Cybercurrency mining
Discussion
Unless you live under a rock that's under another rock, you will have heard about Bitcoin and the like.
And the associated process of "Mining".
Is this still a viable business?
Mining Bitcoin itself is pointless exercise now due to increasing complexity, but the newer cryptocurrencies such as Litecoin and Monero are likely to skyrocket in value soon.
And the associated process of "Mining".
Is this still a viable business?
Mining Bitcoin itself is pointless exercise now due to increasing complexity, but the newer cryptocurrencies such as Litecoin and Monero are likely to skyrocket in value soon.
Edited by User name on Tuesday 17th April 15:46
mining profitablity is low, there is a glut of miners.
A barebones gpu rig (6x1080) will be 3.5-4k gdp, daily returns about 8 dollars a day. Roi about a year and a half, with it running 24\7 which is easier said than done.
You can 'hire' your hashrate to nicehash, payouts in btc, or choose an alt coin to mine and hope it x10 in value.
Gpu risers fail and a cost as well to take account.
Electricity cost will be 50-70gdp a month.
Handy tool here. https://whattomine.com/coins
you can solo mine which is greater risk to reward most pool mine, share hash, share reward.
A barebones gpu rig (6x1080) will be 3.5-4k gdp, daily returns about 8 dollars a day. Roi about a year and a half, with it running 24\7 which is easier said than done.
You can 'hire' your hashrate to nicehash, payouts in btc, or choose an alt coin to mine and hope it x10 in value.
Gpu risers fail and a cost as well to take account.
Electricity cost will be 50-70gdp a month.
Handy tool here. https://whattomine.com/coins
you can solo mine which is greater risk to reward most pool mine, share hash, share reward.
Edited by Thesprucegoose on Tuesday 17th April 14:45
I have 3 x rigs (24 graphics cards in total). I was fortunate enough to build them whilst GPU prices were low.
Recently I switched one of the rigs to Monero, whilst the other two are mining Ethereum.
Monero recently became ASIC (CPU) resistant, which is great for the GPU miners. This is a huge bold move by Monero. The value of it has been rising, however Eth and Btc have also been going up, so I have no idea if its related.
Recently I switched one of the rigs to Monero, whilst the other two are mining Ethereum.
Monero recently became ASIC (CPU) resistant, which is great for the GPU miners. This is a huge bold move by Monero. The value of it has been rising, however Eth and Btc have also been going up, so I have no idea if its related.
Thesprucegoose said:
the biggest cost for me was electricity, i underestimated and paid 70-100 quid a month on my one rig. Duel mining helped profitability. I sold it but still thinking about building another.
If you went with gtx cards before, I would say go with RX570 or 580 this time, there is so much more you can do with them by loading a bios file with the settings rather than playing around with overclocking tools. Also, they are a lot cheaper and prices from my suppliers seem to be getting cheaper all the time. andyb28 said:
If you went with gtx cards before, I would say go with RX570 or 580 this time, there is so much more you can do with them by loading a bios file with the settings rather than playing around with overclocking tools. Also, they are a lot cheaper and prices from my suppliers seem to be getting cheaper all the time.
Any pointers on not-too-extortionate suppliers? 
Luckily I still have some trade accounts with IT distributors.
I'm really tempted to throw £2k at a rig (6x RX580's) but looking at the current potential gains, the only real money looks to be in MASS mining.
this potential setup should yield around 4-5KH/s, which should yield around 1XMR (Monero) a month - not enough to cover the electric, let alone the hardware.
However, then there's the "Long game" , i.e mining small amounts now, in the hope that they follow suit with Bitcoin's massive rise.
I'm really tempted to throw £2k at a rig (6x RX580's) but looking at the current potential gains, the only real money looks to be in MASS mining.
this potential setup should yield around 4-5KH/s, which should yield around 1XMR (Monero) a month - not enough to cover the electric, let alone the hardware.
However, then there's the "Long game" , i.e mining small amounts now, in the hope that they follow suit with Bitcoin's massive rise.
Edited by User name on Wednesday 18th April 16:59
I have 12 RX570's on my rig. They cost £120/mth to run, so after electricity costs I'm making around £120-£150/mth at current prices.
The issue with mining now is 3 fold. Mining difficulty is up, card prices are up, coin prices are down.
When I started the cards were £200ea, and Ethereum difficulty was half what it is now, and the price was $1200.
So the cards cost more, you get half as many coins, and they're worth 1/3rd what they were from back in Jan.
However, they're still making £100+ per month just sat in my garage churning away, and as with all things crypto, the prices fluctuate massively. By Christmas Ethereum could be $3k, or $30, there's just no way of knowing
The issue with mining now is 3 fold. Mining difficulty is up, card prices are up, coin prices are down.
When I started the cards were £200ea, and Ethereum difficulty was half what it is now, and the price was $1200.
So the cards cost more, you get half as many coins, and they're worth 1/3rd what they were from back in Jan.
However, they're still making £100+ per month just sat in my garage churning away, and as with all things crypto, the prices fluctuate massively. By Christmas Ethereum could be $3k, or $30, there's just no way of knowing
User name said:
Luckily I still have some trade accounts with IT distributors.
I'm really tempted to throw £2k at a rig (6x RX580's) but looking at the current potential gains, the only real money looks to be in MASS mining.
this potential setup should yield around 4-5KH/s, which should yield around 1XMR (Monero) a month - not enough to cover the electric, let alone the hardware.
However, then there's the "Long game" , i.e mining small amounts now, in the hope that they follow suit with Bitcoin's massive rise.
One other thing to bear in mind... I'm really tempted to throw £2k at a rig (6x RX580's) but looking at the current potential gains, the only real money looks to be in MASS mining.
this potential setup should yield around 4-5KH/s, which should yield around 1XMR (Monero) a month - not enough to cover the electric, let alone the hardware.
However, then there's the "Long game" , i.e mining small amounts now, in the hope that they follow suit with Bitcoin's massive rise.
Edited by User name on Wednesday 18th April 16:59
They generate a shed load of heat. This was fine in the winter, it is not so fine now.
andyb28 said:
User name said:
Luckily I still have some trade accounts with IT distributors.
I'm really tempted to throw £2k at a rig (6x RX580's) but looking at the current potential gains, the only real money looks to be in MASS mining.
this potential setup should yield around 4-5KH/s, which should yield around 1XMR (Monero) a month - not enough to cover the electric, let alone the hardware.
However, then there's the "Long game" , i.e mining small amounts now, in the hope that they follow suit with Bitcoin's massive rise.
One other thing to bear in mind... I'm really tempted to throw £2k at a rig (6x RX580's) but looking at the current potential gains, the only real money looks to be in MASS mining.
this potential setup should yield around 4-5KH/s, which should yield around 1XMR (Monero) a month - not enough to cover the electric, let alone the hardware.
However, then there's the "Long game" , i.e mining small amounts now, in the hope that they follow suit with Bitcoin's massive rise.
Edited by User name on Wednesday 18th April 16:59
They generate a shed load of heat. This was fine in the winter, it is not so fine now.
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