I wanna start mining

[weed]

Can someone tell me the most profitable cryptocurrency? and one which is not really that harsh on the GPU?

[Silver47]

1 hour ago, weed said:

 

Can someone tell me the most profitable cryptocurrency?

 

If you wan't to do it for profit: Don't. Not worth it anymore, unless you have access to a big render farm and nearly unlimited funds to replace broken gear and pay electricity bills.

 

1 hour ago, weed said:

and one which is not really that harsh on the GPU?

All of them peg your mining device (gpu) at 100%. Don't you think about doing mining on your main pc. You need a dedicated mining rig, because mining will definitely kill your hardware.

[Enderman]

Buy lottery tickets, you have higher chances of making a profit.

[rn8686]

Dont know why everyone thinks its so unprofitable, I can make about $5-6 AUD per day after power costs with my 1070. I personally use nicehash which automatically switches currency for you based on profitability for you card (Usually Zcash for Nvidia). If you keep it cool, it wont really have any effect on your card, do watch the thermals though (Under 60c would be ideal, or it may die in a few years if running 24/7). 

[rn8686]

2 minutes ago, GamingMemeKing said:

I have an Nvidia card. What could i do to set up????? Any noob advice?

As I said, I use nice hash which does this all for you (Very little setup required, just download it). You can make a little more off a dedicated Zcash miner, but after the hassle of setting that up and then converting it to BTC (Most alt coins are too unstable to hold onto for long), you wont really make much more. 

[rn8686]

Just now, GamingMemeKing said:

I just looked at it and it says i need to 'buy' hashes? What does this mean?

Thats for buying hashing power, mining off others power (What you will be selling), just download their client. 

[rn8686]

Just now, GamingMemeKing said:

I still don't understand, does this mean it won't use my own computer power and still make money??

It will, you are selling hashing power. 

[weed]

@GamingMemeKing thank you for asking all of the questions i was about to ask and @rn8686 thank you for answering them

Now please continue talking as it is very helpful to me

[rn8686]

Just now, GamingMemeKing said:

Alright so: How do i know 'how' much hashing power to buy for my rig?

Depends how much you want to spend initially. No need to though, not if you want to mine yourself (Or rather sell your own hashing power). 

[manikyath]

1 hour ago, black0utm1rage said:

If you wan't to do it for profit: Don't. Not worth it anymore, unless you have access to a big render farm and nearly unlimited funds to replace broken gear

alt currencies are making it a thing again, appareantly. (not that i'd really recommend it either way..)

[Simon771]

https://whattomine.com/

 

Here you can see what's profitable to mine.

I did some calculation, and I could buy rig with 6x GTX 1070 for around 3000€. Including PCI risers, 2x PSU, motherboard, CPU, RAM.

Each GTX 1070 can deliver 450sols at 150W. At least my current GTX 1070 in gaming PC can do that.

So 6x 450 = 2700 sols at around 1000W.

 

Price for electricity here is 0,15€ per kWh. So around 0,2$.

With 2700 sols I would be making 41$ profit per day (already taken the cost of electricity in this number).

 

That all sounds fun and great.

But right now it would be kinda hard to have that working ... 30°C outside and around 26°C inside. Now if I add 6x GTX 1070 at around 1000W ... it would get very hot in the room. Sure I have spare room in house where I could set my mining rig, but still it would be hard to take care of the cooling from May to October.

So I would have to pay another 500€ for AC to cool it down during the summer. 

 

There is also risk that GPUs, PSUs or motherboard would go up in flames from all that load and power draw ... it doesn't happen often, but there is still a little bit of risk for that.

 

and 41$ profit per day is right now for ZCL and ZEN crypto currency. Who knows how much profit will you be making with that kind of build after few weeks/months. Those numbers are changing every minute.

Not to mention that you would have 41$ worth in crypto value. I for myself know, that I would want to get that on my PayPal account transferred every few days or weekly. Still not sure how exactly I can do that and what are the fees. I'm also pretty sure that my government would charge me taxes on that for some reason.

 

So if you ask me, that would be making me 25€ pure cash per day right now (if even that much).

 

So 3000€ for PC and 500€ for AC ... 3500€ investment and then you get 25€ per day.

I would need to mine for 140 days before I would get my 3500€ back. So 4 and a half months. After that it would be pure profit of 750€ per month for almost zero work.

But only if value stays the same ... which it won't. 

 

Right now it looks great in theory, but I can't convince myself to go with it, and invest those 3500€.

That's also because I don't have my own place, 23 years old, and I don't even have 3500€ right now  

For someone who have his own place, and wouldn't miss 3500€, I would say go for it. Even if you fail at it, you can sell your components and your loss would be around 1000€ max. But I don't think crypto mining will die over night.

