Back To Mining

in Deep Dives2 months ago

The thing that got me started with cryptocurrencies was mining; after reading and learning about bitcoin, ethereum and other blockchain based money and smart contracts, I decided in 2017 to give gaming a rest and started to put my two Geforce GTX 1060 6GB graphics cards to work.


source: YouTube

That was very inefficient of course, as I ran two separate PC's for 24 hours, and the cards got very hot in their run of the mill PC cases. So after a month, just before graphics cards prices shot to the moon because of high demand from miners like myself, I bought an open frame, 5 additional 1060's and built a 6 card mining rig. I did all this together with a friend, so we shared the investment as well as the proceeds. This didn't last very long though because the price of electricity was rising and soon it just wasn't feasible anymore to keep on mining. So after we earned back the investment we just packed it up, sold the video-cards with a small profit and since then I've only bought bitcoin and some other tokens directly from exchanges with whatever money I had left at the end of the month, if any at all. Most months that's zero, but even if I had 10 or 20 euros left, it went straight into crypto.

Now, don't get me wrong: all this hasn't made me rich. I've managed to save around 10 to 12 thousand dollars that way, which is way more than I would have if I had put that small change into a bank account of course, but it's not like I or my friend have made "life changing" money. Maybe if I had believed in trading, I could have made much more, but I don't; in fact I detest trading, as it doesn't add any real value to the real world. I don't mind others trading though and I'm happy for any regular Joe if they can make some money that way; trading is a fact of life and we all have to survive in this broken economy after all. Mining on the other hand I can stand behind 100 percent. By providing some of the computing power that's necessary to secure the network, something of use is produced, and I don't mind earning an income by producing something of use.

Another friend of mine is in real estate; he builds homes, some of which remain empty for some time; that's infuriating for a someone like me, because this economy creates the paradoxical circumstance that there are more empty homes than there are people in need of one. Capitalism and the so called free markets don't provide what people need, only what's profitable and what people can afford; I only wish we had an economy that actually tends to people's needs... But hey, what I said about trading is valid here as well; we all must try and make the best of the garbage we have to work with. Well, this friend now only builds homes that are solar powered, which is a good thing in itself, but also provides us with relatively cheap energy for as long as these homes remain uninhabited. So, I called him up, and met with him several times to explain to him all the benefits and future promises of crypto currencies; it only took me a month or two to convince him that we need to place some mining rigs in those empty homes. And yesterday he agreed to start with one rig with 6 graphics cards, just to see how it goes.

This time I'm not going to build the rig myself, as graphics cards are sold at a premium still, and very hard to get as well. Right now you might as well buy a pre-built rig for two reasons: they cost about the same compared to a self made rig, because the companies that sell these rigs have good deals with video-card manufacturers and get them cheaper and faster than I could. And the second reason is that it saves me the trouble of building the thing myself, tuning the cards, installing Linux and mining software and so on. The only downside to this deal is that we'll have to move the rig as soon as a house is sold. My hope is of course that at some point my friend will see that he might as well just reserve one of the houses and stack it full with mining rigs :-) And we'll have to figure out all the "legalese" concerning this nascent project. But for now I'm just happy to get back into mining once again and to generate a small amount of almost passive income. Maybe this little report can inspire some of you to start mining as well, if electricity costs in your region permit it. For those among you who live in cold places, I've included the below linked video; it's about a miner who offsets his electricity costs by not having to heat the house as a side-effect to the excess heat generated by his mining rigs. Enjoy, and maybe.. happy mining!

$1000 a month Mining Bitcoin at home

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What pre-built mining rig would you recommend?

That depends on what you want and how much electricity costs at your place. AMD cards are generally beter at mining many different coins, while GeForce cards are more expensive, have slightly better hashrate but can't mine as many different coins. If you use mining software like NiceHash, whatever coin you're mining can be converted into BTC at a small premium as well. In general check two things that are often overlooked: check what power unit is built in and make sure it has all types of protection against power surges and make sure its capacity is well over the amount used by the cards, mother board and processor combined. I'm going for a rig with 6 AMD RX5700XT cards this time and a 1500 watt Corsair power unit with an 80+ Titanium rating. According to that'll yield us something around 25 euros per day. The rig is built as a closed stackable unit with 6 fans and certainly isn't the most cost effective one on sale; it has an ROI of 256 days, but it's silent, very well cooled and uses only premium components. If you look around though there are much cheaper solutions available for beginning miners; just watch the video and you'll see what I mean, it's how I started the first time :-)

I live in NZ and the power is quite expensive, somewhere around the $0.30 Kw/hr mark. I'd love to set up a rig when I eventually have my own place with some solar panels. Thanks a lot for your comprehensive answer.

When will you break up the United Kingdom into decentralized republics?
(Tongue in cheeck!)

Vary inspiring post, thanks for taking the time! I’ll have to use this as a reference in the future.

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Have you tried mining monero?

No, never tried monero. There's still a lot of uncertainty surrounding privacy coins and monero has been pulled off of several exchanges. I do believe it's going to pump eventually as there's enough demand for privacy coins, and monero is the granddad of them all. It's not for me though; what I love about cryptocurrencies is the transparency; we, on Hive and Steemit, can see everything about each other's wallets and all transactions of BTC and most other tokens can be viewed by anyone. The beauty is that this feature doesn't make them unsafe. Also, this transparency is the number one argument against those in the mainstream media who keep asserting that bitcoin's being used for shady stuff and by shady people; it's the opposite and most criminal activities are funded with fiat and cash... Sorry, that was a long answer for a question that could have been answered in a single word ;-)

You can mine it on your desktop.
I haven't won any lotteries, yet.

What about running an edge node to mine theta fuel?
They haven't made one for linux, yet.😕

Monero is the only true cryptocurrency.

All exchanges are scams.

I thank you for your continued support, @logiczombie :-) Some would say that dogecoin is the only true cryptocurrency... ;-)