Mining stories

ZeroThreat · 25-11-2017 10:53pm

here's my mining story, was in a mine once and this happened....

Grumpypants · 26-11-2017 12:52pm

I've been toying with the idea of mining. Is there really any money to be made from just a standard PC with a 1070 GPU?

I've seen some talk online about some of the alt coins (bitcoin gold even) using a gpu. But if you only have one, does the cost of running it cancel the cost of what can be mined?

ZeroThreat · 26-11-2017 3:31pm

Grumpypants wrote: »

I've been toying with the idea of mining. Is there really any money to be made from just a standard PC with a 1070 GPU?

I've seen some talk online about some of the alt coins (bitcoin gold even) using a gpu. But if you only have one, does the cost of running it cancel the cost of what can be mined?

I've a 5 1/2 year old PC (ivy bridge I5-3570k & gtx 670) - I've never tried mining, but I doubt it's up to the task these days.

Anyone tried mining vertcoin as a matter of interest?

KilOit · 26-11-2017 3:38pm

Grumpypants wrote: »

I've been toying with the idea of mining. Is there really any money to be made from just a standard PC with a 1070 GPU?

I've seen some talk online about some of the alt coins (bitcoin gold even) using a gpu. But if you only have one, does the cost of running it cancel the cost of what can be mined?

Waste of time now, can't compete with the low power costs of Asia and other cheaper locations. Selling your hardware to buy the coins is more cost sufficient

unkel · 26-11-2017 4:11pm

Is that a server PSU, Shiny? Lots of power, highly efficient, cheap to buy second hand, but extremely noisy

Shiny · 26-11-2017 8:33pm

Its an Antminer PSU, I have never seen anything like it. The AMOUNT of power it is providing and it doesn't even feel warm to the touch. I'm astounded at its efficiency.

JaCrispy · 26-11-2017 8:33pm

ZeroThreat wrote: »

I've a 5 1/2 year old PC (ivy bridge I5-3570k & gtx 670) - I've never tried mining, but I doubt it's up to the task these days.

Anyone tried mining vertcoin as a matter of interest?

You could mine Electroneum with that but electricity costs probably wouldn't make it worthwhile.

Shiny · 26-11-2017 8:40pm

My power consumption is very high, its 1.4KW @ 140MH, its only in the last couple of weeks it has been profitable.

unkel · 26-11-2017 9:19pm

Switch electricity supplier / get night meter.

Shiny · 26-11-2017 9:21pm

I have a night meter but its too loud to run at night, I run it during the day when I am at work. I'm looking at moving it to a friends house down the country where noise doesn't matter but it will be heating a shed which is a bit of a waste unfortunately...

unkel · 26-11-2017 9:43pm

My rigs are very quiet. You can hear them, but only just. Too quiet to annoy anyone, even at night. What's causing the noise, is it just the Antminer PSU? Or are you running the gpus relatively cool, thus having the fans fast and loud? Do you really need those 5 horizontally mounted case fans?

Surely if you take into account the hardware depreciation, it's hardly worth your while mining only during the day when electricity is expensive. Miners need to run 24/7 to make sense. My rigs heat up the whole attic and a large conservatory (which normally gets very cold in winter), which I consider an important plus (saving me maybe €200 heating costs over the winter)

Prezatch · 05-12-2017 3:59pm

Unkel, kudos to you for making this investment. I read through the thread and found it fascinating.

However I've read that ETH will be switching to proof of stake in the near future. Would you not be better off accumulating ETH rather than selling off as you mine it? One would imagine that the price will rise once all the 'gpu' miners turn to other alt coins

unkel · 05-12-2017 4:37pm

Buying or holding is a big gamble. Cryptocoins could be banned tomorrow and they'd be worthless. My strategy is fairly low risk. I mine and sell my mined coin immediately, unless I think the ETH value is low. Think very low, a lot lower than €300. So at the moment I sell nearly every day.

Once ETH goes proof of stake, I'll just mine the next most profitable coin. And at any time, I could just dismantle my hardware and sell the parts. My worst case scenario is all cryptos are worthless and I suffer the depreciation on the graphics cards. No big deal.

