Editorial Confessions of a Crypto Miner: The Setup

[sneekypeet]

Thread cleansed, and consider this a public warning to all.

If you want to hate on Mining, do so with eloquence and style, not just hate, rude comments, and personal attacks.

 

[trog100]

well rtb i recon you picked an odd time to do a piece on "poor mans" mining..

my mining rigs payout (10 x 1070) has dropped from $50 dollars per day to $30 dollars per day over the last three or four days.. its still an unknown as to how low its gonna go.. my rig cost £4000-ish to build about four months back..

trog

 

[Hood]

And what's up with all these people buying PC hardware just for making money, like all those gamers on youtube, streaming their gameplay and selling ad space, just to make a buck? It should be outlawed, and hardware should only be sold to those with legitimate productivity jobs that benefit the human race somehow. And what about all those grannies who just do email, facebook or Twitter - there's another big waste of hardware that should be banned. And don't get me started all the electronic resources wasted on "smart phones" that are mostly used to take endless "selfies". And I could go on for days, with various scenarios that don't line up with someones idea of "proper use of hardware". Try to get over your narrow viewpoints, people, and accept that perspectives are different for everyone.

 

[Briguy2004]

Not blaming you or anything, but to be honest I am sick and tired of this mining stuff. It's really not fair on people who want to buy video cards for gaming and can't. This insane GPU shortage and overpriced BS is going to kill PC gaming. All for people to just get a bit of "free" money. I am 100% in favour of introducing a 'one per customer' rule for video cards except dedicated mining cards that can be bought in bulk.

u mad bro? That's the power of the free market dude. You can't complain that demand is far outstripping supply leaving you high and dry because you don't want to pay more for a product.

 

[DeOdView]

Please stopped the blaming at miners, AMD or even NVidia! Stopped pleaseee! .... while the AIBs with their evil laugh all the way to the bank! And yet, I've seen no finger pointing at them. *sigh*

BOOM! That's day will come soon enough! /Evil_laughs

 

[nemesis.ie]

... or the retailers for that matter.

 

[Prima.Vera]

quick lazy question:
What is currently the best coin to mine with an nVidia card? Ex: 1080 gtx

Thank you.

 

[R-T-B]

well rtb i recon you picked an odd time to do a piece on "poor mans" mining..

Intentional. I want to know if you can support oneselves ROI via mining in poor market conditions. Me? I don't care. I can lose 100% of this. But the me I'm pretending to be? He's an idiot. He bet the bank. Will his kids eat lunch tomorrow? Find out next time!

I actually thought the recent price boom was going to ruin my experiment. I timed in a January for a reason, as they tend to perform poorly.

u mad bro? That's the power of the free market dude.

Personally, I feel it's more a limit of it it than a boon.

I support order quantity limits.

 

[EatingDirt]

There is one, very large issue I have with mining that I never see mentioned...

That is how much of a massive waste of energy it is to accomplish almost nothing. Now, if the majority of cryptocurrencies created value in furthering science, I may be okay with that, but the simple fact is they don't. Miners, for the most part, are just burning oil/coal/gas to create these 'coins' that have no backing, and can fluctuate in price by more than 20% in a day, which means the 'coins' are not a viable currency and quite obviously are easily manipulated which makes them all but useless for everyday societal needs.

I don't expect miners care or want to think about this issue, because in reality, mining is easy money.

 

[xldeane]

Sorry guys I`m not getting something here ? What`s the big deal with the GPU`s, its a free world, the man can purchase as many GPU`s as he wants, he can do whatever he likes with them....



xl...out

 

[R-T-B]

There is one, very large issue I have with mining that I never see mentioned...

That is how much of a massive waste of energy it is to accomplish almost nothing.

I hear it mentioned quite frequently. It's certainly a problem, and not one I can really claim to address. As such, I don't really try to answer the whys, but rather the raw numbers of mining.

 

[Ruru]

I rather go outside looking for empty bottles/cans.

 

[xldeane]

There is one, very large issue I have with mining that I never see mentioned...

That is how much of a massive waste of energy it is to accomplish almost nothing. Now, if the majority of cryptocurrencies created value in furthering science, I may be okay with that, but the simple fact is they don't. Miners, for the most part, are just burning oil/coal/gas to create these 'coins' that have no backing, and can fluctuate in price by more than 20% in a day, which means the 'coins' are not a viable currency and quite obviously are easily manipulated which makes them all but useless for everyday societal needs.

I don't expect miners care or want to think about this issue, because in reality, mining is easy money.

