Jump to content

MINING


BitMaster

Recommended Posts

I was in and managed to gather 1 ETHereum with a rig with 6 x RX580 in one month. At that time the rig consumption measured on wall was 1450W/hour. My electric bill was around 250 euros.

 

After that month I have concluded that the mining speed was too slow, the electric bill too high and the general home confort was heavily disturbed by noise and heat. So that I sold the rig.

 

I think that investing in Market on new entry might be a hotspot ... there is a great risk factor as well, but as long as you are working with multiple crypto and multiple trading markets you can minimise that risk.

Romanian Community for DCS World

HW Specs: AMD 7900X, 64GB RAM, RTX 4090, HOTAS Virpil, MFG, CLS-E, custom

Link to comment
Share on other sites

Look where ETH is now. It has sky rocketed more than any other cc last 12 months.

 

250€ vs. 1100€ ROI... I dont call that a bad deal at all.

 

If you had kept on mining, your electricity bill was paid 5 x by now, plus a big profit.

 

Anyway, I hope you did at least some profit if you sold the ETH soon after mining, most do that I assume.

Gigabyte Aorus X570S Master - Ryzen 5900X - Gskill 64GB 3200/CL14@3600/CL14 - Asus 1080ti EK-waterblock - 4x Samsung 980Pro 1TB - 1x Samsung 870 Evo 1TB - 1x SanDisc 120GB SSD - Heatkiller IV - MoRa3-360LT@9x120mm Noctua F12 - Corsair AXi-1200 - TiR5-Pro - Warthog Hotas - Saitek Combat Pedals - Asus PG278Q 27" QHD Gsync 144Hz - Corsair K70 RGB Pro - Win11 Pro/Linux - Phanteks Evolv-X 

Link to comment
Share on other sites

Not to start a debate, but just very interesting and scary numbers. Was reading this thread and wondering, how much power is actually consumed world wide, for mining.

https://digiconomist.net/bitcoin-energy-consumption

 

In under one year the yearly consumption went from 10 Twh to 42 Twh.

Denmarks yearly energy consumption is 32 Twh.

- Jack of many DCS modules, master of none.

- Personal wishlist: F-15A, F-4S Phantom II, JAS 39A Gripen, SAAB 35 Draken, F-104 Starfighter, Panavia Tornado IDS.

 

| Windows 11 | i5-12400 | 64Gb DDR4 | RTX 3080 | 2x M.2 | 27" 1440p | Rift CV1 | Thrustmaster Warthog HOTAS | MFG Crosswind pedals |

Link to comment
Share on other sites

good god, that's incredible! I bet you could get a full 90fps on VR with that setup! :-)

 

Yeah but you'd still get lag on the server,.. :D

Control is an illusion which usually shatters at the least expected moment.

Gazelle Mini-gun version is endorphins with rotors. See above.

 

Currently rolling with a Asus Z390 Prime, 9600K, 32GB RAM, SSD, 2080Ti and Windows 10Pro, Rift CV1. bu0836x and Scratch Built Pedals, Collective and Cyclic.

Link to comment
Share on other sites

Look where ETH is now. It has sky rocketed more than any other cc last 12 months.

 

250€ vs. 1100€ ROI... I dont call that a bad deal at all.

 

If you had kept on mining, your electricity bill was paid 5 x by now, plus a big profit.

 

Anyway, I hope you did at least some profit if you sold the ETH soon after mining, most do that I assume.

 

While this is true, the following applies:

 

When I was starting, my RIG was reporting like 1.2 ETH / month. When I finished, the mining speed already decreased to 0.9 ETH/month. This behaviour is a fact and applies to all crypto currencies due to their constant block size increase.

 

And I still have my basic question: how valid are these currencies? What is their usage for, despite so called "untraceable" transactions or free of charge transactions taxes. We already know that nothing is untraceable. Also free of charge taxes... well this is debatable... but for sure taxes started to be applied during exchanges. So, what are these currencies used for actually?


Edited by Abburo

Romanian Community for DCS World

HW Specs: AMD 7900X, 64GB RAM, RTX 4090, HOTAS Virpil, MFG, CLS-E, custom

Link to comment
Share on other sites

Or is it yet another Ponzi scheme?