I'm already doing far better than I planned, because my profit / loss calculations were based on ETH at €250. It's nearly €400 at the moment. This in fact should push up the price of second hand (and new) high end graphics cards. I might sell one rig after the winter when the generated heat is no longer useful to heat the house

cryptomines · 05-12-2017 4:58pm

Afternoon all, been meaning to post here for a few weeks now but had issues with the site timing out when I logged in using google...

There is zero chance of crypto being banned tomorrow unkel... Bitcoin futures are launching this month on stock exchanges which are only going to bring Crypto even more into mainstream, they aren't going anywhere. Some countries may crack down (China recently) but they only banned exchanges, still perfectly legal to mine, trade and buy things with bitcoin there.

You are throwing money away by converting to Fiat every day. If you are already spending time every day doing that, use the time instead to quickly catch up on crypto news and if anything mad is happening, cash out then. It's not a gamble at all to hold, I've made 5k this week alone just from holding IOTA. But, if that's what you feel is the safest play then do what makes you happy

The reason I am posting is to see if anyone in Cork is mining and looking to maybe co-locate in a shared industrial unit... I'm up to 6 rigs now and over 50 cards, it's getting a bit too much for the house (heat and electricity capacity) but outlaying 600-700 a month for an industrial unit plus electricity will take half of my current earnings. I'm in ETH for the long haul, it'll be $1000 a coin within 12 months, more if they implement half of what is on the road map so don't want to have to sell coins to fund the industrial space.

unkel · 05-12-2017 6:09pm

Welcome to boards and thanks for sharing

I'm glad about your belief in cryptos. But if you're so confident the coins are going even further up, why did you invest a 5 figure sum in hardware (that will take quite some time before making a profit), while you could have just bought coin and made thousands of profit from the rise in value?

There's no issue with your power supply to your house BTW unless you use electric showers and the like. 50 cards use approx. 6kW, which is less than I use charging up my electric car. An electric shower uses more again.

h0neybadger · 06-12-2017 1:11am

Removed pics and post. Will write up a full post later today or tomorrow

Prezatch · 06-12-2017 9:38am

unkel wrote: »

Couldn't decide on what mining motherboard I would buy, so I didn't buy any. I turned my old PC into a rig and last night I decided to turn my new PC into a rig too. Still perfectly usable as a PC while mining. So basically I only bought a bunch of gpus, a few cheap workhorse Corsair PSUs and some paraphernalia, like risers, splitter cables etc. from China

Running just under 300MH/s :cool: now on 11 RX580, making me a net profit (before depreciation of the hardware) of EUR15 per day at the current rates, solo mining ETH

Two of the largest rooms in the house are heated for free too.

Do you know how many watts the systems are pulling? I know you're on a fixed electricity contract but it would be interesting to see

unkel · 06-12-2017 9:43am

I could check when one of the system is down if I think of it. But an RX 580 tuned for mining uses roughly 140W (some people have turned this into a fine art and get much lower than that - and then there are very efficient PSUs - mine are rough and ready Corsair workhorses. Base load about 60W, so my main rig uses I guess about 6 * 140 + 60 = 900W (at the wall)

cryptomines · 06-12-2017 10:53am

Hi unkel,

Thanks for the welcome!

I both mine and trade as I like to diversify the income. I'm a techie at heart too so love the tinkering and rig building.

I've ROI'd my mining equipment multiple times over already (only started in June) due to mining things like Signatum and Electroneum early for a couple of weeks and making significant profits. Having the equipment to be able to jump on coins like that and make massive gains in short periods is why I think both mining and trading is the way to go in Crypto, gives me more options.

Yeah, I am using just over 6kW of power in the rigs at the moment and we don't have an electric shower in the house so that's a plus (although the power does tend to trip with the Iron since I added the 5th and 6th rigs). I'm just worried about running all that power on normal socket cable, since showers / ovens etc all have much heavier gauge cabling. Does your electric car charge from a standard 220v socket? I thought the max we can get in Ireland from a single socket is 2.8kW with a 13amp fuse?

Also, you mentioned you are running 11 RX580s at just under 300MH, you should be much closer to 330, what cards are you using? I have all of my RX580s running at a min of 30MH pulling about 125w - 130w, can help you optimise if you are interested.

@h0neybadger, looking good man!! You only mining BTC??

Shauny2010 · 06-12-2017 11:11am

h0neybadger wrote: »

2PH/s BTC farm.

how many Antminers have you? To get to 2PH/s you'd need at least 133 S9s
That's some investment!!

unkel · 06-12-2017 11:29am

cryptomines wrote: »

I'm just worried about running all that power on normal socket cable, since showers / ovens etc all have much heavier gauge cabling.

