Ethereum GPU mining?

[aleader]

In the USA, you can link your Coinbase exchange account to Paypal, and then transfer BTC to Coinbase, sell for USD on their site, and then withdraw USD to Paypal.

Ok, I like that idea, but is this after your mined Ethereum? Is it easy to convert Ethereum to Bitcoin? Say for instance I use Phoenix miner to mine Ethereum. Your method here does not require me to have a bank account hooked up then correct? Is there any additional fees I need to think about if doing it this way?

So the process would be:

1) Download and install Phoenix miner and pick a pool to mine Ethereum into (Ethermine, Hiveon??)

2) Alternatively, just install Nicehash and it picks the pool automatically. Does it also switch coins based on profits, or just Bitcoin?

3) Link Phoenix miner/Nicehash to Coinbase?

4) Pick or setup a wallet (Coinomi?), or does Phoenix miner include one? Could I switch from a digital wallet to an offline one later once I know what I'm doing?

5) Link Coinbase to Paypal and/or a bank account

Is that pretty much it?

Also, I know I need to set up my card by limiting power and overclocking the VRAM. Do you just use Adrenalin for this or is it better to use Afterburner? In Adrenalin, my power limit is at 0 right now. Do I just set that as negative as I can?

 

[aleader]

Or can deposit in a bank.

Would you suggest though a completely new bank and/or bank account to do this, or is it pretty safe to put it into my main (and only) account? I do pretty much all of my banking online (have for probably 15 years now) and am leery allowing access even to my PC (i.e. Nicehash Windows Defender exception). I suppose I could just keep it in a wallet and figure that out later?

 

[LightningZ71]

Given the level of insecurity that is surrounding coin mining and online wallets, and the level of attention the whole ecosystem gets from hackers, I would suggest that you open an account at a convenient, but completely separate bank from your main bank account and only transfer the funds via cash. Financial institutions are under a certain amount of obligation and scrutiny to ensure that they aren't used for any sort of questionable activities, and if you have a series of transfers coming in from an exchange that makes the news because someone was using it for money laundering, you can easily find yourself with a locked account and a letter from the bank that they no longer wish to do business with you. Find a nice credit union with an interest bearing checking account with low fees and use that to deposit currency in, if you do indeed want to cash out.

 

[aleader]

Given the level of insecurity that is surrounding coin mining and online wallets, and the level of attention the whole ecosystem gets from hackers, I would suggest that you open an account at a convenient, but completely separate bank from your main bank account and only transfer the funds via cash. Financial institutions are under a certain amount of obligation and scrutiny to ensure that they aren't used for any sort of questionable activities, and if you have a series of transfers coming in from an exchange that makes the news because someone was using it for money laundering, you can easily find yourself with a locked account and a letter from the bank that they no longer wish to do business with you. Find a nice credit union with an interest bearing checking account with low fees and use that to deposit currency in, if you do indeed want to cash out.

Ok, thanks. What do you mean 'transfer funds via cash'? From Coinbase directly to the account?

 

[AdamK47]

In terms of "real world value", with my current mining revenue, I can order four pizzas (Med., with coupon) and a couple of sodas from Dominos every two days, and eat them for two days.

Of course, that's not the most efficient use of grocery money.

Or buy a new GPU every 25-30 days.

It's sad to see GPU mining having very detrimental health costs associated with it. It's best to not mine at all and leave the GPU purchasing to gamers.

 

[Shmee]

Or, if you just want to complain about it, you can always stay out of the thread.

 

[aleader]

I guess it's really important to remember your password:

https://www.pcgamer.com/password-trouble-means-dollar240-million-in-bitcoin-is-two-incorrect-attempts-from-destruction/

Is it seriously this easy to lose it or forget it?

 

[MrTeal]

I guess it's really important to remember your password:

https://www.pcgamer.com/password-trouble-means-dollar240-million-in-bitcoin-is-two-incorrect-attempts-from-destruction/

Is it seriously this easy to lose it or forget it?

Short answer, yes.

