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Crypto-Currencies and Bitcoin

RuanuLaw

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www.whattomine.com - plug in 6 1060's and 6 1070's. My electric costs are .113 kWh, so I round up to $.12 just because.

If you do the above calc, it'll show you the gross and net.

My rigs are just in the garage right now, and they both can go on one circuit without anything special. I just had the electrician out to give me a bid to wire a small mining room in the sketch area of my basement. I don't yet know the cost.

Ultimately, I can also have my dude keep them at his warehouse, but I like redundancies, and this will save $...

About to scoop up 30 GPU's and make 6 more rigs. That's in motion but not yet a done deal... That's when shit will get real.
Q1-Where would you suggest I get started with buying 1 machine? Like where would I go and buy 6 GPUs and all the parts that I need in order to put it all together? Or should I go and buy a pre-built one?

Q2-Would buying used parts on eBay and craigslist be recommended, or would it be better to go with all new stuff?

Q3- How technical are you when it comes to computers? How much prior knowledge do you have when it comes to overclocking processors and GPUs and stuff like that?
 

natedagg

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Q1-Where would you suggest I get started with buying 1 machine? Like where would I go and buy 6 GPUs and all the parts that I need in order to put it all together? Or should I go and buy a pre-built one?

Q2-Would buying used parts on eBay and craigslist be recommended, or would it be better to go with all new stuff?

Q3- How technical are you when it comes to computers? How much prior knowledge do you have when it comes to overclocking processors and GPUs and stuff like that?
The parts are scarce, specifically right now the GPUs and PSUs. You can find all you need on the internet - parts lists, how to build, etc.

I can't answer what you should do - this is a choose your own adventure type of book. For me, not being a computer guy, I wanted my first shit to actually work, so I bought it already made. I just trolled CL until I found a good deal. I don't know jack squat about computers - it's all very interesting.

There are plenty of places on reddit & www.bitcointalk.org & youtube full of amazingly generous, intelligent people who are more than happy to help for free. Like the advice is out there, so then it becomes more about how much your time is worth. If you are making six figures (or 7 figures in your case), maybe you can't afford a hobby.

The best part about the rigs is that they are in a seller's market. Like, you don't want it? Cool, I am still getting paid. You buy a rig and then ETH rallies and you list it for sale for a $1000 more than you bought it and it takes 3 months, then finally somebody bites. Fantastic, but during those 3 months you were getting paid. Essentially it's the opposite of a low-ball bid - it's a high-ball offer. It only takes 1 curious person or rich person.

Like right now, the rate of return is beyond ridiculous. Something has to give. The Gour's of the world are coming, and they aren't fucking around. This opportunity can reconcile with increased algorithm difficulty (which is a given, just not sure how quickly), higher parts prices (this has already happened but will continue to happen IMO), higher rig prices, or a crash in the prices of all coins related to mining. I am betting on all but the last one, lol. There will be massive volatility, but that's just a great time for me to sell the rigs into the highs, and kinda update my fleet, if you will...

The more I think about it, just buy a cheap rig and see what you like/dislike about it. See what you can find off of CL, and use WTM to figure out when the breakeven on your cost will be. That's my advice.
 

gourimoko

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https://en.wikipedia.org/wiki/Electricity_pricing#Global_comparison

Philippines doesn't look cheap. Do they have different rates for commercial & industrial or am I missing something?
I have two offices in the Philippines right now, one in Quezon City the other in Northern Luzon in a region called Ilocos Norte. You can very often get free electricity as part of your lease in the Philippines, and much of that has to do with underlying corruption that runs rampant; but, that's neither here nor there as it's simply the state of business around the world outside of a handful of countries.
 

natedagg

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I have two offices in the Philippines right now, one in Quezon City the other in Northern Luzon in a region called Ilocos Norte. You can very often get free electricity as part of your lease in the Philippines, and much of that has to do with underlying corruption that runs rampant; but, that's neither here nor there as it's simply the state of business around the world outside of a handful of countries.
I figured it was something like that. My only issue is that's the kind of place where you'd better make sure that your electric usage blends in, or you'll get kicked out at best, with a worst possible outcome of they steal your shit or break it. I like the idea but it's not without its hazards. Also, make sure that the wiring that you are using is of the highest quality, given that the building's infrastructure shouldn't be assumed to be to american code.
 

RuanuLaw

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The parts are scarce, specifically right now the GPUs and PSUs. You can find all you need on the internet - parts lists, how to build, etc.

I can't answer what you should do - this is a choose your own adventure type of book. For me, not being a computer guy, I wanted my first shit to actually work, so I bought it already made. I just trolled CL until I found a good deal. I don't know jack squat about computers - it's all very interesting.

There are plenty of places on reddit & www.bitcointalk.org & youtube full of amazingly generous, intelligent people who are more than happy to help for free. Like the advice is out there, so then it becomes more about how much your time is worth. If you are making six figures (or 7 figures in your case), maybe you can't afford a hobby.

The best part about the rigs is that they are in a seller's market. Like, you don't want it? Cool, I am still getting paid. You buy a rig and then ETH rallies and you list it for sale for a $1000 more than you bought it and it takes 3 months, then finally somebody bites. Fantastic, but during those 3 months you were getting paid. Essentially it's the opposite of a low-ball bid - it's a high-ball offer. It only takes 1 curious person or rich person.

