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Currency Mining

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Go to solution Solved by Dorrej,

A 480 is easy to set up for ethereum and will make decent money at current prices. Your 480 should hash around 22-24Mh/s as is and that is $4+ a day right now. Check out whattomine.com and input your power rate to see how much you will profit at that rate. The Claymore Dual Miner can mine Ethereum and Decred at the same time and would probably be your best solution. 

 

Im no expert but I hope that helps. 

 

Like others have said check out the mining sub for more info. 

Posted

There are no currencies that operate that way that I know of.

Crypto Currency is the correc term.

 

Unless you have free electricity as in your parents arent paying for it, but the univ is, then go ahead.

Otherwise its not worth it.

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Just now, yathis said:

There are no currencies that operate that way that I know of.

Crypto Currency is the correc term.

 

Unless you have free electricity as in your parents arent paying for it, but the univ is, then go ahead.

Otherwise its not worth it.

how expensive is it? i dont pay my power bills but i dont wanna drive up my moms bills :P then again, here in vancouver, electricity is cheap af.

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If your mom is paying the elec bill then you will be losing money. Dont do it. And no electricity is not cheap as fuck.

Have you even looked at your moms utility bills?

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Just now, yathis said:

If your mom is paying the elec bill then you will be losing money. Dont do it. And no electricity is not cheap as fuck.

Have you even looked at your moms utility bills?

it is here in vancouver. 
i just wanna know how to set it up

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Just now, Nickathom said:

it is here in vancouver. 
i just wanna know how to set it up

I think I read someone say you will get $5/month but spend $20 in electricicy. Aint worth your time, nor hassle.

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Just now, yathis said:

I think I read someone say you will get $5/month but spend $20 in electricicy. Aint worth your time, nor hassle.

ok but how do i set it up?

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It's probably best to ask in dedicated crypto currency mining forums. There you'll find guides on how to calculate whether mining will be cost-effective for you, etc.

 

And keep in mind that you can undervolt an RX 480 to make it take less power while keeping a high hash-rate.

Just now, yathis said:

I think I read someone say you will get $5/month but spend $20 in electricicy. Aint worth your time, nor hassle.

It's not that simple. That statement is true only for when the coin you're mining is worth less than the power spent to mine it, which is why anyone interested should dig in more.

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Please dont cost your mom an extra $500/year in electricity cost, for your measly $25. Please dont do it. Dont be a selfish fool (no offense) your mom is family, your her son, families stick together.

 

I will end it there, as I dont know how to set it up. Best to ask in the Crypto Mining section.

 

 

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Just now, yathis said:

Please dont cost your mom an extra $500/year in electricity cost, for your measly $25. Please dont do it. Dont be a selfish fool (no offense) your mom is family, your her son, families stick together.

just stop man. i live in vancouver, the bills are more like 250 total a year. 
also we are in a fairly good financial position

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2 minutes ago, Nickathom said:

just stop man. i live in vancouver, the bills are more like 250 total a year. 
also we are in a fairly good financial position

arguing is not worth your, i suggest you research about which currency you want to mine. 

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$250 for the Casa and an extra $250 for the extra elec for mining.

 

Do what you want. Be better to have 2 or 3 GPU's or a dedicated mining card (which is only used for mining). Since you are in good financial position you can afford that.

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Just now, nerdslayer1 said:

not worth your time arguing, i suggest you research about which currency you want to mine. 

im thinking about etherium, maybe bitcoin

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Just now, Nickathom said:

bitcoin

that vary competitive, it won't be worth it unless you have a server farm. 

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Just now, yathis said:

$250 for the Casa and an extra $250 for the extra elec for mining.

 

Do what you want. Be better to have 2 or 3 GPU's or a dedicated mining card. Since you are in good financial position you can afford that.

i dont think you understand. on 250 we run our washing machine and dryer once every two days and have 2 computers already running pretty much 24/7
and just because we can afford a bit of a higher bill doesnt mean were rich

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Just now, nerdslayer1 said:

that vary competitive, it won't be worth it unless you have a server farm. 

ok. is etherium a good one?

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Best to gain money and not lose it, is all I am saying.

Like going to the Casino and losing $50 but winning $5 and walking out.

 

I'd run a financial assessment on the costs involved, see if its a net gain, or do it as a hobby/learning experience and chalk it up to a loss every month.

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Just now, Nickathom said:

and just because we can afford a bit of a higher bill doesnt mean were rich

That "bit of a higher bill" will be the cost of 1-2 gpus m8.  Power may be cheap but its not free and using a 480 + rest of the PC will nom the equivalent of a space heater in electricity.  

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1 minute ago, Nickathom said:

ok. is etherium a good one?

not really sure, i suggest you spend doing research, do the math to see if its worth it for you. 

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Thats what I been saying.

 

But whatever.

 

Realities are if your mom is on a fixed plan with BC Hydro or it flucuates either way, gotta study it, see if its beneficial or a waste of time.

 

 

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Actually, given your low power CPU if you got some low power GPU's with high hashrates you might. might be able to make money out of it.

Want to custom loop?  Ask me more if you are curious

 

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1 hour ago, Nickathom said:

ok. is etherium a good one?

ETH is great for RX480 iirc. You need to setup a wallet and then download ETH client for mining. https://www.ethereum.org

 

Once you got your Hashrate, you can calculate your profit. https://www.cryptocompare.com/mining/calculator/eth

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