Control is an illusion which usually shatters at the least expected moment.

Gazelle Mini-gun version is endorphins with rotors. See above.

 

Currently rolling with a Asus Z390 Prime, 9600K, 32GB RAM, SSD, 2080Ti and Windows 10Pro, Rift CV1. bu0836x and Scratch Built Pedals, Collective and Cyclic.

Link to comment
Share on other sites

A very elaborate one... maybe.

 

I worked with myself to think outside of the box and tried to understand the background. But I always got to a dead end... digital money cannot be covered by goods or actives. So there is no real value. But what is true is that some people managed to get out of the big scheme with some real money... and I am talking here about ordinary people.

 

On the other hand, those who are in mining can see some big farms that are doing really big amount of coins. And I mean is crazy amount of coins. If big boys like IBM or any other big datacenters get into mining then we cannot speak anymore about decentralized systems. These "boys" can mine and even get control of most of the digital transactions... and here we are back into the top of pyramid.

 

Too many uncertain/unexplained things within cryptocurrencies which are well and smart hidden behind some irelevant technical details.

 

At one point I thought that mining itself is used actually for big processing information for earth-quakes forecasts, whether forecast or even stellar calculation. But no... there is nothing like this... and indeed Ponzi schemes looks now for me as the most appropriate explanation.

Romanian Community for DCS World

HW Specs: AMD 7900X, 64GB RAM, RTX 4090, HOTAS Virpil, MFG, CLS-E, custom

Link to comment
Share on other sites

While this is true, the following applies:

 

When I was starting, my RIG was reporting like 1.2 ETH / month. When I finished, the mining speed already decreased to 0.9 ETH/month. This behaviour is a fact and applies to all crypto currencies due to their constant block size increase.

 

And I still have my basic question: how valid are these currencies? What is their usage for, despite so called "untraceable" transactions or free of charge transactions taxes. We already know that nothing is untraceable. Also free of charge taxes... well this is debatable... but for sure taxes started to be applied during exchanges. So, what are these currencies used for actually?

 

google : japan + bitcoin that is 1 usage, also s. korea is a big player

 

 

the actual motor is greeeeeeeeeed, human greed, very very simple, it has many shapes and is always lurking. the black market is another big factor

 

 

btw, zcash and dash are said untraceable from what i read, for that exact same reason that btc is traceable, to rival it and get a piece of that cake

 

look where zcash + dash are, up high = black market thriving, imho

 

dope, weed, coke, guns, dirty deeds, human nature at work.

 

no market is as stable, reliable and old as the black market, make no mistake there. its been around since the pharaos and jesus christ and will be the last market to break in. that, you can very very very safely bet on, for generations to come. that is greed + need meeting, 100% natural, inextinguishable imho. that is the real motor behind it, if they move on to use stones or yellow pills instead of btc, zcash or dash, , then cryptp dies same day i guess.


Edited by BitMaster

Gigabyte Aorus X570S Master - Ryzen 5900X - Gskill 64GB 3200/CL14@3600/CL14 - Asus 1080ti EK-waterblock - 4x Samsung 980Pro 1TB - 1x Samsung 870 Evo 1TB - 1x SanDisc 120GB SSD - Heatkiller IV - MoRa3-360LT@9x120mm Noctua F12 - Corsair AXi-1200 - TiR5-Pro - Warthog Hotas - Saitek Combat Pedals - Asus PG278Q 27" QHD Gsync 144Hz - Corsair K70 RGB Pro - Win11 Pro/Linux - Phanteks Evolv-X 

Link to comment
Share on other sites

digital money cannot be covered by goods or actives. So there is no real value.

 

With all respect but not even 10% of all USD currency have coverage in gold or other goods. A little study on the subject (economy) would open your eyes a bit more (and no, I'm not talking about conspiracy theories). And of course it's not only Dolars and Euro... ;)

Gigabyte Z390 Gaming X | i7 9700K@5.0GHz | Gainward Phantom GS RTX 3080 | 32GB DDR4@3200MHz | HP Reverb | TrackIR 5 | TM Warthog HOTAS | MFG Croswinds | DCS PD 1.0 / Steam VR SS 170%

Link to comment
Share on other sites

Actually, the FED can print money as they wish and inflate the value whereas btc is capped and you just cannot make more as you wish, and you need serious amounts of power to crunch a new block and thus get new coins released by the system. There is no "overriding".

