Mining to fund Folding?

[Psittac]

I just saw the floatplane video about mining part 2 and it got me thinking, what if I built a mining rig AND a folding rig....... use the income for mining to pay the electricity on both, pay off both and then have profit ontop of that?

 

I priced out a 13x1060 machine and the rough numbers say it'll cost $5k and pay for its self in 6 months.  Any thoughts on this?

 

Maybe build one rig, pay for it's self, pay for a second rig and retire the first one to folding?

 

Dunno, have had no interest in mining just folding, but it looks tempting.

[Crunchy Dragon]

I was thinking of something like this too haha.

 

That sounds like a pretty good idea, actually.

[Psittac]

The thing I don't like about mining is the wallet's, they sound sketchy and there's no way to know if they're just going to take your money.  Also I don't have the energy to research everything to make sure I do it correctly.  I am willing to keep a mining rig running but it all sounds exhausting.  Also I hate what mining is doing to the enthusiast market, but if it'll get me running 10+ 1060's on folding at home.........

[Airdragonz]

If you based your calculations without factoring in cryptocurrency difficulty increases, you aren't paying off your build in 6 months. Sorry to say, but it's true. Difficulty is always increasing as more more miners mine the same crypto. If you really want to mine, what I recommend is buying a nice gaming gpu, shove it into your rig, and mine overnight. Meanwhile, take your money and invest it into crypto (not just Bitcoin). Reason is, well, look at it this way. If your mining rig will cost you $5k, you might make back that money (in fiat) in about 6 months, which isn't bad. But also remember that Bitcoin and other crypto will most likely all shoot up. So let's say you invested that $5k in Bitcoin today, and in 6 months, the BTC to USD rate is 1 to $25k (hypothetically of course), you make a profit of about $3.2k. 

As far as wallets go, stick with offline wallets if you afford one, or use something like Electrum, which is a hardware wallet. Anything online wallets are prone to hacks (like the recent NiceHash one). 

[Psittac]

I guess I didn't explain my plan completely, I don't have $5k to go and drop on a machine, I was just trying to form a concept.

 

Right now I'm testing to see what my current gaming machine can produce and getting a feel for how it's done.  If I can find a way to be profitable with this then I might take the money I make from this gpu to buy a second one.  If that proves useful I might spring for a gpu out of pocket and continue until I feel it is a waste of time and money.

 

What I like about this is that it doesn't require upfront money, I can use what I have and if I do go out of pocket it will be a good reason to aquire hardware that won't go to waste if I should stop mining.

 

If anything I could end up with a couple gpu's, one mining the rest folding and use the mining gpu to pay for the folding ones.

[Princess Luna]

Standford is losing so much time... the day Folding gives some criptocurrency as reward we will cure cancer.

[FloRolf]

5 hours ago, Princess Cadence said:

Standford is losing so much time... the day Folding gives some criptocurrency as reward we will cure cancer.

That's what curecoin is about, isn't it? 

Or EVGA bucks on a small scale. 

[Psittac]

Never looked into curecoin myself, maybe I should do that.  Only I like the idea of earning extra to buy new hardware

[NogginBopper]

Check out Gridcoin in the grand scheme, you are only getting pennies per day for computing, but it's something, you could be mining with your GPUs, and computing for BOINC with CPU