CryptoCurrency MINING

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  • SimonCarrUK
    SimonCarrUK Posts: 4 Newbie
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    robin58 wrote: »
    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.

    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
    robin58 Posts: 2,802 Forumite
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    SimonCarrUK wrote: »
    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.

    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
    onomatopoeia99 Posts: 6,964 Forumite
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    robin58 wrote: »
    It's only a profit when you sell the currency, until then it's only perceived.
    Same goes for investing in shares / unit trusts / OEICs etc etc
    Proud member of the wokerati, though I don't eat tofu.Home is where my books are.Solar PV 5.2kWp system, SE facing, >1% shading, installed March 2019.Mortgage free July 2023
  • daveyGee
    daveyGee Posts: 1 Newbie
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    forgotmyname wrote: »
    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.
    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
    joeypesci Posts: 671 Forumite
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    were wrote: »
    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 :think:

    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? :D

    http://setiathome.ssl.berkeley.edu/

    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
    forgotmyname Posts: 32,552 Forumite
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    daveyGee wrote: »
    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.

    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%
    Censorship Reigns Supreme in Troll City...

  • Ionkontrol
    Ionkontrol Posts: 802 Forumite
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    Better off growing skunk.
  • DoaM
    DoaM Posts: 11,863 Forumite
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    miineshop wrote: »
    :spam:

    You know what to do.
  • S0litaire
    S0litaire Posts: 3,535 Forumite
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    *Update*
    bought 150xmg @$0.22/XMG 2 months ago... (cost me £30)
    In the past 8 hours the coin has jumped up to $2.20 per XMG (and still rising)

    Guess who's just cashed out for a nice £400 profit
    Laters

    Sol

    "Have you found the secrets of the universe? Asked Zebade "I'm sure I left them here somewhere"
  • forgotmyname
    forgotmyname Posts: 32,552 Forumite
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    Still rising and you cashed out?
    Censorship Reigns Supreme in Troll City...

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