 

So yeah, the btc is at least as trustworthy as $ or €. Or do you ultimately trust politicians, I dont trust them 1 inch, might as well trust any crypto dev or any person you ever meet.

 

Power corrupts, ultimate power corrupts ultimately. Give them a handle and they will use it for their own needs vs. you, well, someone gotta pay the bill.

 

With crypto, despite all bad rumours about it, this is exactly what crypto tries to eliminate by design.

Gigabyte Aorus X570S Master - Ryzen 5900X - Gskill 64GB 3200/CL14@3600/CL14 - Asus 1080ti EK-waterblock - 4x Samsung 980Pro 1TB - 1x Samsung 870 Evo 1TB - 1x SanDisc 120GB SSD - Heatkiller IV - MoRa3-360LT@9x120mm Noctua F12 - Corsair AXi-1200 - TiR5-Pro - Warthog Hotas - Saitek Combat Pedals - Asus PG278Q 27" QHD Gsync 144Hz - Corsair K70 RGB Pro - Win11 Pro/Linux - Phanteks Evolv-X 

Link to comment
Share on other sites

@Pedro: I have my eyes large opened already!

 

 

With crypto, despite all bad rumours about it, this is exactly what crypto tries to eliminate by design.

 

Those who currently have money are also affording and owning big mining farms. Their computing exceeds normal people computing power by too far. Big corporates are those I am referring here, with their datacenters. So by design, those who have the biggest computing power can actually own most of transaction and control the value by increasing or decreasing the amount of processed transactions. Quite trivial method, isn't it? No transactions processed, no value for that currency.

 

IBM have already developed next generation of computing machines which are for now dedicated to military/national projects only. Their computing power beats anything it exists but the transition could not be waterfall, instead it needs to be adapted gradually to not disrupt the economy. Same as with electric cars which were ready for the masses by GM since '70s but because of economic interests of oil companies were delayed up to now. But now automotive industry is big enough and they are working anyway with energy companies to switch to new technology making the market shares to move forward.

IBM also announced their interest in crypto and the intention to create their own currency... Will that be the new dollar? Most possible yes! Where is the decentralization? :) Not really !

 

BTW: I know about an wind/sun power company (in EU) who owns their own mining farms and burn their exceeding power into that. Beat that one :D!

 

These are only my thoughts, and I thought sharing them with you might result in a fair debate. Isn't it @Pedro?


Edited by Abburo

Romanian Community for DCS World

HW Specs: AMD 7900X, 64GB RAM, RTX 4090, HOTAS Virpil, MFG, CLS-E, custom

Link to comment
Share on other sites

WTF, that's 10x the speed of my internet connection. How is this possible?

 

This why is better to consider mining in a pool even you will have to pay a very small amount as a tax. Don't remember the value but small enough to make it worth. Also the internet bandwidth would be insignificant for you.

Romanian Community for DCS World

HW Specs: AMD 7900X, 64GB RAM, RTX 4090, HOTAS Virpil, MFG, CLS-E, custom

Link to comment
Share on other sites

This why is better to consider mining in a pool even you will have to pay a very small amount as a tax. Don't remember the value but small enough to make it worth. Also the internet bandwidth would be insignificant for you.

 

Unless I'm mistaken he's talking about the i/o rate generated by running a full wallet file, which contains a complete copy of the blockchain of that currency.

Link to comment
Share on other sites

@Pedro: I have my eyes large opened already!

 

 

 

Those who currently have money are also affording and owning big mining farms. Their computing exceeds normal people computing power by too far. Big corporates are those I am referring here, with their datacenters. So by design, those who have the biggest computing power can actually own most of transaction and control the value by increasing or decreasing the amount of processed transactions. Quite trivial method, isn't it? No transactions processed, no value for that currency.