There are ways to mitigate that, but ultimately if you want your crypto to be really secure you want it in your own cold storage. That being said, Bitcoin touched $100 even in early 2013, so even way back then he had $700k+ worth of coin on that drive. I would be reciting the password every day if that was me.

 

[Shmee]

I wonder if it makes more sense to use nicehash as well as just straight mining ETH with something like Phoenixminer? I never used nicehash before, but I am wondering if with the soar of BTC compared to ETH, it would make more sense to use nicehash for getting more BTC. Obviously it doesn't hurt to diversify, and obviously I could also just buy some at dips...but which seems to be more efficient around now?

 

[aleader]

I wonder if it makes more sense to use nicehash as well as just straight mining ETH with something like Phoenixminer? I never used nicehash before, but I am wondering if with the soar of BTC compared to ETH, it would make more sense to use nicehash for getting more BTC. Obviously it doesn't hurt to diversify, and obviously I could also just buy some at dips...but which seems to be more efficient around now?

Would this EIP-1559 thing change things? They are talking about moving to 'Raven'?

Also, does anyone here use 'Brave' as a browser with a 'Metamask' wallet? This guy also uses 'Lolminer':

It would be nice if there weren't so many options!

 

[wege12]

Would this EIP-1559 thing change things? They are talking about moving to 'Raven'?

EIP-1559 would burn ETH transaction fees which are currently paid to miners. This would lower profitability of ETH mining which is why you might hear rumors of miners pointing their GPUs to Raven.

However, if I was mining ETH and EIP-1559 was implemented, I would probably just switch to Nicehash like the poster above mentioned. It does suck that fees might start getting burned as miners are currently what run the Ethereum blockchain but mining is already on its way out with POS. Not to mention the sole purpose of EIP-1559, to make the the ETH blockchain less expensive to use. When the blockchain gets congested (like it is right now) it becomes quite expensive to use it.

 

[aleader]

In the USA, you can link your Coinbase exchange account to Paypal, and then transfer BTC to Coinbase, sell for USD on their site, and then withdraw USD to Paypal.

I'm still having a hard time understanding this. I'm interested in the Canada one on the bottom. I took this from the Paypal site:

Payout limits:

USD

(in local currency)	USD	EUR	GBP	CAD
Per transaction	10,000	7,500	6,500	12,000
Per day	25,000	20,000	20,000	30,000

The following table lists all supported PayPal transactions by region:

	Fiat Wallet (s)	Withdraw*	Sell
US	USD	USD	None
EU	EUR	EUR	None
UK	GBP and EUR	GBP and EUR	None
CA	None	None	CAD

*Withdraw refers to a direct Fiat movement from a Fiat Wallet to an external source
*Sell refers to an indirect Fiat movement from a Crypto Wallet to Fiat then to an external source


What does this mean for me in simple english? I would convert ETH/BC into USD in Coinbase and then just transfer that to Paypal? Would it leave me a 'credit' in Paypal in CAD? I don't understand the meaning of 'sell'. Sell what?

 

[aleader]

EIP-1559 would burn ETH transaction fees which are currently paid to miners. This would lower profitability of ETH mining which is why you might hear rumors of miners pointing their GPUs to Raven.

However, if I was mining ETH and EIP-1559 was implemented, I would probably just switch to Nicehash like the poster above mentioned. It does suck that fees might start getting burned as miners are currently what run the Ethereum blockchain but mining is already on its way out with POS. Not to mention the sole purpose of EIP-1559, to make the the ETH blockchain less expensive to use. When the blockchain gets congested (like it is right now) it becomes quite expensive to use it.

What is the upside to raven though? Just a good time to get in on it as it is projected to spike in price or something?

 

[Accord99]

I'm still having a hard time understanding this. I'm interested in the Canada one on the bottom. I took this from the Paypal site:

In Canada, you're probably better off using a site like https://shakepay.com/ or https://www.newton.co/, you can sell your cryptocurrency there and withdraw C$ through interac ETransfer to your bank account.