Have you seen the state this planet is in ? The many wars that are going on around the world !! Now that my friend is a waste of energy, not some guy running his PC 24hrs a day for his own gains/enjoyment.


xl...out

 

[theonek]

they need to stop selling videocards to everyone, that's why there is no decent cards right now! but everything is made for money so there is no real solution in this case....or the other suggestion is to desvribe for what the cards will be used when buyed, especially when they more than several.....

 

[R-T-B]

I rather go outside looking for empty bottles/cans.

You won't make nearly as much. That said, you won't make nearly as much mining as with a good job, either.

Bottle/can hunt->Mining->Job

Fortunately, I have both of the top two, as my employer currently told me mining is my job for the time being.

they need to stop selling videocards to everyone, that's why there is no decent cards right now! but everything is made for money so there is no real solution in this case....or the other suggestion is to desvribe for what the cards will be used when buyed, especially when they more than several.....

Newegg.com is actually ahead of the curve on this. They instituted a strict 2 card per person policy, and kept prices down longer. Amazon raised prices immediately and had no such quantitity limits in the same timeframe.

We obeyed the quantity limits. That said, they are crazy easy to get around by just having friends/family... and that is part of the problem. But I fully support the concept.

quick lazy question:
What is currently the best coin to mine with an nVidia card? Ex: 1080 gtx

Thank you.

Sorry I missed this.

ZCash is the big one that I'd mine right now, not sure if it's the most profitable but it's close and it won't vanish completely on you like some smaller coins potentially could.

I'd mine at the same pool I'm using, it has a fairly reliable pay model. You can get paid feelesssly more or less every other day with a single GTX 1080.

 

[nemesis.ie]

I hear it mentioned quite frequently. It's certainly a problem, and not one I can really claim to address. As such, I don't really try to answer the whys, but rather the raw numbers of mining.

It's less of an issue if you are off-setting your heating bill with it, it seems more efficient to have 1000W of heat also mining than the same 1000W only heating.

My gas bill for the last 2 months was half of last year due to the mining and I got a few coins as a bonus which has more than paid for the remainder and the electricity bill, win, win, win.

 

[R-T-B]

It's less of an issue if you are off-setting your heating bill with it, it seems more efficient to have 1000W of heat also mining than the same 1000W only heating.

My gas bill for the last 2 months was half of last year due to the mining and I got a few coins as a bonus which has more than paid for the remainder and the electricity bill, win, win, win.

My miner doesn't feel like it heats anything at all, honestly. The garage in which it sits is as bone-chilling cold as ever. I don't think I'm even burning 400W.

 

[Therion_I]

There is one, very large issue I have with mining that I never see mentioned...

That is how much of a massive waste of energy it is to accomplish almost nothing. Now, if the majority of cryptocurrencies created value in furthering science, I may be okay with that, but the simple fact is they don't. Miners, for the most part, are just burning oil/coal/gas to create these 'coins' that have no backing, and can fluctuate in price by more than 20% in a day, which means the 'coins' are not a viable currency and quite obviously are easily manipulated which makes them all but useless for everyday societal needs.

I don't expect miners care or want to think about this issue, because in reality, mining is easy money.

This! All day long.

You can talk about the damage/threat to the gaming industry, real or imagined, all day long but it's pathetic compared to the ACTUAL threat to the climate. At a time when we should all be looking to reduce our consumption to help make renewables viable we instead have people out there running rigs of, literally, hundreds of GPUs chewing through electricity. To them the increase in their electricity bill is offset by their potential gains but intentionally, or by ignorance, they are in essence screwing over the environment.

I realise you could transpose this onto many aspects of modern life, for example gas guzzling sports cars and oversized trucks, and I'm not saying Cypto mining is the worst offender, but it's a new trend in an age where we should know better.

 

[TheoneandonlyMrK]

Why dont you be nice to people that havent done anything to you. If you really hate miners then this is the list of cards that I mine with, do you hate me now.

Nvidia
#1 7x 1070
#5 2x 1080 x5 1070
#21 5x 1070 2x 1080
#13 7x 1070
#16 1x 1080ti 6x 1080
#22 7x 1070ti
#25 5x 1070ti 2x 1070
#14 4x 1070 x3 1080
#15 2x 1080ti 3x 1080 2x 1070
#10 5x 1070 2x 1080

AMD

#20 7x rx470

And I have another 50 or so more cards that are not doing anything and waiting for me to build more wooden air open case to start more mining. That includes
AMD
30x rx470 4gb
6x rx580 8gb
Nvidia
10-12 1060 3gb

I do.

But jelousy is bad so i retract any disdain you may have felt initially from this reply.