All your rigs use under 1kW, which is fine on a standard power cable. Don't run several of them from 1 socket though! Your system shouldn't be tripping. Standard Irish house is 63A (14kW). Unless you have your kettle, your oven, your hoover, your dishwasher, washing machine, dryer and all your rigs on at the same time, you should be fine

cryptomines wrote: »

Also, you mentioned you are running 11 RX580s at just under 300MH, you should be much closer to 330, what cards are you using? I have all of my RX580s running at a min of 30MH

I don't know exactly what hash rates I'm getting. I had them all running at around 30MH/s but I wasn't happy with stability. I've tuned them down a bit now and they are very stable and also very quiet. I even moved my old PC rig into the living room and it's almost silent (nobody is complaining)! Sometimes you have to compromise if you live with 4 other people in a house even if you pay all the bills

cryptomines wrote: »

Does your electric car charge from a standard 220v socket?

No, I had a dedicated car charger installed (paid for by the tax payer). These are 16A standard, but I flashed my unit to be 32A (7kW)

h0neybadger · 06-12-2017 1:00pm

Shauny2010 wrote: »

how many Antminers have you? To get to 2PH/s you'd need at least 133 S9s
That's some investment!!

Close enough.

I have quite a few mixed units now.

Prezatch · 06-12-2017 4:22pm

When you get paid for whatever fractions of ETH you've mined during a week say, does it have to convert to BTC first then to USD? or just straight to USD and into your back pocket. Just wondering as obviously ETH has lost a lot of value compared to BTC recently

Kenny Logins · 06-12-2017 4:29pm

Nicehash hacked for $60m?!

https://steemit.com/nicehash/@quatar/nicehash-outage

unkel · 06-12-2017 4:49pm

Prezatch wrote: »

When you get paid for whatever fractions of ETH you've mined during a week say, does it have to convert to BTC first then to USD? or just straight to USD and into your back pocket. Just wondering as obviously ETH has lost a lot of value compared to BTC recently

No, you can convert it to whatever you want. Just transfer it from your ETH wallet to your exchange of choice (mine is Kraken) and sell it. I sell mine directly for EUR. The transaction fees doing this are very modest.

patnor1011 · 09-12-2017 2:07pm

Everybody currently mining Monero should check Electroneum. XMR jumped up in difficulty and ETN does roughly 2.5-3x more profit right now.

JaCrispy · 09-12-2017 5:12pm

patnor1011 wrote: »

Everybody currently mining Monero should check Electroneum. XMR jumped up in difficulty and ETN does roughly 2.5-3x more profit right now.

Shhhhhhhh :mad::D

My ETN payouts have halved in the past day because all the miners are hopping onto ETN.

thunderdog · 09-12-2017 9:12pm

My brother in law is running an Antminer S9 in the states. Reckons he is pulling in about 8 thousand dollars a year (profit). Obviously our electricity costs are higher here-I'm wondering does anyone have a similar setup here in Ireland and approx what the cost/benefit is.

Edit: He is currently just mining bitcoin

unkel · 09-12-2017 9:18pm

patnor1011 wrote: »

Everybody currently mining Monero should check Electroneum. XMR jumped up in difficulty and ETN does roughly 2.5-3x more profit right now.

According to the calculators it's only marginally more profitable than ETH. At the moment. I think I'll stick with ETH for now. Or am I missing something here?

manu2009 · 09-12-2017 9:34pm

unkel wrote: »

According to the calculators it's only marginally more profitable than ETH. At the moment. I think I'll stick with ETH for now. Or am I missing something here?

I've recently switched from Eth to Monero as Cryptonight uses a good bit less power than Ethash, my 5xRX570 rig uses only 520 watts now.

Electroneum has been a lot more profitable but I don't mine coins I don't believe in as I mine and hold but in your case it might work out better when your selling straight away.

Firstly you will save on electricity while also making more profit. It's only on Cryptopia so you would need to send it there and convert to BTC/LTC or Doge and then transfer to Kraken and convert to euro, it would be worth looking into even if only for the short term, the extra fees may offset the profits but have a look on whattomine to calculate the exact figures for your hardware/electricity rate.

Mining stories

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