 

IBM have already developed next generation of computing machines which are for now dedicated to military/national projects only. Their computing power beats anything it exists but the transition could not be waterfall, instead it needs to be adapted gradually to not disrupt the economy. Same as with electric cars which were ready for the masses by GM since '70s but because of economic interests of oil companies were delayed up to now. But now automotive industry is big enough and they are working anyway with energy companies to switch to new technology making the market shares to move forward.

IBM also announced their interest in crypto and the intention to create their own currency... Will that be the new dollar? Most possible yes! Where is the decentralization? :) Not really !

 

BTW: I know about an wind/sun power company (in EU) who owns their own mining farms and burn their exceeding power into that. Beat that one :D!

 

These are only my thoughts, and I thought sharing them with you might result in a fair debate. Isn't it @Pedro?

 

It is indeed @Abburo :)

Gigabyte Z390 Gaming X | i7 9700K@5.0GHz | Gainward Phantom GS RTX 3080 | 32GB DDR4@3200MHz | HP Reverb | TrackIR 5 | TM Warthog HOTAS | MFG Croswinds | DCS PD 1.0 / Steam VR SS 170%

Link to comment
Share on other sites

This why is better to consider mining in a pool even you will have to pay a very small amount as a tax. Don't remember the value but small enough to make it worth. Also the internet bandwidth would be insignificant for you.

 

 

those two things have actually nothing to do with each other at all.

 

You can mine at a pool and have your money sent to any BTC account that you choose, be it a full core wallet or a light wallet like Jaxx, Electrum or Exodus.

 

What I would not do is park my BTC at their website until I decide what to do with it.

If you do that than you take the risc of getting robbed if someone smart sneaks into that pools website/system and takes your BTC. Happened with 60m US$ a month or so ago at NiceHash.

The only thing you will get is a "we are sorry".

 

I rather have the responsibility on my end to secure my backup and seed, or a paper wallet as a drop box until you use it, thats maybe the best longterm solution imho, with my current understanding.

Gigabyte Aorus X570S Master - Ryzen 5900X - Gskill 64GB 3200/CL14@3600/CL14 - Asus 1080ti EK-waterblock - 4x Samsung 980Pro 1TB - 1x Samsung 870 Evo 1TB - 1x SanDisc 120GB SSD - Heatkiller IV - MoRa3-360LT@9x120mm Noctua F12 - Corsair AXi-1200 - TiR5-Pro - Warthog Hotas - Saitek Combat Pedals - Asus PG278Q 27" QHD Gsync 144Hz - Corsair K70 RGB Pro - Win11 Pro/Linux - Phanteks Evolv-X 

Link to comment
Share on other sites

and again for ALL:

 

We are MINING ANYTHING BUT BITCOIN !!!!!!!!! (sha256 algorhythm )

We only get payed in BTC usually, but even that can be changed.

 

BTC has many drawbacks and the black market is steering away from it, too many got busted by tracing them back. Too many big farms that form a kind of monopoly, mainly due to the ASIC nature of the Algorhythm.

 

The coins that are here to overtake BTC have taken a close look at BTC and what is wrong with it and those devs tried to invent a coin that is: untraceable who paid whom, cannot be mined by ASIC at all but any ordinary GPU can ( contra ASIC monopoly ), have less energy needs to do transactions, work faster for transactions.

 

Those coins are the ones you will likely mine, you actually wont even know what you mine as your miner in AWE only shows the algorhythm used, not the actual coin. YOu have to dig in to find out what type you just mined.

 

Who cares about BTC ? screw it !

 

The crypto scene with all involved is unstoppable imho, there is a market, there is demand, there is a need to pay goods, no one wants regulation, avoid taxes and cut corners.

 

what more does it need to build an ecosystem ?

 

crypto is here to stay, Fiat will die out. That is my 25 year prognosis.