Like right now, the rate of return is beyond ridiculous. Something has to give. The Gour's of the world are coming, and they aren't fucking around. This opportunity can reconcile with increased algorithm difficulty (which is a given, just not sure how quickly), higher parts prices (this has already happened but will continue to happen IMO), higher rig prices, or a crash in the prices of all coins related to mining. I am betting on all but the last one, lol. There will be massive volatility, but that's just a great time for me to sell the rigs into the highs, and kinda update my fleet, if you will...

The more I think about it, just buy a cheap rig and see what you like/dislike about it. See what you can find off of CL, and use WTM to figure out when the breakeven on your cost will be. That's my advice.
1- Where did you say you found the 6 GPUs again? I'm looking online, but they see stupid expensive. I'm not seeing how you were able to build a 6-GPU rig for under 3k in parts alone.

2- What is the hashing power of each rig that you own?
3- What is your cost per kWh where you live?
4- How much do you pay in pooling fees when mining Eth.?
 

natedagg

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1- Where did you say you found the 6 GPUs again? I'm looking online, but they see stupid expensive. I'm not seeing how you were able to build a 6-GPU rig for under 3k in parts alone.

2- What is the hashing power of each rig that you own?
3- What is your cost per kWh where you live?
4- How much do you pay in pooling fees when mining Eth.?
Bro I keep covering the same answers for you in this thread. At this point, you aren't trying, you are looking to be spoonfed. I had 3 kids under six years old, I can't handle a young adult being this needy. All of these answers are out there, and the first 3 were covered IN THIS VERY THREAD, like within the last 10 of my posts.

I don't want anyone else to be discouraged from asking questions. I love the questions and discussion, but when the answers are either in the thread or something that you expect me to google for you, it's not happening. I am not Gour where there's going to be some multi-thread debate style post. I expect to give more than I take in this thread, but please be respectful of other people's time...

Anyway, today I had electrician number 2 over and the good news is that I have plenty of room on my circuit board to add some shit. I also had a craigslist dude get back to me after 1 week and accept my bid on some parts, which was the best news of the day. I will tell more if he doesn't flake and I end up with the parts in a couple of days. I also touched base with another dude about another 6 pack of GPUs, so all-in-all, it was a fantastic day.

If anyone is an HVAC person or knows one who does work in greater Chicago, let me know! It looks to me like I am going to pretty much spend all of my earnings for a couple of months on electricity and HVAC stuff, which sucks but I can't really scale without it.
 

KI4MVP

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I'm strongly considering mining in the Philippines.... FWIW
it would seem that if someone was going to mine on a large scale, the thing to do would be to buy some cheap land on Arizona, Nevada or New Mexico, install battery backed solar, and run everything off of the sun. Expensive upfront costs, but the only ongoing costs from there are property taxes and upgrading the servers from time to time.
 

RuanuLaw

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Bro I keep covering the same answers for you in this thread. At this point, you aren't trying, you are looking to be spoonfed. I had 3 kids under six years old, I can't handle a young adult being this needy. All of these answers are out there, and the first 3 were covered IN THIS VERY THREAD, like within the last 10 of my posts.

I don't want anyone else to be discouraged from asking questions. I love the questions and discussion, but when the answers are either in the thread or something that you expect me to google for you, it's not happening. I am not Gour where there's going to be some multi-thread debate style post. I expect to give more than I take in this thread, but please be respectful of other people's time...

Anyway, today I had electrician number 2 over and the good news is that I have plenty of room on my circuit board to add some shit. I also had a craigslist dude get back to me after 1 week and accept my bid on some parts, which was the best news of the day. I will tell more if he doesn't flake and I end up with the parts in a couple of days. I also touched base with another dude about another 6 pack of GPUs, so all-in-all, it was a fantastic day.

If anyone is an HVAC person or knows one who does work in greater Chicago, let me know! It looks to me like I am going to pretty much spend all of my earnings for a couple of months on electricity and HVAC stuff, which sucks but I can't really scale without it.
I just went back through this thread, but I still did not find the answer to:

- What is the hash rates for your 1060's and 1070s.
- Do you use any other cooling methods, like box fans, etc...?
 

natedagg

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I just went back through this thread, but I still did not find the answer to:

- What is the hash rates for your 1060's and 1070s.
- Do you use any other cooling methods, like box fans, etc...?
the hash rate for various cards can be found on WTM, as I mentioned on this exact page.
i put regular fans on each rig, but i am working on a better solution.
 

gourimoko

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it would seem that if someone was going to mine on a large scale, the thing to do would be to buy some cheap land on Arizona, Nevada or New Mexico, install battery backed solar, and run everything off of the sun. Expensive upfront costs, but the only ongoing costs from there are property taxes and upgrading the servers from time to time.
Thought about that as well...
 

Mr. Orange

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There is going to be a breakthrough in quantum computing in the next 12-24 months. When that happens, all the coins be gone.

Keep that in mind.
 

gourimoko

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There is going to be a breakthrough in quantum computing in the next 12-24 months. When that happens, all the coins be gone.

Keep that in mind.
12-24 months is a bit optimistic, (AFAIK) but .... yes .... in the next 5-10 years this form of cryptocurrency would be likely need to be replaced by a quantum equivalent.
 

KI4MVP

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12-24 months is a bit optimistic, (AFAIK) but .... yes .... in the next 5-10 years this form of cryptocurrency would be likely need to be replaced by a quantum equivalent.
The bigger risk is investing in hardware only to have the next generation make it obsolete before you see much return on investment. Hardware gets faster, algorithms compensate by making it harder to mine.

That plus the volatility of the currency itself are why I've never seriously looked into mining. I know if I ever did it, I'd either start on a large scale or more likely quickly ramp it up after a small scale test.
 

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