Jump to content
Search In
  • More options...
Find results that contain...
Find results in...

What would it take to start mining bitcoin?

Hello!

 

I was just wondering, since I do have the option to buy a couple of used rtx 3060s at an actually decent price, and I wouldn't have to fear much about losing money since I can always resell the gpus.

I just thought that it'd be a cool project to do, and maybe even turn out to be some kind of passive income, so I'm just asking on the internet if the potential headache is worth at all.

Link to post
Share on other sites

Bitcoin is no longer profitable to mine with 3060s AFAIK.

Is it plugged in? Is it turned on? Are you sure? No, really. 

List of my systems:

Main PC:

Spoiler

HP z620 workstation, 2x Xeon e5-2690 v0, GTX 980 FE, 8x4gb DDR3-1333, 2x 2tb HDD, 1tb boot SATA SSD, Windows 10 Pro

Linux system:

Spoiler

ProDesk 600 g1 SFF, i5-4590, Quadro k620, 2x4gb DDR3-1333, 64gb boot SSD, 250gb storage HDD from the ewaste pile with many bad sectors, Ubuntu 20.04 LTS

XP system:

Spoiler

Compaq DC7600 SFF, Pentium 4 HT 631, MSI GT 210 passive, 2x512m DDR2-667, 80gb Spinmaster HDD

Testbench:

Spoiler

Optiplex 760 board, GameMax VP-600 PSU, 4x 64gb AliExpress SSD (Windows XP, Vista, 7, 10), 1tb HDD (storage)

(currently has a Core 2 Quad Q9550 and 4x2gb DDR2-800 but I change its config frequently)

 

Link to post
Share on other sites
Just now, Mel0nMan said:

Bitcoin is no longer profitable to mine with 3060s AFAIK.

Oh really?

What about ETH?

Link to post
Share on other sites

You need a time machine to go back to 2012 or so. You don't mine BTC with GPUs anymore.

Current Network Layout:

Current Build Log/PC:

Prior Build Log/PC:

Link to post
Share on other sites
1 minute ago, Vod said:

Oh really?

What about ETH?

You'd still be turning money into heat. If you get the LHR versions, well... that's even worse. 

You wouldn't make enough to pay off the cost of the hardware before Ether turns proof-of-stake and can't be mined anymore.

Is it plugged in? Is it turned on? Are you sure? No, really. 

List of my systems:

Main PC:

Spoiler

HP z620 workstation, 2x Xeon e5-2690 v0, GTX 980 FE, 8x4gb DDR3-1333, 2x 2tb HDD, 1tb boot SATA SSD, Windows 10 Pro

Linux system:

Spoiler

ProDesk 600 g1 SFF, i5-4590, Quadro k620, 2x4gb DDR3-1333, 64gb boot SSD, 250gb storage HDD from the ewaste pile with many bad sectors, Ubuntu 20.04 LTS

XP system:

Spoiler

Compaq DC7600 SFF, Pentium 4 HT 631, MSI GT 210 passive, 2x512m DDR2-667, 80gb Spinmaster HDD

Testbench:

Spoiler

Optiplex 760 board, GameMax VP-600 PSU, 4x 64gb AliExpress SSD (Windows XP, Vista, 7, 10), 1tb HDD (storage)

(currently has a Core 2 Quad Q9550 and 4x2gb DDR2-800 but I change its config frequently)

 

Link to post
Share on other sites
1 minute ago, Mel0nMan said:

You'd still be turning money into heat. If you get the LHR versions, well... that's even worse. 

You wouldn't make enough to pay off the cost of the hardware before Ether turns proof-of-stake and can't be mined anymore.

proof of stake will probly be pushed.

👀👀👀👀 

Link to post
Share on other sites

One does not simply start mining bitcoin in 2021.
To mine cryptocurrency you're going to have to learn about the different cryptocurrencies.
Then it would probably help to predict what will be mined with GPUs once ETH can't be mined anymore

desktop

Spoiler

r5 3600,3450@0.9v (0.875v get) 4.2ghz@1.25v (1.212 get) | custom loop cpu&gpu 1260mm nexxos xt45 | MSI b450i gaming ac | crucial ballistix 2x8 3000c15->3733c15@1.39v(1.376v get) |Zotac 2060 amp | 256GB Samsung 950 pro nvme | 1TB Adata su800 | 4TB HGST drive | Silverstone SX500-LG

HTPC

Spoiler

HTPC i3 7300 | Gigabyte GA-B250M-DS3H | 16GB G Skill | Adata XPG SX8000 128GB M.2 | Many HDDs | Rosewill FBM-01 | Corsair CXM 450W

 

 

Link to post
Share on other sites

If you already have a efficient graphics card to mine with then you can start with that. You will not likely make the money you invested into buying a used or new graphics card at the prices people are selling them at. If you are seriously going to continue to mine you have to do it for the long term and hope whatever you mine goes up in value, but things don't look good right now.

CPU: AMD Ryzen 9 3900X   Motherboard: ASRock B450M Steel Legend   Case: Deepcool Maxtrexx 70   GPU: Powercolor R9 290   RAM: Corsair Vengeance LPX 2x16GB 3200 MHz   PSU: Corsair RM750x

Link to post
Share on other sites

If you want to start mining BTC you need to buy an ASIC or 5 and have a location with very low cost electricity and a cooler climate.

An ASIC will cost about $1300-$2000 each and will require 240v and usually around 10A each so you need to have a breaker box that can support that.

 

Since you say you say you can get some GPU's cheap then you are talking about building a rig for mining ETH which is currently the most profitable alt coin. However RVN is a close second and my speculation is whenever ETH gets around to going POS them RVN will jump as the most profitable.

 

To build a mining rig you need a cheap CPU and 8gb RAM, and a MB that is cheap but also supports as many PCI lanes as you intend on having GPU's. Most MB have like 4 but if you intend on getting a full blown rig and slowly adding more GPU's to it then get one that can support like 10+. You will also need 1x to 16x riser cards, they are cheap and can be found on Amazon. I prefer the ones that use PCI power connectors instead of MOLEX Because MOLEX tend to fail from drawing too much power. Then PSU you will need a PSU that can support all the crap you're going to use. I prefer server PSU's with a breakout board for as much stuff as it's wattage can handle and then use a standard computer PSU for the MB and other crap.

 

There is a lot of information out there on mining setups and stuff. The biggest thing to consider is your initial investment and the fluctuations of the price of coins. And the cost of power will slow the amount of time until you get your ROI. You need to see how much speed you can get for the least amount of power and how that translates into an ROI.

Link to post
Share on other sites
  • 2 weeks later...

unfortunately if im not mistaken then all 3060 (non ti) are LHR (low hash rate) which halves its potential hashrate. to start mining you need to build a pc which means cpu, motherboard, psu, ssd etc. it probably wont be worth it as you wont be making enough on those cards to pay off the rest of the pc let alone the cards. however you will make something and if you want to do it just to try it and learn something then go for it. like you said you can always sell the cards and components later if it doesnt work out for you. but be careful its addictive. my advice would be to start out mining on nicehash and see how you go.   

Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Newegg

×