Edited by BitMaster

Gigabyte Aorus X570S Master - Ryzen 5900X - Gskill 64GB 3200/CL14@3600/CL14 - Asus 1080ti EK-waterblock - 4x Samsung 980Pro 1TB - 1x Samsung 870 Evo 1TB - 1x SanDisc 120GB SSD - Heatkiller IV - MoRa3-360LT@9x120mm Noctua F12 - Corsair AXi-1200 - TiR5-Pro - Warthog Hotas - Saitek Combat Pedals - Asus PG278Q 27" QHD Gsync 144Hz - Corsair K70 RGB Pro - Win11 Pro/Linux - Phanteks Evolv-X 

Link to comment
Share on other sites

All pools have a threshold where the amount is sent to your wallet. From the wallet you can move them forward or do whatever you want. A lower value on this threshold could make insignificant any stealing attempt. The pool I was working with used to have a small fee for transaction under 0.05 ETH and free for anything above.

 

A matter of taste, of course... The pool allow you to easily asses the real value of what you are doing by comparison with others.

Romanian Community for DCS World

HW Specs: AMD 7900X, 64GB RAM, RTX 4090, HOTAS Virpil, MFG, CLS-E, custom

Link to comment
Share on other sites

I would only pick pools that have good reputation and little to no outages, and by god, not all have this.

 

stay away from pools with high mining fees and/or high fees for transactions.

 

stay away from pools that give little info, have a tricky speech, bad english, etc..

 

dont spread your mining across many pools as i did, fighting hard now to fill them up, 1 by 1, until i settle with the top 3, which in my case are:

 

1: ahash

2: zpool

3: hash refinery

 

Nice Hash is utmost simpel to use, the drawback is a 50-60% loss vs. others. only good for cpu in my case at least, cryptonight algo.

Gigabyte Aorus X570S Master - Ryzen 5900X - Gskill 64GB 3200/CL14@3600/CL14 - Asus 1080ti EK-waterblock - 4x Samsung 980Pro 1TB - 1x Samsung 870 Evo 1TB - 1x SanDisc 120GB SSD - Heatkiller IV - MoRa3-360LT@9x120mm Noctua F12 - Corsair AXi-1200 - TiR5-Pro - Warthog Hotas - Saitek Combat Pedals - Asus PG278Q 27" QHD Gsync 144Hz - Corsair K70 RGB Pro - Win11 Pro/Linux - Phanteks Evolv-X 

Link to comment
Share on other sites

Is this really worth it?

 

Icarus_Bitcoin_Mining_rig.jpg

 

I guess it's a crypto currencies topic...

 

Bit, I'm sorry for my impatience... :)

 

 

 

 

 

wondering how how much it costs to invest iin such a setup to "mine" and the electricity costs. WOuld need any meaningful bitcoins to make profit and cover those investments put into the hardware for such mining you may as well be more cost effective to go head up to places with valuable minerals like Diamonds or gold and start "mining" the good old fashioned way. :D

 

af2e9f60b697ab173739c66676fc10e9--coal-miners-the-early-years.jpg

 

Okay kidding, but honestly i dont think il get into mining given the costs and the fact that mining any meaningfull ammount of crypo requires too much money for specialized mining RIgs, and the electricity costs associated.

 

 

i have enough "excitement" playing around with a few small stock involvements. Still not complaining as still have much better earnings than one would get from interest collected from bank savings. Il keep an eye for buying/ trading but likely wont bother mining.


Edited by Kev2go

 

Build:

 

Windows 10 64 bit Pro

Case/Tower: Corsair Graphite 760tm ,Asus Strix Z790 Motherboard, Intel Core i7 12700k ,Corsair Vengeance LPX DDR4 64gb ram (3600 mhz) , (Asus strix oc edition) Nvidia RTX 3080 12gb , Evga g2 850 watt psu, Hardrives ; Samsung 970 EVo, , Samsung evo 860 pro 1 TB SSD, Samsung evo 850 pro 1TB SSD,  WD 1TB HDD

 

Link to comment
Share on other sites

Intriguing, so I have a i5 7500, 16gb corsair lpx, and a 1060 6Gb card. Am I underpowered to compete or is it worth dipping a toe?

 

try it out, NiceHash Miner will give you an idea what you can make, better tools give better profit but NH-M is an easy tool to see how it will work out.

