a few solar panels, A bank of batteries and inverter at home. Once I understand the process, I can play about with leaving a miner at home, but running on free electric and take another with me when I am driving.

I don't expect to get rich or make a fortune, but my thinking is, if I start small, better understand the concept(s), then I can build on my knowledge. ..... but I need to start somewhere.

Thanks in advance.

I like people to just answer a question on a forum, not give their "But it's pointless mining now" comment without answering the question.

Having said that, first I'd check out YouTube, there are plenty of guides on mining on that. I was once interested but gave up the idea. From what I found you need a beefy machine to even make a dent and the reason ransomware miners exists is so they can harvest the power of several computers to make their own farm.

Having said that, I'm not sure the mobile miner would even work. It wouldn't be powerful enough, and as far as I knew, and I could be wrong, I thought you needed an always on connection for the mining.

If the power goes, you don't loose what you mine. I believe it all gets cached on your PC and you can continue from where the power went off.