I too stole no cards during the building of my miners and the argument that mining is killing off the pc market is crazy ,if anything its helped keep up the interest, money and certainly the r and d of all of our fave hardware and associated companies.
Without the demand for GPUs what's on the shelf might get cheaper but the draw to keep pushing the envelope on that shelf has from a marketing Pov been diminished, hence all the diversity going on in gpu land.
Capitalism can at times suck ball's but it's at least a game we all know how to play.

Every time I bought a gpu in the last 12 months , some 25 in total , though not all for me i got them for a reasonable price ish 219-279£ for 480-580s for example , always rising in price but definitely packaged better each time ie cooling.

And every time, every single one theirs loads of people moaning about lack of availability or price , i must be lucky , no it's not that , it's a degree of patience , keeping hold of the cash and actually buying at the right time, like buying a tv in april ish, it just makes sense , and a little more effort.

Oh and to the eco warriors, i get you frustrations but you're wrong, close all banks ,branch offices ,hqs ,even cash machines all the money delivery trucks and the supporting global systems to move paper about and compare that to mining.

If the whole world right now swapped to crypto and moving cash with phones etc all that would happen is we would reduce our emissions though cryptos got some way to go to handle that many transactions ,in this the third world leads the way ,they already use their phones to pay for a lot of day to fay stuff.
Oh and I am never going to cry for the clerk or the manager, will they cry for my engineering ass when Ate testing and robot's kill my job role??.

 

[nemesis.ie]

My 5 cards + 2 x PCs come to ~1200W, so that in a small room adds up, 26c with door open, 30+ with it closed.

It's a case of how much a room can dissipate through the walls/windows or if it's leaky. I have triple glazing.

Oh and everyone could stop eating beef if they want to reduce global warming:

"I'm doing my bit by not eating beef, are YOU? Would you like to know more?"

(Now where did I put that Starship Troopers meme editor).

 

[Readlight]

0.10 cents per kilowatt-hour.
That's super cheap.

 

[yotano211]

I do.

But jelousy is bad so i retract any disdain you may have felt initially from this reply.

I too stole no cards during the building of my miners and the argument that mining is killing off the pc market is crazy ,if anything its helped keep up the interest, money and certainly the r and d of all of our fave hardware and associated companies.
Without the demand for GPUs what's on the shelf might get cheaper but the draw to keep pushing the envelope on that shelf has from a marketing Pov been diminished, hence all the diversity going on in gpu land.
Capitalism can at times suck ball's but it's at least a game we all know how to play.

Every time I bought a gpu in the last 12 months , some 25 in total , though not all for me i got them for a reasonable price ish 219-279£ for 480-580s for example , always rising in price but definitely packaged better each time ie cooling.

And every time, every single one theirs loads of people moaning about lack of availability or price , i must be lucky , no it's not that , it's a degree of patience , keeping hold of the cash and actually buying at the right time, like buying a tv in april ish, it just makes sense , and a little more effort.

Oh and to the eco warriors, i get you frustrations but you're wrong, close all banks ,branch offices ,hqs ,even cash machines all the money delivery trucks and the supporting global systems to move paper about and compare that to mining.

If the whole world right now swapped to crypto and moving cash with phones etc all that would happen is we would reduce our emissions though cryptos got some way to go to handle that many transactions ,in this the third world leads the way ,they already use their phones to pay for a lot of day to fay stuff.
Oh and I am never going to cry for the clerk or the manager, will they cry for my engineering ass when Ate testing and robot's kill my job role??.

I didnt say jealousy, I said "hate" and the person was saying that he hated miners and other bad things. I would never want for people to be jealous of me because everyone has different positions in their life's at different times.
My friend once said that he was jealous of me because of what I do or have, then I told him that he raised 5 boys that I would trust my life with, he stopped being "jealous" of me. Those 5 boys are all almost adults and will continue that with their own kids.

quick lazy question:
What is currently the best coin to mine with an nVidia card? Ex: 1080 gtx

Thank you.

I would go over to whattomine.com

You can see what is the best coin to mine with with your current or future hardware. You can make adjustment to fit your hardware.

 

[Dicfylac]

Nice thread/topic RTB.

As a builder/gamer/miner ( partially) I can say this is awesomely hilarious and educationally as well.

I simply don´t have much to ad, but I kinda like the route this is taking.

After all " THIS IS MEANT TO BE PLAYED".

 

[R-T-B]

0.10 cents per kilowatt-hour.
That's super cheap.

Pacific Northwest. We have cheap hydro power. It actually gets way cheaper than this.

 

[yotano211]

Pacific Northwest. We have cheap hydro power. It actually gets way cheaper than this.

If you can look around west part of Washington state you can find power at 2.5-3 cents. My power cost is around 8.5-9 cents in Tulsa, OK, there is a huge dam nearby.