 

nicehash.com --> seller--> install and run for a day and check

Gigabyte Aorus X570S Master - Ryzen 5900X - Gskill 64GB 3200/CL14@3600/CL14 - Asus 1080ti EK-waterblock - 4x Samsung 980Pro 1TB - 1x Samsung 870 Evo 1TB - 1x SanDisc 120GB SSD - Heatkiller IV - MoRa3-360LT@9x120mm Noctua F12 - Corsair AXi-1200 - TiR5-Pro - Warthog Hotas - Saitek Combat Pedals - Asus PG278Q 27" QHD Gsync 144Hz - Corsair K70 RGB Pro - Win11 Pro/Linux - Phanteks Evolv-X 

Link to comment
Share on other sites

try it out, NiceHash Miner will give you an idea what you can make, better tools give better profit but NH-M is an easy tool to see how it will work out.

 

nicehash.com --> seller--> install and run for a day and check

 

im totally hooked bit, thank you. after seeing my rx480 pulling 4usd a dayt on nicehash and my cpu another 1.2usd a day. today i picked up a 1070ti amp extreme and after today sleep time, it will be mining till i came back from job (19hs later) and so on every day.

 

btw next week ill buy another PSU to put my rx480 in my alt- pc that i never use as it is like a console connected to the TV.

 

so it will be rx480 24/7 and 1070ti a lot of time per day.

 

paying 0.06 usd per kwh this is being too profit to let it pass. hope it persist :)

 

btw: i have an HD7750 on my alt pc that takes out like $1/day... i dont think it uses much power... do you think it will be worth it to keep it inside that pc along my rx480 or should i just let the 480 do the job?

 

ty!!

 

just for the record: nicehash may not be the most profitable but its just click and mine, so while im at full time job, nicehash do his thing. i thank to it dont having to spend time (at least for now)

 

I7 7700k - Msi Z270 Gaming+

GTX 1070ti

16gb @2400

2x Samsung 850EVO 250/500 - 1x HDD 1TB

SAITEK-MAD CATZ CYBORG FLY 5 STICK

WIN 10

 

Link to comment
Share on other sites

great to hear it worked out that well :)

 

1$ a day for 50-100w with your rate is ok i guess.

 

moving this weekend, rig is in like 99 boxes and boxes everywhere...haha

 

good thing, new home has 500/50, actually 530/53 pipe, so downloads (dcs,wallets, etc) are that much faster now.

 

will do ebay for another big nvidia 1070 or bigger, hopefully i make enough selling old stuff to make that much. while packing the boxes i said to myself" ebay, this looks like ebay ! nvidia i am coming :).

the asus 1080ti fe still sells for 750€, that would be nice.

Gigabyte Aorus X570S Master - Ryzen 5900X - Gskill 64GB 3200/CL14@3600/CL14 - Asus 1080ti EK-waterblock - 4x Samsung 980Pro 1TB - 1x Samsung 870 Evo 1TB - 1x SanDisc 120GB SSD - Heatkiller IV - MoRa3-360LT@9x120mm Noctua F12 - Corsair AXi-1200 - TiR5-Pro - Warthog Hotas - Saitek Combat Pedals - Asus PG278Q 27" QHD Gsync 144Hz - Corsair K70 RGB Pro - Win11 Pro/Linux - Phanteks Evolv-X 

Link to comment
Share on other sites

great to hear it worked out that well :)

 

1$ a day for 50-100w with your rate is ok i guess.

 

moving this weekend, rig is in like 99 boxes and boxes everywhere...haha

 

good thing, new home has 500/50, actually 530/53 pipe, so downloads (dcs,wallets, etc) are that much faster now.

 

will do ebay for another big nvidia 1070 or bigger, hopefully i make enough selling old stuff to make that much. while packing the boxes i said to myself" ebay, this looks like ebay ! nvidia i am coming :).

the asus 1080ti fe still sells for 750€, that would be nice.

 

congratz on the move, good luck on all of that :)!!

 

I7 7700k - Msi Z270 Gaming+

GTX 1070ti

16gb @2400

2x Samsung 850EVO 250/500 - 1x HDD 1TB

SAITEK-MAD CATZ CYBORG FLY 5 STICK

WIN 10

 

Link to comment
Share on other sites

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...