[Enderman]

10 hours ago, rn8686 said:

Dont know why everyone thinks its so unprofitable, I can make about $5-6 AUD per day after power costs with my 1070. I personally use nicehash which automatically switches currency for you based on profitability for you card (Usually Zcash for Nvidia). If you keep it cool, it wont really have any effect on your card, do watch the thermals though (Under 60c would be ideal, or it may die in a few years if running 24/7). 

Because

1) it will takes years or decades to make back the money you spend on hardware, depending on what you buy

2) you lose most of your money from having to pay huge power bills

3) there is no guarantee that a few months or years from now you will still be making as much money as you are now because currency fluctuates

4) currencies take longer and longer to mine the more they have been mined, so you may be making a few dollars now, but a few years from now it will be cents, and a few decades it will be fractions of a cent

5) the lifetime of your hardware is reduced and so is the resale value so you lose money there too

[rn8686]

2 hours ago, Enderman said:

Because

1) it will takes years or decades to make back the money you spend on hardware, depending on what you buy

2) you lose most of your money from having to pay huge power bills

3) there is no guarantee that a few months or years from now you will still be making as much money as you are now because currency fluctuates

4) currencies take longer and longer to mine the more they have been mined, so you may be making a few dollars now, but a few years from now it will be cents, and a few decades it will be fractions of a cent

5) the lifetime of your hardware is reduced and so is the resale value so you lose money there too

Income would depend on the prices of crypto, but assuming they stay as they are today (Technically BTC should only grow as it gets harder to mine), I could make upwards to 2K AUD per year after power costs. Seeing as it only costs about 2.4K for this PC and it wasn't primarily made to mine (Bought it to game) that seems pretty good to just get some ROI. Although I cant guarantee the price of Zcash, as I said BTC is pretty stable and has only been increasing since its creation. I have no current plans to sell it nor would it ave any real practical effect to my hardware at this temperature (Sitting at 43C now). 

[porina]

Since everyone else is on the hype train... here are some random thoughts from a quick look into the area.

Profit excluding up front costs are a lot better than I thought. Where I am, I'm paying equivalent to US$0.13/kWh. Using that, I put some of my cards into nicehash calculator, and this is what they claim:

card: income - power cost = daily profit (US$)

1070: 6.3 - 0.47 = +5.83

980Ti: 5.43 - 0.78 = +4.65

970: 4.92 - 0.47 = +4.45

280X: 3.37 - 0.62 = +2.75

 

This might seem a random selection of cards, but it is part of what I have lying around idle 99% of the time. I have them already, so I'm not caring about up front costs of buying hardware. This is about income looking forwards. The question then must be, why didn't I start earlier?

 

I recognise they're probably only looking at some average card. Some small tweaks can significantly improve performance per watt, such as preventing voltage boost. I've already bios-mod the 280X for that in the past, and could look at similar on nvidia if necessary.

 

I'm not concerned about reduced lifespan from running cards 100% 24/7. I come from a distributed computing background, and basically things rarely die in under 2 years, and even then it is mostly just the cooling fan that needs replacing.

[2bitmarksman]

For an Nvidia card you can either start mining with Nicehash (very simple to setup and mine), or use a Zcash specific miner like ZecMiner which will result in about 9-10% more profit per day, but require more steps to translate the Zcash into USD.

Nicehash has a nice GUI, you benchmark your card and check which algorithms make you the most BTC/Day and select like the top 3 and Nicehash will do everything else for you. Also Nicehash pays you in BTC, so you just put in your BTC address from a site that you can sell BTC to USD (or whatever your national currency is) like coinbase and you're basically good to go.

ZecMiner is CLI and requires a longer setup but can result in higher hashrates and make you overall a bit more money. In addition to that though, you would need to trade your ZEC on an exchange into BTC and then transfer your BTC to a site that you can sell BTC to USD for, which is less convenient. Again the profit increase is about 9-10% more over Nicehash though, so it can be worth it after the initial headache of setting everything up and getting all the accounts made.

[Mihle]

If you live a place I live, where electricity price is like around 0,05 €, maybe little bit more, but not much, even a power hungry 7970, using nicehash, make more money than its electricity cost.
So if you look at the price you can buy it used, around 100 €, with 1 € a day, it would take 100 days making up what it is "worth".
I am not running it 24/7 tho, because its my main PC. And I am not mining at 100%. And if the GPU died, it wouldnt be the worst thing, because I am planning an upgrade later this year

(I dont pay for electricity where I live so...(parents))

[2bitmarksman]

I've made several testrig builds on PCpartpicker, plugged their costs and hashrates into their ideal cryptocurrency's calculator and just about every build would take about 95-100 days to pay itself off. One of the main reasons that the Rx 470/480/570/580's fly off the shelves isn't just that they are great mining cards, they also pay themselves off MUCH quicker than what is currently available at this moment (usually around 65-70 days vs 100).