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Crypto-Currencies and Bitcoin

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How are you getting along these days with your rigs? What's your currently monthly net dollar-wise, if you don't mind me asking?
The Dagg giveth nary a fuck. I bought 2 rigs for $5700 and they kick out a moving target of gross $20/day = $600/mo. Now I JUST moved them home for the first time yesterday, and the reasons are because I want to tinker and I want to make more. www.whattomine.com says I should be grossing 10% more than I am, even if I am just hashing ETH like I was.
But now that these are home, it's time to improve:
1. Airflow(keep them cooler): Tonight I found some fans that the previous home owner had left in a crawl space, so each rig is now getting extra air. The short term data could be noisy, of course, but it looks to have increased my hash rate already.
2. Overclocking settings for each type of card (I have 6 x 1060 and 6 x 1070). This varies by algorithm too, so I should at least figure out a few of them and be comfortable using teamviewer to remotely access everything.
3. Critically, switching algorithms. The dude running the warehouse wasn't doing this and I think it's crucial. Lots of the newer Nvidia cards do really well on Equihash, so I def need to learn the art of managing the rigs.
4. My house: I have enough space and empty circuits on the circuit board to throw down on a little bit of an upgrade to be able to add more rigs.

When it's all said and done, I think I should be netting closer to $600/month, based on WTM's numbers and some overclocking tips and results from youtube...

Now, all kinds of shit has happened awesome too:

1. I got a wealthy client because of this shit.
2. I gave some ETH to a cousin-in-law who is about to go to college (what I call "The Puberty of the Mind") and he was totally psyched on it. Hopefully I just lit the match to something big for him.
3. I have another guy who is like a mentor of mine who wants to debt finance $20K of this shit, no collateral. So obviously I am going to do it!:chuckle: He's waiting on me to cut the check, and I am waiting on my buddy's 1080ti's (really strong cards) to arrive so he can make all of the mistakes on putting together a monster rig, and then I will order them and he'll build for me. By then I better fucking have my house wired and my HVAC set because I'll end up with 3 monsters added to my collection and I'll be grossing $90/day, and after my amortized loan payment, I'll be making a whopping $45/day, which really sounds like way more trouble than it's worth lol. The nice thing about these rigs is that you can list them for sale and mine at the same time. Either someone hits that price and you have to order more shit, or you are making money. I like that.
4. I have another guy who I told to hold off, and he's down to do like a $50k-$100k loan, so if I make it this far, things will definitely get interesting.

The vision is own some rigs, sell some rigs, and import some shit to resell.
 
The Dagg giveth nary a fuck. I bought 2 rigs for $5700 and they kick out a moving target of gross $20/day = $600/mo. Now I JUST moved them home for the first time yesterday, and the reasons are because I want to tinker and I want to make more. www.whattomine.com says I should be grossing 10% more than I am, even if I am just hashing ETH like I was.
But now that these are home, it's time to improve:
1. Airflow(keep them cooler): Tonight I found some fans that the previous home owner had left in a crawl space, so each rig is now getting extra air. The short term data could be noisy, of course, but it looks to have increased my hash rate already.
2. Overclocking settings for each type of card (I have 6 x 1060 and 6 x 1070). This varies by algorithm too, so I should at least figure out a few of them and be comfortable using teamviewer to remotely access everything.
3. Critically, switching algorithms. The dude running the warehouse wasn't doing this and I think it's crucial. Lots of the newer Nvidia cards do really well on Equihash, so I def need to learn the art of managing the rigs.
4. My house: I have enough space and empty circuits on the circuit board to throw down on a little bit of an upgrade to be able to add more rigs.

When it's all said and done, I think I should be netting closer to $600/month, based on WTM's numbers and some overclocking tips and results from youtube...

Now, all kinds of shit has happened awesome too:

1. I got a wealthy client because of this shit.
2. I gave some ETH to a cousin-in-law who is about to go to college (what I call "The Puberty of the Mind") and he was totally psyched on it. Hopefully I just lit the match to something big for him.
3. I have another guy who is like a mentor of mine who wants to debt finance $20K of this shit, no collateral. So obviously I am going to do it!:chuckle: He's waiting on me to cut the check, and I am waiting on my buddy's 1080ti's (really strong cards) to arrive so he can make all of the mistakes on putting together a monster rig, and then I will order them and he'll build for me. By then I better fucking have my house wired and my HVAC set because I'll end up with 3 monsters added to my collection and I'll be grossing $90/day, and after my amortized loan payment, I'll be making a whopping $45/day, which really sounds like way more trouble than it's worth lol. The nice thing about these rigs is that you can list them for sale and mine at the same time. Either someone hits that price and you have to order more shit, or you are making money. I like that.
4. I have another guy who I told to hold off, and he's down to do like a $50k-$100k loan, so if I make it this far, things will definitely get interesting.

