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  • FIRST POST
    • lisageller
    • By lisageller 31st Aug 17, 10:38 PM
    • 2Posts
    • 0Thanks
    lisageller
    CryptoCurrency MINING
    • #1
    • 31st Aug 17, 10:38 PM
    CryptoCurrency MINING 31st Aug 17 at 10:38 PM
    Any body here from mining community hit me up, need advice
Page 2
    • SimonCarrUK
    • By SimonCarrUK 21st Nov 17, 7:18 PM
    • 4 Posts
    • 0 Thanks
    SimonCarrUK
    Any body here from mining community hit me up, need advice
    Originally posted by lisageller
    I have been mining for just over six months. I purchased all the hardware to build my own miner. I don't think you can make money by buying hash power.

    So far I have made just over £2000 in Ethereum. The machine cost me about £2100, but of course all the GPU cards and mother board etc are still worth about £1200 second hand.

    I am earning more now than ever before. Over £200 per month in Etherum and the price is going up. I have transferred some of my Ethereum to BitCoin and a few other currencies so as to hedge my risk.

    Those that say it is a ponzi scheme, have obviously no real knowledge about it, but love to sound like they are experts.
    • SimonCarrUK
    • By SimonCarrUK 21st Nov 17, 7:23 PM
    • 4 Posts
    • 0 Thanks
    SimonCarrUK
    There's a YouTube channel called 'Linus Tech Tips'.

    It's a audio/computer/anything else company with a YouTube channel, run by geeky guys. They grabbed kit they had on thier shelves, some very good stuff I might add.

    Going into deep detail, they built a working Bit coin minning machine. Thier opinion at the end it ain't worth it. Equipment costs plus running 'farm' costs are too much versus return.

    Go and look them up and it will open your eyes.

    Its nice to see the headlines of $8000 per bitcoin but you have to work hard for it. Like real minning, you have to move a lot of dirt to get the gold.
    Originally posted by robin58
    You can't mine BitCoin by building a mining a rig, the hash power required to mine BitCoin requires special machines. However most of the other coins are designed so that they can only be mined using PC GPU's. Ethereum is a high profile example, but there are others as well. I am making £200 per month Gross, £30 a month electricity and a £2000 hardware cost. I have already made my money back in six months due to the rise in Crypto Currency value. Everying else is now profit. I am considering building another rig.
    • robin58
    • By robin58 21st Nov 17, 8:08 PM
    • 2,021 Posts
    • 2,112 Thanks
    robin58
    You can't mine BitCoin by building a mining a rig, the hash power required to mine BitCoin requires special machines. However most of the other coins are designed so that they can only be mined using PC GPU's. Ethereum is a high profile example, but there are others as well. I am making £200 per month Gross, £30 a month electricity and a £2000 hardware cost. I have already made my money back in six months due to the rise in Crypto Currency value. Everying else is now profit. I am considering building another rig.
    Originally posted by SimonCarrUK
    It's only a profit when you sell the currency, until then it's only perceived.
    The more I live, the more I learn.
    The more I learn, the more I grow.
    The more I grow, the more I see.
    The more I see, the more I know.
    The more I know, the more I see,
    How little I know.!!
    • onomatopoeia99
    • By onomatopoeia99 22nd Nov 17, 8:21 AM
    • 3,636 Posts
    • 8,001 Thanks
    onomatopoeia99
    It's only a profit when you sell the currency, until then it's only perceived.
    Originally posted by robin58
    Same goes for investing in shares / unit trusts / OEICs etc etc
    INTP, nerd, libertarian and scifi geek.
    Home is where my books are.
    • daveyGee
    • By daveyGee 22nd Nov 17, 10:57 AM
    • 1 Posts
    • 0 Thanks
    daveyGee
    Most of them unless you pay less than 4p for your electric its probably not viable.

    A decent mining box will be about £1k. + another couple of hundred for a PSU. But it will consume over 1000watts. Thats close to £1000 a year in electricity.
    Originally posted by forgotmyname
    I bought a new gaming computer for my son at the start of October. Yes it cost just over £1000 but I can tell you now the PSU does not consume 1000 watts when mining. When my son is not playing games on it, then it sits there mining Monero constantly. The power consumption is approximately 65 watts. With this in mind, we have made over £120 in Monero over the past 1.5 months, which we have now exchanged for USD.
    • joeypesci
    • By joeypesci 22nd Nov 17, 12:34 PM
    • 417 Posts
    • 130 Thanks
    joeypesci
    What you want is to be a programmer who is able to write 'screen savers', and also work for a large company, or educational institution, should be able to supplement your income a bit. There is always at least one who leaves their PC on over night, then there are lunch breaks

    Even if the PC generates only £20 revenue a year, with a few thousand PCs (we at work have over 8k), it could be a good little earner that cost little to set up - the SETI@home of the bitcoin world?

    http://setiathome.ssl.berkeley.edu/
    Originally posted by were
    That's funny as I think a network admin did that in a company. Used one of their no longer used servers to mine. But he was found out and I believe fire obviously hadn't asked permission.
    • forgotmyname
    • By forgotmyname 22nd Nov 17, 10:11 PM
    • 26,234 Posts
    • 10,475 Thanks
    forgotmyname
    I bought a new gaming computer for my son at the start of October. Yes it cost just over £1000 but I can tell you now the PSU does not consume 1000 watts when mining. When my son is not playing games on it, then it sits there mining Monero constantly. The power consumption is approximately 65 watts. With this in mind, we have made over £120 in Monero over the past 1.5 months, which we have now exchanged for USD.
    Originally posted by daveyGee
    But you have a GAMING COMPUTER not a mining box. Checkout the Antminer power consumption figures. A 1200W PSU is barely able to cope with some.

    S9 specs...
    • Power Consumption 1127W (11.5TH/s batch), 1225W (12.5TH/s batch), 1274W (13TH/s batch), 1323W (13.5TH/s batch), 1372W (14TH/s batch) (at the wall, with Bitmain’s APW3 PSU,93% efficiency, 25°C ambient temp). Expected discrepancy of +10%
    Punctuation, Spelling and Grammar will be used sparingly. Due to rising costs of inflation.

    My contribution to MSE. Other contributions will only be used if they cost me nothing.

    Due to me being a tight git.
    • Ionkontrol
    • By Ionkontrol 30th Nov 17, 7:51 PM
    • 778 Posts
    • 443 Thanks
    Ionkontrol
    Better off growing skunk.
    • DoaM
    • By DoaM 30th Nov 17, 8:00 PM
    • 3,591 Posts
    • 3,635 Thanks
    DoaM
    Originally posted by miineshop
    You know what to do.
    Diary of a madman
    Walk the line again today
    Entries of confusion
    Dear diary, I'm here to stay
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