Crypto Mining Crash Course

[CtrlAltELITE]

Hey guys

 

Wondering if there is any good recent guides to all the ones I have came up with online are very dated back from '10-'13 when BTC was just taking off. I rent a small workshop and pay a flat rate electricity cost, there is a fair usage level but I could very easily leave single ~300-700w mining system running 24/7 without it costing me anything so it seems like I am leaving money on the table by not doing it, I know the basics but really would want some advice before I put money down, my biggest points of contention are:

1. What is a realistic setup cost within the UK for a basic miner, which can also double as an encoding, rendering or facebook rig on the odd occasion

2. Is there a high network throughput from mining? I have 5gb/month mobile dongle for use on that property, it is neither fast nor plentiful. It could be increased up to about 50gb but costs are around an £1/GB

3. What is a realistic % investment return on the components without factoring in the energy costs, which I pay for anyway.

 

Any advice welcome thanks

[You_are_a_cunt]

Cost depends on what you want to mine.

BTC ASICs start at roughly $2000 for decent ish ones, but you can't do anything else with one

ETH is harder to mine now and requires quite a few GPUs if you want some actual money.

Mining ETH nets about $2(?) per day on a single RX 480, if you can even find one, that is.

Network use is next to nothing

 

Overall unless you're ready to spend a fair chunk of cash and wait a decent amount of time, you're better off donating surplus power/computing power to something like BOINC or Folding@Home.

[MainDisco]

(for mining ethereum)

 

cost would be around 1.500£ (you need atleast 2 gpus; a single 1070 has around 28mh/s on windows with the claymore miner)

here is a calculator for costs and profit over time (is in usd) https://www.cryptocompare.com/mining/calculator/eth?HashingPower=3000&HashingUnit=MH%2Fs&PowerConsumption=8000&CostPerkWh=0.15

when you need the miner for doing encoding you could just stop mining for that time and than resume mining

You need a good ping for mining since the shares have to be accepted, overall internet usage is low.

 

factor in that you could sell the gpus after 2 years.

[You_are_a_cunt]

1 minute ago, Admiraldeamlich said:

(for mining ethereum)

 

cost would be around 1.500£ (you need atleast 2 gpus; a single 1070 has around 28mh/s on windows with the claymore miner)

here is a calculator for costs and profit over time (is in usd) https://www.cryptocompare.com/mining/calculator/eth?HashingPower=3000&HashingUnit=MH%2Fs&PowerConsumption=8000&CostPerkWh=0.15

when you need the miner for doing encoding you could just stop mining for that time and than resume mining

You need a good ping for mining since the shares have to be accepted, overall internet usage is low.

 

factor in that you could sell the gpus after 2 years.

so, about $4.5/day or $1673/year. Definitely not worth it, imo.

Takes a year to almost make back what you'd be spending, even with a $0 electricity cost

[MainDisco]

17 minutes ago, revsilverspine said:

so, about $4.5/day or $1673/year. Definitely not worth it, imo.

Takes a year to almost make back what you'd be spending, even with a $0 electricity cost

The profit will also go down in future, because after each processed block the difficulty goes up and your gpu has to calculate more for 1 share.

Another thing that you should keep in mind: Ethereum and Bitcoins do not have a "real value". It can crash at any time and your money will be gone 

[CtrlAltELITE]

Cheers guys.

 

So I threw together a dual 580 build on pcpartpicker. From what I've read these are the best bang4buck card as they have around the same power but for 2/3rds of the price. That Etherium calculator was a great link thanks for the resource.

 

So about £800 for a basic rig (Ryzen 3, low end motherboard, 2xsaphire 580s) would return $4.27/day at 52MH/s so about £3.30/day. Could probably overclock them, one of the bonus's of living in a frozen wasteland of northern Scotland is my workshop is <10C for the majority of the year so reasonable overclocking gains should be achievable but it's likely to just be splitting hairs at this point. Income equals close enough to £100/month so a ~12% monthly return, which is actually a reasonable amount, it'd pay a good portion of what I pay for that whole shop.

 

Most of the encoding I do is CPU based so it'd be able to to do that at the same time, would mean I don't need to leave my laptop on 24/7 trying to turn my movie collection from divx/avc to hevc.

 

As for the value of cryptos, I have already have eye watering amounts invested in BTC, if they go tits up I'd have more than a £800 PC to worry about. Although the continuity of the mining value is important to me, I assume as they become more difficult to mine the values will increase somewhat to compensate? Or would that be wishful thinking as I do notice the return on BTC mining appears to be tiny. 

 

[TheRandomness]

-Thread moved to Folding@Home, BOINC, and Coin Mining.

[GOTSpectrum]

On 25/08/2017 at 3:21 PM, CtrlAltELITE said:

Cheers guys.

 

So I threw together a dual 580 build on pcpartpicker. From what I've read these are the best bang4buck card as they have around the same power but for 2/3rds of the price. That Etherium calculator was a great link thanks for the resource.

 

So about £800 for a basic rig (Ryzen 3, low end motherboard, 2xsaphire 580s) would return $4.27/day at 52MH/s so about £3.30/day. Could probably overclock them, one of the bonus's of living in a frozen wasteland of northern Scotland is my workshop is <10C for the majority of the year so reasonable overclocking gains should be achievable but it's likely to just be splitting hairs at this point. Income equals close enough to £100/month so a ~12% monthly return, which is actually a reasonable amount, it'd pay a good portion of what I pay for that whole shop.

 

Most of the encoding I do is CPU based so it'd be able to to do that at the same time, would mean I don't need to leave my laptop on 24/7 trying to turn my movie collection from divx/avc to hevc.

 

As for the value of cryptos, I have already have eye watering amounts invested in BTC, if they go tits up I'd have more than a £800 PC to worry about. Although the continuity of the mining value is important to me, I assume as they become more difficult to mine the values will increase somewhat to compensate? Or would that be wishful thinking as I do notice the return on BTC mining appears to be tiny. 

 

If you do go through with getting the system and mining, can I ask that you use the CPU to fold, as mining on it will be useless anyway and you aren't paying for the electricity anyway. That way you can contribute too, also there is curecoin which can add a little more(although it will be very little).