The vision is own some rigs, sell some rigs, and import some shit to resell.

Why use 1080tis? Seems like you'd get diminished returns due to power consumption, no?

1060s and at most 1070s seem like the best bet in the nvidia space, right? Also, are you running all these cards off a just 2 CPUs? What are you build specs? Did you build your rig or buy one pre-made?
 
I don't even know how the hell you get started doing the mining. Sounds interesting but I'm probably too far behind the game to learn how and do it at this point.
 
Why use 1080tis? Seems like you'd get diminished returns due to power consumption, no?

1060s and at most 1070s seem like the best bet in the nvidia space, right? Also, are you running all these cards off a just 2 CPUs? What are you build specs? Did you build your rig or buy one pre-made?

Good question. Power consumption is higher, but you need less other shit for your rig(s): for example, I could get away with 1 RAM, 1 CPU, 1 motherboard, for more total hashing power: (so less b in the y = mx+b)... But, that's not all! The 1080ti's will resell better as a rig and as stand-along cards because they are newer. But wait, there's more! From what I saw online, if you can figure out how to toggle with the overclock settings correctly, I mean some people are killing it with equihash or dual mining.

I also just want diversification. Last time I ran WTM numbers on months-til-payback, the 1080ti was 2nd only to the 1080, but these numbers swing pretty violently pretty often. I have a good deal on a hard-to-get card (the 1080ti), so I will prob build 3 of those and sell 1. Then build it again and always have 1 for sale.

I could totally be wrong, too. That hasn't escaped me. Stay nimble!
 
Why use 1080tis? Seems like you'd get diminished returns due to power consumption, no?

1060s and at most 1070s seem like the best bet in the nvidia space, right? Also, are you running all these cards off a just 2 CPUs? What are you build specs? Did you build your rig or buy one pre-made?

Here's the build specs from 1 rig. This guy hooked me up b/c he owed me. I got him cheaper power forever, so he hooked it up.

6
EVGA
1060s
(6
GB)
$300.00
$1,800.00
1
Gigabyte
Motherboard
$107.00
$107.00
1
CPU
$50.00
$50.00
1
PSU
$100.00
$100.00
1
RAM
-‐
4
GB
$50.00
$50.00
1
Hard
Drive
-‐
120
GB
$45.00
$45.00
1
WIFI
USB
$12.00
$12.00
6
Risers
$6.00
$36.00
1
Set-‐up
Fee
$300.00
$300.00
Totals
$2,500.00
*Super
Bro
Discount
-‐$300.00
Grand
Total
$2,200.00
 
I don't even know how the hell you get started doing the mining. Sounds interesting but I'm probably too far behind the game to learn how and do it at this point.

Horrible attitude. It's all out there and I got started by looking on craigslist and that's how I found my rigs. Youtube has a bunch of stuff. bitcointalk and reddit for reading. I can't even build a rig - wouldn't be able to get it all actually mining. I just found people who can do it, and I love the crypto stuff, so here I am.

My first mining rig payout was on 2/11, so I probably bought everything on 2/10. That's less than 2 weeks ago. Not to say I know what I am doing, but you could get this far pretty quickly, but you definitely have to not have a defeated attitude before you start.
 
I have no idea what’s going on in this thread now. Feel like my head is going to explode, I’m so confused.
 
The Dagg giveth nary a fuck. I bought 2 rigs for $5700 and they kick out a moving target of gross $20/day = $600/mo. Now I JUST moved them home for the first time yesterday, and the reasons are because I want to tinker and I want to make more. www.whattomine.com says I should be grossing 10% more than I am, even if I am just hashing ETH like I was.
But now that these are home, it's time to improve:
1. Airflow(keep them cooler): Tonight I found some fans that the previous home owner had left in a crawl space, so each rig is now getting extra air. The short term data could be noisy, of course, but it looks to have increased my hash rate already.
2. Overclocking settings for each type of card (I have 6 x 1060 and 6 x 1070). This varies by algorithm too, so I should at least figure out a few of them and be comfortable using teamviewer to remotely access everything.
3. Critically, switching algorithms. The dude running the warehouse wasn't doing this and I think it's crucial. Lots of the newer Nvidia cards do really well on Equihash, so I def need to learn the art of managing the rigs.
4. My house: I have enough space and empty circuits on the circuit board to throw down on a little bit of an upgrade to be able to add more rigs.

