bitcoin mining

Discussion in 'General Discussion' started by Sargent Sadanko, Nov 20, 2017.

  1. Sargent Sadanko

    Sargent Sadanko Admin Admin

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    Anyone using their old systems for bitcoin mining?

    I have 4 old systems, that I think I will start next week


    sadanko
     
  2. RainMotorsports

    RainMotorsports Active Member Head Admin

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    Have you actually looked into it? I haven't looked too much into it personally. But LinusTechTips recently did a video where they stuck a bunch of 1070's, 1080's and 1080 Ti's into a rig and once they got it sorted out. I don't believe it was considered profitable.

    Unless you get free electricity there is only one path to profit. Buy a cheap (usually dual processor server setup) system that has 32 pci express lanes (our gaming rigs only have 16). Drop 8 of the fastest graphics cards on the market into it. Run it nearly to death and then sell all the hardware to people who will be severely disappointed in the end.

    Take the money you would be spending on the power bill and buy bitcoins with it was their advice. However perhaps the recent spike in value would make a setup like theirs profitable. But likely wouldn't make whatever you have laying around worth it.

    Most people are mining everything but Bitcoin these days. ZEC and Etherium seem to be quite popular on the 1070/1080.
     
    Last edited: Nov 20, 2017
  3. Ghstops6

    Ghstops6 Ban/Recruit Manager Head Admin

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    @RainMotorsports is correct as the amount of electricity used to mine is not worth the end result. With Bitcoin, you’ll most likely need to join a mining pool as the current blocks needed to make a coin take so damn long to mine. That’s why most folks will rent out bays and just fill it with every inch of low powered asic usb processors on hubs and/or a mix of high end gpu/cpus. I did it a bit back in the days of the 6990 and cards and while I had some Bitcoin and litecoin, it wasn’t worth the 300+ dollar electric bill
     
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  4. KernelPanic

    KernelPanic Registered User Registered User

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    Yea, I agree, don't bother getting into mining unless you have a rich uncle and free electricity. Honestly, just purchase the coins if you want to get in on it. Even the difficulty is high on stable alt-coins these days that don't make it worth the effort with the cost of electricity.
     
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  5. Sargent Sadanko

    Sargent Sadanko Admin Admin

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    Well,
    With the help of Alteredacer, I have my old gaming computer mining and my current machine mining when idle.

    According to www.nicehash.com I'm netting about $106/week after average electricity costs.

    I will take the extra $400 and spend it on whiskey and single mom's

    Sadanko
     
  6. Alteredacer

    Alteredacer Admin Admin

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    There has been a surge in the prices of alternate coins (not mining bitcoin, as it not worth it today), they makes GPU mining profitable again.

    Goto Amazon or newegg and try to find a 1070ti that is close to the normal list price, you won't find many.

    The only downer is the new tax bill that equates mining as income with short term capital gains on all trades, including going from one coin to another(THIS IS NEW THIS YEAR). By using nicehash you can avoid these coin conversions since they pay out in bitcoin.

    Nicehash is the easiest way but they lost 60 million in bitcoin a couple months back when they got hacked. I am using a Linux custom miner that is free and boots off a usb stick.

    MINING zencash on a 1050ti = $2 A day, 1060 6gb = $3.5 a day, 1070ti $6 - $7 a day. All gpu's have different strengths. I tried eth over the weekend on a gtx970, but not worth it, 1060 6gb supposed to be better.

    Fun to experiment with, not planning on quitting my day job.....
     
  7. KernelPanic

    KernelPanic Registered User Registered User

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    Just a miner service announcement (get it 'minor' hah)

    However, if I understand NiceHash's documentation, if you use their wallet, the minimum payout is 0.001 BTC = ~$14.33 USD per day, otherwise it is 0.1 BTC = ~$1432 USD. So, if someone is only able to make $5 USD per day with their rig, it'll take them ~280 days before they are even able to get that money into their wallet. Supposedly they are looking into alternatives to allow for smaller miners to actually get paid sooner, but nothing as of yet that I know of.

    So, Sadanko, if you are using an external wallet, it'll take you about 3 months before you can touch that.

    I've given up on mining, I'm just buying in on the dips. Certainly don't take this as financial advice, but I'm hoping that the rumors of Wall Street's bonuses on Jan 15th are going to send the charts through the roof. Then I'll probably take my money and run. :)
     
  8. Alteredacer

    Alteredacer Admin Admin

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    Well nicehash has a new side deal with coinbase where you can withdraw a minimum .oo1 ( about 14.6 today) each day without fees to a coinbase wallet.

    Nicehash has promised to pay back their hacked loss on jan31 with the help of an outside investor, coinbase may be that investor.
     
  9. KernelPanic

    KernelPanic Registered User Registered User

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    Oh neat, wasn't aware of that!
     
  10. Sargent Sadanko

    Sargent Sadanko Admin Admin

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    This mining is creating a real shortage on high end graphic cards.
    Prices are extremely high do to demand.

    I'm just doing it to help out single mom's and buy more whiskey
     
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