Mining

[radmanhs]

Ya ya, I know this has been asked a million times, but I don't feel like searching through tongs of old articles about this subject, so I'l cut to the chase.

 

I have a server running freenas with plex in my closet.  Then today I had the realization, if it's still worth it, why not have the server pay for itself.  Its running a xeon E5-2670 with 16gb of ram (will be 32 soon), with lots of storage for media, with a dedicated ssd for plex and Freenas is running off a usb drive.  

 

If I throw in a "gaming" card, since they have gotten cheaper recently, is it worth mining with this rig.  It only has 6 hhd's, so that with the 115w TDP of the cpu shouldn't be a problem with the installed 520w psu, if I add a 1060 or something.

 

Could I play a game of chance and go mining?  I think the easiest way would be to install windows on the ssd thats installed, split it into 2 partitions, with one being for plex, and run freenas as a virtual machine.  I know etherium is a safe bet right now, and as I go I would learn and get comfortable with what to mine when other crypocurrencies become popular.  Or is it straight up not worth it?

[IKnight]

It wouldn't be worth it. You can try, but the electricity it uses costs far more than the money you could make. 

 

[Simon771]

In my opinion mining isn't worth anymore.

You get 1$ profit per (or less) per GTX 1070 card.

CPU mining is not worth it for quiet a while.

 

Not worth the strugle if you ask me.

If you want to earn money from crypto currency, simply buy them and wait for price of those to go up, then sell it.

[LukeHebb]

People seem to be making assumptions about the power cost, without you telling us the power cost.

 

What does electricity cost per unit (usually 1 unit = 1 kWhr)?

 

Using nicehash I'm currently mining with about £30 profit per month using my 1060 + Ryzen 5 CPU thanks to electricity being cheaper in my area

[Narnash]

11 minutes ago, LukeHebb said:

People seem to be making assumptions about the power cost, without you telling us the power cost.

 

What does electricity cost per unit (usually 1 unit = 1 kWhr)?

 

Using nicehash I'm currently mining with about £30 profit per month using my 1060 + Ryzen 5 CPU thanks to electricity being cheaper in my area

Mind you that you have to pay off the actual graphics card first before you make any real profit.

 

You're right however that "profit" is highly reliant upon factors like the actual electricity and hardware cost in that area. Also the needed space, probably cooling/ventilation/AC, and fluctuations in bitcoin/ether/monero have to be factored in to make a profit.

Well and also a bit of time unless you do that as your hobby (also a bit of time is if your new to the subject or you can't get any  hardware at economical pices)

 

 

.... you also have a risk (at least in Germany) since you probably don't pay tax on that extra income, as a student or only when mining with your own PCs hardware when you not use it you're probably fine, as long you don't expand this hobby (and it is a hobby, in the very low scale since you probably never make "real profit" factoring time,hardware and electricity ) by to much.

And by the way as soon you get trouble with the tax authorities you truly didn't made any profit with your mining hobby.

[LukeHebb]

22 minutes ago, Narnash said:

Mind you that you have to pay off the actual graphics card first before you make any real profit.

 

You're right however that "profit" is highly reliant upon factors like the actual electricity and hardware cost in that area. Also the needed space, probably cooling/ventilation/AC, and fluctuations in bitcoin/ether/monero have to be factored in to make a profit.

Well and also a bit of time unless you do that as your hobby (also a bit of time is if your new to the subject or you can't get any  hardware at economical pices)

 

 

.... you also have a risk (at least in Germany) since you probably don't pay tax on that extra income, as a student or only when mining with your own PCs hardware when you not use it you're probably fine, as long you don't expand this hobby (and it is a hobby, in the very low scale since you probably never make "real profit" factoring time,hardware and electricity ) by to much.

And by the way as soon you get trouble with the tax authorities you truly didn't made any profit with your mining hobby.

Ah, this is very true if you are buying the card purely to mine then you definitely need to factor that in. I totally missed that because I have the hardware anyway

 

If you're buying graphics cards purely to mine, go AMD. You'll get far better hash rates than on nvidia cards. Only problem is because of this, stock is limited and pricing is way higher than it should be