When it's all said and done, I think I should be netting closer to $600/month, based on WTM's numbers and some overclocking tips and results from youtube...

Now, all kinds of shit has happened awesome too:

1. I got a wealthy client because of this shit.
2. I gave some ETH to a cousin-in-law who is about to go to college (what I call "The Puberty of the Mind") and he was totally psyched on it. Hopefully I just lit the match to something big for him.
3. I have another guy who is like a mentor of mine who wants to debt finance $20K of this shit, no collateral. So obviously I am going to do it!:chuckle: He's waiting on me to cut the check, and I am waiting on my buddy's 1080ti's (really strong cards) to arrive so he can make all of the mistakes on putting together a monster rig, and then I will order them and he'll build for me. By then I better fucking have my house wired and my HVAC set because I'll end up with 3 monsters added to my collection and I'll be grossing $90/day, and after my amortized loan payment, I'll be making a whopping $45/day, which really sounds like way more trouble than it's worth lol. The nice thing about these rigs is that you can list them for sale and mine at the same time. Either someone hits that price and you have to order more shit, or you are making money. I like that.
4. I have another guy who I told to hold off, and he's down to do like a $50k-$100k loan, so if I make it this far, things will definitely get interesting.

The vision is own some rigs, sell some rigs, and import some shit to resell.
Q1-The first question I have is did you do the math on power consumption costs, rig purchase cost, and when is the break even point for the rigs?
(I ask this because some months back I got really excited on this, but then after watching some documentaries and researching, it seemed that I was too late to the game unless I was mining in China were electricity costs are way lower and you needed to have a warehouse full of these machines. )

Q2- What are you mining? Bitcoin, Ether, etc..?

Q3- Are you converting your coins to actual currency and pocketing it, or are you letting the coins stack.
 
Q1-The first question I have is did you do the math on power consumption costs, rig purchase cost, and when is the break even point for the rigs?
(I ask this because some months back I got really excited on this, but then after watching some documentaries and researching, it seemed that I was too late to the game unless I was mining in China were electricity costs are way lower and you needed to have a warehouse full of these machines. )

Q2- What are you mining? Bitcoin, Ether, etc..?

Q3- Are you converting your coins to actual currency and pocketing it, or are you letting the coins stack.

1. Yes I did the math. I thought I put it in the thread but on my 2 rigs, they will break even in around 9 months, at the rate that they were hashing when I started. The algorithms that the computers are solving are getting progressively harder, and the price fluctuates a lot, so it's pretty hard to tell, so call it a year. WTF else out there has that kind of IRR? It's pretty nuts. All of those costs and breakeven calcs can be made on www.whattomine.com and www.nicehash.com (scroll down and find the profitability calculator).
2. I am mining ETH, and many cards also do well on Equihash (ZCash, ZenCash, Z Classic). Turns out my 1060s really just do ETH and not so hot on everything else, while the 1070s are more flexible. The GPU mining (like I am doing) is flexible: as long as proof of work coins are still a "thing", then I should be able to mine something. If all coins crash, I am fucked :chuckle:
3. This is the dilemma all miners face. My plan is about 2 weeks old, lol, so please understand that it's subject to change:
Now that the rigs are at my house, I will take out enough $ to pay my entire power bill. I also will have to turn a sketchy unfinished part of my basement into a mining room, so that'll require an electrician and probably an HVAC guy too, so I want to pay those out of turning my mined crypto into cash. So I am slowly backing out the costs of my shit, but hopefully not much more than I need to.
The crypto management strikes me as something that will make more sense as I get used to it. A fundamental concept is mine what's most profitable: so if you really are insanely bullish on ETH, but ZEC is more profitable to mine, just mine ZEC and exchange it into ETH. Since I am bullish on the space, I will be happy to dollar-cost average into various coins with my extra proceeds.
 
