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I'm very new to bitcoin mining, so I just tried it out on my mac using MinerGate. I made about 0.000028 XMR in 7 minutes running at 200H/s, equating to $0.0008. I figured that at that rate of money flow, I could make around $9.7/sec with just a 1GH/s speed. This does not seem very possible at all. So where's the poop?

marked as duplicate by renlord, Andrew Chow, Jestin, Murch Jul 19 '17 at 15:47

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  • 200H/s seems insanely low for a normal PC, how did you arrive at that figure? – MeshCollider Jul 16 '17 at 12:50
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    @MeshCollider: Note that this is for Monero (XMR), which uses the CryptoNight hash algorithm. 200 hash/sec for a CPU seems to match other reports. I think the real question is: where do you get a 1 GH/s CryptoNight miner, and how much would it cost? OP should be careful not to confuse these with miners for other algorithms like SHA256 or scrypt, which are neither compatible nor comparable in terms of hash rate. – Nate Eldredge Jul 16 '17 at 13:14
  • Ah yes sorry, I was doing exactly that and confusing it with what I'd expect from sha256. Thanks @Nate for pointing that out :) – MeshCollider Jul 16 '17 at 13:22
  • Let's say I wanted to use Antminer S7. How many H/s would I get mining Monero with it? – Sergey Brin Jul 16 '17 at 13:52
  • And, why is the calculated value/time so high? – Sergey Brin Jul 16 '17 at 13:53
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Minergate is not by any means an effecient way to mine alt-coins. If you want to mine Monero XMR, you need to download either the source; and compile a GPU Miner, and configure it to mine off one of the many pools; and do the same for a CPU Miner; that plays nice with your GPU miner.

Claymore's GPU and CPU miner are widely adopted and used, I am not sure if they work on Macs however.

You can visit the bitcointalk.org thread for Monero; and get all the information you need on the OP Thread Post including links to miners; pools, exchanges, etc.

But in closing; XMR is trading very high right now. I mined XMR two years ago and accumulated a lot of coins... this was when BTC was at 400-600 and XMR was 1/15th the current price. Across my systems; I was mining 10-20 XMR a day. But that was 2 years ago and difficulty is drastically higher now.

HERE IS A LINK TO CPU / GPU BENCHMARKS FOR MINING CRYPTONIGHT ALGORITHM COINS

http://monerobenchmarks.info/

HERE IS A LINK TO THE THREAD ON BITCOINTALK WHERE YOU CAN GET STARTED

https://bitcointalk.org/index.php?topic=583449.0

In closing, you may want to look at AEON, which uses a forked version of Cryptonight, called Cryptonight-Light. It hashes at much higher rates. The coin seems to be in a bit of an unstable state development wise; issues with the new wallet release; etc, but in my experience mining the most profitable coin - at the moment - is not always the best strategy.

The key is finding the lower difficulty coins that you can mine now at a loss; that will 10x or 20x in value 12 months ahead. Finding these coins is the hard part; but that's where the money is.

  • Thank you for the answer! I'm thinking of purchasing an ASIC miner though (like antminer). Which software and servers should I use and for which coins? – Sergey Brin Jul 16 '17 at 14:09

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