1. Yes I did the math. I thought I put it in the thread but on my 2 rigs, they will break even in around 9 months, at the rate that they were hashing when I started. The algorithms that the computers are solving are getting progressively harder, and the price fluctuates a lot, so it's pretty hard to tell, so call it a year. WTF else out there has that kind of IRR? It's pretty nuts. All of those costs and breakeven calcs can be made on www.whattomine.com and www.nicehash.com (scroll down and find the profitability calculator).
2. I am mining ETH, and many cards also do well on Equihash (ZCash, ZenCash, Z Classic). Turns out my 1060s really just do ETH and not so hot on everything else, while the 1070s are more flexible. The GPU mining (like I am doing) is flexible: as long as proof of work coins are still a "thing", then I should be able to mine something. If all coins crash, I am fucked :chuckle:
3. This is the dilemma all miners face. My plan is about 2 weeks old, lol, so please understand that it's subject to change:
Now that the rigs are at my house, I will take out enough $ to pay my entire power bill. I also will have to turn a sketchy unfinished part of my basement into a mining room, so that'll require an electrician and probably an HVAC guy too, so I want to pay those out of turning my mined crypto into cash. So I am slowly backing out the costs of my shit, but hopefully not much more than I need to.
The crypto management strikes me as something that will make more sense as I get used to it. A fundamental concept is mine what's most profitable: so if you really are insanely bullish on ETH, but ZEC is more profitable to mine, just mine ZEC and exchange it into ETH. Since I am bullish on the space, I will be happy to dollar-cost average into various coins with my extra proceeds.

1- With 2 machines, what is electricity bill like (monthly).

2- When you say that you gross about $600 every month, what do you NET then? After all costs. And what are all the costs that you deal with monthly(list them please)?

3- Did you have to do anything special to your electricity, breaker box, or etc...in order to handle the extra demand in power?
 
1- With 2 machines, what is electricity bill like (monthly).

2- When you say that you gross about $600 every month, what do you NET then? After all costs. And what are all the costs that you deal with monthly(list them please)?

3- Did you have to do anything special to your electricity, breaker box, or etc...in order to handle the extra demand in power?

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.
 
(I ask this because some months back I got really excited on this, but then after watching some documentaries and researching, it seemed that I was too late to the game unless I was mining in China were electricity costs are way lower and you needed to have a warehouse full of these machines. )

I'm strongly considering mining in the Philippines.... FWIW
 
I'm strongly considering mining in the Philippines.... FWIW
I just don’t understand this mining business. How do you mine a fake (?) curreny in a different country? And what would be the point of that? I just don’t understand what exactly mining is in general
 
I just don’t understand this mining business. How do you mine a fake (?) curreny in a different country? And what would be the point of that? I just don’t understand what exactly mining is in general

Well, the currency is no more "fake" than any other currency if you think about it. A currency's value is in it's exchangability for goods or services; i.e., as a placeholder for something else of value. Right now, 1 Bitcoin for example, is worth $10,000. So, hardly fake, right? ;)

As far as the country; crypto-currencies in a general sense (this is not always true) are not tied to nation states, so are not backed by the national treasuries of any given country. The Petro currency is the first to change this, but that's another story.

Here's the Wiki snippet on what "mining" cryptocurrency refers to:

"In cryptocurrency networks, mining is a validation of transactions. For this effort, successful miners obtain new cryptocurrency as a reward. The reward decreases transaction fees by creating a complementary incentive to contribute to the processing power of the network. The rate of generating hashes, which validate any transaction, has been increased by the use of specialized machines such as FPGAs and ASICs running complex hashing algorithms like SHA-256 and Scrypt.[24]

This arms race for cheaper-yet-efficient machines has been on since the day the first cryptocurrency, bitcoin, was introduced in 2009.[24]

However, with more people venturing into the world of virtual currency, generating hashes for this validation has become far more complex over the years, with miners having to invest large sums of money on employing multiple high performance ASICs. Thus the value of the currency obtained for finding a hash often does not justify the amount of money spent on setting up the machines, the cooling facilities to overcome the enormous amount of heat they produce, and the electricity required to run them.[24][25]"


...

The idea of doing this in other countries relates to costs associated with running graphics cards at full load doing cryptographic hashing. The reason you would choose another state (or country) is because you'd want to lower your electricity costs (which is your primary expense outside of initial startup costs).

So mining in China or the Philippines is more profitable because electricity costs are lower -- that's all. I used to mine years ago in Hawaii in my apartment because electricity was included in the rent, and no one was checking the meter. I've also considered mining in datacenters that have very low electricity costs compared to Los Angeles.
 
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.

You realize you could play VR instead of mining with just one of those video cards, right?
 

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